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Iran Prepares To Slash Spending
...cember 2014). Oil revenue in the new budget is projected at $22bn according to Mansour Moazzami, an advisor to Mr Zanganeh, with tax revenue at $28bn. Again, there is discord, with Mr Tayyebnia saying Iran only expects to earn $20bn in oil revenue in the current year. With the imminent lifting of...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Iraq December Oil Exports Hit Record But At What Price?
...sh-strapped Iraqi government from enjoying the full benefit of its export surge. Including Kurdish production, total Iraqi oil output for December rose to 3.72mn b/d, the highest level since 1979, according to MEES estimates. For 2014 as a whole, output of 3.32mn b/d is also close to record hi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
KRG Gas: Payments Dispute Stymies Progress
...ergy agreed a sales price for the Miran gas field. The Chemchemal gas field was awarded to Dana Gas and Crescent Petroleum in 2007. But the project is on hold pending resolution of a dispute over contractual terms and ongoing arbitration proceedings (MEES, 31 October 2014). The London Court of In...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Iraqi Kurdistan: Oil Output Up And Rising
...hieved the Company’s record daily production and crude oil export sales rates from the Shaikan field. 2014 was not without its challenges for the Kurdistan Region and we are proud of what has been achieved against this backdrop, in particular a nearly 300% increase in Shaikan production and export sales si...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
KRG Expects 2014 Refinery Deliveries To Top 108,000 BOE/D
...IRAQ KRG Expects 2014 Refinery Deliveries To Top 108,000 BOE/D Iraq’s Kurdistan Regional Government (KRG) expects total deliveries of oil and gas produced within the region to “main” refineries within Iraqi Kurdistan to average just over 108,000 boe/d for 2014 (almost all of this is oi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Oil Price Slide Exposes Flaws In Juba-Khartoum Transit Fee Deal
...ports, and Brent minus $10/B for Dar Blend, implying revenues of $75/B and $84/B for its exports of Dar and Nile Blends respectively. And while the plan did not cover 2014, trades in Dar Blend over the past year suggest a typical discount of $10/B to Brent still holds. Dar Blend is a heavy, acidic cr...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Kuwait Petchems Expansion Moves Slowly Despite Equate PE Boost
...on which most regional capacity is based. Saudi Arabia is already developing mixed feed plants as a route into specialty chemicals (MEES, 17 October 2014). MEES estimates that Equate’s polyethylene capacity expansion will require an additional 15mn cfd of ethane feedstock, while building Ol...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi Arabia In 550MW Turbines Award; 2014’s 8.2GW Start-Ups Hike Output
...SAUDI ARABIA Saudi Arabia In 550MW Turbines Award; 2014’s 8.2GW Start-Ups Hike Output Gas output delays mean oil burning is likely to stay high. Saudi Electricity Company (SEC) has selected turbines from US giant General Electric (GE) for the Dhuba-1 power plant, which will be the ki...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
OPEC Maintains Output In December; Riyadh Maintains Hardball Stance
...e $50/B mark as MEES went to press – a massive 56% down from the 2014 peak of $115.06/B on 19 June (see p20). With oil prices slipping to their lowest level in more than five years, this showdown between the producer group and non-OPEC producers is fast turning into a game of chicken, leaving ma...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Egypt Taps Gulf, China To Fund Power Expansion Plans
...rly as August. They will add to 3.35GW of projects sanctioned recently: 1.95GW South Helwan; 650MW Suez; and 750MW from conversion of Damietta West and El-Shahab to combined cycle (MEES, 19 December 2014). State generator EEHC recently started up a 650MW gas/fuel oil plant at Ain Sukhna. While Eg...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
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