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UAE Targets Improved Efficiency ‘Throughout Electricity Value Chain’
...r capita energy consumption among the highest in the world, the emirates’ Ministry of Energy has set a target of improving energy efficiency by 30% by 2030 (MEES, 26 September 2014). Abu Dhabi-based Masdar Institute of Science and Technology and US electrical engineering giant GE have produced a wh...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Iran Starts Work On Qeshm Power/Desal Plant
...01-04, before the onset of sanctions over Tehran’s nuclear program. Mapna recently started work on a 1GW gas-fired plant at Zanjan (MEES, 17 October 2014). Iran’s power generation capacity reached 70.03GW at the end of 2014, of which 70% is gas-fired. This requires an estimated 10.5bn cfd of gas fu...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
OPEC Output Slides In January Despite Gulf Increments
...west level since June 2014. In Libya, oil output fell for the third month running to average 350,000 b/d in January, as armed factions allied to two rival governments continue their fight for control of the country, four years after the ouster of former leader Mu’ammar al-Qadhafi. Despite co...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Canada’s Pipeline Battle With US Has Implications For Saudis
...r Canadian producers, which have responded by cutting investment after a period of rapid growth. Canadian oil sands production grew fivefold between 1993 and 2014, as investment doubled to 30bn Canadian dollars between 2006 and 2013, allowing Canadian exports to the US – its sole export market to...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Total Still Leads The Pack On UAE’s Adco Concession
...ell, like BP and ExxonMobil, have reported lower production in 2014, due to the loss of their 9.5% stake in the lapsed Adco concession. ADCO HIT Shell’s overall production averaged 3.1mn barrels of oil equivalent per day (boe/d) in 2014, down 100,000 boe/d on the year, partly due to the expiry of...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Iraq’s 2015 Budget: A Catalyst For Better Relations With Erbil
...der the budget law all revenue derived from these exports will be considered as revenue for the Iraqi federal treasury. Based on these projections oil revenue in the budget is put at ID78,649bn ($67.5bn), or 83.6% of total revenue. Kuwait’s agreement at the end of 2014 to give Iraq a one-year su...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Japanese Crude And Condensate Imports: Saudi Retains Top Spot As Russia Surges Up Rankings (‘000 B/D)
...Japanese Crude And Condensate Imports: Saudi Retains Top Spot As Russia Surges Up Rankings (‘000 B/D) 2014 rank 14vs13 14vs12 2013 ra...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 5-Feb 26-30 Jan 19-23 Jan Jan-15 Dec-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Saudi Arabia Advances Carbon Capture Project
...cilities at two GOSPs with work targeted for completion by April 2016. The Shaybah NGL recovery program, which is associated with the Shaybah AXL Crude Increment Project (MEES, 17 January), is due to be completed at the end of 2014. Market Consequences “The consequences for the market are quite si...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Pakistan Seeks ‘More Time’ For Iran Gas Pipeline Project
...tually-agreed timeframe for the project. Under the terms of the initial deal signed in 2009, 750mn cfd of Iranian gas is to begin flowing to Pakistan by 31 December 2014. Any delay would invoke a $3mn penalty, per day. Iran is yet to give any indication as to whether it will agree to the extension. Pa...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
BG Lays Bare Egypt Woes But Improved Payments Offer IOCs Hope
...ypt] remains difficult,” BG says, with Egypt the company’s main “challenge” for 2014, according to CEO Chris Finlayson, who was speaking on the company’s 4 February post-results conference call. BG 2013 MENA Figures Production* 2012 20...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Egypt Heads For Gas Deficit
...tural gas will average at 5.4bn cfd for the July 2014-June 2015 fiscal year, less than a predicted consumption of 5.57bn cfd. In the absence of import infrastructure it is unclear where the additional gas would come from. This lack of import infrastructure means that, despite demand outstripping su...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Iraq Hires Big Law Firm To Thwart KRG Export Plans
...0,000 b/d for the remainder of 2014 given zero so far). The draft budget includes the 17% provision plus an additional $2bn in payments to the KRG as a sweetener, Deputy Prime Minister for Energy Affairs Husain al-Shahristani said in London last week. However, parliament has again postponed voting on th...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
KRG: Upstream Progress
...e block in 2014-15, it said, noting that this high level of activity reflects its views that there is material upside potential in the Taza PSC, where oil was discovered by Taza-1 last year. Oil Search holds a 60% stake in the Taza PSC with France’s Total holding 20% and the KRG 20%. Total fa...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Oman Shake-Up Eyes Spot Generator Market By 2017
...nsultants in early 2014 to develop the spot market rules and related arrangements: “A consultation phase, involving all interested stakeholders, is envisaged later in 2014.” Transition OPWP aims to conduct its first tender for power plants to be operated under the new terms in 2016-17. The next te...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Yemen: IOCs On Alert Following Explosive Start To 2014
...YEMEN Yemen: IOCs On Alert Following Explosive Start To 2014 The simmering violence that has engulfed Yemen since the resignation of its former president in early 2012 has escalated dramatically in recent weeks, impacting some IOC operations in the central Hadhramaut pr...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
ADCO: BP Expects No DecisionFor At Least A Year
...UAE ADCO: BP Expects No DecisionFor At Least A Year BP, like ExxonMobil, has written off 140,000 b/d of production from the loss of its onshore Abu Dhabi concession in 2014 and does not see a decision by the Abu Dhabi government on a renewed concession for at least a year if...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Dana Gas Sees Production But Also Receivables Rise in 2013
...low the company to continue with its recent string of production success in Egypt into 2014. Dana’s overall 2013 net profit fell by 5%, to $156mn, due to “an increase in royalty payments to the Egyptian government, a higher depreciation, depletion and amortization expense in Egypt as well as lower sa...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
IMF Approves $507Mn Credit To Tunisia
...netary target, Ms Shafik pointed out. Furthermore, the end-December primary deficit was lower than programmed, mainly as a result of under execution of the budget and deferred cash payments. The IMF official also noted that fiscal consolidation for 2014, which had been postponed to allow space for pr...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Jordan’s Budget Challenges: Energy And Refugees
...JORDAN Jordan’s Budget Challenges: Energy And Refugees The Jordanian government will face three main challenges in its 2014 budget – the energy bill (given that the kingdom imports more than 90% of its needs and its energy bills absorb 40% of the state budget), the cost of...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014