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Qatar 2018 Revenue Surge Finances Renewed Checkbook Diplomacy
...rch 2018 (MEES, 30 March 2018). Bilateral relations have been strong following since Qatar’s mediation in the Darfur conflict, which resulted in the 2011 Doha Document for Peace in Darfur. Qatar has of course spent lavishly over the years on sports in an attempt to garner international prestige. Th...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Jordan Plans Tax Hike To Cover Planned 2019 Deficit
...factors outside its control (see chart). The 2011 ‘Arab Spring’ was the turning point as it scared tourists away from the region and saw Syria collapse into civil war, pushing millions of refugees into Jordan and eliminating much of the country’s land-based trade. The rise of the Islamic State in Ir...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Libya’s NOC Cuts Gas To Fertilizer Plant
...ra (50%), NOC (25%) and Libyan Investment Authority (25% - MEES, 16 February 2009), hasn’t made a profit since the 2011 Libyan revolution and has racked up a combined $234mn in loses up to 2016 according to Yara annual reports - no figure was given for 2017. Yara wrote down $112mn of its investment in 20...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Exxon Cyprus Drilling Flop
...illed to a depth of 4,000ms. Cyprus has had mixed success in its offshore drilling. Since US firm Noble Energy discovered the as yet undeveloped 4.2tcf Aphrodite in 2011, Eni has drilled two dry wells in 2015 in Block 9, French major Total drilled a dry well in Block 11 before Eni discovered what is be...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Abu Dhabi Awards Offshore Stake To State-Owned Firm Cepsa
...ter an Indian consortium was awarded 10% in the 360,000 b/d Lower Zakum concession (MEES, 16 February). Cepsa, a Spanish-based integrated oil firm, was acquired by Abu Dhabi investment vehicle IPIC in 2011. IPIC then merged with fellow state-firm Mubadala last year, with the combined entity known as...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018 -
Egypt Gas Hub Plans: Goal Or Own Goal?
...rminals at Idku and Damietta on the Mediterranean coast. Noble and Delek’s partner Anglo-Dutch major Shell at Cyprus’ 4.2tcf Aphrodite. Talks have taken place this week to send gas to Egypt, although they remain at a preliminary stage. Aphrodite was discovered in 2011 and a development plan has yet to be an...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018 -
US Poised To Compete With Saudi Arabia As World’s Largest Oil Exporter
...0,000 b/d (9%) year-on-year (see table for full data). This was largely driven by major export cuts in Q3, when volumes of 6.65mn b/d were the lowest since Q1 2011. Crude exports bottomed out at 6.55mn b/d in September (the lowest since March 2011) but exited the year at 7.05mn b/d in December. MEES es...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018 -
Egypt Gas Turns The Corner, But Can It Maintain Investment?
...d IOC executives descended on Cairo this week to attend the 2nd annual Egypt Petroleum Show (EGYPS) as Egypt intensifies efforts to attract investment in its hydrocarbons industry. The country has been reeling since the 2011 Arab Spring revolutions which scared off investors. Petroleum Minister Ta...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Eni Cyprus Discovery: ‘Good-Good-Good, Or Just Good’?
...Eni’s Calypso Cyprus discovery could be bigger than Zohr. Complex geology means more drilling is needed. But CEO Claudio Descalzi says at a minimum the field will be a Zohr tie-in, with a stand-alone Cyprus LNG project a real possibility. This would also boost development prospects for the 2011...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
East Med Gas: Troubled Waters
...e incentives for Lebanon’s government. Whilst any sort of comprehensive peace agreement remains as far away as ever, the US has attempted to mediate a de facto agreement on their maritime boundary. In 2011 it sent diplomat Frederick Hoff to Lebanon in hopes of resolving the dispute. The so-ca...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Spain 2017 Crude Imports ('000 B/D): Strong Iran And Libya Recovery Raises Mideast Volumes To 6-Year High
...*CHANGE EXPRESSED IN PERCENTAGE POINT TERMS. SPAIN CRUDE IMPORTS FROM MENA COUNTRIES: LIBYA VOLUMES HIT 14-YEAR HIGH IN Q4, OVERTAKING SAUDI FOR TOP SPOT; IRAN HIGHEST SINCE 2011 ('000 B/D) SOURCE: CORES, MEES....
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Iranian Oil Exports Hit Pre-Sanctions Levels As European Share Grows
...Iran produced an average of 3.79mn b/d of crude in 2017, up 10.5% on 2016, with output reaching 3.83mn b/d last month. Not surprisingly export volumes are also up. Buyers of Iranian crude and condensate took just over 2.50mn b/d last year, edging above 2.47mn b/d for 2011, the year before US-le...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Egypt: Increased Gas Availability Boosts Petchems Producers
...eat.” GEOPOLITICAL RISK Methanex faced a baptism of fire in Egypt. On 26 January 2011 it announced the plant’s start up: four days later it withdrew staff as protests against President Mubarak escalated. Mubarak was overthrown the following month but instability continued. Whilst oil and gas in...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Eni Discovery Doubles Cyprus Reserves; Is It Enough To Make It A Gas Producer?
...antities – rumored at 6-8tcf, which would put it ahead of the 2011 Aphrodite discovery – will prove commercially viable. In favor of the latest discovery, dubbed Calypso after the nymph who enchanted Odysseus, is its operator and location. Whilst almost 180km southwest of Cyprus and in 1,000ms water de...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Qatar Sidesteps Trade Embargo With 20% Export Revenue Gain In 2017
...r 2018-22). Though the strategy has not been published the IMF says it has an “enhanced focus on economic diversification.” But given that the 2011-16 plan said “Nonhydrocarbon exports are expected to show strong gains,” it’s fair to say diversification is often planned but rarely implemented – in th...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Japan Big Winner As Saudi Arabia Cuts Crude Exports
...panese imports has also risen strongly, topping 40% for the first time in 2017, up from 30.5% in 2011. Not only is Japan importing more Saudi crude but the slate is becoming more tilted towards lighter, and more expensive grades. The key Saudi grade Japan took in 2017 was Arab Extra Light, which in...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Corruption Destroying Libya’s Future, Says Oil Chief
...ney are bad ones.” A team sent by NOC to the west of the country in late 2017 to investigate oil smuggling found that more than 80% of filling stations were not operational. “We suspect they are being used by smugglers as a front,” said Mr Sanalla. Most of the facilities had been built since 2011. NO...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Sabic Profits Boost From Rising Oil Prices As Horizons Expand With Clariant Buy
...ofits to the company’s “successful implementation of its transformation program.” The 28.5% increase in crude prices (to $52.68/B for 2017 for Saudi Arab Light) is a more obvious explanation (see chart). Sabic’s net profit remains well down on the 2011 peak of SR29bn, when Arab Light crude oil av...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Baghdad-Erbil Refining Deal Signals Pragmatism Winning Out
...yala provinces, most likely crossing into Iran around Naft Shah. This is where a 10bcm/year gas pipeline from Iran to power stations supplying Baghdad is meant to cross into Iraq. The deal was signed in 2011 but the project has stalled due to security concerns in Diyala province. Despite recent mi...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Algeria Looks To Build On Modest Output Gains But Investors Remain Wary
...uthwest have been significantly delayed. A consortium of Spain’s Repsol, Sonatrach, Germany’s RWE Dea and Italy’s Edison waited more than two years before finally being given the green light to develop the Reggane North field on Blocks 351c and 352c in the Reggane Basin in November 2011. The project was or...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017