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Iranian Volumes Re-Enter Crowded European Market
...bargo on Iranian crude came into force in 2012. In 2011, EU countries imported 598,000 b/d of Iranian crude, some 24% of Iran’s exports (see chart). Far and away the largest EU importers were Italy, Spain and Greece, which between them took 75% of Iranian crude imports to EU states (see charts). Ot...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria Boosts Its Share In Spain’s Gas Imports In 2015
...ntracts with Spanish buyers, according to data from Cedigaz, equivalent to a total of 14.92 bcm/year. This includes a 0.96 bcm/year, 20-year contract through the Medgaz link with France’s Engie which dates back to 2006, even if commercial flows through the pipeline only started in 2011. The other 13.96 bc...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria’s Sonelgaz Eyes Foreign Loans To Bridge $10bn Funding Gap
...15. Former energy minister Youcef Yousfi announced a plan in 2011 calling for 22GW of renewables capacity by 2030. This included 13.6GW of solar photovoltaic capacity, 5GW of wind capacity and 2GW of concentrated solar power. A first phase of 6GW by 2024 was priced at AD1.31trillion ($12.21bn – ME...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iraq: Abadi’s ‘Technocrat’ Reshuffle Plan Slim On Detail
...s been held up by political gridlock in parliament for years; in fact the cabinet passed a draft for an independent company back in August 2011. With the possibility of passing an oil law seemingly out of reach, Mr Abd al-Mahdi may have decided that this less ambitious goal was a better use of hi...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
SEC Seeks $3.3bn More Funding, Bringing Total To $73bn
...kuk Capital projects 1.9 2010: July Aramco/Total Banks/ECAs Satorp project 8.5 2011: October Aramco/Total Su...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Bahrain Raises $600mn Despite Downgrade, Oman Plans Issue
...rch and May to help finance the budget deficit, according to a Reuters report on 19 February. Tunisia, a country in political transition after pioneering the 2011 Arab Spring revolts, is currently engaged in talks with the IMF to negotiate a new credit program worth around $1.7bn (MEES, 19 Fe...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria: Mixed Shale Signals Highlight Deeper Economic, Political Disarray
...mands specific to the southern Algerian and Sahara regions. But this is likely to resonate among the overall population,” Ms Jacobs says. REVENUES DOWN, STABILITY THREAT In the wake of upheavals in the Arab world since 2011, Algeria has managed to maintain a certain level of social st...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
ENI Sanguine On Libya
...om Italian pipeline operator Snam Rete appear to support his bullishness. These show volumes of over 700mn cfd so far this month, higher than the average for 2014, or indeed any year since the 2011 ouster of Colonel Qadhafi. LIBYA GAS EXPORTS TO ITALY (MN CFD)...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Cash Crunch Suffocates Iran’s Oil Sector
...r day], so the petroleum ministry will get less than $3bn. How can we run Iran’s petroleum industry with this money?” he said. Iranian oil exports – crude and condensate – stood at just 1.1mn b/d in 2014 on average, down more than 55% from 2.53mn b/d in 2011, before the latest round of sanctions on...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Egypt Eyes Listing State Firms, Seeks Outside Investment
...centives for would-be investors. Also Egypt is amending and redrafting a number of economic laws to attract fresh investments and revive its economy battered by political turmoil since early 2011. The announcement this week that Egypt had signed memorandums of understanding (MOUs) with Kuwaiti companies fo...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Taiwan Crude Imports, 2014: Saudi, Kuwait Keep Top Spots But Opec Share Lowest In 10 Years
...13 2014 rank ‘000 b/d % 2013 2012 2011 2010 2009 2008 2007 20...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Iraq Set To Launch Gas Bidding As Eni Slams Terms
...siriya integrated project (see above). Indeed, none of the big oil majors which snapped up the oil TSCs in 2009 and 2010 showed much appetite to bid aggressively for the 12 gas blocks offered in 2011, of which three lie in the Anbar area that is now the scene of a showdown between the Iraqi army and al...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Jordan Takes Plunge With Israel Gas Deal
...umped dramatically after 2011 and the loss of substantial volumes of Iraqi crude oil that was supplied at preferential prices by the ousted regime of Saddam Husain. Even the 10,000 b/d that Iraq shipped to Jordan by tanker trucks has dried up since November because of the ongoing fighting in Anbar pr...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Egypt Boosts Gas Offering As Receivables Fall
...yrouz 5 Offshore N Sinai 2,280 9 1618 Y 2011 (N El Fayrouz) Tharwa N Port Fuad 7 Offshore Me...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Libya: Political Process Still Holds Hope
...stricted the pipeline flow from two key oil and gas fields earlier this month. Formed out of the rebel units that ended Qadhafi’s rule in the 2011 revolution, the militia stand unopposed. The country’s army remains weak, and international efforts to grow its numbers by training soldiers are unfinished. Th...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
MENA Nuclear Plans Move Forward
...d not achieve nuclear-generated electricity until 2011 when Russia’s Atomstroyexport completed the much-delayed 1GW Bushehr plant. The plant has since been shut down for long periods for repairs, and now Bushehr is halted again. Plant manager Hossein Derakhshandeh told Iranian state media the plant sh...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Saudi Arabia Increases Asian Focus With Japan Oil Storage Deal
...iority claim on crude in tanks in the event of a supply emergency. The volume of crude to be stored has also been raised to 6.3mn barrels from 1.3mn barrels under the original 2011 deal. The expansion of storage capacity will make the Okinawa storage site larger than Saudi Aramco’s facility in Rotterdam, wh...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Iran Talks: Caution Urged Despite ‘Good Start’
...chnically, Iran is allowed to maintain its crude oil exports at “current levels” of around 1mn b/d, and no more. Iran’s crude oil exports have nosedived under the weight of US and EU sanctions, averaging just over 1.1mn b/d in 2013. This represents a 54% drop in shipments relative to 2011, before the la...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Syria Oil Sector In Chaos As War Barrels On
...SYRIA Syria Oil Sector In Chaos As War Barrels On Production from government-controlled areas of Syria has fallen to just 14,000 b/d, from 385,000 b/d at the beginning of the crisis in 2011, Syria’s Oil Minister Sulaiman al-‘Abbas says, with the oil ministry “depending on th...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Yemen Shows IOCs The Exit As Contract Deadlines Approach
...rd on the street is that no one gets an extension. Ever.” Up for renewals are Blocks 5, 10 and 53, which together account for close to half of the country’s current crude oil production – estimated at close to 170,000 b/d. This is down from around 180,000 b/d in 2012, 220,000 b/d in 2011 and a 20...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014