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Iran Back in Business, But Concerns Remain
...e terms of an initial deal signed in 2009, Pakistan was to import 750mn cfd (8.2 bcm/year) of Iranian gas from December 2014, but while Iran has completed its section of the pipeline, the Pakistani side remains incomplete, partially due to funding problems stemming from Iranian sanctions. With nu...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Taq Taq Reserves Downgrade Hits KRG And Genel Energy Plans
...om alone in being thwarted by the region’s complex geology. The most eye catching example was Hungary’s MOL, which in August 2014 was lauding its Field Development Plan (FDP) for its 800mn barrel Akri Bijeel field in which it had an 80% stake (MEES, 10 October 2014). Barely a year later, MOL slashed th...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
South Sudan Oil Revenues Collapse
...Official South Sudan data obtained by MEES shows oil revenues – almost the sole source of income – collapsing to just $40mn/month, covering a mere 16% of budget spending. The government of South Sudan generated just $984mn from crude sales in the 2014-15 financial year, down by almost 40% on...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Israel’s Leviathan: New Development Plan, Still No Anchor Sales Deal
...led in December 2014, envisaged a 16.5 bcm/year (1.6bn cfd) floating production storage and offloading (FPSO) vessel to be tied-back to shore – exactly where was left unclear (MEES, 27 February 2015). Delek now says that “according to a preliminary estimation, the cost of the whole Development Pl...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Aramco Dusts Off Plans For $2bn Ras Tanura Clean Fuels Project
...iginally due in place in 2016. Aramco and ExxonMobil are already able to meet the 10ppm limit at their 400,000 b/d Samref joint venture refinery, following the installation of a 60,000 b/d desulfurization train in 2014. However, high project costs appear to have slowed the whole clean fuels program. Be...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Iraq: Misan In Action, Apparently
...apparent refining experience (MEES, 3 January 2014). Details on Wahan are also thin on the ground, though ministry claims project finance will come from two Chinese state banks – China Development Bank and China ExIm Bank – suggest an affiliation with a Chinese state firm. Misan is one of fo...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
US Imports Of Opec Crude Rebound From 30-Year Lows
...• The US imported 7.90mn b/d of crude in December, the highest volume since September 2013. For 2015 as a whole volumes at 7.35mn b/d were little-changed from 2014’s 20-year low, but they rose strongly late in the year after the December lifting of a 40-year old ban on seaborne crude ex...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
‘Low Cost’ Zohr Moves To Center Stage As Eni Slashes Upstream Spend
...allenging, with production temporarily falling below 300,000 b/d in 2014. This, and concerns over payments, led partner Occidental (23.44%) to announce its intention to sell its stake in November 2015. Eni’s plans to defer spending here mesh with the wishes of Baghdad, which is also looking to cut its sh...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Libya: Companies Have Only Bad News, Apart From Eni
...rm Marathon epitomized the attitude of foreign operators with acreage in the Sirte basin in eastern Libya in its fourth quarter earnings report. Marathon’s production has been shut-in since December 2014 due to the declaration of force majeure on the Ras Lanuf and Es Sider export terminals and the de...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Oman Downgrades Threaten Bond Issue
...4.07bn ($10.6bn) in the first 11 months of 2015, compared to a small surplus of OR233mn ($606mn) in the same period of 2014. This compares with an earlier forecast of the deficit for 2015 at OR4.50bn, as projected by the Oman Finance Ministry in early January (MEES, 8 January). Revenue in the first 11 mo...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Egypt Taps Expat Savings
...sidence, as will the capital at maturity. Though one-year certificate holders can only redeem their capital at maturity, the three-year certificate can be redeemed after six months and the five-year certificate after one year. Remittances from overseas Egyptians were $19bn for fiscal 2014-15 – a key so...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016