- Sort by:
- Score
- Published ▼
-
Warring South Sudan Factions In Last-Chance Saloon
...e twin threats of the falling oil output and the sharp decline in global oil prices. Oil accounted for 99% of South Sudan’s 2014 exports, 95% of state revenues and about one half of GDP, according to IMF figures. Brent crude, against which South Sudan oil exports are priced, is currently trading at...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Gulf Keystone ‘For Sale’ Amid Kurdish Cash-Flow Woes
...s no guarantee that any offers would be received or any transaction concluded. LOAN REPAYMENT DUE Perhaps critical to the timing of the ‘for sale’ announcement is that the first tranche of repayment of a $250mn loan secured in April 2014 is due in April this year. The financing is intended to...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Atlantic Drilling
...MAURITANIA/MOROCCO Atlantic Drilling US firm Kosmos is pressing on with plans to spend $300mn drilling four 2014 wells deepwater Morocco and Mauritania. CEO Andy Inglis, speaking on the firm’s 23 February results conference call, says that drilling of the Al Khayr prospect (1bn boe 2P...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Syria’s Economic Hardships Intensify With Fuel Shortage
...ude production from the government-controlled areas slumped to 9,325 b/d in 2014, or a mere 2.4% of 385,000 b/d output before the start of uprising in March 2011. Syria’s imports of crude oil in the first nine months of 2014 were estimated at 124,600 b/d, according to The Syria Report. The tiny oi...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt’s Qalaa Raises Capital
...th majority stakes in its core infrastructure and industrial investments. In 2014 Qalaa raised its capital to E£8bn ($1.05bn) from E£3.64bn ($478mn). According to Qalaa’s chairman Ahmad Heikal, the time is right to complete the company’s transformation through the acquisition of additional stakes in...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Lebanon Launches ‘Largest Ever’ $2.2Bn Eurobond
...a low cost, given that a 10-year bond in local currency would be priced at 7.46%. DEBT BURDEN TO EASE According to the minister, total debt stood at $66.5bn at the end of 2014, 62% of which is denominated in Lebanese Pounds, and the remaining 38% in foreign currency. He forecasts that the de...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Dubai’s DEWA Adding 700mw, Repays $1bn
...ndering for the 1.2GW Hassyan coal-fired plant, which will comprise two 600MW units due online in 2020 and 2021 (MEES, 19 September 2014). DEWA, meanwhile, says in a Nasdaq Dubai filing that it plans to repay a $1bn bond that matures in April out of its own cash reserves. The filing says DEWA’s ne...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Arabia: How Long Will Its Buffers Last If Oil Prices Stay Low?
...at comes at the expense of oil prices – the policy which won out at OPEC’s November meeting (MEES, 28 November 2014). In this context, Saudi Arabia’s high reliance on petroleum for export earnings and budget revenues has brought the sustainability of its external and fiscal positions under the sp...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 26-Feb 16-20 Feb 9-13 Feb Jan-15 Dec-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
UAE: Bonds Not Needed
...UAE UAE: Bonds Not Needed The UAE has no urgent need to issue federal bonds, the Minister of Finance and Dubai Crown Prince Shaikh Hamdan bin Rashid al-Maktum said on 22 February at a press conference to review the 2014 budget. But he said that the government, together wi...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Italy’s Eni In New Tirade Against Iraq Contract
...pay them around $12.5bn in 2014, he said. The efforts of the foreign oil companies since the first and second oil auctions were held in 2009-10 have helped to raise oil production capacity to levels above 3mn b/d from just over 2mn b/d before 2010. Exports are expected to average 2.7mn b/d th...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iran Cuts Gasoline Additives
...ORDC, petrochemical components in gasoline are polluting and don’t meet standards. This gasoline will not be distributed in Tehran any more. Based on an agreement with the government for the next Iranian year [beginning 21 March 2014], no more gasoline will be received from petrochemical plants,” Mr Za...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
DNO Plan New KRG Pipeline, Targets 270,000 b/d End-2014 Output
...t to ramp up its exploration and appraisal program in 2014 after achieving yet another production milestone at Tawke. Bijan Mossavar-Rahmani, DNO’s Executive Chairman, said after announcing fourth quarter and provisional full 2013 results that Tawke had established a single day record for de...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
DNO Posts Mediocre ’13
...REGIONAL DNO Posts Mediocre ’13 Whilst work to fully commercialize the company’s 1bn barrel Tawke field in the KRG dominates DNO’s 2014, it also plans exploration wells in Oman and Tunisia this year. In Tunisia, DNO will focus on commercializing existing discoveries in th...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Saudi Arabia On Track For 26% Refining Capacity Hike This Year
...eration. The new plants will add to 2.1mn b/d of capacity at seven fully operational refineries and 200,000 b/d at the first Satorp CDU, which was started up last year (MEES, 13 September 2013). This will take Saudi Arabian refining capacity to almost 3mn b/d by the end of 2014 (see table 1). Rising do...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iraq: Al-Sadr Withdrawal Realigns Shi’a Alliances Prior To Parliamentary Poll
...the failure of his economic policies. The 2014 draft budget (yet to be approved by parliament) is around $150bn, with a projected deficit of $30bn (MEES, 31 January). Some 93% of the public budget depends on oil revenue, according to IMF figures. Around 63% of public budget expenses are allotted to...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Saudi Arabia, Qatar And The Pakistani Prize
...the deadline to build its section of the line (MEES, 7 February). Iran’s Oil Ministry has stuck to its guns however, saying this week that Pakistan is “contractually obliged” to complete its side of the project by the (wholly unrealistic) original December 2014 deadline. Long-Term Ta...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Libya: Power Outages, Power Vacuum
...at wave. It is hardly a good time for power plants to fall into further disrepair. Libya’s government has so far failed to approve a budget for 2014, and admitted to curbing spending at several ministries, as income is reduced by the continued blockage of oil exports that is slashing re...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Mauritania Hopes To Open New Atlantic Frontier
...rldwide. Banda Advances Meanwhile a positive final investment decision on the Banda offshore gas to power project, the other key element of Mauritania’s hoped for hydrocarbons renaissance, “is expected by the second quarter of 2014,” Premier Oil said on 27 February. First production is slated for 20...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iran Advances Subsidies Reform
...ipulated minimum will have to pay a penalty of three times the amount of the subsidies received. $2bn Savings The government expects the reform to translate into savings of IR480,000bn ($19.2bn) over the 2014-15 Iranian year. However, almost 90% of these ‘savings,’ some IR425,000bn ($17bn), has be...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014