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Algeria Looks To Build On Modest Output Gains But Investors Remain Wary
...uthwest have been significantly delayed. A consortium of Spain’s Repsol, Sonatrach, Germany’s RWE Dea and Italy’s Edison waited more than two years before finally being given the green light to develop the Reggane North field on Blocks 351c and 352c in the Reggane Basin in November 2011. The project was or...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Tunisia: Oil & Gas Slump, Tourism Collapse – Bonds To The Rescue?
...achieving a total of $2.85bn in external financing including $550mn via a sukuk. Tunisia’s economy has struggled since the 2011 Arab Spring. More democracy has meant more instability and a rise of Islamic extremism, with the key tourism and energy sectors badly hit. Tourism is a pillar of th...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Egypt’s Economy: Looking Shaky Despite Cash Inflows
...nth earlier, the highest level since 2011 (see chart). The central bank says post-devaluation some $11.7bn of foreign currency has flowed into Egyptian banks as well as investment in the local stock market and treasury bills, boosting forex reserves to six months’ import cover. The pound has edged hi...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Shell Sees Qatar’s Pearl GTL Plant Offline For ‘A Couple Of Months’
...jacent 120,000 b/d NGLs and ethane plant take around 1.6bn cfd of gas from Qatar’s giant North Field. The combined GTL/liquids project reached full commercial production at end-2012, following start-up of the first GTL train in early 2011 and the first commercial cargo of gasoil in June 2011. The co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Opec Cuts 860,000 B/D Output, More Work Required
...35mn b/d, this would imply Iraq plans to cut to 4.57mn b/d – a figure MEES calculates it is currently producing below. OPEC^ 2016 OIL EXPORT REVENUES FALL $760BN FROM 2012 PEAK ($BN) 2010 2011...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
NOC Charm Offensive To Encourage Resumption Of Investment
...bruary, reach 1mn b/d in April, 1.1mn b/d in June and 1.2mn b/d by August, says Mr Sanalla. The NOC chairman’s London presentation was part of a wider charm offensive to attract renewed investment to an oil territory where some IOCs have not operated since early 2011 and others abandoned work after a br...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Glencore Extends Libya Crude Purchase Deal
...). The Tripoli government is carrying out the most wide-ranging investigation into corruption in the oil sector since 2011, said Attorney General Sadia Al Sour on 26 January. Investigations into smuggling of crude products to Malta, Cyprus and Greece are under particular scrutiny, he said. Tripoli NO...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
OMV Expands in Libya With Purchase Of Oxy Zueitina Stake
...CIDENTAL BLOCKS OXY DIVESTMENT STRATEGY Oxy’s Libya sell-off was long expected. In theory it still has extensive exploration interests in Libya (see map). When civil war broke out in early 2011 it had been on the verge of kicking off a 22-well exploration campaign. As recently as July 2012 the co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Libya Plans Tobruk Power Plant, Revives Stalled Ubari Project
...2011 after the ouster of former dictator Mu’ammar al-Qadhafi. The Ubari project – another nominally gas fired plant that will initially burn oil since no current gas supply infrastructure exists – will comprise four Siemens 160MW turbine-generators. The Libya Herald newspaper says the project is...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Libya’s NOC To Lift Investment Moratorium; But Divisions Remain
...store pre-conflict output of 1.6mn by 2021, Mr Sanalla tells MEES. In the longer term, the state body is aiming to increase production to 2.1mn b/d, he adds. “We intend in the coming months to lift our self-imposed moratorium on foreign investment in new projects” that has been in place since 2011, sa...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
GCC Drilling Remains Strong Despite Upstream Capex Cuts
...TRENCHMENT 2016 vs'15 vs'14 2000 2005 2010 2011 20...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Total: Cyprus “Thrilling”
...xonMobil and Qatar’s QP. Even if drilling is a success, lack of progress at Cyprus’ only discovery-to-date, 5 tcf, 2011 Aphrodite, provides a cautionary tale. ...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Jordan Slashes Planned Deficit By 25% For 2017
...lculus. In 2016 the value of Jordan’s energy imports represented 10% of GDP, down from 18% in 2014, according to Energy Minister Ibrahim Saif. Up till 2011, Jordan mostly relied on imported gas from Egypt. But it has since moved to replace Egyptian gas supplies by LNG imports via a floating storage an...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Suez Canal Handles Record Gulf Crude, Diesel But Revenues Down In 2016
...ddle East saw record crude output and exports in 2016. The region’s six Opec members produced a collective record 24.6mn b/d (MEES, 6 January). Iraq’s southern exports hit a record 3.29mn b/d up 400,000 b/d on 2015; Iran’s exports of 1.96mn b/d (to November) were the highest since 2011 and almost 80...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years
...ve severely struggled since the 2011 revolution and despite the more than halving of oil prices since mid-2014, the firm has still been unable to balance its books. Receivables peaked at over $6bn in 2014. “EGPC revenues from sale of fuel products continue to fall short of its costs resulting in th...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Algeria Deficit Tops $17bn; Is Reserve Fund Finished?
...om 2011 to mid-2014 the fund pocketed large surpluses from Algeria’s understatement of oil revenues. The IMF estimates that Algeria’s foreign reserves fell to $113bn at end-2016, down from $143bn in 2015, $177bn in 2014 and $192bn in 2013. This roundabout way of booking oil revenues has been cr...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
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