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Jordan’s Energy Price Hike Triggers Protests
...generate its electricity supply, following the interruption in the flow of cheaper Egyptian gas via the Arab Gas Pipeline. This was bombed 15 times since the overthrow of the Mubarak regime in January 2011. Last week Egypt agreed to raise its gas exports to Jordan to 60mn cfd from an average of 42...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Sudan Rebuffs IMF Austerity Recommendations
...ficit which primarily came about as a result of Sudan losing some 75% of its oil revenues to the South when it seceded in July 2011. The deficit was estimated at around $2.4bn in June this year. Yet despite these measures, the IMF has urged the authorities in Sudan to continue along this same path and cu...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
UAE Issues 2012 Supplementary Budget
...e budget announced in October 2011, while total revenue will increase by Dh3.7bn ($1bn) to Dh45.1bn ($12.3bn) from Dh41.4bn ($11.3bn). The resulting deficit will now stand at Dh1bn ($272mn), compared to Dh400mn ($109mn) in the original budget (MEES, 17 October 2011). According to the de...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
IMF Sees Solid Economic Performance In Algeria
...at the fiscal balance is expected to deteriorate to 3.7% of GDP, weighted by the full effect of wage increases and back payments. It points out that “vulnerability to hydrocarbon prices has constantly increased, with the breakeven price reaching $121/B in 2012.” Unemployment was stable at 10% in 2011...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Ankara Poised To Unleash KRG Upstream Investment
...t-10 Discovery on first well drilled by OMV, but second well stopped in late 2011. Rovi, Sarta See Chevron above. Ma...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Exploration Shows Signs Of Revival In Yemen
...rn of the year, Yemen’s ministry has been hard at work trying to restore the country’s battered oil industry, and in turn hike production back up to levels seen in the early 2000s. Production in the volatile state has been in constant decline with BP estimating the country’s 2011 output at 22...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
'Democratic' Bumps Fail To Prevent Libyan Gains
...oduction forecasts set back in September 2011. Libya’s refineries and petrochemicals plants are operating at “more than 350,000 b/d” or 90% of their capacity, he added. He acknowledged that production has sometimes varied sharply in recent months but added that these “problems and hiccups” ar...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Libya Weighs Options For Gas Development
...LIBYA Libya Weighs Options For Gas Development Libya is targeting a 1bn cu ft/d hike in gas output to 3.5bn cfd by 2015. But the future of the country's only LNG plant, mothballed since February 2011, is up in the air. Nouri Berruien, chairman of Li...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Egypt Extends Gas Bidding; TransGlobe Awarded Oil Blocks
...EGYPT Egypt Extends Gas Bidding; TransGlobe Awarded Oil Blocks Canadian independent TransGlobe was the biggest winner from Egyptian state firm EGPC's 2011-12 bid round. But the deadline for more recent gas-focused bidding has been put back three months amid sc...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Shale Revolution, Slowing Demand Growth Cut Into Call On OPEC
...0bn for required additions and around $750bn for maintenance and replacement. Taking into account estimated midstream investments of “close to $1 trillion” the WOO sees global oil-related investment requirements 2011-35 “somewhere in the range of $6 to $7 trillion”.While precise growth in North Am...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Benchmark Crude Prices
...12 2011 2010 WTI 85.09 85.88 86.69 89.57 94.69 92.21 93.64 95...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Egypt Agrees To Raise Gas Exports To Jordan
...2011 (MEES, 9 September). Prior to the downfall of the Mubarak regime in January 2011, Jordan’s electricity generation was 80% fuelled by Egyptian gas, sold at concessionary prices. But since then Egyptian gas exports to Jordan were severely disrupted because of the frequent acts of...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Oman Tenders Seven Exploration Blocks
...rious Potential? Of the three offshore licenses, Block 59 is the only virgin block. Blocks 18 and 41 were both awarded to India’s Reliance Industries on the basis of exploration and production sharing agreements (EPSAs) in 2005 and 2007 respectively, before the company relinquished them in 2011 af...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Jordan Continuing Power Capacity Push With Alstom Awards
...contracted gas supplies from Egypt since the overthrow of the Husni Mubarak regime in January 2011. Alstom said the first contract involves the delivery of a GT13E2 gas turbine and associated spares for a new fast-track simple-cycle gas-fired plant being built by Metka at Zarqa, near ‘Am...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Dana Gas Moves Forward On Sukuk Restructuring
...are. However, on 17 January the company stressed it planned to honor its obligations and its stock price rebounded 5.8%. In 2011 it had fallen 38%, which was due to concern about its ability to repay debt, amid problems receiving payment for projects in Egypt. The KRG problems subsequently added to its wo...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
EBRD: SME Growth Crucial For New Arab Democracies
...tential of SMEs,” he continued. The Deauville partnership was established at the G8 meeting in May 2011 under the French Presidency, as a response by the international community to political changes in some countries of the Middle East and North Africa (MENA) region. It comprises the G8 co...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
UAE Allocates 51% Of 2013 Budget To Social Spending
...ble). Announcing the new budget UAE Prime Minister and Ruler of Dubai Shaikh Muhammad bin Rashid Al Maktum said that the 2013 budget is the last part of a three-year financial plan of Dh133bn ($36.2bn) covering the period 2011-13. The three-year budget, announced in November 2010, was intended to ac...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Sanctions Raise Questions About Iran’s Export Capacity
...d by 2015. According to the BP Statistical Review of the World Energy (June 2012), Iran consumed 153.3 bcm of natural gas in 2011, while its production was 151.8 bcm, meaning that at the moment it has no extra capacity for export. Nonetheless, it has continued to try to implement its ag...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
November Political Changes Unlikely To Impact Energy Macro-Trends
...ian purchases as a proportion of total Gulf crude exports will rise to some 12.7mn b/d out of 15.9mn b/d, or 79.9%, up from around 73% in 2011. Saudi reliance on Asia-Pacific is slightly less marked (see table) but the same trend still holds – in 2002 Asia-Pacific took less than 50% of Saudi exports. It...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Iraqi Oil Sector Set For Major Change
...ocks last year (MEES, 21 November 2011). One source notes: “You know a Rosneft entry as ‘nominal’ operator could give Baghdad a fig leaf that it got rid of Exxon for the KRG investment, and you know they could have worked out an arrangement with Rosneft whereby they stayed in effective control.” Ho...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012