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Assad Looks To Rebuild As Syria War Enters Final Act
...ntroled output fell to 7,700 b/d in early 2016, from 387,000 b/d in Q1 2011, just before the outbreak of war. Given that oil exports accounted for 30% of revenues ($4.1bn) in 2010 and bolstered foreign currency reserves, linking fields in the east with downstream infrastructure in the west has re...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Algeria’s Risky ‘Cash Creation’ Plan: From One Pocket To The Other
...ree years. Algeria’s hydrocarbon-dependent economy has been hit hard by the collapse in oil prices since the second half of 2014; its hydrocarbons revenue fell to just $27.1bn last year from $71.4bn in 2011, though recent oil price rises mean it may just avoid a third straight $10bn-plus trade de...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Raises Bumper $12.5bn International Bond
...ndraising to finance its fiscal deficit rather than deplete its foreign exchange reserves. But though the rate of decline here has slowed, Saudi reserves continue to fall, hitting $487.7bn at end-August, the lowest level since early 2011 and down a third from $732bn at end-2014. In addition to the la...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Libya’s Blackouts Continue, Power Needs Fail To Trump Instability
...e entire Gecol board. The incoming Gecol chief executive, Ali Muhammad Sassi, has blamed the ongoing blackouts across the country on a combination of an “unprecedented” rise in energy consumption and the fact that plans to build new power stations have been delayed since 2011. Although low te...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
East Med: Hope Despite Dry Cyprus Well, Lebanon Bid Round Deadline Delayed
...plans to drill two wells back-to-back in the second half of next year. Cyprus’ only success came in December 2011 when US firm Noble Energy discovered the 5 tcf Aphrodite field on Block 12. But the field is some 160km offshore in 1,700ms water depth, which makes stand-alone development un...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
War-Torn Yemen Maintains Steady Crude Exports; China, Thailand The Key Buyers
...te 2011 (MEES, 28 November 2011), whilst Block 10 was relinquished by Total in December 2015 after the Yemeni government made clear to the French firm that its production agreement would not be renewed. These blocks are situated in the relatively-secure Masila basin in Hadhramaut province, part of...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
UAE Looks To Offshore Gas To Ease Growing LNG Addiction
...M) 2007 2008 2009 2010 2011 2012 2013 20...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algeria To Step On The Gas: Max Revenue For Minimal Spend Amid Opec Constraints
...R project by Sonatrach and its then-partner BP, output from REB dropped to about 20,000 b/d in 2011, compared to a peak of about 85,000 b/d in early 2000. BP withdrew from the project in 2012 (MEES, 12 March 2012). Diversion of gas from REB would free up about 12mn m³/d (425mn cfd or 4.4bcm/y) ac...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Petronas Quits Algeria As Cepsa Expands
...lays, but is due to come on stream in February 2018 (MEES, 25 August), with production of 1.6 bcm a year (155mn cfd). In 2011 Cepsa was awarded the Rhourde Rouni II exploration block, also in the Berkine basin and to the northeast of the RKF field. Petronas competed unsuccessfully for the co...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algeria Shuns Foreign Debt… By Printing Money?
...17, and a whopping 95% of export earnings, to $27.1bn last year from $71.4bn in 2011. The amendments, part of a “crisis plan” for which recently-appointed Prime Minister Ahmed Ouyahia will seek parliamentary approval on 17 September, were adopted at a 6 September cabinet meeting chaired by Pr...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017