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Jordan Bags Key US, EU Aid
...e p6). Jordan benefited from two previous MFA programs worth €380mn which began in 2011. But for lending to really have an impact, Jordan will need to focus on capital spending rather than salaries. Nine-month 2019 figures suggest Jordan is heading in the wrong direction, with its investment sp...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Tunisia Elects New President
...Saied appears to have ridden a wave of disillusionment with established political figures who have been unable to deliver the expected economic fruits of the 2011 Jasmine Revolution. He wants to bring about a form of direct democracy whereby elected local officials would choose regional assemblies wh...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Libya’s NOC Demands Funds
...derinvestment has taken its toll on the country’s lifeline oil sector. With foreign investors wary, NOC desperately needs cash to maintain its aging and dilapidated energy infrastructure. It also wants to kick-start work on several projects abandoned following the 2011 revolution (MEES, 31 May and MEES, 20 Se...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Taqa Issues $500mn In Bonds
...ginning in 2013 forced a strategic rethink. The company’s assets are mainly in upstream oil and gas and power. In 2018 Taqa’s power and desalination plants contributed 53% of its income and upstream operations 31%. This marked a major turnaround from 2011, when Taqa’s upstream provided 45% of its income an...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Tunisia: Ex-Dictator Dies, Outsiders In Election Run-Off
...Tunisia’s ex-dictator Zine El-Abidine Ben Ali died in Saudi Arabia on 19 September where he had been forced into exile since his overthrow by a mass uprising in 2011. His death comes just two months after Tunisia’s first democratically elected president Beji Caid Essebsi passed away, tr...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Libya Forex At Five-Year High
...Buoyed by relatively steady production of crude oil this year, Libya’s foreign exchange reserves rose to hit a five-year high $85.7bn at end-June, according to the country’s central bank. Foreign reserves reached an all-time-record in 2012, but the violence and chaos unleashed by the 2011 re...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Cyprus Gas Compromise?
...diterranean to Greece. Turkey objects to what it labels unilateral Greek Cypriot gas exploration efforts and has vowed to protect the interests of the Turkish Cypriots in the northern third of the island. So far three discoveries have been made off the south of the island but only US firm Noble Energy’s 2011...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Egypt’s Red Sea Seismic Reimaging
...uld appear to suggest a further delay to the bid round, which has already been pushed back from its initial 1 August closing (MEES, 5 July). Block 2 is considered the most prospective of the acreage on offer. US firm Hess drilled a dry well here in 2011. It is also relatively near to where Saudi Ar...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Libya Plans Petchems Restart
...airman Mustafa Sanalla told MEES in June that its subsidiary Rasco also plans to restart the naphtha cracker at the petrochemical complex which would produce feedstock for the polyethylene plant (MEES, 5 July). Before the 2011 Libyan Revolution and the ensuing chaos knocked the complex out of op...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Sisi Approves Cyprus Pipeline
...lek (30%) agreed last month with Nicosia to revise the terms of a production sharing contract signed for the field (MEES, 7 June). This was seen as a major breakthrough to finally develop the 2011 discovery, although first gas is still not slated until 2025, following the completion of further ap...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
Libyan Fertilizer Plant Set To Restart
...e marketing of urea and ammonia from Yara with “factory operations expected to restart shortly.” Business for Lifeco hasn’t been great. The JV (50% Yara, 25% NOC, 25% Libyan Investment Authority) has made a loss each year since 2011, a cumulative $570mn to 2018. Yara in 2015 wrote down $112mn an...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Cyprus Says Drill Plans Unchanged
...used us to think a little bit more about the geological concept. It’s led us to think about other development opportunities in Block 10 (MEES, 15 March).” It’s unclear where the minister envisages well number eight. US firm Noble Energy plans an appraisal well at the 4.2tcf 2011 Aphrodite di...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Sudan’s Bashir ousted
...rocities committed in Darfur. This is hardly the change that the Sudanese protesters have been clamoring for. Mr Bashir was also the last president to govern a united Sudan, after the south, along with the majority of the country’s oil production, became independent in 2011. Sudan produces around 95...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Algeria Oil Project Delayed
...y investment efforts in recent years have focused on EOR at the country’s ageing workhorse Hassi Messaoud field. PTT (24.5%op), China’s CNOOC (24.5%) and Sonatrach (51%) were awarded the Hassi Bir Rekaiz block in 2010, firming-up previously-made discoveries (MEES, 28 July 1997) with a 2011-13 dr...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Spain: Record Opec Crude…
...lumes hit a quarterly record of 823,000 b/d in Q4. Despite zero buying for the last two months of 2018, Iranian volumes, at 97,000 b/d, were their highest since 2011. Those from Iraq were also up at 94,000 b/d, boosting overall Gulf volumes to a 7-year high of 342,000 b/d (see p24 for chart and full da...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Libya’s NOC Cuts Gas To Fertilizer Plant
...ra (50%), NOC (25%) and Libyan Investment Authority (25% - MEES, 16 February 2009), hasn’t made a profit since the 2011 Libyan revolution and has racked up a combined $234mn in loses up to 2016 according to Yara annual reports - no figure was given for 2017. Yara wrote down $112mn of its investment in 20...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Exxon Cyprus Drilling Flop
...illed to a depth of 4,000ms. Cyprus has had mixed success in its offshore drilling. Since US firm Noble Energy discovered the as yet undeveloped 4.2tcf Aphrodite in 2011, Eni has drilled two dry wells in 2015 in Block 9, French major Total drilled a dry well in Block 11 before Eni discovered what is be...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Schlumberger Iraq Award
...lls the following year along with Halliburton who also won a 15 well contract in 2011. Both firms work on multiple fields in the oil rich Basra region....
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Aramco Chinese Refinery MOU
...0,000 b/d refinery and associated petchems project in Zhejiang province together with Shell and PetroChina (MEES, 17 October 2011). But this project, at Taizhou, around 200km south of Zhoushan was canned in 2013....
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Egypt-Cyprus Pipeline Deal
...s way from Cyprus to Egypt. The 4.2tcf 2011 Aphrodite discovery, and estimated 6-8tcf Calypso field discovered in January this year, are to-date the only discoveries made offshore the small Mediterranean island; neither has reached FID. Nicosia is currently in discussions with the Aphrodite pa...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018