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OMV Sees Huge Libya Potential As It Steps Up Drilling
...fted force majeure on Libyan exploration activity (MEES, 10 November 2023), resuming drilling campaigns in Libya last year for the first time since the 2011 revolution (MEES, 1 November 2024). Despite the increased activity, concerns over the security situation and political instability remain ac...
Volume: 68Issue: 43Published at Fri, 24 Oct 2025 -
Egyptians Wary Rushed Elections Spell Tougher Times Ahead
...ility to raise cash for repayments, with top credit agencies downgrading the outlook for Egyptian debt. The IMF expects debt to increase from 88.5% of GDP in 2022 to 92.7% this year. Meanwhile, cumulative Gulf aid to Egypt since 2011 is estimated to have exceeded $110bn. This includes the $22bn pl...
Volume: 66Issue: 43Published at Fri, 27 Oct 2023 -
Iran Eyes Imminent Petrochemicals Boost
...d is PGPIC’s only methanol project under construction, with locally manufactured “super heaters” installed in June. Hengam is set to produce 726,000 t/y of ammonia and 1.155mn t/y of urea and has been under construction since 2011 – 12 years and counting. The project suffered a setback when Sa...
Volume: 66Issue: 43Published at Fri, 27 Oct 2023 -
Kais Saied’s Tunisia: Where Is It Headed?
...ndemic (MEES, 24 July 2020). Finances appear to be on the verge of collapse. Public debt has soared since the 2011 revolution (see chart 1), but Tunisia has little to show for it (MEES, 18 December 2020). Interest payments alone will eat up some 11% of projected government revenues this year, ac...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
Lebanon’s ‘Revolution’ Upends Status Quo
...rved as a strong impetus for the protests. Beyond the tax announcement and the fires, the Lebanese had a long list of outstanding grievances against the ruling oligarchy: the country’s economy has grown at a measly 1.3% per annum since 2011 (see chart); state power operator Electricité du Liban (Ed...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Libya: Waha Expansion Inches Forward
...Projects to boost Libya’s long-term output have mostly been on hold since before the 2011 revolution. But plans by the Waha Oil Company (WOC) – grouping NOC (59.18%) with US firms ConocoPhillips (16.33%), Marathon (16.33%) and Hess (8.16%) – to boost capacity from its key Sirte Basin acreage be...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Suez Canal Trade Hits Records But Trade War Threatens
...%) and 543,000 b/d gasoline (up 36%) head north through the canal (see charts 1 & 2). This puts both on track to smash annual records – for diesel last year’s 445,000 b/d was a record; for gasoline the record of 499,000 b/d dates back to 2011. Combined northbound products volumes, which only fi...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Schlumberger Iraq Award
...lls the following year along with Halliburton who also won a 15 well contract in 2011. Both firms work on multiple fields in the oil rich Basra region....
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Libya Oil Output Boosted By Sirte Basin Rebound
...reign producer in Libya prior to the 2011 Revolution, its Q3 results on 26 October failed to include a breakdown of its operations there and an earnings call later the same day added no further detail. The firm’s Q3 results statement noted only that its overall “production volumes in exploration and pr...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Medco Announces $180mn Impairment On Libya’s Area 47
...a DeGolyer and MacNaughton report in September 2008, gross contingent reserves in Area 47 are an estimated 703mn boe. In February 2011, Medco announced that it had temporarily halted exploration activities due to political instability. The company resumed operations on the Area 47 licence area in...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Jordan: Opposition To Israel Gas Deal Strong But Ineffectual
...rged Egyptian gas was cut-off in 2011, its deficits were close to this $700mn figure, reflecting a state subsidy through debt. Despite the economic necessity, domestic politics weigh heavy and a letter of intent with almost identical terms that was signed in September 2014, was canned just over a ye...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Egypt’s Refiners Struggling To Keep Pace With Products Demand
...balance, with imports worth $67bn and exports just $18.5bn in 2015, according to ministry of trade statistics. Tourist revenue and direct foreign investment, the main earners of foreign exchange for Egypt have gradually fallen since the 2011 revolution with a worsening of the security situation in the co...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Iraq’s Tentative Gas Gains Insufficient To Stem Oil Burn Growth
...cessary infrastructure to process the gas, resulting in sky high flaring levels. The percentage flared has increased from 51.1% in 2009 to 69.4% last year. However, the situation is improving, with flaring falling to 63.5% so far this year, on course for the lowest level since 2011 – although the volume fl...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Iraq Invites Bids for 12 Fields in First Offering Since 2012
...al between Kerbala province and UK-independent San Leon in March 2011, outside of the auspices of the Ministry of Oil, which maintained that provinces cannot unilaterally sign deals with IOCs. The joint participation agreement was for San Leon and local partner Al-Meinaa to develop the fields under a pr...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Cairo Struggles With Products Shortages
...reign exchange reserves fell to $16.3bn at the end of September, less than half of the $36bn they stood before January 2011 (see graph, p16). This lack of dollars will also make it harder for Egypt to repay international oil companies (IOCs). State oil firm EGPC has had to look for ways to obtain do...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Saudi Product Exports At Record High; Crude Volumes Crimped
...D15 vsYTD14 vsYTD13 YTD14 2014 2013 2012 2011 2010 2009 Crude Production 10...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
SAUDI OFFICIAL CRUDE & OIL PRODUCTS OUTPUT, TRADE & BALANCE (‘000 B/D)
...YTD14 vsYTD13 YTD14 2014 2013 2012 2011 2010 2009 Crude Production 10,265 -96...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF
...fined products consumption has grown at an average annual rate of 6.3% since 2011. Products exports could shrivel to zero by 2022, the IMF says. Though recent refinery expansions boosted Saudi Arabia’s refined products exports to a record 1.35mn b/d in August (see p11), if domestic demand continues to...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Iran Unveils Stimulus Package To Boost Growth
...a decade, compared to a high of $119bn in 2011-12. But he is optimistic that Iran is getting ready for growth and an economic blossoming with the changing circumstances in the near future. IMF: REFORM A MUST The IMF says that for Iran to benefit from the landmark nuclear deal and the lifting of...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt: New Central Bank Chief Faces Foreign Currency Crisis
...change shortages (MEES, 16 October). Egypt is currently suffering from an acute shortage of foreign currency reserves, which have fallen to $16.3bn at the end of September, down from $36bn at the beginning of the Egyptian revolution in January 2011 (see graph). After managing to hold the official va...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015