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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 -
Dubai Securities
...r investments, she says. IMF Points To 4.5% UAE Growth UAE real GDP growth is expected to remain firm at 4.5% in 2014, unchanged from a similar estimate for 2013, the IMF said on 30 January following a mission to the UAE led by Harald Finger. The economy is supported by “tourism, ho...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Gulf Refiners Plan 1Mn B/D Additions By End-2014
...th a production capacity of up to 400,000 b/d during the third quarter of this year,” Mr Naimi says. UAE Energy Minister Suhail al-Mazrouei, meanwhile, says expansion of the Ruwais refinery by state firm Takreer will be completed by the end of 2014. The plant will have capacity to process 41...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014