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Egypt’s New Budget Targets Reduction Of Petroleum Subsidies
...33.7bn ($88.1bn), up 8.8% on 2011-12. The resulting deficit in 2012-13 will rise by 4.5% to £140.3bn ($23.2bn) – 7.9% of GDP – from £E134.3bn ($22.2bn) in 2011-12 – 8.6% of GDP. A key feature of the new budget is the 26.3% fall in the petroleum subsidy to £E70bn ($11.6bn) from £E95bn ($15.7bn) in 2011-12. Th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Apache Takes Long Term View On Egypt
...ice ($/B) $79.45 $107.14 $123.55 Source: Apache, MEES calculations. Although Apache forecasts 1% annual average growth in its Egyptian production over 2011-16 (on a barrels of oil equivalent [boe] basis) th...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
TransGlobe Completes South Alamein Purchase, Looks To Bid Round Awards
...rmer Egyptian assets of US independent El Paso, including the other 50% of South Alamein. TransGlobe expects the Cepsa deal to be finalized late this month. Both deals are somewhat convoluted. TransGlobe originally agreed to buy Cepsa’s 50% South Alamein stake for $3mn in June 2011. However, wi...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
RasGas Successfully Navigating US Gas Market Weakness, Says Fitch
...sGas’s contracts are fully divertible, allowing spot and short term sales. These reached a record level of 26% of cargoes in 2011 from 21% in 2010. High oil prices and strong global demand for natural gas currently mitigates any potential risk stemming from a weaker offtake structure, commented Fitch. Ra...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
Yemen Government Accuses Military Of Marib Pipeline Sabotage
...nsecutive attacks (MEES, 24 October 2011). The country’s economy has been hit hard as a consequence, with the attacks cutting off crude supply to the 150,000 b/d refinery in Aden, forcing its closure. This in turn led to serious fuel shortages in Yemen, which has since depended on Saudi Arabia to make up fo...
Volume: 55Issue: 29Published at Mon, 16 Jul 2012 -
China Joins Consortium To Invest In MENA Energy, Infrastructure
...pects to develop about 10 infrastructure and energy concession opportunities in EEMEA in 2011. ...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Syria Launches Bid Round For Oil Shale Exploitation
...fer may be obtained from the ministry of petroleum’s website (www.petroleum.gov.sy) and/or from the GEGMR website (www.geology-syr.org). The closing date for the submission of bids is 30 November 2011. According to the official SANA report on 7 July, the area on offer at al-Khanasir consists of 14...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Syria Extends Deadline For IOCs Qualifying For Offshore Bidding
...alify for the participation in international bidding for three offshore blocks. The closing date for the submission of tenders remains unchanged at 5 October 2011. The licensing round for the three offshore blocks with a total area of 9,038 sq km was launched on 24 March (MEES, 2 April). Syria’s Ge...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Gulfsands Discovers ‘High Quality’ Reservoirs With Two Wells
...its update that average oil production from both fields combined in June was in excess of 21,000 b/d and that output is expected to rise to approximately 24,000 b/d by the end of 2011, with the drilling and tie-in of additional development and delineation wells and via minor upgrades and de-bo...
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
AFPC Production Unaffected By Pipeline Blast
...is could not be verified. AFPC in the first quarter of 2011 produced 91,611 b/d of oil and 881 b/d of condensate (MEES, 16 May)....
Volume: 54Issue: 29Published at Mon, 18 Jul 2011 -
Kazakhstan Reimposes Oil Export Duty, KMG EP Buys Producing
...venues to amount to $400mn in the second half of 2010 and almost $1.2bn in 2011. Meanwhile, the KMG EP exploration and production subsidiary of state firm KazMunaiGaz (KMG) announced on 13 July that it will buy KMG’s stake in three major producing oil fields for $750mn. A press statement said KMG EP wi...
Volume: 53Issue: 29Published at Mon, 19 Jul 2010 -
Iranian Gasoline Imports Halved In First Quarter, IEA Assesses Impact Of Sanctions
...First Quarter, IEA Assesses Impact Of Sanctions Iranian gasoline imports almost halved during the first quarter of the current Iranian year (21 March 2010 – 20 March 2011) to 507,250 tons of gasoline worth $376mn,ISNA news agency reported on 13 July. In the same period last year Iran imported 1....
Volume: 53Issue: 29Published at Mon, 19 Jul 2010 -
Iranian Government Sells 18 % Of Iran Khodro
...rket. The company plans to increase its production of vehicles in 2011 to 730,000 from 680,000 in 2010. The TSE Tepix Index closed at 15,080 on 14 July, rising sharply from around 12,537 at the beginning of the new Iranian calendar year starting on 21 March. The government plans to privatize a nu...
Volume: 53Issue: 29Published at Mon, 19 Jul 2010 -
Higher Oil Prices And Fiscal Spending Help GCC Recover, Says Emirates NBD
...al GDP in GCC markets grew by 8% in 2008 and then slowed abruptly to 1.8% in 2009. Renewed activity should translate into a 4.8% real GDP increase in 2010, reaching a growth rate of 5.5% in real terms through 2011. Emirates NBD expects growth in the UAE to rise from 2.5% in 2010 to 4.0% in 2011. Real GD...
Volume: 53Issue: 29Published at Mon, 19 Jul 2010 -
Sudan’s Politicians Clash Over Pipeline, Groups Warn Of War If No Oil Deal
...peline, Groups Warn Of War If No Oil Deal Leaders in land-locked South Sudan have clashed with the Sudanese Oil Minister Lual Deng about the viability of a $15bn, 450,000 b/d oil pipeline to Kenya. Without the pipeline, the South – expected to vote for independence from the North in January 2011 – will de...
Volume: 53Issue: 29Published at Mon, 19 Jul 2010 -
EMAL Secures $737Mn Of ECA Funding, Continues To Eye Capital Markets
...uminum smelter complex. It is being built in two phases, with phase one production starting in December 2009, and ramping up to full output of 750,000 tons/year of aluminum in April 2011, and once phase two is finished it will produce 1.5mn t/y. The project will produce primary aluminum with a product mi...
Volume: 53Issue: 29Published at Mon, 19 Jul 2010 -
Gassi Touil Contracts Awarded, But Three-Year Delay Hits Algeria’s Gas Export Target
...isting units, Sonatrach said in a statement. The Japanese engineering firm saw off rival bids from Italy’s Saipem, Canada’s SNC-Lavalin, and Swiss firm ABB in partnership with Sonatrach subsidiary Sarpi. This section of the upstream project is due for completion in January 2011. Deferred Gas Export Ta...
Volume: 51Issue: 29Published at Mon, 21 Jul 2008