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Iraq: Pakistan Firm Exits Block 8
...rms Japex and Itochu, undercutting them with a remuneration fee of $5.38/boe. However, the firm has since made little effort to develop the block amid security concerns following Islamic State’s 2014 offensive. Of the other blocks awarded in 2012, UEG’s Block 9 is now producing nearly 100,000 b/d (ME...
Volume: 67Issue: 38Published at Fri, 20 Sep 2024 -
Egypt Presidential Elections
...untry’s current financial turmoil that has seen it turn to the IMF, World Bank and its Gulf allies for financial assistance (MEES, 24 March). President Sisi was first elected in 2014 following the ouster of Muslim Brotherhood-backed President Mohammed Morsi, and was re-elected with 97% of the vote in 20...
Volume: 66Issue: 39Published at Fri, 29 Sep 2023 -
Kuwait Refinery Restart
...anim al-Otaibi reporting the same day that the refineries were back at full capacity. Power outages at the plants are not new (MEES, 31 January 2014), and high temperatures in Kuwait have seen electricity demand hit new records with the strain seeing several substations shut down in recent weeks (see p1...
Volume: 66Issue: 38Published at Fri, 22 Sep 2023 -
Morocco: Minnow Bags Deepwater Block
...-1 well drilled by US firm Kosmos and partner BP in April 2014 (MEES, 18 May 2014). The two firms, key partners off Mauritania and Senegal to the south, gave up on what was then the Foum Assaka block in 2016 with BP quitting Morocco to boot. Kosmos at the time said FA-1 “failed to find hy...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Libya Drilling: Schlumberger Boost
...eld, where Phase-2 output started up in July (MEES, 6 July). LIBYA: NUMBER OF ACTIVE ONSHORE RIGS HITS 7 IN AUGUST-HIGHEST SINCE 2014 SOURCE: BAKER HUGHES....
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
SEC Closes $2bn Sukuk
...nk. SEC chief executive Ziyad al-Shiha says the sukuk is “part of the company’s strategy to diversify its sources of funding and to attract investors from international markets.” It takes the amount SEC has raised to finance capital projects to $40.8bn, including a $13.3bn government ‘soft loan’ in 2014...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Saudi Reserves Steady
...The Saudi Arabian Monetary Authority’s net foreign asstes were $501bn as of end-July, down $5bn (1%) from the end June figure but up a touch from the $495bn year-ago level. Having peaked at $746bn in August 2014, Saudi reserves lost 35% over the following three years but have stabilized since mi...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Algeria Gas Hopes Dashed As Touat Start-Up Pushed Back To 2019
...nalized development plans for oil and gas discoveries it has made on the El Assel block (236b) in Algeria’s Berkine Basin. Gazprom was awarded the block in 2008 (MEES, 22 December 2008). It drilled six exploration wells between 2010 and 2014 making a mix of oil and gas discoveries. It then firmed th...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018