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Egypt Promises $1.5Bn Receivables Payout
...eviously touted by Oil Minister Sharif Isma’il. Foreign energy companies have been reluctant to invest into expanding production in Egypt without some cash flow from government coffers. Egypt has a history of late payments, but receivables ballooned during the political turmoil of the Arab Spring in 2011...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Bullish Iran Meets With Majors As It Gears Up For ‘Big Return’
...arved it of much-needed investment, and more recently resulted in a slashing of the country’s crude output by 1mn b/d since late 2011. Under the existing sanctions regime imposed by the US and EU, Western oil companies are effectively barred from investing in Iran. But sensing a possible opportunity fo...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Umm Lulu Moves Forward
...the offshore site. AMEC was also awarded a contract by ADMA-OPCO in 2011 during the first phase of Umm Lulu development. This follows a $1.69bn contract awarded in September to a consortium of local contractor National Petroleum Construction Company (NPCC) and France’s Technip. Work at Umm Lu...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
SEC Awards Revised Rabigh-2 IPP Project
...rayyah was originally conceived as a 1.8GW plant, but its capacity was hiked due to cost savings on tariffs (MEES, 26 September 2011). The 1.73GW Riyadh PP11 project, led by France’s GDF Suez, reached full capacity in early 2013, having begun early power generation of 600MW in June 2012 (MEES, 19 April). Ar...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Gathering Storm For OPEC As Iran Lays Down The Gauntlet
...epticism on the part of the Saudis over the Islamic Republic’s ability to make good on its pledge. Saudi Arabia, Iran: Crude Output Change Since Jan 2011* (Mn B/d)...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
‘Every Time We Go To Quotas, Who Bears The Brunt? Us’
...how does an organization impose discipline in the absence of production quotas, previously calculated on a pro-rata basis and now replaced with informal targets that have not been made public. The only guidance issued by OPEC since December 2011 has been an overall production target of 30mn b/d th...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Egyptian Military Faces Challenges
...e security forces, the police and the Ministry of Interior. The judiciary has played a prominent role since the overthrow of President Mubarak in 2011, and guards its independence jealously. And the youth movement, which feels that the revolution it led against former President Husni Mubarak has be...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Weatherford Hit By MENA Corruption Rap As Region Ranks Poorly
...change Commission (SEC) to settle corruption charges linked to a string of incidents in the Middle East and Africa. The firm “between at least 2002 and July 2011” routinely secured business through bribes and lavish corporate hospitality, according to evidence catalogued by the SEC in a 25-page do...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Oman Poised To Curb State Expenditure In 2014
...ys soaring government expenditure between 2010 and 2013 became a major challenge for the state, especially given that some 75% of the total went on current expenditure, which cannot be reduced easily. In the wake of the Arab Spring, Oman in early 2011 embarked on a policy of social spending in order to...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Benchmark crude prices ($/B)
...12 2011 WTI 97.38 93.00 94.00 93.85 100.57 105.73 94.17 94.18 95...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013