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Algeria Calls Time On Quantitative Easing
...non-conventional financing is over” confirming a policy shift indicated by the Bank of Algeria in a 1 April research note. This said, the program, initiated in September 2017(MEES, 15 September 2017) was “unjustified right from the start” with “conventional financial means yet to reach their li...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Egypt’s Freshly-Minted 2019-20 Budget Promises More Subsidy Cuts
...gins on 1 July. Key to Cairo’s economic plans are further cuts to spending on oil product subsidies. Latest official forecasts peg such spending at E£90bn ($5.1bn) for the 2018-19 financial year (ending 30 June), down 25% from 2017-18 and less than a third of the record $18.6bn spend seen in 20...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Exxon, Total Expand In Med
...Total (40% operator), ExxonMobil (40%) and Greece’s state Hellenic Petroleum (20%), have finally put pen to paper with Athens to take two deepwater offshore blocks, covering a total area of 39,926km², to the west and southwest of Crete. The award was initially made in 2017 but crippling Greek bu...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Qatar: Long-Delayed Barzan Gas Approaches Start-Up
...shed startup well beyond the initially planned 2014 (MEES, 12 October 2012). Mr Kaabi told MEES in late 2017 that the latest delays were “because we have had issues with the pipeline. That is not a secret. The contractor did not perform as well as we wanted them to…we are proceeding to rectify the is...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Egypt Gas: Nour Disappoints
...ads based on the ‘sands play’ of Israel’s Leviathan and Tamar discoveries to the northeast as well as analogues with the ‘Zohr carbonate play’ as based on the seismic (MEES, 31 March 2017). EGYPT: NORTH SINAI EXPLORATION ZOHR: OVERPRODUCTION WARNING Zohr is currently pr...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Thailand’s PTTEP Expands In Gulf With Partex Purchase
...itically, Partex’s partnerships could act as a springboard for PTTEP to embark on further regional expansion. The acquisition will mark a grand return to the Gulf for PTTEP following a two-year hiatus. The firm exited Oman in 2017 having announced in August 2016 that it was selling its 1,600 b/d Block 44 to lo...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Saudi Fuel Oil Consumption Soars
...e latest Jodi data to April shows that combined crude and fuel burn has averaged 772,000 b/d so far in 2019 (up 6% year-on-year), crude oil burn is down 16% year-on-year to 297,000 b/d. Based on seasonal trends, this implies that liquids burn could eclipse 2017’s record 974,000 b/d and push towards 1m...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Rising Gulf Tensions Cast Spotlight Back On Iran’s Nuclear Capabilities
...named site in Iran. At the time AEOI was seeking to fabricate fuel rods itself for any new plants in Iran. However, the agency decided it would need to accept an expansion of existing arrangements for using Russian fuel and returning spent rods before work on Bushehr-2 could begin (MEES, 31 March 2017...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Libya Fights To Keep The Lights On
...st has been seven years in the making. Turkish contractor Enka and turbine provider Siemens have been reluctant to return since three Turkish and one South African worker were kidnapped in Ubari two years ago (MEES, 24 November 2017). But Gecol finally appears ready to roll the first unit out ov...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
DC’s Bahrain ‘Mideast Peace’ Conference: Deal of the Century or Damp Squib?
...rael-Palestine conflict once and for all. STICKS AND CARROTS It’s little wonder that Mr Kushner has chosen an investment rather than a political angle to kick off his Middle East peace initiative: since taking office in 2017, Mr Trump torched what little goodwill the US had left wi...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Yemen Crude Reaches Europe
...The Marshall Islands-flagged British Eagle offloaded some 400,000 barrels of Yemeni crude at Italy’s Trieste port this week. While Italy has proven Yemen’s sole European customer since war erupted in 2015 (MEES, 15 September 2017), this may not prove the final destination. Trieste also su...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Egyptian Med: Ha’py Days For Eni As Virgin Acreage Attracts Major Interest
...the Mena Congress in Cairo this week. In its 2017-18 annual report Egas delineated 11 possible blocks that could be put on offer (MEES, 25 January). But the official tells MEES that the state-run firm has changed the shape of the area and the size of some of the blocks with Norwegian firm PGS ha...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Adnoc Targets Big Gains From Transformational Foreign Partnerships
...reamlining of subsidiaries in 2017 (MEES, 20 October 2017). Equally notable is the revolution underway in reshaping Adnoc’s partnerships with foreign oil firms. The number of such firms partnered with Adnoc in its upstream operations has soared from 12 in 2014 to 17 currently (see chart 1). Moreover, th...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
UAE Gas Production, Consumption Rise To Record Levels
...2018, despite imposing an embargo on its neighbor in June 2017 (MEES, 9 June 2017). Qatari stats show that the emirate exported $1.41bn worth of goods to the UAE in 2018, the bulk of which will have comprised gas supplies through the Dolphin consortium’s pipeline (Abu Dhabi state firm Mubadala 51...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Opec Faces Extended Demand Slump
...mand for Opec crude peaked at 32.55mn b/d in 2017, more than 3mn b/d above the 2020 forecast. Will this peak ever be regained? *The bright side for Opec is that the IEA projects that global demand growth will accelerate in 2020 to its highest level since 2017. The IEA sees demand growth ri...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Iran Looks To Protect Lucrative Petchems Earnings From Tightening US Sanctions
...reements with foreign firms for a variety of petchems plants (MEES, 11 August 2017 and MEES, 17 March 2017). Among the firms signing agreements, Denmark’s Haldor Topsoe has since closed its Tehran office (MEES, 31 August 2018), while the other seven projects have not progressed further. One of these wa...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Dubai Looks To Clean Up Powergen Act With 2050 Plan
...r later release to turbines (MEES, 16 June 2017). The flagship project in Dewa’s solar program is the 5GW MBR Solar Park under development 50km south of Dubai city at Seih al Dalal. In March Dewa invited developers to submit qualification documents for an independent power producer (IPP) project fo...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Dubai’s Dragon Roars In To Egypt With BP Purchase
...timated $500mn for BP’s Gupco subsidiary, which manages the firm’s 12 concessions containing 45 fields in Egypt’s mature Gulf of Suez oil province. Output was 71,000 b/d for 2017-18, 11% of Egypt overall output, down from 72,500 b/d for 2016-17 and 78,000 b/d for 2011-12. Net output to BP is around 40...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Opec Output Rises In May Ahead Of Latest Crunch Meeting
...entually forced Opec, Russia and their allies to implement supply cuts from January 2017 that have broadly been in force ever since (MEES, 10 December 2016). Demand growth meanwhile has been speeding along in excess of 1mn b/d each year, including around 1.9mn b/d over 2015, and has been projected at 1....
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
GCC Rift Enters Third Year As Qatar PM’s Saudi Trip Ends In Acrimony
...abia, UAE, Bahrain and Egypt cut off diplomatic relations with Qatar (MEES, 9 June 2017). The rift shows no sign of easing. Qatari Prime Minister Abdullah bin Nasser Al Thani last week became the first senior official to visit Saudi Arabia since the June 2017 flareup when he attended a series of su...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019