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Egypt Rejects Israeli Gas
...Egyptian gas to Israel via AGP was discontinued in April 2012 in the aftermath of the January 2011 revolution in Egypt, which toppled the Husni Mubarak regime (MEES, 30 April 2012). Mr ‘Abd al-Rahim went on to say that Egypt is working with companies, such as BP, Shell and BG, and not co...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
QPI Steps Back From Tunisia Refinery Project
...newed this interest after the 2011 revolution that ousted former president Zein al-‘Abidine Ben ‘Ali. Recent political developments may have played their part in QPI's decision. The moderate Islamist Ennahda party has agreed to relinquish power to a caretaker government that is to prepare fo...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Uncertainty Reigns As Oxy Inches Closer To Asset Sell-Off
...GA). But the level of political risk in Bahrain is fairly low, despite repeated protests since 2011. Saudi Arabia and other regional countries have strongly supported the Bahraini monarchy, and the risk of chaotic political transition is negligible at this point. If Oxy were to sell its stake in...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Glimmers Of Hope As Egypt Craves Stability
...EGYPT Glimmers Of Hope As Egypt Craves Stability The prolonged period of flux that has held sway over Egyptian politics since the revolution in 2011 continues to affect oil and gas producers in the country. But there are signs that management changes at the petroleum mi...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Atlantic Frontier Hots Up As BP Enters Morocco
...nverting a ‘reconnaissance contract’ (an initial exploration deal not requiring a drilling commitment) held since 2011 to a full exploration agreement. Kosmos says that the three blocks together “will allow integrated exploration over a significant portion of the Agadir Basin, one of the last re...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Hidden Fuel Exposes Middle East Energy Policy Flaw
...tes. While making up only around 3% of the global population, over a third of the $523bn of global energy subsidies in 2011 were dispensed in the Middle East, according to the IEA’s 2012 World Energy Outlook. Eight countries in the region feature in last year’s top 20 list of subsidisers. “Su...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Iraq Signs Misan Deal With Satarem As Refineries Program Gathers Pace
...r Misan refinery in 2009. These were completed in early 2011. In 2010, US firm KBR was awarded contracts by the oil ministry for licensing and basic engineering for a 47,500 b/d fluid catalytic cracking (FCC) unit and a 45,000 b/d solvent deasphalting unit to be built at the Misan refinery. The mi...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
IEA, OPEC See Deeper Cuts In 2014 Call On OPEC
...t average oil output for the group at 30.05mn b/d in September, down close to 400,000 b/d from August levels – leaving it just 50,000 b/d off the 30mn b/d production ceiling agreed on in December 2011. OPEC members are set to meet in Vienna in December this year. But despite crude oil pr...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
2014 Presidential Elections Dominate Algerian Politics
...unds in 2011. This prompted Mr Khalil’s successor, Mr Yousef Yousfi, to introduce an amended hydrocarbon law designed to attract investors into unconventional oil and gas fields in order to help stem declines from conventional fields. IOCs argue that the amended law still needs further re...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
PDO To Invest $11bn Through 2022 To Maintain Crude Plateau
...s Mukhaizna heavy oil field in Block 53, a target it intended to achieve in 2011 (MEES, 15 November 2010). Oxy has since seen its costs soar from $2bn to about $9bn, as it has doubled the expected number of wells needed to inject steam into the reservoir. Oxy, which has a reputation for ru...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Iraqi Budget Projects Record 2014 Expenditure
...12, the DFI had a balance of $18bn, the budget statement said. The expected budget deficits in 2011 and 2012 did not materialize, because actual oil prices exceeded the original projections, while at the same time there was underspending on investment projects. The draft budget projects an in...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
World Bank Sees Decline In Post-Arab Spring MENA Growth
...REGIONAL World Bank Sees Decline In Post-Arab Spring MENA Growth The ongoing political and social upheavals which followed the Arab Spring of 2011 continue to weigh down economic activity across the MENA region, the World Bank says in its recently released ‘MENA Economic De...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 100.67 102.63 103.12 106.27 106.55 105.73 94.17 94.18 95...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Kuwait Sticks To 4Mn B/D 2020 Target, But Questions Remain
...ve been mostly ‘off’ as of late. Kuwait will likely find it difficult to recruit IOC involvement, in large part due to political wrangling: for example, Kuwait’s public prosecutor is investigating Shell’s $800mn consultancy deal with KOC to help develop northern Jurassic gas fields (MEES, 8 August 2011...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Sonatrach Preempts Petroceltic Ain Tsila Sale
...rrels of condensate. First gas is scheduled for 2017. Petroceltic now owns 38.25% of Ain Tsila, whilst Italian power firm Enel has 18.375%. Petroceltic, following its initial 2011 farm out to Enel, has for some time sought to divest a second similar-sized stake: both to help fund development an...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Algeria Launches Biskra Amid Problems For North African Refiners
...5 Completion of 35,000 b/d expansion in May 2013 took Skikda capacity to 335,000 b/d. Egypt 726 Egypt’s net product demand nearing refining capacity before 2011 regime change. Libya 38...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Nuclear: UAE Pushes Ahead, Iran Waits On Bushehr
...e first operational nuclear power plant in the MENA region, which was shut down in February (MEES, 1 March). This is the second major shutdown since it was brought online in September 2011: two months of repairs followed the discovery of debris in the reactor housing (MEES, 18 January). Ru...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
QEWC Secures $450Mn Funding For Desalination
...December 2011. Saudi Arabia too cut back production in September, from a 33-year high of 10.2mn b/d posted for the previous month. Initial MEES estimates put total supply from the producer group at 30.04mn b/d, down significantly from an upwardly revised 30.83mn b/d in August. The 80...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Zeidan Kidnapping Highlights Oil Industry Risks In Libya
...provement on an average of just 350,000 b/d for September. Prior to the strikes, production stood at around 1.5mn b/d, only fractionally less than output before the revolution of 2011. Libya’s gas production also slumped as protestors shut down a pumping station at the Wafa gas field, reducing fl...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013 -
Sudan: Crackdown Unifies Rebels
...proving the performance” of an economy still reeling from the loss of 75% of its former oil production to South Sudan when it seceded in July 2011. Latest official figures put the number of dead at more than 70, though human rights organizations have quoted figures closer to 250. Over 600 others ar...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013