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Dana Gas: Profits Up, Litigation Up, Zora Write-Down Looms
...arl Consortium’s (Dana 35%) Khor Mor concession fell to just 295mn cfd in Q2, the lowest level since 2011 (see charts). With “a planned shutdown for maintenance work due to take place in the second half of 2017,” output can be expected to dip further. In some good news, Dana saw its trade re...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Iraq Makes Progress On Chronic Gas Shortage
...e lowest since 2011. The upshot was that sales gas volumes soared 55% to more than 1bn cfd for the first time. The gains were largely driven by the Basra Gas Company (BGC: South Gas Company 51%, Shell 44%, Mitsubishi 5%) which processes natural gas produced from three fields in Basra province – BP...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Egypt Advances $29bn Nuclear Plant
...0 Iran-Bushehr-1 2011 1.0 1 3.5 Under Construction 6....
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Syria’s Iranian Crude Imports Dwindle, But Data Suggests It’s Finding Other Sources
...ort of 7,700 b/d in the first half of 2016. Syria’s first half 2016 official production compares with 9,500 b/d for 2015 and represents less than 2% of the 387,000 b/d recorded in first quarter 2011, before the start of Syria’s civil war. ALTERNATIVE SUPPLIES Mr Ghanim’s data su...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Politics And Prices Stifling East Mediterranean Gas Hopes
...rdan to a lesser extent), but history shows that any deal to send Israeli gas to Egypt or vice versa is at best risky. Egypt’s former oil minister Sameh Fahmi was sentenced to 15 years in jail in 2012 for his role in the 2005 deal to send Egyptian gas to Israel, which was terminated following the 2011 ou...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...ciety.” After the 2011 revolution, the government bowed to popular pressure and hired some 900,000 people in civil servant jobs, which were not needed, raising the wage bill by an annual E£150bn ($16mn at current rates). There is therefore a need to reduce this “over employment” in the civil service to cu...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Eni Output Down In Q2 But On Course To Meet 2015 Levels
...turning to Iran’s upstream sector. The lion’s share of receivables come from cash-strapped and crisis-hit Venezuela which owes the firm some €1.234bn. There does not appear to be an end in sight for the South American country as crude output fell to 2.27mn b/d in July, the lowest since April 2011. Th...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Tunisia Launches $500mn bond
...cured a favorably low yield of 1.416% per annum thanks to the US guarantee. This is the fifth time that Tunisia has tapped the international debt market since the ouster of former dictator Zine al-Abidine Ben Ali in January 2011. Tunisia, the first country to usher in the ‘Arab Spring’, is struggling to co...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...ndling” project that will boost rates of water treatment and thus re-injection from later this year. Cepsa, since 2011 owned by Abu Dhabi state investment fund IPIC, also operates the Bir El Msana (BMS) project, in the Berkine Basin around 100km north of Ourhoud. One of only two modest oilfield start-ups in...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Aussie LNG Boom Squeezes Qatar In Core Asian Markets Amid Lackluster Demand
...nerally fully utilized and renewables developments gather pace. In addition, more nuclear plants should come back online in coming years. However, how fast this will happen is a key uncertainty as atomic energy remains extremely controversial following the Fukushima nuclear accident in 2011. As things st...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Opec Output Hits New Record In July As Prices Tumble
...d control over Venezuela’s ports, and the opposition now claims to have gathered sufficient signatures for a referendum on his position. Venezuelan crude output fell to 2.27mn b/d in July, the lowest since April 2011. The number of active oil drilling rigs in the country fell to just 49 in July, th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Iran Oil Contracts Move One Step Nearer
...int Comprehensive Plan of Action (JCPOA). Absent the IPC, Iran has made significant strides since sanctions were lifted in January. Crude production has increased 660,000 b/d to 3.55mn b/d (see p9), putting it within 40,000 b/d of the 2011 average, the last full year before the EU imposed an em...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
CBI Opens Forex Free Market To Commercial Banks
...stem after the nuclear related sanctions unleashed turmoil in the forex market in 2011-12, when the local currency lost more than 60% of its value and controls on access of foreign currency were imposed (MEES, 20 June 2011). According to the head of the Export Guarantee Fund of Iran, Kamal Seyyed Al...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
The Only Way Is Down For Algeria’s Trade Balance
...cord surpluses of over $20bn for 2011 and 2012 (see table). And MEES analysis suggests that the situation is going to get worse with the country on course to rack up a $20bn deficit for the year as a whole. The collapse of Algeria’s trade balance is inevitable given the slump in global oil pr...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Saudi Shrugs Off Calls For Action Over Oil Price, Revenue Collapse
...rn Libya (down 88% from 2012), Algeria has seen its revenue halve since last year. Takings are down 60% from their 2011 peak, with volumes as well as prices on the slide (see p6). This points to another way in which these MEES back-of-the-envelope calculations could underestimate the slide in co...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Iran: Domestic Companies Seek Assurances Ahead Of Oil Opening
...volvement with Iran before sanctions. Besides supplying turbines, the company helped local firm Tuga to build its own turbine manufacturing plant. Before the 1979 revolution, Siemens was Iran’s chosen partner for the Bushehr nuclear power plant, which was completed in 2011 by Russian firms. Ma...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
South Sudan Oil Income Falls, Peace Process Stalls
...ippling $24.1/B to the government of Sudan in return for the use of its oil export infrastructure and in compensation for the oil resources lost by the north, when South Sudan became a separate state in July 2011. In recent months, it has been unable to keep up with these payments. The DPOC lifting pr...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Israel Delays Key Gas Development Vote
...en its dependence on gas rise, reaching 41.7% of the country’s energy mix in 2014 (see chart), with that due to rise this year to close to 50%. Israel imported gas from Egypt via the Arab Gas Pipeline but that was discontinued in April 2012 in the aftermath of the January 2011 revolution in Eg...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
United States Latest Oil Imports, Exports, Demand (‘000 B/D)
...15 vs1Q15 vs2Q14 2014 2013 2012 2011 2010 CRUDE OIL IMPORTS 7,806 7,487 7,...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Turkey Crude And Gas Imports
...13 2012 2011 2010 Iraq 245.1 +117.7 127.4 186.6 +93.4 +60.4 10...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015