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  1. Decision on UAE Onshore Concession Imminent

    ...l prices continued to decline in the wake of OPEC’s November 2014 decision to maintain its 30mn b/d output target unchanged. ADCO STILL ATTRACTIVE AT $45/B? It remains to be seen, however, whether the commercial terms will now be acceptable to the multinational oil companies under pressure to...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  2. Afren Slashes Kurdish Reserves, Shares Tumble

    ...oss proven reserves of 190mn barrels and revising mean contingent reserves down to just 250mn barrels from a previous estimate of 1.243bn barrels. The revision is due to the reprocessing in 2014 of 3D seismic shot in 2012. This shows the reservoirs had not performed according to previous ex...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  3. Petroceltic Pares Capex On Lower Prices

    ...diterranean finds. But there is little cash to kick-off exploration on the two deepwater blocks Petroceltic was awarded in partnership with Italy’s Edison in December 2013 (North Thekah) and September 2014 (North Port Fouad – MEES, 3 October 2014). “The company’s 2015 exploration programme will be re...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  4. Egypt Receivables Down 40%, But $5.4bn Still Owed – MEES Analysis

    ...anwhile, capex cuts in response to lower oil prices may stymie Cairo’s attempts to boost output. Egyptian state-owned firm EGPC made $2.1bn-worth of payments to international oil companies (IOCs) in the dying days of 2014, reducing the total monies owed to $3.1bn according to its calculations (MEES, 2 Ja...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  5. Cairo Steps On The GasIn Bid To Ease Shortages

    ...s, or 7.5% of Egypt’s current output (and thus consumption). Egyptian gas production fell to just 4.6bn cfd, its lowest since 2006 in July 2014, though it has since edged up slightly following the ramp up of output at German firm RWE Dea’s Disouq field to 150mn cfd in August. The company expects ou...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  6. Mideast Plastics Conversion To Rise 40% By 2020, But ‘Specialty’ Needed

    ...61mn t/y of polyethylene capacity and 960,000 t/y of polypropylene as they come onstream during 2014-16. Yet the bulk of these commodity products will come from the first project to go ahead – Borouge 3. Sadara and Petro Rabigh 2, on the other hand, will produce a combined 2.02mn t/y of specialty products th...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  7. UAE’s DFT Opens Niche Fuels Processing Plant Near Ajman Port

    ...is will process ‘tanker slops’ from visiting vessels, turning a waste liquid into saleable oil products (MEES, 4 July 2014). At the same time Dubai’s Petrixo is building a 23,000 b/d biofuel refinery in Fujairah for 4Q15 start-up. This will be the first commercial plant outside North America pr...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  8. Morocco In 350MW Solar Awards As Part Of Diversity Plan

    ...rder with Algeria. The award of Noor 2 and Noor 3 follow the conclusion of financing agreements with international lenders in December. The World Bank is providing $519mn (MEES, 3 October 2014) and the African Development Bank a further €176mn (MEES, 19 December 2014). Morocco is pushing solar an...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  9. US, Saudi In Energy Talks As Oil Prices Plunge

    ...cluding around 3mn b/d of NGLs, US output, at 11.6mn b/d for 2014 and 12.3mn b/d for December is already well in excess of Saudi production even if the kingdom’s 1.25mn b/d of condensate output is factored in (see p21). Mr Naimi’s decision to engineer a rollover of OPEC’s production at the group’s la...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  10. Saudi-UAE: The Start Of A Beautiful Relationship?

    ...2014 came to a close. Galvanized by the triple threats of the Muslim Brotherhood’s rise to power in Egypt, albeit briefly, the stalemate in Syria against their common foe Bashar al-Asad and the subsequent takeover of a third of Iraq by the brutal Islamic State (IS) in June last year, Saudi Arabia an...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  11. Qatar Shelves $6.5bn Al-Karaana Project, QP Rethinking Ethane Usage

    ...10 Q-Chem II HDPE 350 2010   Linear α-Olefins 345   Total 2014 15...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  12. Oman Puts Oil Assets On The Block Amid Budget Squeeze

    ...0,000 t/y of HDPE, 215,000 t/y of polypropylene and 40,000 t/y of MTBE. Orpic’s expansion of Sohar is already under way following the award of a $2.1bn engineering, procurement and construction contract (MEES, 6 June 2014). Orpic is also building a 93,000 b/d products pipeline network linking the re...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  13. Oman Adding Musandam Gas-Fired Capacity

    ...veloping Musandam. MPC will deliver electricity to Oman’s Rural Areas Electrical Company (Raeco) under a 15-year power purchase agreement. MPC was established in 2014 by Oman Oil and Korea’s LG. It will burn gas supplied by Oman Oil’s adjacent Musandam Gas Processing Plant. Raeco oversees a total 29...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  14. Kuwait Development Plan Based On $45/B Oil

    ...il project linking the GCC states; a media city; construction of the Al-Zour-2 power generation project and Al-Zour refinery, a refinery and petrochemical complex in China, and a petrochemical complex in Vietnam (MEES, 22 August 2014). Kuwait has not been successful with the implementation of its KD...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  15. Iran Mulls $40/B Oil

    ...rliament the draft budget law is sent to the Council of Guardians for the final green light. Iran is burdened by international sanctions which have restricted the export of oil to around 1.2mn b/d (including condensate) since mid-2014 (MEES, 12 December 2014). Earlier in the week President Hassan Ro...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  16. Iraq’s Budget Debate Stalls Over Oil Price

    ...endments before a vote in parliament due on 20 January. However, given the Iraqi assembly’s history, a further delay cannot be ruled out. The calculations are also complicated by the absence of a 2014 budget, which was never passed largely because of a dispute with the KRG at the time over revenue-sharing an...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  17. Algeria Ignores Storm Clouds With 2015 Budget

    ...4,685bn ($59.3bn), with a resulting deficit of AD4,173bn ($52.8bn), or 22.1% of GDP, an increase of 17.8% on the 2014 deficit (see table). The budget law projects an overall GDP growth rate of 3.4% to AD18,191bn ($230.2bn) in 2015, with the non-oil GDP rising by 4.25%, compared to an overall growth rate of 4....

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  18. Saudi Growth Slashed

    ...SAUDI ARABIA Saudi Growth Slashed  Saudi GDP growth is expected to fall to 2.5% in 2015 from 3.7% in 2014, mainly due to an anticipated contraction in the oil sector by 0.6%, Jadwa Investment said in its latest update on the Saudi economy. Oil revenue will decline in 2015, but the re...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  19. South Korean Crude Imports: OPEC Maintains 85% Share For 2014 (‘000 B/D)

    ...South Korean Crude Imports: OPEC Maintains 85% Share For 2014 (‘000 B/D)   2014 2014vs2013 2014vs2008 2013 2012 2011 20...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015

  20. US Oil Output Rises 15% To Hit Record 12.7mn B/D In 2014 But Growth Slows In Q4

    ...US Oil Output Rises 15% To Hit Record 12.7mn B/D In 2014 But Growth Slows In Q4       vs 20...

    Volume: 58
    Issue: 03
    Published at Fri, 16 Jan 2015