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Kuwait Cabinet Resigns, Again
...pacting the government’s ability to pass a much-needed debt law, reduce bloated spending, and diversify the economy away from oil reliance. On 4 April, local Kuwaiti Al Anbaa reported that finance ministry documents showed that since “the public debt law’s validity ended in October 2017,” Kuwait withdrew “ab...
Volume: 65Issue: 14Published at Fri, 08 Apr 2022 -
Cairn Finalizes Mauritania Deal
...mmercial discovery, Frégate, in 2012-13 (MEES, 13 February 2013), Dana and UK-based partner Tullow Oil quit the acreage in 2017, only for Total to snap up Block C-7 later the same year. When announcing the original farm-in in March 2020, Cairn flagged up possible drilling targeting a turbidite fan play an...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Egypt: Draft 2021/22 Budget
....8bn) and set to be the lowest spending figure since 2017-18 as Cairo’s finances finally show signs of the impact of Covid-19 (MEES, 5 March). Subsidy allocations are down around 40% to E£87.8bn ($5.6bn) while the budget forecasts a deficit of 6.6% of GDP, up marginally from the 6.3% forecast in the cu...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Algeria Inks E&P MoUs
...omising discoveries in Libya until it quit the war-torn country in 2017. The Turkish state firm is also currently causing headaches for Cyprus with its ‘exploration activities’ in the eastern Mediterranean (see p3). ...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Syria To Lease Tartous Port To Russia
...Damascus is set to lease Tartous seaport on the Mediterranean to Russia for 49 years, Russia’s deputy prime minister said following a meeting with Syrian President Bashar al-Assad, Russia’s TASS reported this week. The 49-year lease for “economic uses” follows a 2017 deal that saw Moscow ba...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
KRG: Shewashan Production Suspended
...oducing a mere 1,000 b/d last year before production was halted altogether. The main culprit was water-cut issues which also saw output phenomenally collapse at nearby Taq Taq (MEES, 31 March 2017). Despite the disappointing news, the KRG’s recovering oil sector has cause for considerably optimism: MEES fo...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Israel Contracts Ge For Power Plant Upgrade
...ectricity in 2018 compared with 54% in 2017. US independent Noble Energy is expected to bring the Leviathan field online in the fourth quarter this year, while Greece’s Energean is due to start up output from the Karish field in Q1 2021 (see p3): both are keen to ink more sales deals....
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Tunisia Clinches Imf Loan Deal
...shington DC where the government and IMF staff agreed on steps to ensure that the “budget deficit target of 3.9% of GDP (before grants) for 2019 can be met to contain the high debt and elevated financing needs.” In 2018 the fiscal-deficit-to-GDP came in at an estimated 4.6%, down from 5.9% in 2017. Facing su...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
More Debt For Jordan’s Nepco
...e country’s practice of heavily subsidizing electricity, most of which is generated through gas imports. MEES estimates Jordan’s total spending on energy in 2018 exceeded $5bn, up from $3.42bn in 2017 (MEES, 30 November 2018). In December Nepco signed a $265mn concessionary loan with the EBRD to re...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Genel Modest Taq Taq Rewards
...Anglo-Turkish firm Genel announced this week that output from its Taq Taq field in Iraqi Kurdistan had risen to 15,500 b/d. The firm has completed the TT-20z well on the license’s north-western flank which is producing at 2,000 b/d, boosting the field’s output to its highest level since June 2017...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Exxon Eyes Israel’s Leviathan
...velopment Eni-operated 3.4mn t/y Coral FLNG project where it took 25% in December 2017. Although it is not operator the firm assumed responsibility for all midstream operations in the project. Exxon has been rapidly expanding its interests in the East Mediterranean. It announced the Glaucus discovery of...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Scatec Starts Egypt Solar Plant
...om a 50MW project completed in December 2017. However, MEES analysis of progress at Benban suggests that other projects may also have started up in recent weeks whilst over 1GW of capacity could be operating by year-end (MEES, 26 March). Benban development got a key boost when the European Bank for Re...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Saudi Opens Iraqi Consulate
...Saudi Arabia has reopened a consulate in Iraq for the first time since 1990 as Riyadh advanced efforts to warm ties with Baghdad. Indications that Saudi Arabia was adopting a more conciliatory approach towards Iraq emerged in 2017 as the kingdom sought to woo its neighbor away from regional ri...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Aramco: Riyadh Refinery Deasphalter Award
...ut down in early 2017 for the tie-in of units including a new naphtha splitter and diesel hydrotreater and the debottlenecking of a hydrocracker as part of a clean fuels project to reduce the sulfur content of produced fuels to less than 10ppm (MEES, 3 March 2017). Refiners across the GCC are in...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Iraq Exports Slump In March
...Iraqi crude exports plummeted 244,000 b/d in March to their lowest levels since October due to Opec+ compliance cuts (see p9) as well as weather-related issues. Southern exports slumped to 3.255mn b/d – the lowest since September 2017 – after reported flooding hampered output from the 24...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Brazil Output Down
...Key non-Opec producer Brazil saw output fall to 2.40mn b/d in February, the lowest level in almost three years, a combination of delayed start-ups at key offshore fields and declining output at mature onshore acreage. 2018 output averaged 2.58mn b/d, down from 2017’s record 2.62mn b/d (ME...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019