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Politics And Prices Stifling East Mediterranean Gas Hopes
...rdan to a lesser extent), but history shows that any deal to send Israeli gas to Egypt or vice versa is at best risky. Egypt’s former oil minister Sameh Fahmi was sentenced to 15 years in jail in 2012 for his role in the 2005 deal to send Egyptian gas to Israel, which was terminated following the 2011 ou...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...ciety.” After the 2011 revolution, the government bowed to popular pressure and hired some 900,000 people in civil servant jobs, which were not needed, raising the wage bill by an annual E£150bn ($16mn at current rates). There is therefore a need to reduce this “over employment” in the civil service to cu...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Eni Output Down In Q2 But On Course To Meet 2015 Levels
...turning to Iran’s upstream sector. The lion’s share of receivables come from cash-strapped and crisis-hit Venezuela which owes the firm some €1.234bn. There does not appear to be an end in sight for the South American country as crude output fell to 2.27mn b/d in July, the lowest since April 2011. Th...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Tunisia Launches $500mn bond
...cured a favorably low yield of 1.416% per annum thanks to the US guarantee. This is the fifth time that Tunisia has tapped the international debt market since the ouster of former dictator Zine al-Abidine Ben Ali in January 2011. Tunisia, the first country to usher in the ‘Arab Spring’, is struggling to co...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...ndling” project that will boost rates of water treatment and thus re-injection from later this year. Cepsa, since 2011 owned by Abu Dhabi state investment fund IPIC, also operates the Bir El Msana (BMS) project, in the Berkine Basin around 100km north of Ourhoud. One of only two modest oilfield start-ups in...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Aussie LNG Boom Squeezes Qatar In Core Asian Markets Amid Lackluster Demand
...nerally fully utilized and renewables developments gather pace. In addition, more nuclear plants should come back online in coming years. However, how fast this will happen is a key uncertainty as atomic energy remains extremely controversial following the Fukushima nuclear accident in 2011. As things st...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Opec Output Hits New Record In July As Prices Tumble
...d control over Venezuela’s ports, and the opposition now claims to have gathered sufficient signatures for a referendum on his position. Venezuelan crude output fell to 2.27mn b/d in July, the lowest since April 2011. The number of active oil drilling rigs in the country fell to just 49 in July, th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Iran Oil Contracts Move One Step Nearer
...int Comprehensive Plan of Action (JCPOA). Absent the IPC, Iran has made significant strides since sanctions were lifted in January. Crude production has increased 660,000 b/d to 3.55mn b/d (see p9), putting it within 40,000 b/d of the 2011 average, the last full year before the EU imposed an em...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
CBI Opens Forex Free Market To Commercial Banks
...stem after the nuclear related sanctions unleashed turmoil in the forex market in 2011-12, when the local currency lost more than 60% of its value and controls on access of foreign currency were imposed (MEES, 20 June 2011). According to the head of the Export Guarantee Fund of Iran, Kamal Seyyed Al...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
ExxonMobil, Statoil & QP Make First Forays Into Cyprus’ Offshore
...ntains Cyprus’ sole gas-find to-date, the 5 tcf Aphrodite, which was discovered in late 2011 by US-firm Noble and Israeli partner Delek. UK firm BG (since taken over by Anglo-Dutch major Shell) purchased a 35% stake in the field from Noble in November of last year (MEES, 27 November 2015). Eni is bidding fo...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Opec Winning Back Market Share in Key Asian Markets
...16. However, while the importance of the Asian market for Opec has been growing, Opec’s importance to the region has been falling. IGA and Opec data shows that in 2011, 65.5% of Asia’s oil imports came from Opec, but this fell to 61.2% in 2014 and just 60.1% last year. But Opec’s Saudi-driven strategy to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
International Donors Provide Fresh Funds For Countries Hosting Syrian Refugees
...nflict in 2011. Existing infrastructure and utilities in these host countries are incapable of coping with the influx of millions of Syrian refugees and new resources are urgently needed to put in place the basic minimum facilities. While aid has already been pledged by the international community to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Dubai In Unwelcome Headwinds
...ported this week that property prices in Dubai have fallen by around 25% since their most recent peak in 2014, but remain above their 2011 trough. However, the IMF reports that the quality of the real estate loan portfolio is significantly better than prior to the 2009 crash. Overall, Dubai, in...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Egypt Seeks IMF Rescue Package As Pound Collapses
...turn to economic stability and to support strong, sustainable and job-rich growth,” he added. THE IMF: A LAST RESORT? The government has finally decided to knock at the IMF’s door seeking financial support after repeatedly failing to reach an agreement on a suitable package since the January 2011...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Saudi Gas Boost Cuts Oil Burn, Saving More For Export
...ile crude export volumes have been fairly static (give or take seasonal variations) averaging 7.4mn b/d since late 2011, the same cannot be said for product exports which have more than doubled to 1.4mn b/d over the same period, averaging 16% of total Saudi crude and products exports over the same pe...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Iran Takes Major Step Towards New Contracts. But Will IOCs Bite?
...th Iranian crude. More significant however, is French supermajor Total’s signing of an MoU in March to produce a development plan of the 42bn barrel South Azadegan field (shared with Iraq, where it is known as Majnoon). Chinese state-firm CNPC was awarded the field under a buyback contract in 2011...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Qatar LNG: More Sales To Europe But Flexibility The Key
...tight supply, such as following Japan’s Fukushima nuclear disaster in 2011, they have been able to divert cargoes from Europe to higher-priced markets in Asia. But since 2014 less Qatari LNG has been redirected to Asia due to slow demand growth and increased supplies including from Papua New Gu...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Israel Switching To Gas From Coal As Tamar Ramps Up
...ek suggested that Zohr might be in line for a reserves upgrade (see p5). Noble, Delek and, since last year, BG hold the right to Cyprus’ only gas discovery to date, 5 tcf Aphrodite discovered in 2011 close to the Israeli maritime border. Subsequent exploration by Total and Eni on nearby blocks (in...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
A Tale Of Two OPECs: GCC Drills For The Future, Periphery Slashes Spending
...ganization’s share of what Baker Hughes calls its ‘International’ rigcount (excluding North America, China, Russia and the Caspian) has actually risen from 39% to 45% over the same period (see charts 3 & 4). Opec’s share has risen further over a longer time horizon: it was 32% in 2011. ‘GCC Opec’s rig co...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
OPEC Drilling By The Numbers: ‘Annual Wells Drilled’ From OPEC’S 2016 Statistical Bulletin
...sewhere meant that Opec’s share of global drilling has risen from 4.1% in 2011 to 5.2% last year. The global total is boosted by shale developments in the US and Canada, where production in the 10s of thousands of barrels a day can involve 100s of wells....
Volume: 59Issue: 28Published at Fri, 15 Jul 2016