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US Tries To Soothe Gulf Arab Fears Over Iran At Camp David Summit
...ANIAN NUCLEAR PUZZLE, JUNE 2014....
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
KRG Pushed To Breaking Point As Oil Deal With Baghdad Falters
...bil as well as a contribution to the salaries of the Kurdish Peshmerga forces, which have taken on the dual role of defending an extended border and pushing back IS fighters from adjacent territories. “This comes as the Kurdistan Region endures a heavy financial burden due to its 2014 budget being wi...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
DNO Losses Mount On Scant KRG Revenue; More Firms Look To Quit
...erating loss of $69.2mn and says it has cut its capex budget to $100mn for 2015, roughly a third of 2014’s figure. A third of the budget allocated for this year has been spent but DNO is targeting savings of $20mn by cutting costs starting middle of the year, Mr Mossavar-Rahmani said in presenting pr...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iraq Seeks IMF Help
...rears for 2014, and for 2015 an additional $18bn are needed to pay these IOCs (MEES, 24 April). This is happening at a time when Iraq’s international reserves are being run down as oil revenue falls due to low oil prices and the cost of fighting the Islamic State (IS) insurgency mounts. Iraq has an...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Damascus Cash Crunch As Crude Below 10,000 B/D
...oduction of 385,000 b/d before the start of the uprising in March 2011. However, if the government figures are to be believed, output is actually up slightly on the 2014 average of 9,330 b/d, while the average for the first quarter of 2014 stood at 13,000 b/d (MEES, 9 May 2014). Gas production has fa...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Gaza Aid Falters
...construction has barely started at the besieged coastal enclave. At the Cairo conference a total of $5.6bn was pledged (MEES, 17 October 2014): of this $3.5bn was earmarked for Gaza (the rest was for general Palestinian government support), and a mere $945mn has been delivered. The report notes that while so...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Firms Face Up To Mounting Libya Write-Offs
...om which they see no imminent return from production. Production in Libya by France’s Total dropped to an average of 27,000 boe/d in 2014, its lowest level since 2011, according to figures published in the company’s 2014 yearbook, on 15 April. Production dropped from 50,000 boe/d in 2013, having pe...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Libya: UN Optimism On Talks Belies War Preparations On The Ground
...not only fraught with practical difficulties and security risks, but also risks attracting UN sanctions. The UN Security Council stated in late 2014 that only oil sales through the Tripoli-based National Oil Corporation (NOC) would be recognized. Neither the Tripoli-based governor of the Central Ba...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Libya’s NOC Could Be Split By Baida Power Grab
...rket Libyan oil products (MEES, 28 November 2014), and that it may have been involved in a recent attempt to load crude at the central port of Sider (MEES, 20 March). Baida’s new hardline attitude will do nothing to promote peace and unity in the country. In recent weeks, the eastern government has ap...
Volume: 58Issue: 15Published at Fri, 10 Apr 2015 -
Libya: GNC Sacks PM As Oil Output Rises With Prospect Of More to Come
...at there is some LD100bn available in the banking system. This spurred an investigation by the GNC’s finance committee that revealed he had overstated government revenues. Mr Hasi, an Islamist, was appointed as prime minister by the GNC in August 2014. He was runner up to Abdullah al-Thinni, Pr...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Yemen Crisis Claims More IOC Casualties
...pplies neighboring communities is maintained.” Block 10, until recently had been producing just shy of 35,000 b/d, up slightly on its 2014 average of 31,000 b/d. But while Total did not clarify by how much output has been reduced, MEES soundings indicate production from the field is now running at be...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Risk Premium Returns As Saudi Strikes Yemen Rebels, Iran Confrontation Widens
...yadh on 26 March, after the Houthis advanced toward Aden. Saudi Arabia’s military spending in 2014 was ranked third after the US and China, according to the Institute for International Affairs. But the kingdom has traditionally preferred to steer clear of military conflict. During the 1990-91 Gulf Wa...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Yemen: Foreign Operators On High Alert
...5,000 b/d, down two-thirds since 2010, with revenue down even further due to falling prices (MEES, 19 December 2014). Yemen relies on its relatively-meagre oil and gas exports for around 60% of its revenues. Even before the 26 March Saudi-led intervention three foreign oil companies had already re...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Algeria, Poland To Share Shale Tips As Protests Continue
...e HBNS and El Merk fields on Blocks 404a and 208. Talisman was recently taken over by Spain’s Repsol (MEES, 19 December, 2014). As well as Talisman having considerable shale experience in North America, Repsol has been exploring shale formations in Morocco. The firm last month said that it has ap...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Tunisia Attack
...tacks, the Italian cruise company Costa Crociere said it had cancelled stops at Tunisian ports for security reasons. The government is attempting to introduce political and economic reforms to tackle an unemployment rate of 15%; youth unemployment is much higher still (MEES, 23 May 2014). Though Tu...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Libya: Talks Postponed As Jihadists Step Up Oil Field Attacks
...e Algerian border, which has condensate production capacity of 15,000 b/d; and the offshore Bahr Essalam field, which has 30,000 b/d condensate capacity. El Feel was offline for much of the second quarter of 2014, but started up in June 2014 (MEES, 25 July 2014). It produced an estimated 80...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Algeria Confronts Libya Spillover Threat
...ternal investigation into the event by Statoil, for which In Amenas is one of its key overseas interests, made it clear that the Algerian military had not been prepared to meet a determined assault by a large group of terrorists (MEES, 22 August 2014). ALGERIA: KEY OIL AND GAS IN...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
BP: Mixed Signals On Algeria
...ALGERIA BP: Mixed Signals On Algeria BP, in its 2014 Annual Report, released this week, lists Algeria’s In Salah south project as one of the firm’s four key projects worldwide to start-up this year. Though nominally slated to maintain In Salah output at 9 bcm/year (870mn cfd), BP has al...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
For KRG All Roads Lead To Turkey
...e KRG began to export oil through Ceyhan with Ankara’s blessing, but without Iraqi federal approval. The KRG, still strapped for cash even after a December 2014 deal with Baghdad over oil exports and revenues, has secured a number of loans from Turkish state banks. Turkish private investors and st...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Warring South Sudan Factions In Last-Chance Saloon
...e twin threats of the falling oil output and the sharp decline in global oil prices. Oil accounted for 99% of South Sudan’s 2014 exports, 95% of state revenues and about one half of GDP, according to IMF figures. Brent crude, against which South Sudan oil exports are priced, is currently trading at...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015