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Libya’s Oil Storage Woes
...tput. Elsewhere, any export terminal shut-in would lead storage tanks to drink up crude to ship another day. But not in Libya. Years of fighting since the 2011 revolution have left storage infrastructure crippled (MEES, 7 September). NOC chief Mustafa Sanalla said ahead of this week’s Opec meeting th...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Qatar Shines Spotlight On OPEC Divisions As It Ends 57-Year Membership
...tween 2009 and 2011 while maintaining its Opec membership. Yes, the benefits of continued Opec membership for Qatar are limited, but this has held true for years. Why opt to leave now? Because the GCC rift has eroded Qatar’s voice within Opec and therefore the benefits that it derives from me...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Algeria Set For $5bn 2018 Trade Deficit: As Good As It Gets?
...l prices. At the start of the 2000s Algeria’s conservative budget assumptions meant the country racked up trade surpluses even when crude was $25-30/B (see chart 3). But the country posted a series of blowout budgets from 2011 as Algiers distributed largesse on the back of $100/B-plus crude in a bi...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Libya: Oil Output Doubles In 2017 But Peace Dividend In The Balance
...2018 brings a new opportunity for a comprehensive peace deal in Libya. But, when it comes to oil production, the risks are largely on the downside. As has often been the case since the toppling of former leader Muammar al-Qadhafi in 2011, the future of Libya hangs in the balance. A peace se...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria To Retain Gas Focus In 2018 As New Fields Start Up
...ich badly damaged the fields’ processing facilities. Output, at an annualized 8.6bcm for the first nine months of 2017, averaged close to 9bcm/y capacity for the first time since 2011 (MEES, 3 November). Repair work from the attack was completed in mid-2016 but the leap in output only came after lo...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
KRG: IOCs Nervously Eye Calendar As Payment Wait Drags On
...ntested territory that Exxon was controversially awarded in 2011 (MEES, 21 November 2011). A Turkish military base also lies at Baeshiqa, further complicating the area’s status. The KRG currently gets another 110,000 b/d from the Khurmala dome of the Kirkuk field, and about 110,000 b/d from its other pr...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Tunisia Oil Output Rebound From Protests, Fundamental Problems Remain
...oblems remain. Output has been in long-term decline, the result of a collapse in exploration. The country had over 50 active exploration permits at the start of the decade. The number fell after instability rose following the revolution at the start of 2011, which also saw key officials ousted and ot...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Egypt: Gulf Of Suez Oil Output At 40-Year Low On Back Of Lower Prices, Capex
...abilized at just over 300,000 b/d over the five years to 2011. Part of the fall since then can be attributable to economic and political instability in the aftermath of the January 2011 revolution (in particular cash-strapped Cairo’s failure to pay foreign operators – MEES, 1 December). But the biggest fa...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Payment Problems
...Egyptian state firm EGPC (which typically markets crude on behalf of smaller producers). Egypt has always had a reputation as a tardy payer. But receivables to IOCs active in the country soared in the aftermath of the January 2011 revolution. From $3bn at the start of 2011 they leapt to $8bn in...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Egypt Nuclear Plans Near Go-Ahead, Saudi Looks To Standardize Plant Design
...erating: Iran Bushehr-1 2011 1.0 1 3.5 Rosatom built. Operation intermittent until 20...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Libya’s Waha Ramps Up Output To 260,000 b/d But Challenges Lie Ahead
...ports its crude, is down to 1.5mn barrels from 6mn barrels prior to Libya’s revolution in 2011, according to Mr Ammar. Storage tanks were destroyed during the fighting in 2011 and after it resumed in 2014. This is not hampering current production, said Mr Ammar, but could become a problem should output fr...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Qatar Gets Flexible In Bid To Adapt To Brave New LNG World
...ntrica 3 UK 2014 2018 DES CNOOC 2 China 2011...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Kuwait: New Oil Minister Eyes Neutral Zone Restart
...ll be a particular target. Such a move could prompt the Emir to dissolve parliament again. Similarly, the population’s patience with the prime minister, first appointed in December 2011, is running out. NEUTRAL ZONE RESTART LOOMING? Rumors have been rife in recent weeks that Saudi Arabia and Ku...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Qatar Readies For LNG Dogfight With Rasgas/Qatargas Merger
...cent past. QP CEO Saad al-Kaabi says “the integration aims to create a truly unique global energy operator in terms of size, service and reliability.” As a swing supplier between key Asian and European markets, Qatar reaped the benefit of high oil and spot LNG prices from 2011 (when the Fukushima nu...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Should I Stay Or Should I Go? Majors In The KRG
...mpleted in 2015. EXXONMOBIL • The US major has recently reduced its KRG exposure. • Controversially awarded six blocks in 2011, complicating the US firm’s relationship with Baghdad (it operates the key southern West Qurna-1 field). Two of the blocks, Al-Qosh and Baeshiqa in di...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Gulf Finance: Rise Of The Renminbi
...ES. The bank started offering RMB accounts in the UAE in 2011 and today these include current accounts, savings accounts and term deposits. “China’s relations with Arab states have grown at an exponential rate, which will support the realization of [Beijing’s] ‘Belt and Road’ initiative,” he adds. Ex...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Economic Reform In The GCC: Is Privatization A Panacea?
...at triggered the Arab Uprisings at the start of 2011. *Paul Stevens is a Distinguished Fellow at Chatham House, London www.chathamhouse.org This paper summarizes the key findings of his latest report, released 13 December: ‘Economic reform in the GCC: A panacea for declining oil wealth?’...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
KRG Goes Fishing For New Investors, But Will They Bite?
...ES. …EXXON GO-SLOW ExxonMobil was awarded six blocks in 2011 but progress has been minimal, largely due to proximity to the front line with areas under Islamic State (IS) control. The firm has the Pirmam block just east of Chevron’s Sarta, as well as the controversial Al-Qush and Baeshiqa bl...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
US Hikes 2017 Output Forecast As Firms Prepare To Raise Spending
...CEMBER* *THE EIA FOCUSES ON THE SEVEN MOST PROLIFIC AREAS IN THE LOWER 48 STATES WHICH ACCOUNT FOR 92% OF OUTPUT GROWTH BETWEEN 2011-2014. SOURCE: EIA DPR, MEES CALCULATIONS. PERMIAN PROMISE Short-term, firms have understandably been attracted to the Permian Basin, due to its low co...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Iraq’s Unattractive Contracts Claim Fresh Victim As Shell Eyes The Exit
...rine offshore fields where Shell assumed control in February. Output has collapsed in recent years – from almost 800mn cfd net in 2011 to just 251mn cfd last year (MEES, 18 March) – in part due to BG’s refusal to sanction new investment in protest at payment delays ($1.1bn owed as of mid-2016). Si...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016