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‘We Have Very Little Time’: MEES Sits Down With Iraq’s Electricity Minister
...eld in western Iraq where the company [Korea’s Kogas] declared force majeure (MEES, 20 June 2014). The last thing we want to do is build a power station with no fuel supply. Another delayed project in Salahuddin held back 1.2GW. All these projects require about 18 months to complete, and would th...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
IMF Slams GCC
...d have yet to “fully recover” from the 2014 slump in oil prices. Average public debt for Mena oil exporters soared from 13% of GDP in 2013 to 33% for 2018; for oil importers the figure is 85%, Ms Lagarde says. “Fiscal deficits are only slowly declining despite significant reforms on both the sp...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
India Makes Splash Offshore Abu Dhabi With First Post-Adma Contract
...ate firms – which typically group up in their overseas forays – previously submitted an ultimately unsuccessful bid in 2016 for a stake in Abu Dhabi’s giant onshore concession (formerly known as Adco), which expired in 2014. The latest consortium is headed by state giant ONGC Videsh, alongside fellow st...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Iraq Reboots Downstream Development Drive
...imacy of rehabilitating the Baiji refinery, formerly Iraq’s largest at 310,000 b/d but now offline after being gutted by the Islamic State in 2014. Achieving “some level of operations” at the Baiji refinery is “the most urgent requirement within the petroleum sector,” the document says, adding that “it...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Dewa Awards Gas-Fired Power Project
...tensive LNG export commitments – around 90% goes to Japan, which took 4.68mn tons in 2017 down from 4.99mn t in 2016 and a record 5.70mn t in 2014 (see chart, MEES, 16 February). This means that the UAE only achieves gas balance by importing 1.7bn cfd via the Dolphin pipeline from Qatar to Abu Dhabi as...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Russia, Saudi Arabia Commit To Enforcing Production Discipline
...cember’s inventory levels stand in terms of forward cover? Using their respective 2018 average OECD demand figures, the IEA data shows 60.1 days coverage and Opec 60.5 days, and December’s stocks represented 62-63 days cover at 2014 demand levels. HOW CAN I RESIST YOU? Abu Dhabi newspaper The Na...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Will 2018 Be A Boon Year For Middle Eastern IPOs?
...The Middle East IPO market dried up after oil prices fell in H2 2014. But the urgent need to generate new revenue means the sustained oil price slump is now the key driver of energy sector privatization plans across the region. After several torrid years, the Middle East IPO market st...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
KRG Gas Plans: The Rollercoaster Continues
...xt step of concluding negotiations with potential partners, and moving the gas project towards the FID.” ...BUT IS DEVELOPMENT ANY CLOSER? When Genel signed the initial agreement for development of Miran and Bina Bawi in November 2014, the firm said it “expects that a final investment de...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Algeria Looks To Build On Modest Output Gains But Investors Remain Wary
...end bucks a pattern of flat or declining output established over the past decade. Combined production of crude oil and natural gas liquids (NGLs) hit a low of 1.49mn b/d before edging up to 1.59mn b/d in 2014 and 2015, according to BP’s most recent Statistical Review, published in June. But that is st...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Tunisia: Oil & Gas Slump, Tourism Collapse – Bonds To The Rescue?
...e economy. 2014 revenue of $2.14bn equated to 7% of GDP but that was before a precipitous 54% fall in 2015 with terrorist attacks at Sousse and on Tunis’ Bardo museum. Sky-high youth unemployment of 35%, rising to 67% for recent graduates according to IMF stats, has helped fuel the labor unrest (ma...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Majors Look To Permian For 2017 Rebound
...oductivity Report, released 13 February. Much-touted efficiency gains are not chimeric. Unlike other US shale regions, and the country’s overall output, Permian oil production continued to rise, albeit more slowly, throughout the 2015-16 ‘lean years.’ The latest rig count is less than half the November 2014...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Spanish 2016 Crude Imports (‘000 B/D): Mexico Top Supplier As Opec Share Drops Below 50%
...*EX VENEZUELA, ECUADOR, MEXICO, COLOMBIA. ** CHANGES EXPRESSED ON A PERCENTAGE BASIS ^EX NIGERIA, ANGOLA. SOURCE: CORES, MEES. SPAIN IMPORTS BY REGION (%): N AFRICA SHARE HALVED OVER LAST 15 YEARS *ALL OPEC SINCE 2014. INCLUDES SMALL VOLUMES FROM OMAN & SYRIA PRIOR TO TH...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
East Mediterranean Gas Faces Crucial 2016
...e hands of one consortium will only lead to an increase in prices. Progress in Israel’s gas sector was paused after the country’s antitrust chief in December 2014 labeled the consortium grouping US firm Noble Energy and Israel’s Delek a monopoly. Together they operate almost all of Is...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Skint, Petroceltic Sells Egypt Blocks
...re output is in freefall: from 105mn cfd in 2013, to 95mn cfd for 2014 and just 60-65mn cfd for 2015. And of course falling prices don’t help either (on the plus side Egyptian gas prices, though not those for associated liquids, are fixed; on the downside payments have been anything but prompt – see p1...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Algeria: 3 Bcm Gas Boost From In Salah Expansion
...n expect In Salah net gains, at least for a couple of years, of around 3 bcm/year, according to MEES estimates. Drilling of the 26 planned southern field wells began in 2014. “We'll be drilling until 2018, and wells will be brought on over time, which is typical for a tight gas project su...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Oman And BP To Expand $16bn Khazzan Gas Project
...% in 2014 and yet further last year (MEES, 8 January). The expanded Khazzan project would add considerable relief. There is also an agreement to import 10 bcm/year from Iran via pipeline, with gas expected to flow by 2018. Iranian officials have said around 30% of this will be re-exported from Om...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Adnoc Head Replaced As Abu Dhabi Eyes Output Rise
...hayyan. The Crown Prince has effectively been in control of the country since his brother President Khalifa bin Zayid suffered a stroke in January 2014. This marks his further consolidation over the oil industry. The new man in charge will have to juggle a wide range of issues including plans to increase ga...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Italy Doubles Gas Imports From Algeria As Time Out Ends Amid Skikda Shut-Down
...re diverted for pipeline exports. Algerian state firm Sonatrach and key Italian importer Eni agreed in 2013 to reduce offtake for a period of time for 2013 and 2014, as the recession-led demand destruction in European gas markets led suppliers to reduce their purchases (MEES, 1 May 20...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
KRG Looks To Call Abadi’s Bluff On Salary Gambit
...fectively, this would mean a return to the defunct December 2014 revenue sharing agreement. In accepting Mr ‘Abadi’s offer, the KRG said “each month it needs ID980bn [$820mn], ID336bn [$281mn] of which is paid to Peshmerga forces”. Figures released by the KRG Ministry of Natural Resources (MNR) on 16...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Tunisia Bags EU, IMF Cash But Oil & Gas Output At Record Lows
...ring the democratic transition process. The latest cash will come in three instalments and could start later this year. The EU’s previous €300mn package for Tunisia was approved in May 2014, with two tranches of €100mn disbursed so far this year and the final tranche slated for 2Q 2016. Tunisia has al...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016