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Tunisia: Oil & Gas Slump, Tourism Collapse – Bonds To The Rescue?
...achieving a total of $2.85bn in external financing including $550mn via a sukuk. Tunisia’s economy has struggled since the 2011 Arab Spring. More democracy has meant more instability and a rise of Islamic extremism, with the key tourism and energy sectors badly hit. Tourism is a pillar of th...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Egypt’s Economy: Looking Shaky Despite Cash Inflows
...nth earlier, the highest level since 2011 (see chart). The central bank says post-devaluation some $11.7bn of foreign currency has flowed into Egyptian banks as well as investment in the local stock market and treasury bills, boosting forex reserves to six months’ import cover. The pound has edged hi...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Shell Sees Qatar’s Pearl GTL Plant Offline For ‘A Couple Of Months’
...jacent 120,000 b/d NGLs and ethane plant take around 1.6bn cfd of gas from Qatar’s giant North Field. The combined GTL/liquids project reached full commercial production at end-2012, following start-up of the first GTL train in early 2011 and the first commercial cargo of gasoil in June 2011. The co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Opec Cuts 860,000 B/D Output, More Work Required
...35mn b/d, this would imply Iraq plans to cut to 4.57mn b/d – a figure MEES calculates it is currently producing below. OPEC^ 2016 OIL EXPORT REVENUES FALL $760BN FROM 2012 PEAK ($BN) 2010 2011...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
NOC Charm Offensive To Encourage Resumption Of Investment
...bruary, reach 1mn b/d in April, 1.1mn b/d in June and 1.2mn b/d by August, says Mr Sanalla. The NOC chairman’s London presentation was part of a wider charm offensive to attract renewed investment to an oil territory where some IOCs have not operated since early 2011 and others abandoned work after a br...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Glencore Extends Libya Crude Purchase Deal
...). The Tripoli government is carrying out the most wide-ranging investigation into corruption in the oil sector since 2011, said Attorney General Sadia Al Sour on 26 January. Investigations into smuggling of crude products to Malta, Cyprus and Greece are under particular scrutiny, he said. Tripoli NO...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
OMV Expands in Libya With Purchase Of Oxy Zueitina Stake
...CIDENTAL BLOCKS OXY DIVESTMENT STRATEGY Oxy’s Libya sell-off was long expected. In theory it still has extensive exploration interests in Libya (see map). When civil war broke out in early 2011 it had been on the verge of kicking off a 22-well exploration campaign. As recently as July 2012 the co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Libya Plans Tobruk Power Plant, Revives Stalled Ubari Project
...2011 after the ouster of former dictator Mu’ammar al-Qadhafi. The Ubari project – another nominally gas fired plant that will initially burn oil since no current gas supply infrastructure exists – will comprise four Siemens 160MW turbine-generators. The Libya Herald newspaper says the project is...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Egypt Looks To New Gas Finds To Ease Record Energy Deficit
...oducts demand has risen by over 80,000 b/d (11%) since 2011, including a 37,000 b/d rise last year alone (see table). This saw the country’s overall oil deficit more than double to 250,000 b/d last year (see chart). Tariq ‘Amir, Governor of the Central Bank of Egypt (CBE) says that the country hopes to...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iranian Volumes Re-Enter Crowded European Market
...bargo on Iranian crude came into force in 2012. In 2011, EU countries imported 598,000 b/d of Iranian crude, some 24% of Iran’s exports (see chart). Far and away the largest EU importers were Italy, Spain and Greece, which between them took 75% of Iranian crude imports to EU states (see charts). Ot...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria Boosts Its Share In Spain’s Gas Imports In 2015
...ntracts with Spanish buyers, according to data from Cedigaz, equivalent to a total of 14.92 bcm/year. This includes a 0.96 bcm/year, 20-year contract through the Medgaz link with France’s Engie which dates back to 2006, even if commercial flows through the pipeline only started in 2011. The other 13.96 bc...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria’s Sonelgaz Eyes Foreign Loans To Bridge $10bn Funding Gap
...15. Former energy minister Youcef Yousfi announced a plan in 2011 calling for 22GW of renewables capacity by 2030. This included 13.6GW of solar photovoltaic capacity, 5GW of wind capacity and 2GW of concentrated solar power. A first phase of 6GW by 2024 was priced at AD1.31trillion ($12.21bn – ME...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iraq: Abadi’s ‘Technocrat’ Reshuffle Plan Slim On Detail
...s been held up by political gridlock in parliament for years; in fact the cabinet passed a draft for an independent company back in August 2011. With the possibility of passing an oil law seemingly out of reach, Mr Abd al-Mahdi may have decided that this less ambitious goal was a better use of hi...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
SEC Seeks $3.3bn More Funding, Bringing Total To $73bn
...kuk Capital projects 1.9 2010: July Aramco/Total Banks/ECAs Satorp project 8.5 2011: October Aramco/Total Su...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Bahrain Raises $600mn Despite Downgrade, Oman Plans Issue
...rch and May to help finance the budget deficit, according to a Reuters report on 19 February. Tunisia, a country in political transition after pioneering the 2011 Arab Spring revolts, is currently engaged in talks with the IMF to negotiate a new credit program worth around $1.7bn (MEES, 19 Fe...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria: 3 Bcm Gas Boost From In Salah Expansion
...s fallen to less than two-thirds of this figure – just 5.9 bcm for 2015. The fact that a project intended to maintain gas output will in fact provide a sizeable boost is indicative of the delays plaguing the Algerian upstream. In Salah output averaged 8.2 bcm in 2011, the year Southern Fi...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Adnoc Head Replaced As Abu Dhabi Eyes Output Rise
...s and oil production capacity and the renewal of a key offshore oil concession. Mr Suwaidi had headed up Adnoc since 2011, during which time he oversaw the renewal of the Abu Dhabi Company for Onshore Petroleum Operations (Adco). Of the 40% of the Adco concession open to foreign pa...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Libyan Unity Still Distant As Oil Trading Disputes Fester And IS Power Grows
...ng.” As has been the case since the ousting of former leader Mu’ammar al-Qadhafi in 2011, one of the biggest barriers to the agreement has been control over the country’s oil resources. The country’s crude oil output dropped to just 317,000 b/d in late January compared to some 1.6mn b/d prior to the fa...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Tunisia Bags EU, IMF Cash But Oil & Gas Output At Record Lows
...ansition process has been facing so many economic challenges since 2011;” recent terrorist attacks “have exacerbated an already vulnerable balance of payments and fiscal position, creating important financing needs,” he says. Tunisia, the pioneer of the 2011 Arab Spring revolts, suffered several deadly at...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Dana Looks To Egypt Uptick In 2016
...this output is gas: some 163mn cfd for 2015, around 50mn cfd down on record 2011 output of 213mn cfd. But countering the 2015 fall in output is the potential long term gains from the hike to the company’s Egyptian reserves following “successful Balsam-2 and 3 wells [which] added 165 billion cu...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016