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Egypt Looks Beyond Current Storms To Gas-Fueled Upland
...en extensively explored by Shell, which drilled nine either unsuccessful or sub-commercial wells on its giant Northeast Mediterranean deepwater (Nemed) block between 2006 and 2011. EGYPT: KEY RECENTLY-AWARDED DEEPWATER BLOCKS ENI: NEW MODEL Eni says its success where Shell fa...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Algeria Faces Record $14bn Trade Deficit
...14 2015(a) 2015(b) $bn % 2014 2013 2012 2011 Imports 51...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Closing In On Debt Repayment And New Bid Round, Minister Says
...er the next five years. According to the government, it had released a second tranche worth $1.5bn to producers at the beginning of the month. Debts to IOCs that had accumulated in the aftermath of the 2011 revolution were first addressed with a $1.5bn payment in December 2013. Apart from ch...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
GCC Petchems Producers Need To Broaden Feedstock-Aramco
...07 2009 2011 2013 Saudi Arabia 36.1 44.1 54.4 73.0 83.1 91.5 Qa...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
GCC Grid Growth Stalled As Oman Set To Join
...GWh in 2010 to 815GWh in 2013, though even the higher figure represents less than 0.25% of regional demand. Scheduled trading started at 0.31GWh in 2010 and rose to 46GWh in 2011, but has been zero ever since (see chart). Announcing Oman’s decision to join the GCC grid, GCCIA director Matar al-Ni...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
After The Hype, OPEC Meeting Ends With A Whimper
...one. Leaky Ceiling The collective ceiling has been in place since 2011 but has been leaky with members consistently failing to comply with their individual allocations. Monthly surveys of OPEC’s production by MEES show that the group has overproduced the ceiling since June, despite erratic pr...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Iran Oil Exports To Rise In 2015 Despite Nuclear ‘No-Deal’
...wn, averaging less than 1.3mn b/d for the first ten months of 2014 (including condensate), versus 2.53mn b/d in 2011 (see graphs). Condensate Boost Speaking in Vienna this week, Iran’s Oil Minister Bijan Zanganeh said that despite the sanctions, Iran is still targeting an increase in exports ov...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Gulfsands, Vitol Subsidiary In MENA Tie-Up
...REGIONAL Gulfsands, Vitol Subsidiary In MENA Tie-Up UK minnow Gulfsands Petroleum looks to finally emerge from dormancy after sanctions halted its Syria operations, its only producing assets in late 2011. On 19 November, Gulfsands announced that it has entered into a strategic pa...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Oman Set To Cut Spending For 2015 As Revenues Slide
...r January-October), the fact that they have fallen below the $85/B mark since mid-October and are now well below this has sounded the warning bells. Current $72/B prices for Oman crude are down by 35% from their $110/B June peak (see p20). Prices averaged a buoyant $105-110/B for 2011 through 2013, gi...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Qatar Looks Resilient To Lower Oil Prices
...me on its hands to formulate a response to the evolving LNG market – welcome breathing room for Qatargas and RasGas, which seemed almost resigned to a lesser role in the market in the years ahead. Qatar has controlled about a third of the global LNG market since completing its last train in 2011 and no...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Egypt: IMF Praise
...July). Instability after the January 2011 revolution delayed these politically-sensitive cuts for some time. For the IMF energy sector reforms and sizeable investments will be critical to reduce energy supply bottlenecks and boost growth. Mr Jarvis says that Cairo is seeking to reduce the bu...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Jordan Moves Toward Austerity In 2015
...ssion Chief to Jordan Kristina Kostial who said earlier this month that the kingdom’s indebtedness could reach 89% of GDP by end 2014, from 71% in 2011. Ms Kostial added that to address this problem, the authorities have to control public finances, especially those related to the central government and se...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
US Petroleum Imports, Exports, Demand (‘000 B/D)
...2013 vs2012 2013 2012 2011 2010 2009 CRUDE OIL IMPORTS 7,329 7,293 7,508 7,...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Benchmark Crude Prices ($/B)
...13 2012 2011 WTI 69.02 75.44 76.51 84.33 93.13 97.25 103.00 98...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Damascus Loses Control Of Last Key Oil Field
...,600 b/d of high-value light sweet crude in the first quarter of 2011 (that is to say before the current fighting broke out, 24% of Syria’s total 387,000 b/d crude production for the period: MEES, 16 May 2011). If confirmed, the capture of this field will cut off the Syrian regime’s access to almost al...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Oman Plans First Solar Unit Under Rural Plan
...pacity is linked to two grids: the Main Interconnected System (MIS) and the Salalah system. This year peak MIS demand is expected to reach 4.82GW, with 424MW in Salalah (MEES, 24 May). But off-grid rural demand is growing faster than in the main networks, having recorded an 11.6% increase from 2010 to 2011...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Iran Prepares For Full Return To Oil Markets But Will Saudi Make Way?
...ropean Union imposed a series of economic and oil sanctions against Tehran starting in 2011 over its controversial nuclear program. Since then Iran’s oil exports have fallen below 1mn b/d from around 2.5mn b/d before the EU ban on imports of Iranian crude came into effect in mid-2012. According to MEES es...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
The Geneva Nuclear Accord And Iranian Oil
...ude oil exports, as the US will not demand that buyers of Iranian crude reduce imports further. Sanctions have cut Iranian oil exports to an average of just 1.1mn b/d for the first nine months of 2013, down 55% on 2011. The signature of the Geneva agreement probably means that the US State Department wi...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Egypt’s Gas Crunch: Is A Quick Fix Possible?
...reements within two weeks, he added, and amend another seven. These numbers have caused some confusion in the industry. EGPC in October said it had approved the 11 licences awarded in November 2012 (MEES, 16 November 2012) following its most recent bidround, which was launched in 2011. Ganope said in...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
GCC Growth ‘Robust’ Despite Geopolitical, Economic Headwinds-IMF
...owth prospects, and also a key ‘wild card’ necessitating the strengthening of fiscal buffers. The region is also vulnerable to volatility in global financial markets and broader Middle East unrest, the IMF says. Real GDP growth fell to 5.2% in 2012 from an “exceptionally strong” 7.7% in 2011 wh...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013