Top Stories

High Oil Prices Help Energy Project Financings Navigate The Credit Crunch

Since the US subprime mortgage crisis hit global financial markets, project finance has performed better than many other sectors, and within the project finance framework, energy and energy-related deals have continued to attract the strongest interest.
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IEA Medium-Term Outlook Envisages Continuing Tight Oil Market

Structural demand growth in developing countries and ongoing supply constraints continue to paint a tight market picture over the medium term, the International Energy Agency (IEA) said in the latest edition of its Medium-Term Oil Market Report (MTOMR), published on 1 July.
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Producer/Consumer Tensions Resurface In Madrid

Producer/consumer tensions returned with a vengeance during the 29 June-3 July World Petroleum Congress in Madrid, just over a week after the two sides met in Jiddah to discuss the global energy crisis.
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Iraq's Upstream Fast-Track Strategy Derailed

Baghdad has missed its end-June deadline for the award of six Technical Support Agreements (TSAs) intended to boost crude production capacity by 100,000 b/d each. Nevertheless, the oil ministry and majors negotiating for what would be the first opening to foreign investment in Iraq's coveted upstream sector hope to sign shortly.
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MEES Agenda:
Algeria To Spend $5.5Bn Expanding Its Oil And Gas Pipeline Network

By Simon Martelli

Algeria is embarking on a $5.5bn upgrading and extension of its oil and gas pipeline network, as part of a huge expansion of its energy sector, under which national oil company Sonatrach is planning to invest $45bn along the entire length of the supply chain by 2012.
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ENERGY FUNDAMENTALS

• Crude Oil Prices Hit New Record Highs
• Saudi LPG Prices Set At Record Highs For July
• Japan's Oil Imports Declined During May
• IMF Says Oil, Food Price Surge Pushing Poor Countries To "Tipping Point"
• Societe Generale Sees Capacity Constraints, Not Speculation As Key Market Mover
• Crude Oil Formulas/Posted Prices ($/B)

NEWS BY COUNTRY

ALGERIA

• Sonatrach Revenues Reached $40bn In 1H08, Bid Round To Be Launched Soon, Says CEO
• Iberdrola Acquires 22.6% Stake In Petroceltic, Strengthens Presence In Algerian Gas Sector
• FCP To Approach Banks After The Summer To Finance Algeria's MLE Project

CASPIAN

• Kashagan Deal Concluded, With First Oil Set For 2013
• Bulgaria And Hungary Express Concerns Over Nabucco Pipeline Delays
• Turkmenistan Targets 2009 Start-Up For Gas Deliveries To China
• PetroKazakhstan Ordered To Pay $466Mn In Back-Taxes
• Standard & Poor's Assigns BB+ Rating To €255Mn KEGOC Loan

EGYPT

• Dana Gas Announces New Oil Discovery In Upper Egypt

IRAN

• Iran Warns Of Oil Flow Disruptions If Nuclear Installations Attacked
• NIOC Liquids Production Reaches Recent High Of 4.23Mn B/D, Says Jashnsaz
• POGC Awards $1.4Bn South Pars 17-18 Drilling Contract To NIDC
• NIGC Chief Estimates Iran's LNG Outlay At $28Bn, Targets Doubling Of Gas Production
• NPC Exports Exceeded 2.5Mn Tons In First Quarter Of Current Iranian Year
• Iran And Turkey Agree On Increasing Gas Exports Volume

IRAQ

• Baghdad Seeks $10bn For Saddam Era Oil Kickbacks

LIBYA

• Wavefield Inseis To Carry Out BP's 'Biggest Ever' Seismic Survey Offshore Libya
• Goldman Sachs Acting As Rating Advisor To Central Bank Of Libya

QATAR

• Energy Minister 'Attiyah Retains His Position In Qatar Cabinet Reshuffle

SAUDI ARABIA

• Saudi Aramco Awards Utilities Contract For 900,000 b/d Manifa Project
• Ras Azur IWPP Bids Put Project Costs Sharply Higher, At $5Bn
• Saudi Fransi Acting As Facilities Agent, Bookrunner For Bemco On PP10

TUNISIA

• Winstar Secures Rigs To Pursue Its Tunisian Drilling Program

TURKEY

• Turkey And Greece Sign 200MW Electricity Swap Deal

YEMEN

• Total And Yemeni Electricity Ministry Sign Gas Supply MOU

POLITICAL COMMENT

• JCS Chairman Warns Against Attack On Iran
• SOFA Looks Doubtful
• Still No Government In Lebanon

OP-ED & DOCUMENTS

Iraqi Oil: Turning The Curse To A Blessing (1/2)
By Muhammad-Ali Zainy