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ExxonMobil, Statoil & QP Make First Forays Into Cyprus’ Offshore
...ntains Cyprus’ sole gas-find to-date, the 5 tcf Aphrodite, which was discovered in late 2011 by US-firm Noble and Israeli partner Delek. UK firm BG (since taken over by Anglo-Dutch major Shell) purchased a 35% stake in the field from Noble in November of last year (MEES, 27 November 2015). Eni is bidding fo...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Opec Winning Back Market Share in Key Asian Markets
...16. However, while the importance of the Asian market for Opec has been growing, Opec’s importance to the region has been falling. IGA and Opec data shows that in 2011, 65.5% of Asia’s oil imports came from Opec, but this fell to 61.2% in 2014 and just 60.1% last year. But Opec’s Saudi-driven strategy to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
International Donors Provide Fresh Funds For Countries Hosting Syrian Refugees
...nflict in 2011. Existing infrastructure and utilities in these host countries are incapable of coping with the influx of millions of Syrian refugees and new resources are urgently needed to put in place the basic minimum facilities. While aid has already been pledged by the international community to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Dubai In Unwelcome Headwinds
...ported this week that property prices in Dubai have fallen by around 25% since their most recent peak in 2014, but remain above their 2011 trough. However, the IMF reports that the quality of the real estate loan portfolio is significantly better than prior to the 2009 crash. Overall, Dubai, in...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Egypt Seeks IMF Rescue Package As Pound Collapses
...turn to economic stability and to support strong, sustainable and job-rich growth,” he added. THE IMF: A LAST RESORT? The government has finally decided to knock at the IMF’s door seeking financial support after repeatedly failing to reach an agreement on a suitable package since the January 2011...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Saudi Gas Boost Cuts Oil Burn, Saving More For Export
...ile crude export volumes have been fairly static (give or take seasonal variations) averaging 7.4mn b/d since late 2011, the same cannot be said for product exports which have more than doubled to 1.4mn b/d over the same period, averaging 16% of total Saudi crude and products exports over the same pe...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Iran Takes Major Step Towards New Contracts. But Will IOCs Bite?
...th Iranian crude. More significant however, is French supermajor Total’s signing of an MoU in March to produce a development plan of the 42bn barrel South Azadegan field (shared with Iraq, where it is known as Majnoon). Chinese state-firm CNPC was awarded the field under a buyback contract in 2011...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Qatar LNG: More Sales To Europe But Flexibility The Key
...tight supply, such as following Japan’s Fukushima nuclear disaster in 2011, they have been able to divert cargoes from Europe to higher-priced markets in Asia. But since 2014 less Qatari LNG has been redirected to Asia due to slow demand growth and increased supplies including from Papua New Gu...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Israel Switching To Gas From Coal As Tamar Ramps Up
...ek suggested that Zohr might be in line for a reserves upgrade (see p5). Noble, Delek and, since last year, BG hold the right to Cyprus’ only gas discovery to date, 5 tcf Aphrodite discovered in 2011 close to the Israeli maritime border. Subsequent exploration by Total and Eni on nearby blocks (in...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
A Tale Of Two OPECs: GCC Drills For The Future, Periphery Slashes Spending
...ganization’s share of what Baker Hughes calls its ‘International’ rigcount (excluding North America, China, Russia and the Caspian) has actually risen from 39% to 45% over the same period (see charts 3 & 4). Opec’s share has risen further over a longer time horizon: it was 32% in 2011. ‘GCC Opec’s rig co...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
OPEC Drilling By The Numbers: ‘Annual Wells Drilled’ From OPEC’S 2016 Statistical Bulletin
...sewhere meant that Opec’s share of global drilling has risen from 4.1% in 2011 to 5.2% last year. The global total is boosted by shale developments in the US and Canada, where production in the 10s of thousands of barrels a day can involve 100s of wells....
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Syria: Trauma To Last For Years Even If A ‘Deal’ Is Struck
...sewhere, the Kurds hold about 5% of the territory in the north while the government retains possession of most of the west and some parts of the south, where large parts are also held by anti-regime forces. 4.7MN REFUGEES, 7.6MN MORE DISPLACED Since March 2011, the population of Syria, estimated at 22...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Saudi Electricity Taps China For $1.5bn, Takes Expansion Funding To $33bn
...shore up its finances is also growing, and quickly. SEC’s outstanding government loans increased by 112% from SR18.15bn ($5.03bn) in 2011 to SR39.99bn ($10.66bn) in 2015. SEC is owned 74% by the Saudi government, 7% by state petroleum firm Saudi Aramco, and 19% by private investors. Given the gr...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Egypt Finally Pays Off $7bn Debt To Qatar, Backer Of Previous Islamist Government
...ections that followed the February 2011 ‘revolution’ that overthrew longtime dictator Husni Mubarak. Almost from the start – through a combination of economic incompetence and a lack of support from the financial establishment – Mr Mursi’s government presided over an economy on life support. The country on...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Abu Dhabi Streamlining Creates $135bn Energy Fund With Global Reach
...rgest investments is Spanish firm CEPSA, which it has wholly owned since 2011. Primarily a refining company with three refineries totaling 528,000 b/d of capacity (and actual 2015 throughputs of 434,000 b/d)it lurched to a $1.15bn loss in 2015, more than twice the $465mn loss the previous year. Of 2015 ne...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Iran: Payments Start Flowing But Fear Factor Remains
...ese were tightened further in 2011 which led its roughly $420bn economy to shrink by about 9% in the two-year period that ended in March 2014, according to the IMF. From then until January 2016, when sanctions were broadly lifted in return for nuclear curbs, Iran’s ability to continue trading oil pr...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
QP Ousts Maersk At Key Qatari Oil Field Amid Sectoral Revamp
...e dominance of LNG revenues in comparison, oil is set to become a more important player in Qatar’s economic mix. But not through increased oil output, which has now stabilized after falling 130,000 b/d since 2011 (see p14), rather because LNG revenues look liable to fall further. Most analysts be...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Iran Hits The Med As Market Share Battle With Saudi Intensifies
...EPS Latest Spanish import data shows arrivals of Iranian crude tripled to 102,000 b/d in April (three 1mn barrel cargoes) following March’s initial 1mn barrel post-sanctions cargo. All volumes so far have been taken by Cepsa which has been wholly-owned by Abu Dhabi state investment firm IPIC since 2011...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Opec Revenues Set To Fall Further In 2016
...gnificant damage has already been done. Libya’s chaos predates the oil price slump, with the country nowhere near to stabilizing since the ouster of former leader Mu’ammar al-Qadhafi in 2011. But oil price falls have contributed to the maelstrom. Kuwait is also having a year to forget, with revenues on...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016