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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 -
Cairo Begins To Restore Faith In Its Oil And Gas Sector
...yptian pounds. It says $3.1bn remains outstanding, down from $4.9bn in October 2014 when it made a previous $1.5bn payments tranche, and $6.4bn prior to this. MEES calculations based on figures provided by the companies themselves give figures around $1bn higher than this: around $7.4bn at the end of 3Q...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Egypt To Borrow $1.5Bn
...maining debt of $500mn still owed to Qatar is to be repaid in the second half of 2015, the governor of the Central Bank of Egypt Hisham Ramiz had said (MEES, 5 December 2014). Egypt’s finances would have been much worse without the massive aid packages of some $12bn from Saudi Arabia, Kuwait and the UA...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Fitch Upgrades Egypt
...duced, the investment laws are revised and disputes with foreign investors settled. Fitch also says that economic growth is picking up, with year-on-year growth rising to a provisional 6.8% in 3Q 2014, the highest since 2008, from 3.7% in 2Q 2014. Consumption and investment have led to growth driven by...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Dubai 2015 Budget
...UAE Dubai 2015 Budget Dubai has announced a record balanced budget of Dh41bn ($11.2bn) for 2015, up by 9% in nominal terms from 2014, which projected a deficit of Dh882mn ($240mn). The budget will continue to stimulate growth and prioritize social services, despite the collapse in oi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Oman Slashes Spending For 2015, But Will More Cuts Be Needed?
...ice for Oman crude, $30/B above current levels. Muscat will likely be forced to raid its relatively-limited foreign reserves. Oman’s 2015 budget, released on 1 January, envisages total spending of OR14.1bn ($36.7bn at OR1=$2.60), compared to actual 2014 spending of OR14.5bn ($37.7bn), based on pr...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, October 2014 (‘000 B/D)
...Saudi Arabia Official Crude & Products Output, Consumption And Trade Figures, October 2014 (‘000 B/D) Oct-14 vs Sep 14 vs Oct13 Sep-14 Aug-14 YT...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi ‘Off-Spec’ On 2016 Product Quality Target
...oducts Output, Consumption And Trade Figures, October 2014 (‘000 B/D) Oct-14 vs Sep 14 vs Oct13 Sep-14 Aug-14 YTD14 vs YT...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
MENA Active Drilling Rigs,December 2014
...MENA Active Drilling Rigs,December 2014. Dec-14 Nov-14 Dec/Nov Oct-14 Dec-13 Dec 14/13 Dec-12 Oi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 8-Jan 29 Dec - 2 Jan 22-26 Dec Dec-14 Nov-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Iraqi Provinces Demand Payment Hike After KRG Deal
...nister Hoshyar Zebari recently told MEES that the payment was being postponed due to the projected deficit as a result of lower oil prices and the cost of fighting Islamic State (IS) militants (MEES, 12 December 2014). Oil exports account for nearly all of Iraq’s revenues, with monthly takings falling fr...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Baghdad Looks To Press On With Jordan Pipeline
...aqi consortium has been formed and asked to submit a preliminary technical proposal for the 2.25mn b/d pipeline that will tie Basra oil fields to Jordan’s Red Sea port of Aqaba. (MEES, 21 November 2014). The companies, led by Chinese state firm CNPC, one of the biggest investors in southern Iraq, is ca...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Subsidies Should Go As Oil Price Falls: IEA Chief Tells Arab Ministers
...ould take advantage of lower crude oil prices now to phase out costly energy subsidies or miss a golden opportunity to stop burning their oil and gas for power generation, she said. Oil prices have sunk to a five year low since peaking at $115/B for Brent futures in mid-June 2014. This makes the im...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Egypt: Oil Price Fall Slashes Subsidies Spend
...cember. This is 30% below the E£104bn ($14.5bn) projection in the country’s 2014-15 budget which in turn is down on 2012-13’s record outlay of $22bn (MEES, 14 November). Front month Brent crude was trading around $57/B as MEES went to press, down 50% from the mid-June peak (see p24). Cairo assumes an...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Cairo Hopes $2.1Bn IOC Payment Will Pave Way For Bid Round Success
...yments throughout 2014. “We… try every quarter, or four months, to have something, so that we can [pay down the arrears] over a maximum of two years from now. It’s working. We started to turn the wheel and it’s ongoing,” he says (MEES, 5 December). Company filings tracked by MEES suggest that the to...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Egypt To Ease Gas Crisis With Algeria LNG
...EGYPT Egypt To Ease Gas Crisis With Algeria LNG Cairo saw a flurry of activity in the final days of 2014 as Egypt moved to address a number of issues regarding its current energy crisis. Egypt’s Ministry of Petroleum and Mineral Resources’ first move was to sign a contract to receive si...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
New Gulf Petchems Start-Ups In Shadow Of Aramco Mega-Projects
...oject) Location Start-Up Main Products (‘000 T/Y) Borouge (Borouge 3)* Ruwais, UAE 2014 1,080 PE, 960 PP, 350 LDPE Sipchem* Ju...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
MENA Power Survey: Generators Seek Fuel Diversity; Capacity Up 3.4% To 370GW
...REGIONAL MENA Power Survey: Generators Seek Fuel Diversity; Capacity Up 3.4% To 370GW Regional electricity generators raised total capacity by 3.84% to 372.1GW in 2014. GCC countries led the expansion through an increase of almost 4.5% over 2013, equivalent to 5.45GW of new capacity (se...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Saudi Oil Policy In Spotlight As King Admitted To Hospital
...ergy policy, which took a dramatic turn in 2014, would survive the king’s departure. Mr Naimi, who is serving his fifth term in office, is known to be close to the present king and enjoys his unwavering support and trust. The king has reportedly refused to allow the veteran minister, who will turn 80...
Volume: 58Issue: 01Published at Fri, 02 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