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Issue 850 - 27 March 2009

ABU DHABI: Next IWPP

Subscriber

Abu Dhabi Water & Electricity Authority (ADWEA) is reportedly evaluating Shuweihat and Taweelah as potential locations for its next independent water and power project. According to

United Arab Emirates (UAE)
Issue 849 - 13 March 2009

RBS stays in PF, advises Dolphin deal

Subscriber

Former boss Sir Fred Goodwin is vilified in the British press, and the UK government effectively controls 68% of its equity, but credit crunch victim Royal Bank of Scotland retains some significant businesses, notably a project finance arm which has acted as advisor to major GCC project sponsors including Qatar Petroleum, Saudi Aramco, Total, ConocoPhillips, ExxonMobil and Occidental Petroleum Corp (Oxy). Rumour has it that, as it refocuses its investment banking operations, a contrite RBS is set to exit project, leveraged and real estate lending.

United Arab Emirates (UAE) | Saudi Arabia | Oman | Qatar
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Yemen is trying to counter the threat of falling oil production by bringing in more IOCs – with recent changes to the hydrocarbons law intended to entice back the majors, rather than giving new incentives to the minnows who have helped build up its industry. The emergence of export LNG is an added incentive to invest, provided gas-gathering systems and other infrastructure can be efficiently developed. President Saleh is looking to old friends in Russia to help develop such projects, but all participants are welcome during a period when many western IOCs are confronted with financial pressures, and equity stakes will become available as firms seek to cash in their assets.

Yemen
Issue 848 - 27 February 2009

COMPANIES AND PEOPLE: Chevron, Indago

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Chevron builds Qatar sustainable energy centre; Indago boosted by insurance settlement

Oman | Qatar
Issue 848 - 27 February 2009

Tehran/Crescent gas dispute

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The row over gas sales between Sharjah-based Crescent Petroleum and Iran has resurfaced as both sides continue to dispute the contractual terms of an agreement to export Iranian gas to the UAE (GSN 812/12). Under pressure to meet rising domestic demand, the dispute began when the Islamic Republic

Iran | United Arab Emirates (UAE)
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The Ministry of Oil (MOO) has made significant concessions to international oil companies considering participation in the first oil and gas licensing round, which is scheduled for June. However, the details of the revised model

Iraq
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The government on 24 February said it was looking at ways to reduce the cost of two big power generation contracts concluded in 2008 with Siemens (to supply and install 16 gas turbines in a €1.5bn deal) and General Electric

Kuwait | Iraq
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Supermajors interested in Bahrain onshore gas round; Indian offshore drilling firm considers entry;:Block 8 partner announces first oil from West Bukha; Oilex resumes Block 56 testing programme

Bahrain | Oman
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Buoyed by a reversal of the long-term declining trend in crude production, and looking to build gas reserves, Oman is offering opportunities for IOCs of all sizes, reflected in its current offer of five exploration blocks. These are shown below in GSN’s first Oman upstream update – a feature we plan to develop in future months, with regular updates and more information as our database builds. Oman provides a good place to start,

Oman
Issue 847 - 13 February 2009

Rawabi forms company with Allis-Chalmers

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Saudi Arabia’s Rawabi Holding Company has formed a joint venture with Houston-based Allis-Chalmers Energy – Rawabi Allis-Chalmers Company – to provide oilfield services and rental equipment including, but not limited to, drill pipe, blowout protectors, auxiliary handling tools, directional drilling services, and drilling and completion

Saudi Arabia
Subscriber

Saudi Arabia has an estimated $500bn “stashed away in US treasuries” (bonds), as one expert puts it. And the view being ordered from above – from King Abdullah Bin Abdelaziz down – is that “more of this will be invested at home, as was signalled by lifting the limits on the amount the PIF [Public Investment Fund, chaired by Finance Minister

Saudi Arabia
Issue 847 - 13 February 2009

Oman hosts a range of smaller companies

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While Oman has its fair share of big IOCs – such as key PDO partner Royal Dutch Shell, Occidental Petroleum Corporation and Maersk Oil, and more recent entrants such as BG Group and BP – the Sultanate also attracts plenty of minnows and other players.

Oman
Subscriber

Gulfis have played a role in developing Sudan’s upstream oil industry, and the comings and goings of regional investors continues. Last March saw the entry of Kuwait’s Kharafi Group, which bought a 3% stake in the Chinese-led Petrodar Operating Company from Dubai-based Al-Thani Investments, which has recently been selling off some of its Africa interests.

Subscriber

Russia’s Gazprom has made a deal with Kuwait’s Noor Financial Investment Company to set up a joint venture targeting exploration and production work in Russia and the Middle East. The signing of a bilateral agreement on civil nuclear co-operation with George W Bush’s administration prior to the Republican president’s departure from office has raised some eyebrows in the United States, for fear that it will spark a ‘nuclear arms race’ in the region.

Kuwait | United Arab Emirates (UAE)
Issue 846 - 30 January 2009

Al-Ghurairs eye Mozambique

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In September, Dubai’s ETA Star Holdings was named as part of a consortium awarded the 10,957km2 Block B in Mozambique. Other members are Pakistan-focused Orient Petroleum International (run by Pakistan’s wealthy Hashwani family) and the local Osho Energia Limitada.

United Arab Emirates (UAE)