OPEC will hold an emergency meeting in Vienna on 18 November in response to the unfolding global economic crisis and its effect on oil markets.

MEES learns that the Internal Rate of Return (IRR) on the al-Ahdab contract is around 4% (see text below of the initialed accord signed by the two parties ?MEES translation from the Arabic).

Thirty-five prequalified international oil firms were scheduled to attend an Iraqi oil road show in London on 13 October held to launch the country’s first upstream bidding round.

The MENA region continued to be hammered by the global banking crisis last week, as the sharp drop in stocks around the world dented confidence, especially in the Gulf.

Egypt’s Minister of Petroleum Sameh Fahmi announced last week that Egypt’s liquids output has risen by 55,000 b/d since last year, and hailed the achievement of raising Egypt’s total crude and condensate production to around 700,000 b/d for the first time in 14 years.

Project sponsors will have to pay a lot more for financings that come to market in the wake of the current banking crisis – that is a certainty.