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Saudi Arabia Denies Funding Isis
...ceived new support from Iran in the form of elite al-Quds brigade forces helping to fight the Sunni insurgency. Prince Muqrin bin ‘Abd al-‘Aziz, the former Saudi intelligence chief named recently as the future King of Saudi Arabia to succeed Crown Prince Salman, back in 2011 warned Washington at a me...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Gulfsands Struggling To Regroup More Than Two Years After Losing Syria Assets
...rce majeure at its Syria operations, Gulfsands’ only producing asset, in December 2011. Gulfsands’ working interest from its Syria operations totaled about 8,500 b/d in 2011, down from 10,300 b/d in 2010. In a corporate update issued at the end of June, Gulfsands suggests that it remains ho...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Production Restarts At DNO Yemen Blocks
...en the growing strength of local workers’ unions in Yemen’s oil and gas sector. In the wake of the 2011 Arab Spring, oil workers have increasingly turned to strike action over the last three years to demand better rights for themselves. Among the companies most recently affected by this is No...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
IFC Invests In ACWA Power To Support MENA Renewables
...one of the world’s largest owners and operators of desalination plants, “have attracted the interest of the IFC.” The IFC began working with ACWA in 2011 in Jordan, where it has 51% of generator CEGCO, and is considering investing with ACWA in Morocco’s 160MW Noor-1 solar project, where co...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 102.93 104.61 106.06 105.13 101.90 103.00 98.56 98.03 94...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Libya On The Cusp Of Oil Revival
...sumed both from eastern and western oil ports, and currently stands at around 320,000 b/d, according to National Oil Corporation (NOC) spokesman Muhammad al-Harari. Prior to the crisis, output stood at 1.5mn b/d, just shy of volumes pumped before the outbreak of the 2011 revolution that toppled Mu’ammar al...
Volume: 57Issue: 27Published at Fri, 04 Jul 2014 -
Egypt’s 2014-15 Budget Slashes Energy Subsidies, Deficit
...e IMF in particular has pressed for the curbing of the budget deficit as one of its preconditions to approve a $4.8bn loan to Egypt which was first considered in 2011, but is still pending. Egyptian officials – buoyed by Gulf largesse – say that the time has not yet come for further discussion on th...
Volume: 57Issue: 27Published at Fri, 04 Jul 2014 -
GCC Economies ‘Hooked’ On Bumper Oil And Gas Revenues -S&P
...r reserves and production. Stable Prices? Of course, GCC producers are aware of market risks. But with oil prices seemingly rangebound at $100-110/B since early 2011, a geopolitical climate that supports prices, and the emergence of new pressures – such as the need for prices to remain ov...
Volume: 57Issue: 27Published at Fri, 04 Jul 2014 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 104.06 106.06 106.50 105.13 101.90 103.00 98.56 98.03 94...
Volume: 57Issue: 27Published at Fri, 04 Jul 2014 -
Iran’s Upstream Opening: The Foreign Firms That Stand To Lose
...is fact, in 2011 the former president even went so far as to say: “Thank God the enemies put sanctions on us… As soon as they told us ‘We won’t sell gasoline to you,’ we started producing gasoline inside the country, and in fact moved towards utmost self-sufficiency.” But this notion of self-su...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Sonelgaz Generating Capacity Up 2GW In 2013, But Finances ‘Fragile’
...this total. He noted that Sonelgaz invested a total AD409bn ($5.2bn) in 2013, an increase of 77.5% over 2012, of which almost half was allocated for power generation.. Sonelgaz Financial Results (Ad Bn) 2011 2012 20...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Algeria Heading For Oil Output Drop
...line later than envisaged. BP’s expansion of In Salah has been pushed back after the attack on the In Amenas fields by Islamist terrorists in 2011, and no new deadline has been given. GDF Suez’s Touat project is now scheduled to come online in late 2016, a year later than envisaged. Total’s initial de...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Turnout At Libyan Elections Disappoints
...5mn Libyans were registered to vote, less than the 2.8mn eligible in 2012. Killings Continue The same day, Salwa Bugaighis, a well-known human rights activist who had played a big role in the peaceful protests that preceded the armed struggle against Gaddafi in 2011, was killed in her house in Be...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Mideast FDI: ‘Bleak’ Prospects Amid Post-Arab Spring Instability-UN
...litical and social upheavals following the 2011 Arab Spring continue to weigh down economic activity and deter potential investors. This comes despite an overall upturn in global economic conditions, and FDI, over the past year. Global FDI inflows rose 9% to $1.45 trillion last year, but for the MENA re...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Benchmark Crude Prices ($/B)
...12 2011 WTI 105.84 106.50 105.32 101.90 102.02 98.56 97.54 98.03 94...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Saudi Arabia Drafts Energy Efficiency Law In Bid To Curb Runaway Demand
...at has grown more distant as a result of the Arab revolutions that have shaken the Middle East since 2011. It has instead focused heavily on energy conservation and efficiency under a program coordinated and led by Prince ‘Abdulaziz, who has more than two decades of experience as deputy oil mi...
Volume: 57Issue: 25Published at Fri, 20 Jun 2014 -
Saudi Arabia: Rigcount Hits Record 101 For May 2014
...s wells and 50 water wells. The rise in drilling activity since early 2011 coincides with relatively stable oil prices that have remained largely above $100/B. Oil Vs Gas Split Onshore Vs Offshore Split MENA Active Drilling Rigs, May 20...
Volume: 57Issue: 25Published at Fri, 20 Jun 2014 -
IOC Cost-Cutting May Limit GTL Prospects
...the end of April that the lead time for Pearl to reach cost recovery was reduced by a couple of years “almost by definition,” since the firm used an oil price of $70/B in its calculations. After coming online in 2011 and facing some hiccups, Pearl produced at a record level during 1Q14 (MEES, 11 Ap...
Volume: 57Issue: 25Published at Fri, 20 Jun 2014 -
Cyprus: Eni Plans September Drilling, CNOOC Eyes Aphrodite Stake
...th the Energy Ministry. Nicosia is keen to make additional offshore gas discoveries sooner rather than later, with US firm Noble and Israeli partner Delek increasingly veering towards floating LNG as an exploitation option for their 2011, 5 tcf Aphrodite discovery on Cyprus’ Block 12, the only di...
Volume: 57Issue: 25Published at Fri, 20 Jun 2014 -
Saudi Leads Capacity Expansion But Mideast Runs Slide-BP
...finery, Oman’s 230,000 b/d Duqm refinery and Kuwait’s 615,000 b/d Al-Zour refinery (MEES, 2 May). Middle East Refining Key Numbers (Mn B/D) Middle East Refining Capacity (‘000 B/D) 2009 2011 20...
Volume: 57Issue: 25Published at Fri, 20 Jun 2014