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Tunisia Attack
...counts for 7% of the country’s GDP, a share that was much higher before the 2011 revolution that overthrew former dictator Ben Ali. Tunisia had hoped that 2015 would be the year that tourists returned to the country. Such hopes now look forlorn. As a group claiming IS affiliation warned of further at...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Gulfsands Struggles For Cash As Syria Return Recedes
...nce it abandonded the asset and declared force majeure in December 2011, shortley after the start of the Syrian conflict. The “facilities remain in good order in Syrian/Kurdish controlled areas,” Gulfsands says, adding that the firm is “entitled to receive [its] revenue share for oil produced since mi...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Egypt Open For Business With $175Bn Of Deals Signed At Development Conference
...ch of these will be split 50/50 between cash deposits at the Central Bank of Egypt (CBE) and project investments. Fresh CBE deposits will help boost Egypt’s foreign exchange reserves, which stood at $15.5bn at the end of February, down by more than half since the January 2011 revolution. Mr Sa...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Saudi Refinery Output Tops 2mn B/D For Eighth Straight Month
...5vsJ14 2014 2013 2012 2011 Crude Production 9,680 9,630 9,610 +50 -87 9,...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Iran Beats The Odds With 20% Gas Output Hike
...2014 2020+ 2.00 77 15,16 94 2011 2015-16 1.80 80 17,18 88...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Kuwait To Invite IOCs To Bid On Expansion Projects
...rst phase, rising to 270,000 b/d by 2020 and to 270,000 b/d by 2030. Kuwait, which has managed to raise its non-associated gas production since 2011, is targeting a doubling of its gas production capacity to 3bn cfd by 2030, largely from its northern gas fields. But as with most of its major ca...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
US Production Hits Record 9.4mn B/D In February After Record 2014
...13 2014 ‘000 b/d % 2013 2012 2011 2010 2009 2008 Feb-15* Ja...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
OPEC On Autopilot Till June
...tiyah, who served from 1992 to 2011, says there is a solution so long as non-OPEC producers do not just sit back and allow OPEC members to take on the full load of a cut. They must not only join in a production cut, but also comply with any such pledge, he adds. Mr Naimi and the UAE Energy Minister Su...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Libya: Talks Postponed As Jihadists Step Up Oil Field Attacks
...rst, in February 2011, just before the country fell into civil war, was a success. Three more wells were drilled in 2013 with one success. The October 2013 well on Block NC-115 which tested the Waha prospect encountered “very promising flow rates” of 39°API crude. Of the three 2014 wells, OMV an...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Algeria Confronts Libya Spillover Threat
...li, in 2013. For him, Algiers’ analysis of the situation in Libya has been proved right: back in 2011 it had warned leading members of the NATO-led coalition of the dire consequences of the manner in which they were intervening in Libya. Relations with Tunisia which is equally exposed to the de...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
BP Stakes Out Key Role In Egypt’s Gas Renaissance – If The Price Is Right
...rth of the city of Damietta and 45km to the north west of the Eni-operated Temsah offshore facilities. The North Damietta offshore block lies north of the BP-operated Ras El Bar and Eni operated Temsah and North Port Said blocks, which collectively produced around 1.1bn cfd for 2013. Meanwhile, BP in 2011...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
OPEC Faces $750bn Losses From Market Share Strategy
...nisters could do both simultaneously. Many outside observers and analysts (including ourselves) expected OPEC to pursue its price defense strategy by reducing its ceiling of 30mn b/d, in place since 2011. A cut to something nearer 28.4mn b/d, OPEC’s own projected global requirement for OPEC crude oil in...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
A Tale Of Two Libyas As Jihadists Step Up Oil Field Attacks
...wer – essential for water injection – has consistently been a limiting factor on production at the two fields since Libya’s 2011 revolution (MEES, 17 May 2013). The fields had only been briefly back on stream following an attack on the pipeline transporting crude to the 150,000 b/d capacity Hariga te...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Indian ‘Compliance’ Beginning To Hit Iran Oil Sales
...ta, having only recently just come out with figures for December 2014. Iran’s January deliveries figure is down 11% on the 1.27mn b/d it shipped in 2014 – which is already well down on an average of 2.53mn b/d in 2011 – before the latest round of US and EU sanctions on Iranian oil exports were im...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Rabigh Shutdown To Curb Saudi Refining Surge
...pected to take total Saudi capacity to 2.91mn b/d by the end of 2015 (MEES, 27 February). Petro Rabigh says the shutdown will allow the second periodic maintenance since 2011. Such closures are “carried out every four years as a regular practice in the refining and petrochemicals industry.” The co...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Dea Looks To Expand With $10Bn War Chest
...ainst Russia. London cited the example of the North Sea’s Rhum field – 50% owned by Iran’s NIOC – where production was halted by western sanctions on Iran in 2011. Mr Davey says that L1 will likely have to sell on the North Sea assets to a third party. The transaction had been in doubt since la...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Egypt Seeks Growth At Sharm El-Shaikh Conference
...stability following the February 2011 ouster of Husni Mubarak. Foreign direct investment has yet to recover. Egypt will use the conference to showcase its “Sustainable Development Strategy 2030” as well as its 2014-19 economic and social reform plan, which includes new legislation to attract investors to...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Jordan Slashes Spending In Bid To Halve Deficit
...l prices remain at their current level of around $60/B, Nepco’s 2015 losses would fall to around JD600mn ($846mn), he says. Jordan imports around 96% of its energy needs. Nepco has suffered cumulative losses of JD4.5bn ($6.3bn) since Egyptian gas supplies began to dwindle in 2011. To make up...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Qatar’s GTL Output To Fall As Pearl And Oryx Plants Undergo Maintenance
...of the first train in early 2011 and the first commercial cargo of gasoil in June 2011. Each shutdown will defer production of roughly 4.2mn barrels of GTL liquids and 3.6mn barrels of NGLs. Shell has not detailed the work being carried out during the shutdowns. However, any non-routine wo...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Iran Taps SWF For $4.8Bn Oil Project Funds
...st one quarter of what it earned in the year starting March 2011, before international sanctions limiting its oil exports came into effect. Including its gifts of crude oil to Syria – estimated at between 50,000 b/d and 70,000 b/d (see p21) – Iran’s crude oil and condensate exports averaged 1....
Volume: 58Issue: 09Published at Fri, 27 Feb 2015