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Aramco Awards Ras Tanura Clean Fuels, Seals Indonesia Deal
...ar (MEES, 4 March 2016). Front end engineering design (FEED) was carried out by US firm Jacobs Engineering in 2011 under Aramco’s General Engineering Services Plus (GES+) scheme, which pairs international firms with local contractors to encourage Saudization. CILACAP EXPANDED The Ras Ta...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Power Plant Sabotage Threatens Libyan Oil Gains
...grained since the unseating of former leader Mu’ammar al-Qadhafi in 2011. The Libyan coastguard will seize any vessels transporting fuel without authorisation and the GNA will issue arrest warrants for smugglers via Interpol, it said. In a speech on 3 January, Mr Sanalla laid the blame for smuggling wi...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
East Med: Leviathan FID Stalls As ExxonMobil Looks To Cyprus Offshore
...hr, but failed in its attempts to re-obtain the block last year before the bid round was announced and yet again in the bid round itself. So far Cyprus’ only offshore gas find, the 5 tcf Aphrodite, discovered by Noble in late 2011 remains undeveloped. There has been no further progress on Ap...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Sharara Restart Pushes Libyan Output Close To 700,000 b/d
...er 60,000 b/d. The terminal was loading close to 9mn barrels a month (nearly 300,000 b/d) when it was last operational in late 2014. As yet there has been no confirmation that the Elephant field has begun production as NOC claims. Sharara operated with limited losses for three years from late 2011...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Saudi 2017 Budget Boosts Spending But Slashes Deficit By One-Third
...17B 2016E SR BN % (Real) 2015 2014 2013 2012 2011...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Qatar Gets Flexible In Bid To Adapt To Brave New LNG World
...ntrica 3 UK 2014 2018 DES CNOOC 2 China 2011...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Kuwait: New Oil Minister Eyes Neutral Zone Restart
...ll be a particular target. Such a move could prompt the Emir to dissolve parliament again. Similarly, the population’s patience with the prime minister, first appointed in December 2011, is running out. NEUTRAL ZONE RESTART LOOMING? Rumors have been rife in recent weeks that Saudi Arabia and Ku...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Qatar Readies For LNG Dogfight With Rasgas/Qatargas Merger
...cent past. QP CEO Saad al-Kaabi says “the integration aims to create a truly unique global energy operator in terms of size, service and reliability.” As a swing supplier between key Asian and European markets, Qatar reaped the benefit of high oil and spot LNG prices from 2011 (when the Fukushima nu...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Should I Stay Or Should I Go? Majors In The KRG
...mpleted in 2015. EXXONMOBIL • The US major has recently reduced its KRG exposure. • Controversially awarded six blocks in 2011, complicating the US firm’s relationship with Baghdad (it operates the key southern West Qurna-1 field). Two of the blocks, Al-Qosh and Baeshiqa in di...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Gulf Finance: Rise Of The Renminbi
...ES. The bank started offering RMB accounts in the UAE in 2011 and today these include current accounts, savings accounts and term deposits. “China’s relations with Arab states have grown at an exponential rate, which will support the realization of [Beijing’s] ‘Belt and Road’ initiative,” he adds. Ex...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Economic Reform In The GCC: Is Privatization A Panacea?
...at triggered the Arab Uprisings at the start of 2011. *Paul Stevens is a Distinguished Fellow at Chatham House, London www.chathamhouse.org This paper summarizes the key findings of his latest report, released 13 December: ‘Economic reform in the GCC: A panacea for declining oil wealth?’...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
KRG Goes Fishing For New Investors, But Will They Bite?
...ES. …EXXON GO-SLOW ExxonMobil was awarded six blocks in 2011 but progress has been minimal, largely due to proximity to the front line with areas under Islamic State (IS) control. The firm has the Pirmam block just east of Chevron’s Sarta, as well as the controversial Al-Qush and Baeshiqa bl...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
US Hikes 2017 Output Forecast As Firms Prepare To Raise Spending
...CEMBER* *THE EIA FOCUSES ON THE SEVEN MOST PROLIFIC AREAS IN THE LOWER 48 STATES WHICH ACCOUNT FOR 92% OF OUTPUT GROWTH BETWEEN 2011-2014. SOURCE: EIA DPR, MEES CALCULATIONS. PERMIAN PROMISE Short-term, firms have understandably been attracted to the Permian Basin, due to its low co...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Iraq’s Unattractive Contracts Claim Fresh Victim As Shell Eyes The Exit
...rine offshore fields where Shell assumed control in February. Output has collapsed in recent years – from almost 800mn cfd net in 2011 to just 251mn cfd last year (MEES, 18 March) – in part due to BG’s refusal to sanction new investment in protest at payment delays ($1.1bn owed as of mid-2016). Si...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Oil-Poor Arab States Get Multilateral Finance Boost For Renewables
...ectricity from renewables. EBRD and IFC began investing in energy projects in Egypt, Jordan, Morocco and Tunisia as part of the IMF’s ‘Arab Countries in Transition Program’ which followed the 2011 ‘Arab Spring.’ This targeted these four countries plus Yemen and Libya (MEES, 24 October 2014). At the re...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Opec Agrees To Cut, But Questions Remain Over Implementation
...) 2010 2011 2012 2013 2014 2015 2016* vs...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Kuwaiti Opposition Gains Further Threaten Government Energy Policy
...me. Government was dissolved following the election and the Emir will appoint a new prime minister shortly. Shaikh Jabir Al Sabah has held the post since December 2011 and his reappointment remains the likeliest option. The premier will then be asked to form the new government. A key barometer will be wh...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
The Political Implications Of Iraq’s Mosul Offensive
...OCKS Baeshiqa is also one of six blocks in disputed areas where the KRG controversially awarded US major ExxonMobil production sharing agreements (PSAs) in 2011, along with the nearby al-Qush to the north west (see map and MEES, 21 November 2011). Slap bang between al-Qush and Baeshiqa is the Jabal Ka...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Saudi Cash Injection: Better Late Than Never
...ptember to $544bn in October, 16.3% down on a year earlier and their lowest level since December 2011 (see chart). The central bank also sharply drew down on its foreign deposits in October, by $11.6bn to $102.7bn. Riyadh on 19 October raised $17.5bn in its first international bond issuance so the dr...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Tunisia Bags $10bn Aid
...Arab and Western donors pledged $9.6bn in aid to Tunisia at a two-day investment conference this week organized to support its struggling economy (see table). The country’s finances have been under pressure since the 2011 uprising, which marked the beginning of the Arab Spring. Tunisia’s de...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016