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The Terror Risk To Tunisia’s Tourism Industry
...llion in 2014 to 5.4 million in 2015, and foreign currency earnings tumbling by 43% to $1.2bn (see chart). And while arrivals began to recover again after 2015, major European tour operators only just started to return last year after foreign government travel warnings were eased. Improved se...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
Algeria Adding Powergen Capacity, But Big CCGT Progress Piecemeal
...ojects in 2012, at Ain Arnat and Ras Djinet, with six more following in 2014. None has yet been declared fully operational and the rates of progress vary widely. Sonelgaz, which is constrained by government policy preventing it from seeking outside investment, can only pay contractors when it has cash in ha...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
End In Sight For Egypt’s Fuel Subsidies
...Egypt has ended fuel subsidies for the majority of oil products, bringing an end to four years of reform that has seen the average price of gasoline almost triple and diesel prices rise by a whopping 514% in local currency terms, since Cairo began removing subsidies on oil products in June 2014...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
Kuwait Eyes Huge 2019-20 Budget Deficit
....7% of GDP. The expiry of the government’s authority to issue debt means it has had to tap into the General Reserve Fund (GRF) to finance deficits since 2014, and Finance Minister Nayif al-Hajraf has warned that the fund is suffering from a shortage of liquidity and requires a replenishment of fi...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
Egypt Misses Receivables Deadline Again
...uld fully eliminate receivables by end-June 2019 (MEES, 12 April). It is not the first time Egypt has missed a self-imposed deadline, with former oil minister Sharif Ismail stating in 2014 that Cairo would completely pay off IOCs by the end of 2016. Nonetheless, Egypt has made good progress in pa...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
Baghdad-Erbil Oil Sharing Dispute Heats Up
...$13.4bn to the KRG. Kurdish crude tends to sell at an $8/B discount to Iraq crude export price, so at a $54.50/B selling price (the year-to-date average) 250,000 b/d works out to $5bn over 2019. The initial agreement to hand over Kurdish crude in return for revenues was struck in late 2014 wh...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
‘Working 25/7’: Libya’s Oil Chief Sanalla Sits Down With MEES
...ofessed neutrality. A: The position of NOC is very clear. Since the division of the country in 2014 our focus has been solely on sustaining production. This is our vision, our strategy. We are not assigning any blame to any party in this conflict. The NOC is neutral and non-partisan. Our goal and mi...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
UEG Shuffles Kec Yemen Assets
...ergy said it completed the transaction “to sell entire shares of Kuwait Energy Yemen Limited for a cash considering of US$1.” Blocks 5 and 43 in Yemen produced a combined 4,720 b/d in 2013 and 4,460 b/d in 2014 but have been under force majeure since 2015. Kuwait Energy produced 28,000 b/d net in 20...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
CNPC Hot Favorite In Abu Dhabi Opening As Adnoc Eyes Chinese Downstream
...though it was inaugurated in July 2012, this was largely symbolic (see p10) due to engineering problems which persisted for some time. But all appears to have been forgiven. First CNPC was awarded a 40% stake in the Al-Yasat JV with Adnoc (60%) in 2014. This started producing crude from the offshore Bu...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Upstream Capex Edges Up But Recovery Remains US-Focused
...vestment 2018 report remains almost 40% down on the 2014 peak (see chart). But whether this presages output shortfalls in the years to come remains to be seen: certainly majors and IOCs claim that they are now getting more bang for their buck with their collective investment emphasis having shifted from mu...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Shell Enters Mauritania
...ock C-10 (50-2000ms water depth) surrounds several former discoveries: the Chinguetti oil field, long the country’s sole producer, saw output end in late 2017; the 1.5tcf Banda wet gas field had development plans shelved by then-operator Tullow after oil prices tanked in the second half of 2014 (MEES, 13...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
LNG Start-Ups To Peak, Then Slump
...ne 2016). • Liquefaction investment peaked at $37bn in 2014 according to stats contained in the IEA’s freshly-released World Energy Investment 2018 report. Though long project lead-times mean that investment levels did not fall off a cliff with FIDs, they have been in inexorable decline si...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Iraq Water Crisis Highlights Baghdad’s Impotence
...outing to keep the dam from sinking and disintegrating—an event that could trigger a tidal wave affecting millions downstream. Iraqi officials consistently downplay the threat, but the dam’s structural integrity was further undermined when IS forces briefly took the dam in 2014. Ross Filkins of the Ne...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Libya Election Timetable To Slip Further Amid Factional Divisions
...rliamentary polls in June 2014 led to the de facto division of Libya between two rival administrations. It is “increasingly doubtful” that elections will be held by end-2018, says Tarek Megerisi, Libya specialist at the European Council on Foreign Relations, after meeting senior officials from several co...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Bahrain’s Troubled Banking Sector Set For Turbulent Times
...hrain’s banking and finance sector has faced a considerable slew of challenges – challenges that show no sign of abating. The government’s finances have been hit hard by the crash in oil prices since the end of 2014, forcing it to tap the bond markets in an effort to plug its budget deficit and le...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Iraqi Authorities Feel The Heat As Protests Boil Over
...wer sector. IRAQ: EXPORT REVENUES ON PACE OF 2014 LEVELS IN 1H 2018 *FORECAST BASED ON CURRENT CRUDE FUTURES PRICES. SOURCE: IRAQ OIL MINISTRY, MEES CALCULATIONS. EXPLOSIVE PROTESTS Some of the most high-profile protests have been those held outside some of Ir...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Saudi Products Exports At Record Highs
...gion in the first four months of the year already the highest annual figure shipped in four years – 942,000 tons was shipped there in 2014. As a market for Saudi products North America is dwarfed by Europe and that is unlikely to change, particularly given its proximity. Saudi Arabia exported re...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Saudi Arabia Struggling To Reform Economy Despite Ambitious Plans
...is was a 0.9% fall in real terms. Overall, non-oil’s share of Saudi GDP dipped from 74.3% in 2016 to 71.5% last year. By contrast, in 2014 prior to the worst of the oil price fall, non-oil accounted for just 57.0% of the total, and Riyadh is keen to prevent a return to those days. But it will prove a ha...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
South Korea 1H18 LNG Imports: Qatar Volumes Up %20 Year-On-Year, Share Up To 32%
...LUMES SINCE 2014; US RISES TO #3 WITH RECORD 2.29MN T DELAYED PLANT START-UPS MEAN AUSTRALIA’S RAPID GROWTH IN MARKET SHARE IN RECENT YEARS WENT INTO REVERSE: BOTH QATAR AND THE US GAINED AT AUSTRALIA’S EXPENSE IN 1H18 (% OF IMPORTS)...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
China Puts Oil Center Stage Of Middle East Strategy
...rvices arm Sinopec International Petroleum Service Corp. The firm this month signed a $1.06bn five-year contract, extendable by one year, with another KPC subsidiary KOC. Sinopec’s service arm first entered Kuwait in 2008 and this latest deal effectively replaces a $1.15bn 2014 contract. The UAE wa...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018