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China LNG Buying At Record Levels, Prices At 3-Year High
...ns seen in 2013 and 2014. • Each of the top three importers stepped up buying in December, with a continuing period of sub-zero temperatures across much of Korea and Japan combining with the record Chinese buying. • Spot prices rose to $11.20/mn BTU in late December and early January, ac...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Saudi Hikes Gasoline Prices, Hard On Heels Of Electricity Tariffs Rise
...erage household consumed 2,000kWh/month in 2014. Until this year such users paid just SR100 ($27)/month given that the first 2,000kWh/month of consumption was charged at SR0.05/kWh. From 1 January they will pay SR360 ($96)/month, a more than threefold increase. But with the price for usage above 6,...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
The USA: The Global Oil Trade Titan
...e charts, p16). The provisional December crude output figure of 9.77mn b/d is up almost exactly 1mn b/d year-on-year; add in NGLs and output gains during calendar 2017 are 1.4mn b/d, second only to 2014’s record 2mn b/d growth. The vast bulk of these gains are light oil: of course NGLs, largely th...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Qatar Petroleum Presses Ahead With Shakeup
...7bn thanks to the startup of the 146,000 b/d Ras Laffan 2 condensate splitter. If it wasn’t for technical problems forcing a temporary shutdown at Ras Laffan 1 in April, the revenue gains would have been higher. November’s $630mn products’ revenue was the highest since July 2014. IOCS IN QATAR’S CR...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Lebanon Takes Vital Steps To Opening Up Offshore Exploration
...e decrees delineate the number of blocks to be put on offer, set out tender procedures and establish the model to be used which will be in the form of production sharing contracts (PSC). The bid round was originally slated for August 2014, but the country’s political leaders only managed to agree on th...
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 20...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Qatar’s Laffan Refinery 2 Goes Commercial
...litter that was started up in 2009, will be delivered to an adjacent 101,000 b/d capacity diesel hydrotreater for the production of Euro-V specification diesel. Qatargas began testing the Laffan 2 splitter early in the fourth quarter of 2016. Building work began in 2014, under a $600mn engineering, pr...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Opec Starts Cutting From Record Annual High
...$430bn, less than half the 2014 level. Apart from the Middle East’s Gulf states, most Opec members cut oil investment and the impact on production was clear (see chart). Post-sanctions Iran posted the largest annual production gain of nearly 600,000 b/d, and 2015’s champion Iraq also posted a st...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Iraq And Iran Only Exceeded By Russia In Global Gas Flaring
...rld Bank says 147bcm of gas was flared in 2015, up from 145bcm in 2014. 2016 is likely to see a further rise. Russia remains the world’s largest flaring country with 21.2bcm, followed by Iraq with 16.2bcm, Iran with 12.1bcm, the US with 11.9bcm and Venezuela with 9.3bcm. “The flaring increase is ma...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Iran Greenlights 29 Firms For Upstream Tenders
...0,000 b/d under a third phase. The Chinese incumbents have an advantage due to their knowledge of the fields, but both have previously been warned by Iran that they risked losing them due to poor performance – and CNPC was booted out of South Azadegan in 2014. Even when Oil Minister Bijan Zanganeh said in...
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 20...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Oman 2017 Budget Cuts Deficit By 44% With Brighter Prospects For Oil Revenues
...e 2016 budget lost more than 67% of its oil and gas revenues despite achieving record high production, compared to the oil revenues earned in 2014. The statement added that 2016 witnessed the lowest traded price of Oman oil which plunged to $24/B in January, but that the government was able to fi...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Algeria Needs To Streamline Operations Not Just Improve Terms, Firms Say
...sts. “[Service] cost levels are far too high for the industry to survive,” Mr Viken says, “the margins are the same now at $30/B as they were with $100/B.” But Statoil remains interested in the Algerian upstream. Like most of its peers, Statoil has been implementing a cost-cutting plan since late 2014...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Adnoc Forms Overseas Arm
...pensive oil and gas assets in North America in recent years. The resultant accumulated debt has left it especially exposed to the collapse in oil prices since late 2014. The firm’s Q3 results show oil and gas revenues collapsing to Dh1.49bn ($414mn) from Dh3.18bn in Q3 2014. This contributed to an overall qu...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Iraq’s 2015 Oil Figures: The Best Of Times, The Worst Of Times
...ports through official channels brought in just $49.1bn for 2015, down by 42% on 2014’s $84.1bn, and 48% on 2012’s record $94.0bn. This is despite output having risen by 950,000 b/d over the same period (see table). For 2015, Iraqi production was, at 3.97mn b/d according to MEES estimates, not only an...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
2015 Sees Saudi Arabia Notch Up Record Output, Stocks, Runs, Burn
...Opec put November output at 10.19mn b/d. But not all the records are good. Saudi Arabia is also set to notch up record crude burn in 2016. For the first 10 months of the year – including all of the peak summer demand months – crude burning averaged 598,000 b/d, up 8,000 b/d on 2014’s record. Oc...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Riyadh Cuts Fuel Subsidies, Petchem Producers Count The Cost
...ar, with the impact being first reflected in results for the first quarter of 2016. All the companies will announce their annual figures for 2015 in the coming weeks. The 14 companies, whose total profits amounted to SR34.4bn ($9.17bn) for 2014, are expected to report a further decline linked to th...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Saudi Fuel Price Hikes Hit Generators But Make Gas Exploration More Economic
...om consumers in 2014, more than 10% below the average generating cost of SR0.154/kWh. The impact of heavily subsidized electricity on SEC’s earnings has led government to provide what ECRA describes as “soft loans and government grants” to help balance its books. However, SEC’s growing need to ad...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Oman Budget Reforms May Ease Pressure On Gas-Fired Power Plans
...neration plans coordinated by state utility OPWP add to the burden, taking powergen gas demand from 7.1bcm in 2014 to 9.5 bcm in 2021. GAS PRESSURE Competition for gas from power generation, industry and enhanced oil recovery means that Oman’s LNG exports are in decline, falling 11% in 2014 and yet fu...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Opec Signs Off 2015 With Record Output
...venue in 2015 would be down a hefty $47.4bn from 2014 (a drop of 43.9%), the UAE remains committed to increasing production capacity from around 3.2mn b/d to 3.5mn b/d in 2017. While this won’t necessitate additional production, it makes a reduction less likely. Iran also looks set to go head to he...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016