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Gulf States Consider Yemen Options As Houthis Consolidate
...the Asian and US markets. OIL SUPPLY DISRUPTIONS The decline in Yemen’s oil production has contributed to supply disruptions estimated by UK oil major BP in its latest medium-term outlook at 3mn b/d in 2014. BP notes that Libyan production had fluctuated throughout the year, while civil wa...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Now Or Never For Iran Oil As US Cranks Up The Rhetoric
...rgeted investments in oil, gas and petrochemicals projects – encompassing banking and insurance transactions – and more recently third-country purchases of Iranian crude, which as a result, have tailed off dramatically over the past two years: total imports of Iranian oil were at just 1.1mn b/d in 2014, do...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Saudi Arabia Wakes Up To Yemen Threat
...onomy (MEES, 19 December 2014). NEXEN TO QUIT Oil and gas operations in Marib, Shabwa and Hadhramaut provinces have continued, though intermittently, as a result of the crisis. Canadian independent Nexen is set to become the latest oil company to relinquish acreage following similar moves by Dove En...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Canada’s Pipeline Battle With US Has Implications For Saudis
...r Canadian producers, which have responded by cutting investment after a period of rapid growth. Canadian oil sands production grew fivefold between 1993 and 2014, as investment doubled to 30bn Canadian dollars between 2006 and 2013, allowing Canadian exports to the US – its sole export market to...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Algeria Shelves Shale In Face Of Protests, Economics
...ale (MEES, 3 October 2014). CONVENTIONAL CHALLENGE Algeria’s keenness for shale always appeared somewhat ill thought out. The country would do better to first focus on more general improvements to the country’s business environment that would facilitate conventional oil and gas exploration and pr...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt: Shale Advances
...ES, 7 February, 2014), but Egypt has been keen to tout a deal signed last month with Shell and US firm Apache which will see Egypt’s first fracking and horizontal drilling into shale rock. Cairo also plans to offer shale gas-prone acreage in an upcoming bid round and says it will boost remuneration to fi...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi-UAE: The Start Of A Beautiful Relationship?
...2014 came to a close. Galvanized by the triple threats of the Muslim Brotherhood’s rise to power in Egypt, albeit briefly, the stalemate in Syria against their common foe Bashar al-Asad and the subsequent takeover of a third of Iraq by the brutal Islamic State (IS) in June last year, Saudi Arabia an...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Egypt Taps Gulf, China To Fund Power Expansion Plans
...rly as August. They will add to 3.35GW of projects sanctioned recently: 1.95GW South Helwan; 650MW Suez; and 750MW from conversion of Damietta West and El-Shahab to combined cycle (MEES, 19 December 2014). State generator EEHC recently started up a 650MW gas/fuel oil plant at Ain Sukhna. While Eg...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
MEES Analysis: Bid Round Offers Century Old Acreage
...EGYPT MEES Analysis: Bid Round Offers Century Old Acreage On the last day of 2014 Ganoub El-Wadi Petroleum Holding Company (Ganope), launched a bid round for 10 blocks in the heavily-explored southern Gulf of Suez region and onshore on the east and west banks of the Nile. Ganope, th...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
South Sudan Turns To China As Warring Parties Prepare To Renew Hostilities
...5,000 b/d pre-conflict output online for the best part of 2014, despite repeated rebel threats against its key fields. And it is the production from these fields in Upper Nile state which South Sudan is looking to consolidate and ramp up, while also bringing its Unity state production – all offline since Ja...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
IOCs Consider Yemen Pull-back As Attacks Mount
...cilities were being used as a base from which drone strikes were being launched on their members and bases, and claimed responsibility for a failed 18 December rocket attack on the 6.7mn tons/year Total-operated Yemen LNG liquefaction plant in Balhaf (MEES, 19 December 2014). This warning came just ho...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Lebanon Bid Round
...l and gas file has spent months on ice – with essentially no progress whatsoever towards advancing the bid round since the end of former President Michel Sulaiman’s term in May of 2014. Political deadlock thwarted the election of a new president, and Lebanon has since faced a vacuum in its executive br...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Yemen’s Finances Set For Rude Awakening In 2015
...sarray, with little hope of a turnaround. With the current crisis threatening to spread to the central oil heartlands of Marib, east of San’a, prospects for the coming six to 12 months do not look bright. Oil and gas export revenues have historically made up 70% of the Yemeni budget. In 2014 al...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Deficit Surges To $15bn
...LIBYA Deficit Surges To $15bn Libya’s budget revenue from January to November 2014 has fallen to LD19.2bn ($15bn) from LD58bn ($45bn) in the corresponding period of 2013, the Central Bank of Libya (CBL) said in a statement on its website on 9 December. The CBL attributes this decline to...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran Oil Exports To Rise In 2015 Despite Nuclear ‘No-Deal’
...wn, averaging less than 1.3mn b/d for the first ten months of 2014 (including condensate), versus 2.53mn b/d in 2011 (see graphs). Condensate Boost Speaking in Vienna this week, Iran’s Oil Minister Bijan Zanganeh said that despite the sanctions, Iran is still targeting an increase in exports ov...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Iraq Faces Up To Export Undershoot
...IRAQ Iraq Faces Up To Export Undershoot Iraq’s cabinet is struggling to finalize a 2014 budget, a task complicated by an ever widening gap between revenue and expenditure. Spending has overshot draft estimates because of the current crisis, while oil exports and revenues have fa...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Tunisia: Election Time In The Arab Spring’s Sole Survivor
...their lot since the end of the Ben Ali regime. Unemployment has even increased since the revolution, standing at 15.2% in the first quarter of 2014, up from 13% at the time of Mr Bouazizi’s self-immolation. “Without social development, I don’t think the democracy could survive,” said Mr Fe...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014 -
Airstrikes Hit Syria’s Murky Wartime Oil And Gas Sector
...oduction levels are difficult to verify as they are based on hearsay and speculation, extrapolation of limited data and best-guesses. Mr Asad’s government most recently said that regime-controlled areas produced 17,000 b/d in the first half of 2014, just 4.4% of 385,000 b/d prewar output. Meanwhile, IS re...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
GCC ‘Spat’ Takes On New Dimension
...ar from September 2014. Egypt will reimburse the UAE over four years at an interest rate of 2-3% with a year-long grace period, according to the daily. This will follow the expiration of Saudi oil product aid in August. Saudi Arabia, Kuwait and the UAE rushed to provide $12bn in grants and loans to...
Volume: 57Issue: 35Published at Fri, 29 Aug 2014 -
Pressure Eases As Yemen Secures Long-Awaited Loan
...s budget), falling export volumes have pushed the government to rely on domestic borrowing, swelling the state’s debt. According to latest World Bank estimates, Yemen’s domestic debt increased to 33% of GDP in 2013 from 30% of GDP in 2012, with a further hike to 34.5% on the cards for 2014, while to...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014