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Egypt Plots Upstream Revival, If It Can Find The Cash
...ll to IOCs remains a major point of contention. It ballooned to $6bn in 2014 and although it fell to $3bn at the end of 2015, it edged back up to $3.5bn in December according to official figures. A lack of forex at Egypt’s Central Bank means state oil firm EGPC has struggled to obtain the cash to pa...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Algeria’s Sonatrach Lines Up Majors For Petchems Projects
...0,000 t/y high-density polyethylene (HDPE) unit and a 410,000 t/y monoethylene glycol (MEG) unit. Talks stalled over gas prices and the gas delivery point (MEES, 19 December 2014). Sonatrach has also signed a preliminary agreement with Engineers India Ltd (EIL) for a study into rehabilitating an et...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Opec Cuts: US Shale The Early Winner
...erators were looking to $60/B before they envisaged a major uptick in activity, Exxon is now far from the only firm to project that it could grow output at $40/B. It says it is getting more bang for the buck. “In the Permian Basin… our average drilling footage per day has increased about 85% since 2014,” Mr...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Algerian Oil Output Gets Berkine Boost
...• Opec member Algeria has been struggling to maintain its oil output levels. Average crude production of 1.11mn b/d for 2016 was down 40,000 b/d on 2014 (though up a touch on 2015 - MEES, 6 January). • The country’s upstream oil projects pipeline is almost bare: the 40,000 b/d oil ph...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Kuwait Budgets For Lower Deficit In 2017-18
...99-2000, Kuwait in 2014-15 posted its first budget deficit of KD2.72bn with the start of the collapse in oil prices in mid-2014, following which the deficit began to grew in the following two years. Mr Salih notes that the projected budget deficit in 2017-18 will be covered from reserves and issues of bo...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Qatar’s Sovereign Wealth Fund Shifts Focus And Gear
...e US has been the favorable changes to tax laws for sovereign investors buying property. Furthermore, in early 2016 ‘qualified foreign pension funds’ were exempted from the Foreign Investment in Real Property Tax Act (1980). Under Shaikh ‘Abd Allah who was appointed CEO in 2014, the fund has de...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017