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Dana Gas Profits Boosted By Arbitration Settlement
...UAE-listed Dana Gas recorded a 15% rise in net profits for 2015 despite tumbling oil prices causing revenues to fall by 39% from $683mn to $417mn. But the profit rise, to $144mn from $125mn for 2014, was attributable to a one-off arbitration settlement. The firm is still mired in a legal wr...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Dana Looks To Egypt Uptick In 2016
...wnward curve associated with field decline. This was partially reversed when Balsam field production and well completions were brought onstream in Q4 2015.” For the year, Dana posted 2015 Egyptian output of 33,900 barrels of oil equivalent per day (boe/d) compared to 39,000 boe/d in 2014. Around 80% of...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
S&P Downgrades GCC Ratings On Back Of Tumbling Oil Prices
...AN: GDP CRUNCH S&P lowered its long- and short-term foreign and local currency sovereign credit ratings on Oman to BBB- from BBB+, indicating moderate risk. The agency projects that the Sultanate’s “GDP per capita will fall to $14,600 in 2016 from $20,500 in 2014, while the annual average increase in...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Iran Sets Out FDI Strategy As Foreign Cash Starts To Trickle In
...urced from abroad, given the crash in oil prices. Revenue from Iran’s petrochemical exports is second only to oil export revenue. State-owned National Petrochemical Company (NPC) expects to steadily raise output of petrochemical products, from 44mn tons for 2014-15, to 47mn tons in the current Ir...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Saudi ‘Dumping’ Has Cannibalized Opec Revenue For Minor Long-Term Gains
...Opec’s Saudi Arabia-driven policy of maximizing market share at the expense of revenue is economically illogical. The policy has been driven by political motives. Opec members’ revenue losses resulting from the oil price collapse since late 2014 far exceed any likely long term gains from in...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Baghdad, Erbil Face IOC Revolt As Cash-Crunch Stalls Payments
...sources and severe budgetary pressure to maximize production,” it says. Since the Jihadists swept through northern Iraq in June 2014 and the start of the price plunge, Iraqi output has shown impressive growth, the IEA says. Iraq’s oil output, including production from the KRG, surged to a 34-year high of...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Libya Peace Talks Begin But Economy Slides Towards Ruin
...llen to $100bn in August 2014, 20% lower than at the beginning of the year, according to the World Bank. The fall in oil prices is accelerating the erosion of these reserves. The country is now running a budget deficit of $3bn a month, according to the analyst. At that rate, foreign currency reserves wo...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Egypt: Apache Hopes Major Finds Will Stem Falling Output
...EGYPT Egypt: Apache Hopes Major Finds Will Stem Falling Output Apache, Egypt’s largest oil producer, says output will fall this year, but hopes major recent finds mean better times ahead. Egypt’s 2014 gas output was the lowest since 2005. US-firm Apache forecasts that the firm’s gr...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Egypt Looks To LNG Deals To Ease Gas Shortage
...EGYPT Egypt Looks To LNG Deals To Ease Gas Shortage Egypt’s gas output fell to a nine-year low of 4.7bn cfd in 2014, with 4.6bn cfd for December. Long-term, Cairo is looking to reverse the decline by spurring deepwater exploration with improved terms but in the meantime it is looking to...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Mideast To Add 1.7Mn B/D CDU Capacity By 2020; Highest Growth Worldwide-IEA
...n b/d in 2014. “Although capacity expansions look in line with oil demand growth,” the forecast notes, “in fact as much as one third of incremental demand will be met by liquids supplies bypassing the refining system.” While non-OECD Asia is leading the refining growth in terms of added capacity, th...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Oman: Liwa Bid Groups
...int ventures (MEES, 19 December 2014). The plant will be built in four parts. An 800,000 tons/year steam cracker will incorporate CB&I process technology. A polymers plant will include 500,000 t/y linear low density polyethylene (LLDPE), 300,000 t/y high density polyethylene (HDPE) and 215,000 t/y po...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Hyundai Awards Subcontracts For Abu Dhabi’s Mirfa
...rfa IWPP project in Abu Dhabi. Hyundai E&C, Hyundai Engineering and Italy’s Ansaldo are building the plant for Mirfa IWPP partners Abu Dhabi Water and Electricity Company (ADWEC) and France’s GDF Suez, under a $988mn EPC contract (MEES, 11 July 2014). Atkins will provide civil design review an...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
IEA Slashes Non-OPEC Supply Growth projections
...ually sharp corrections” that have rocked the market every 10 years or so – this time, the circumstances are different, the Agency argues, as “US light tight oil has changed the rules of the game.” The Paris-based IEA now sees oil supply from countries outside OPEC growing by 3.4mn b/d from 2014 le...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Now Or Never For Iran Oil As US Cranks Up The Rhetoric
...rgeted investments in oil, gas and petrochemicals projects – encompassing banking and insurance transactions – and more recently third-country purchases of Iranian crude, which as a result, have tailed off dramatically over the past two years: total imports of Iranian oil were at just 1.1mn b/d in 2014, do...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Saudi Arabia Wakes Up To Yemen Threat
...onomy (MEES, 19 December 2014). NEXEN TO QUIT Oil and gas operations in Marib, Shabwa and Hadhramaut provinces have continued, though intermittently, as a result of the crisis. Canadian independent Nexen is set to become the latest oil company to relinquish acreage following similar moves by Dove En...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Abu Dhabi Plays High Stakes Oil Game
...urces say the numbers being touted are in the right ballpark. WILL MAJORS, NOCs STUMP UP THE CASH? Abu Dhabi is holding out for the big bucks in the knowledge that what it is offering is unique in the industry. The new concession, which replaces a 70-year license that expired in January 2014, of...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Mauritania Exploration: One Step Forward, Two Steps Back
...llow has shares in ten blocks offshore Mauritania, seven of which it operates. But it now plans no further exploration drilling for the foreseeable future. Development of its 1.5 tcf Banda prospect has been shelved, and it is selling a stake in another block. Tullow’s 2014 results on 11 February we...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
King Salman’s Social Package: A Likely Economic Stimulant
...if fiscal performance significantly weakens. The ratings could come under pressure if domestic or regional events compromised political and economic stability. The ratings agency adds that while in December 2014 it expected Brent oil prices to average $80/B in 2015 and $85/B in 2015-18, it now as...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Egypt’s Economy Begins To Turn The Corner
...Sharm al-Shaikh. Egypt is expecting to attract sizeable foreign direct investment at the event, to boost its ailing economy. With the successful implementation of these policies and confidence in recovery, the IMF is projecting growth to reach 3.8% in 2014-15, and edge up to 5% over the medium-te...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Morocco Advances Subsidy Reform
...with an earlier 2012 PLL, the Moroccan authorities say they intend to treat this arrangement as precautionary, and have no plans to draw on it, unless the country experiences actual balance of payments needs from a deterioration of external conditions. Morocco’s fiscal deficit fell in 2014 to 4....
Volume: 58Issue: 07Published at Fri, 13 Feb 2015