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UAE Joins Gas Exporting Countries Forum
...an, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago and Venezuela as part of the GECF, a forum established to protect the interests of gas exporters. The GECF held its first summit in November (MEES, 21 November 2011). With natural gas reserves of around 6 trillion cu ms, the UAE has the seventh la...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Bahrain In Push To Ramp Up Domestic Oil And Gas Production
...velopment of its only refinery, but is expected to do so within the next 12 months, Bapco CEO Gordon Smith said. According to the country’s National Oil and Gas Authority (NOGA) Bahrain produced an average of 42,510 b/d in 2011 from the Bahrain field, operated by Tatweer – a joint-venture between No...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Noble Discoveries In Levant Basin Total 35 TCF, CEO Tells Cyprus-US Chamber
...exported abroad.” In December 2011, Noble announced the discovery of 5-8 tcf of natural gas in the Aphrodite field in Block 12, putting a mean estimate of 7 tcf (198bn cu ms). Cyprus’ domestic demand for natural gas is estimated at 35.4bn cu ft (1bcm) in 2020. Appraisal drilling in Bl...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
UK To Push For Delay Of Iran Reinsurance Ban, Iran Eyes Private Sector Exports
...e marketing process. In related news, Turkey increased its imports of Iranian crude to 1.17mn tons in March 2012, the highest monthly total since July 2011, the Turkish Statistical Institute (TUIK) reported on 8 May. MEES understands that the increase reflects an attempt by refiner Tupras to...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Iran Starts Work On First Salt Cavern Gas Storage Facility
...eld was converted for use as Iran’s first strategic gas storage facility and filling began a year ago (MEES, 23 May 2011). NGSC plans to reach its initial storage target of 1.5 bcm at Sharajeh by the end of March 2013, with capacity to withdraw up to 10mn cmd during the winter peak demand season. Sh...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Iran Plans Iraqi Gas Pipeline As Extension Of IGAT-6
...pacity of 25mn cmd. The pipeline is intended to provide gas feedstock for Iraq’s two largest thermal power plants, Sadr and al-Quds. These are in the eastern suburbs of Baghdad and have a combined generating capacity of 2.5gw. Iran and Iraq signed a preliminary agreement for gas supply in May 2011. ...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Israeli Finance Ministry Estimates State Entitlement For Gas Resources At $5.3Bn
...the government’s 2011 financial report, the first time that the state has included an estimate for its expected revenues for oil and gas discoveries. Israeli Business daily Globes reported on 10 May that the estimate is based on proven reserves and did not include Leviathan, which is not yet co...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Egypt Resumes Gas Exports To Jordan
...mited quantities are being exported on a trial basis to ensure the safety of the pipeline following the completion of maintenance work on the pipeline, which was recently bombed for the 14th time since February 2011. The Gasco head added that the gas flow could rise to 200mn cfd depending on operational an...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Qatar’s 2012-13 Budget Will Exceed Previous Year’s Spending
...TAR Qatar’s 2012-13 Budget Will Exceed Previous Year’s Spending Qatar’s 2012-13 budget will be larger than the 2011-12 budget, the Qatari Minister of Economy and Finance Yusu Kamal said last week. The fiscal year in Qatar normally starts at the beginning of April, but the 2012-13 budget has been de...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Petro Rabigh II Petrochemical Project Waits For Sumitomo Green Light
...oject is already behind schedule. A study on its viability was supposed to be completed towards the end of 2010 and an FID was originally meant to be made by the end of last year. This would have allowed the sponsors to start seeking financing this quarter (MEES, 31 October 2011). With the delay it se...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Syrian Pound Down 45% On Black Market, Says IMF
...ria Syrian Pound Down 45% On Black Market, Says IMF The value of the Syrian pound has slumped by 45% on the “black or parallel” market and 25% on the official market, and the stock market has fallen by 40% since the beginning of the uprising in March 2011, the Deputy Managing Director of the IMF Ne...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Socar Turkey Buys Additional 10% In Petkim
...oducts to Turkey’s domestic market and to Europe. Petkim has a 26% share of the Turkish petrochemicals market. The new plant will also generate electric power that will feed into the Turkish power grid (MEES, 11 July 2011). ...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Dubai Power Plans In Flux, Abu Dhabi Approves Another IWPP
...lar (MEES, 3 October 2011). DEWA recently said it was seeking consultancy services for construction of a 10mw solar power plant. The DSCE’s policy is to cut energy use by 40% from a ‘business as usual’ scenario. But critics suggest that energy savings will be especially difficult to implement given th...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Anadarko Gets Algerian Boost, El Merk Delayed
...gerian production dipping to 50,000 b/d, from 55,000 b/d for the first quarter 2011 (see table and graph). Higher oil prices mean the firm received a lower share of production due to the terms of the company’s production sharing contract (PSC) for Block 404a, which it operates, despite gross production ri...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
IMF Says Bahrain’s Political Unrest Reduces GDP Growth To 2% In 2011
...hrain IMF Says Bahrain’s Political Unrest Reduces GDP Growth To 2% In 2011 Real GDP growth in Bahrain in 2011 is expected to reach about 2%, down from 4.1% in 2010, according to the International Monetary Fund (IMF) in its latest Article IV consultation with Bahrain. Disruptions caused by protests du...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
MOL To Sell Nabucco Shares, BEH Uncertain Over Project’s Future
...e only company that has expressed interest in joining Nabucco of late (MEES, 10 October 2011). It is unlikely that Bayerngas would join Nabucco before 16 May. In related news, Bulgaria’s BEH has also expressed doubts about the feasibility of Nabucco. At a press conference in Baku on 28 Ap...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Eni ‘In Good Shape’ For Kashagan Start-Up
...tober 2011). ...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
TPAO Begins Drilling Well In Northern Cyprus
...ptember a concession by the Turkish-Cypriot administration to explore for hydrocarbons within the 40% of the island that has been occupied by Turkish forces since 1974 and was also awarded a number of offshore concessions encompassing most of the island (MEES, 5 December 2011). The move followed the start of...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
TransGlobe Looks To Egyptian Future With Western Desert Expansion
...quisition approvals) as well as a 60% operator’s interest in the nearby South Mariut concession. TransGlobe says it expects the deal to close by early June. This follows TransGlobe’s June 2011 $3mn purchase of the 50% operator’s stake at South Alamein from Spain’s Cepsa. Final approval of this deal from the Eg...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
South Africa Increases Oil Imports From Iran
...ns in February to 505,908 tons in March, with Iranian revenues on supplies for the two months estimated at $364mn and $434mn respectively. The monthly cost of Iranian imports for South Africa was estimated at an average $280mn in 2011. Sasol normally takes around 20% of its oil imports from Iran but ha...
Volume: 55Issue: 19Published at Mon, 07 May 2012