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Kuwait-Saudi Talks Spark Renewed Speculation Over Neutral Zone Restart
...tween the neighboring states, but was shut in over the course of 2014 and 2015 due to disputes over its management. Kuwait’s state news agency Kuna reported that the 24 July talks came amid a series of consultations and coordination over how to restart PNZ production. These discussions have resolved al...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Qatar Boosts Eni, Total Links With Kenya Entry
...isting work in Oman. QP works less with Total internationally, it has a 15% stake in Total Congo since 2014, while the pair made a discovery offshore South Africa in February (MEES, 8 February). More importantly, Total has a 30% stake in Qatar’s 300,000 b/d Al Shaheen field. CEO Saad al-Kaabi is ad...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Oman Cuts Deficit, But Oil Dependence Remains
...til the crash in oil prices in 2014, Oman ran near balanced budgets and only had around $4bn in gross debt, or 5% of GDP. But after four hard years of hard borrowing to cover costs and avoid civil unrest (MEES, 23 November 2018), the IMF projects that Oman will exit the year with $49bn in debt (61% of...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Mauritania: Tullow Quitting
...bsequent finds (MEES, 5 July). Prior to Tortue, Mauritania’s key (albeit more modest) gas find was the 1.5tcf Banda field. However then-operator Tullow shelved development plans after oil prices crashed in late 2014 (MEES, 13 February 2015). The firm hasn’t looked forward in Mauritania since....
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Algeria: Fresh Output
...19 averaged 1.025mn b/d, and while this is up 5,000 b/d year-on-year, it still represents a 15% fall over the past five years. Output averaged 1.209mn b/d in 2014, but has declined each year since amid investment declines. The picture on the gas front is also worrying. In the first four months of 20...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019 -
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