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MENA Countries Hike Defense Spending For 2013
...gional power status, the powerful role of the military, the threat of terrorism and the ready availability of oil funds, SIPRI says. Algeria’s 2014 budget envisages defense spending of $12bn, up 10% on 2013 (MEES, 28 March). This follows the January 2013 terrorist attack on Algeria’s In Amenas gas pl...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Fragile Iraq Goes To The Polls
...e start of 2014 has also included battles with local tribes. Thousands of civilians have fled north seeking safe refuge in Iraqi Kurdistan, making it difficult for Anbar’s two million inhabitants to vote. The Sunni-Shi’a split in Iraq mirrors a wider Middle Eastern conflict, represented by the gr...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Chevron Taps MENA For Output Boost
...d appraisal in 2014 with the focus on Iraqi Kurdistan, Morocco and Australia. The US major’s overall production has edged lower in each of the last three years, dipping below 2.6mn boe/d for 2013. This is less than 2% of total global output, Christopher Bradley, UAE Country Chairman for the fi...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
IMF Downgrades MENA 2014 Growth Projections
...REGIONAL IMF Downgrades MENA 2014 Growth Projections Real GDP growth in the MENA region will be 3.2% for 2014 and 4.5% for 2015, according to the IMF’s six-monthly World Economic Outlook (WEO) released last week. The projection for 2014 growth is downgraded from the figure of...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Libya Denies Shortage of Cash Reserves
...st July. Dwindling export volumes have led the IMF, in its latest World Economic Outlook, released last week, to raise its budget breakeven oil price forecast for Libya for 2014 to almost $190/B. “We have enough funds for three years without getting a single cent from oil,” the head of the CB...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Jordan Considers Long-Term Economic Blueprint
...owth rate of 3.3% in 2013, it expects Jordan’s economy to grow by 3.5% in 2014 and 4.5% in the medium term. She added that inflation is expected to decline to about 2.5% at the end of 2014 and to 2% in the medium term, while the current account deficit (including grants) would gradually improve to 4....
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Iraq’s Management of its Natural Gas Potential - INES Revisited
...veloping the country’s own natural gas potential had been effectively halted. Even now, in 2014, utilization of Iraq’s natural gas, excluding Kurdistan, is around the same as it was in 2003. Since 2011 two contracts costing Iraq around $720mn have been signed to build two pipelines to import around 1.6bn cf...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 16 Apr 7- 11 Apr 31 Mar - 4 Apr Mar-14 Feb-14 Q1 2014 Q4 2013 20...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Total Raises KRG Stakes
...IRAQ Total Raises KRG Stakes France’s Total is planning to drill its first exploration well in its operated Baranan block in Iraqi Kurdistan at the end of 2014, the first update it has given since acquiring an 80% stake in the production-sharing license in early 2013. It al...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Focus Turns Back To Oil In Southern Sudanese Conflict
...ms, for misusing it… you know.” Production At 160,000 B/D South Sudan’s oil output is running at close to 160,000 b/d, all from its fields in Upper Nile state. Production from the fields in its only other ‘producing’ state – Unity – has been offline since the first week of 2014, after rebel fo...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
MENA Active Drilling Rigs March 2014*
...MENA Active Drilling Rigs March 2014* March 2014 br...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
MEES Interview: Former IEA Chief Nobuo Tanaka On Japan, Qatar and LNG Markets
...r the Advancement of Producer-Consumer Dialogue at the 2014 Abdullah bin Hamad al-Attiyah Energy Awards held in Doha on 8 April. MEES: How do you see the nuclear power sector in Japan going forward and the role of LNG in the supply mix? Tanaka: It’s a very important, difficult qu...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Saudi Petchems: Smaller Plants Advance
...th a view to 2014 start-up....
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Oman Peak Demand To Double By 2020, Gas Burning Up 50%
...ll see gas burning rise by a comparatively modest 50% from 7.4 bcm in 2014 to 11.1b cm in 2020. As long as the country’s key upcoming upstream gas project, BP’s $16bn, 10 bcm/year Khazzan tight gas development, comes onstream as planned in 2017-18, power generation’s share of Oman’s gas output wi...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
OPEC Output Slides In March On Iraqi, African Outages
...ticipated additional volumes. “OPEC will be ready to absorb the extra production,” he told reporters in Doha this week. “There is no problem for OPEC to absorb any production increment from Iraq and Iran in 2014. When Libya output comes back, we will accommodate it, because its production is in our nu...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Iran Nuclear Talks Threatened By Us, Russia Posturing Over Oil Deal
...al, with the International Energy Agency (IEA) on 11 April putting global imports of Iranian crude and condensate at close to 1.37mn b/d for the first three months of 2014. Still, US officials insist they are not worried by these figures, dismissing them as nothing more than short-term fl...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Middle East Peace Process: Another Failed Attempt
...lestinians demanded it. The Palestinians have refused Israel’s demand to be recognized as a “Jewish state”. This position was also formally adopted in the Arab summit held in Kuwait in 2014. Israel, asserting that its future security might be threatened, is demanding that it keeps its armed forces wi...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Total Reorganizes E&P Operations, Merges Mideast And North Africa
...r 607,000 boe/d in 2013 out of the group’s worldwide output of 2.299mn boe/d. The figure includes Total’s equity share of production from Abu Dhabi’s onshore ADCO, in which it held a 9.5% stake. The company expects lower production in 2014 due to the loss of equity production from ADCO, or some 14...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Egypt’s Financial Indicators Improve On The Back Of Gulf Cash
...rvices. The second, for E£33.9bn ($4.8bn) and financed by a grant from the UAE, was unveiled in January 2014, and included an extra E£20bn ($2.9bn) for infrastructure. EGPC late last year struck a deal with international oil companies (IOCs) operating in the country to settle outstanding arrears of $6b...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Iran Braces For 20-30% Utility Price Hikes
...ur years earlier at the beginning of the 2012-13 Iranian year when international sanctions began to bite. Energy price rises will be more gradual that those anticipated in the 2014-15 budget, according to Finance Minister Ali Tayebnia. Price hikes of around 25% will accompany the implementation of th...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014