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Noble’s Leviathan-1 Well Stopped Short Of Target Depth
...uth Korea’s Daewoo Shipbuilding and Marine Engineering (DSME) for a feasibility study on an LNG floating production, storage and offloading (FPSO) facility (MEES, 28 November 2011). Mr Stover also said that Noble was closely managing production from the Mari-B field, Israel’s sole source of na...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Luberef $1.1Bn Financing For Yanbu Expansion Gathers Momentum
...madan, which falls in July/August this year. Halliburton subsidiary KBR won the contract to supply Luberef’s Yanbu' refinery with its solvent deasphalting technology (MEES, 14 March), while Jacobs secured the front end engineering and design contract for the expansion (MEES, 7 February 2011). Th...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
New SAMA Data Shows Jump In Saudi Arabia’s Foreign Assets
...739,197 1,404,955 Source: SAMA. Jadwa Investment said in a report on the subject that it estimates the kingdom’s net foreign assets rose to almost $600bn by the end of 2011. “This is very high and represents a core strength of the economy,” commented Jadwa. The position pr...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Production At Heglig Restarts As UN Issues Dispute Ultimatum
...e total withdrawal of all forces from disputed territories, as well as an end to air raids by the North and a solution to the oil payment dispute that has been raging between the two sides since the South’s secession from the north in July 2011. Negotiations between Sudan and South Sudan would also ne...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
TAQA Gets Green Light To Begin Work On Dutch Gas Storage Project
...use earth tremors, increase noise levels and disrupt animal habitats (MEES, 15 August 2011). These fears and objections were deemed “unfounded” by the Dutch courts, however, having found no evidence of a link between the planned work on the project and an increased risk of tremors. “Although experts co...
Volume: 55Issue: 19Published at Mon, 07 May 2012 -
Eni Expects South Stream Austria Section To Go Ahead
...tempt to buy a controlling share of the Central European Gas Hub at Baumgarten in Austria, which is 80% owned by Austria’s OMV (MEES, 19 December 2011). Gazprom has not yet made clear its position on Austria’s South Stream participation. However, Mr Scaroni also said that the South Stream se...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Polish Pipeline Operator Calls For Azeri Crude Commitment
...de.” The Odessa-Brody section of the pipeline was commissioned in 2002. In early 2011 Azeri state firm Socar used the Odessa-Brody line to ship 4mn tons of crude to Belarus (MEES, 21 February 2011). In 2004 a consortium was established by PERN Przyjazn and Ukraine’s oil pipeline operator Ukrtransnafta to...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
TransGlobe Targets Egyptian Growth Despite Delayed Payments
...the 4,350 b/d West Bakr permit from Japan’s Inpex at the end of 2011 boosted the company’s net Egyptian production to almost 17,000 b/d. But the company continues to await government approval of its purchase of a fifth Egyptian block, a 50% operator’s stake in the Western Desert’s South Alamein co...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Saudi Arabia To Lend Egypt $500Mn For Development Projects
...rt of a financial package that Saudi Arabia had pledged to finance urgent projects in the aftermath of the 25 January 2011 Egyptian revolution. According to Egyptian Minister of Planning and International Cooperation Fayiza Abu al-Naja, who initialed the agreement with Saudi Finance Minister Ibrahim al...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Asia-Pacific Refiners Slash Iranian Crude Imports
...6,183 b/d and it slashed its March imports by half compared to the year before, due to disputes over contract terms. Tokyo’s customs data released on 26 April showed March imports from Iran at 355,400 b/d, down from 379,200 b/d in the same month in 2011. Japan, the third largest buyer of Iranian oil, will cu...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Second Phase Of Subsidy Reform Plan To Await Budget Approval
...ood at 12.5% at the end of 1389 (2010-11) and by the end of 1390 (2011-12) it reached 21%. Therefore the rate rose by 10% as a result of the targeted subsidies.” The official also revealed that the government has sent text messages to 1.666mn families in Iran asking them to waive their right to ta...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
IMF Says Jordan Could Face Downside Economic Risks
...Jordan IMF Says Jordan Could Face Downside Economic Risks After achieving robust economic growth which averaged 6.5% in 2000-09, Jordan’s real GDP growth has slowed down sharply to 2.3% in 2010 and a projected 2.5% in 2011, according to the International Monetary Fund (IMF) in its Ar...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
AGOCO Protests Spread To Zueitina Terminal
...layed post-conflict restart. The reason for the plant’s continued outage is disputed. AGOCO has been told that the key reason is a lack of storage at the plant – where three storage tanks damaged during last year’s fighting have yet to be repaired (MEES, 14 March 2011). An alternate ex...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Turkey And India Eyeing Qatari LNG
...tal 8.03 Total 12.15 Source: BP Statistical Review of World Energy 2011. Turkey meanwhile has also expressed its intention to up its supplies from Qatar, with Turkish Minister of Energy Taner Yildiz suggesting the two co...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Egypt Terminates Gas Supply Agreement With Israel, Says New Deal Possible
...st develop and adequately supply itself with energy through the natural gas resources that have been discovered in its Mediterranean offshore. Since the removal of Husni Mubarak from power in Egypt in February 2011, Egyptian gas pipeline infrastructure in the Sinai Peninsula has been da...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
IMF Forecasts 2012 Oil Price At $114.71/B, Sees Modest MENA Growth In 2012-13 span>
...r 2013, according to the latest World Economic Outlook (WEO). But the IMF is concerned that disruption in crude supplies triggered by sanctions on Iran could cause oil prices to spike, with adverse repercussions on the world economy. Growth in the MENA region was below trend in 2011 pr...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
AFESD Allocates $3.2Bn For Development Of Arab Spring Countries
...nancial problems as a result of regional and international crisis. AFESD made this announcement at the annual meeting of its board of directors, which convened on 21 April in Morocco. AFESD had pledged to contribute this amount to these countries under the Deauville Initiative, which was set up in 2011 by in...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
NCP Olefins Cracker Project Start-Up Delayed, Targets 2Q
...iginally been targeting the first quarter of 2011 and then the date slipped to the fourth quarter. It was delayed as a result of design issues discovered during commissioning and as a result extra safety measures that had to be implemented, MEES further understands. The project includes the construction of an...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
TransGlobe Looks To Weather Yemeni Storms
...men was the company’s main focus – to 1,500 b/d for 2011. Increased instability, closing down activities on two of the four blocks where it is active, has seen production slide further to a mere 370 b/d so far in 2012. The company as a whole has been able to weather this storm thanks to bo...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Shah Deniz Partners To Proceed With FEED Phase For Stage 2 Development
...derstanding of projected costs, which according to Socar’s President Rovnag Abdullayev could “vary by 30% either upward or downward in the course of the project.” Last June BP estimated Shah Deniz 2 costs at $20bn (MEES, 13 June 2011). ...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012