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East Med: Hope Despite Dry Cyprus Well, Lebanon Bid Round Deadline Delayed
...economic, especially since the oil price collapse in 2014 and the accompanying lower gas prices. By far the most active firm offshore Cyprus is Eni. The Italians have stakes in six of the seven blocks currently awarded, and are operator in four. In early August Eni said it would drill three wells ac...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
War-Torn Yemen Maintains Steady Crude Exports; China, Thailand The Key Buyers
...scale, renewed crude exports are providing an essential influx of revenue and liquidity to the embattled regime. Prior to the onset of the civil war between Houthi rebels and government forces in 2015, hydrocarbons provided 73% of export revenues according to IMF figures. Crude exports in 2014 re...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Oman Looks To Bid Round For Exploration Boost
...ndered blocks appear less prospective. Block 43b was last operated by Hungary’s Mol which relinquished the 11,967km² block in 2014. A conventional gas play, previous owners combined have drilled only two wells with no discoveries. In Block 47, also mostly bordering open blocks, tight gas is expected to be...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
UAE Looks To Offshore Gas To Ease Growing LNG Addiction
...M) 2007 2008 2009 2010 2011 2012 2013 2014...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Rig Count: Saudi Cuts Oil Drilling To 3-Year Low
...• Opec kingpin Saudi Arabia saw its rig count fall to a 30-month low of 115 in August; those targeting oil fell by four to 60, the lowest level since May 2014 (see chart 1). Saudi Arabia claims it is pressing ahead with ambitious long term plans to develop new output capacity, but the rig co...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algeria Plots Unlikely Power Capacity Boost Whilst Rejecting Foreign Funding
...utarfa said Sonelgaz had spent $5.5bn in 2015 and $5.6bn in 2014. Algiers was forced to increase power sector investment after blackouts in 2012 triggered violent protests. Sonelgaz hiked generating capacity by 2.8GW ahead of 2013 summer demand, by speeding the completion of two large power plants and de...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Oil Market Surplus To 2019 Despite Strong Growth Projections
...0,000 b/d to 1.6mn b/d, while Opec raised its figures by 50,000 b/d to 1.42mn b/d. The IEA’s 1.6mn b/d annual gain would be the highest since 2014. While they see a slight slowdown in 2018 (see table), both have strong growth projections in excess of 1.3mn b/d. Opec’s MOMR attributes the 50,000 b/d up...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algerian Oil Bolstered By Berkine Basin Prospects
...sh to get oil out of the ground. Prices have fallen dramatically since 2014, and since the beginning of the year Opec members and other oil producers have been subject to production cuts. Algeria’s state energy company Sonatrach says it has implemented its mandated reduction of 50,000 b/d. But there ar...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Petronas Quits Algeria As Cepsa Expands
...praised in 2005, but it was not until a deep well found Triassic oil that the field showed commercial potential. Petronas had looked to expand in Algeria via its participation in the country’s flopped 2014 bidding round. Negotiations were held “in light of the fiscal incentives provided by the go...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algeria Shuns Foreign Debt… By Printing Money?
...nds de Regulation des Recettes (FRR), a reserve fund intended for counter-cyclical spending, has been empty since February, whilst the country’s foreign currency reserves have collapsed from $179bn at end 2014 to just over $105bn at end-July. The IMF projects further falls to $79bn by end-2018 and $55...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017