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Iraq’s Power Generators Gorge On Rising Gas, Cutting Crude Burn
...0,000 b/d in 2016 and the highest level since 570,000 b/d was processed in 1H 2014, just before the Baiji refinery was trashed. Although the ministry’s SCOP engineering unit has been able to repair small refineries and is currently working on rebuilding one of Baiji’s three units, it has had no success in at...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Libya Oil Gains Go Into Reverse
...C officials, way below 300,000 b/d capacity but the highest level since Q4 2014. It was initially cut by 35,000 b/d due to concerns over limited storage capacity and the events unfolding at the Es Sider terminal before production halted completely on 9 March. Waha was offline between December 2014 an...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Production Curbs Help Market Inch Towards Balance
...uld constitute the market once again being balanced. But there is a consensus that the buildup of global crude stocks to record highs since 2014 means a simple reversion to production equaling or outweighing demand isn’t going to cut it. Stocks are going to have to be worked down, but by how much? Mo...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
US Ramp-Up Lays Down The Gauntlet To Opec
...16 – just nine months ago. That said the latest rig count remains little more than half the November 2014 peak of 565 – an indication that there remain substantial numbers of idled rigs (albeit typically older and less efficient ones) and thus that whilst evidence is growing of nascent Permian cost in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Baghdad Close To Winning War In Mosul; Can It Win The Peace?
...rruption and lack of development of areas outside of Baghdad helped to facilitate the emergence of IS in 2014 (or more accurately its re-emergence from the embers of Al-Qa’ida in Iraq). Iraq’s leaders have a challenging set of circumstances if they are to prevent the same mistakes from being repeated. MO...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Wood Group In $2.7bn Takeover Of Amec Foster Wheeler
...stribution of derivative products, as well as in mining, clean energy and the environment and infrastructure markets. Recent Mena contract wins include a mixture of upstream, refining and petrochemicals projects. The company was formed in 2014 by Amec’s acquisition of US firm Foster Wheeler at a time when “si...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Kuwait Cuts Its Borrowing Needs With Debut $8bn Bond
...venue will likely prove substantially higher and thus the deficit will likely come in lower, albeit still around $20bn. Even with the latest bond issue, this still leaves a $12bn hole to fill. Kuwait in 2014-15 posted its first budget deficit of KD2.72bn ($8.9bn) following the collapse in oil prices in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
KRG Pipeline Politics: Ankara-Baghdad Balancing Act Looks Increasingly Perilous
...ntracts as an offset against 2014-15 prepayments (MEES, 11 March 2016). However, even the month’s $304mn in payments was more than the value of crude exported based on MEES calculations which presume a 30% discount to Brent (see graph). The export pipeline is back up and running, leaving 20 complete da...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Keystone Cops It From KRG Revenue Collapse
...bt rather than because it feels Sheikh Adi is not economically viable, GKP tells MEES. Revenue rose from $38.6mn in 2014 to $86.2mn last year, while operating costs fell by around a third from $7bn to $5bn. However, the Sheikh Adi impairment propelled GKP to an after-tax loss of $135mn, down fr...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Saudi Draws Down Stocks, Boosting Exports, Runs To Near Record Levels
...7,000b/d. • Both Yasref and the similarly–sized Satorp joint venture refinery with Total, which reached full capacity in 2014, were built with diesel exports in mind – particularly to Europe. January’s gross diesel exports of 567,000 b/d were also a record, inching above the 566,000 b/d set in May 2015. Net di...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
India Presses Buyers’ Advantage In Oversupplied LNG Market
...% for Q4 2015. These figures are way down on 82% for 2014-15 and a whopping 89% for 2013-14 (see graph). Qatari LNG exports to India were at 10.90mn tons for the 2014-15 fiscal year (ending in March 2015), down from 11.58mn tons the year before. Qatar’s share has fallen as other suppliers su...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Turkey’s Tüpraş Racks Up Profits, Maxes Output As Runs Of Iraqi Crude Double
...3,000 b/d last year, taking capacity utilization to 98% from 72% in 2014, when the installation of a residue upgrader at the Izmit refinery constrained operations. The upgrader was started up in May 2015. Tüpraş received a fillip as Mediterranean refining margins rose from $1.95/B in 2014 to $4.83/B for 20...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Turkish Demand ‘Soars’ But Stats Under Fire
...rrels conversion factors – original Turkish data is in tons). The one anomaly is the ‘other’ category for which the IEA has 104,000 b/d, well down on the 168,000 b/d Jodi figure (thus the IEA total of 863,000 b/d is also around 60,000 b/d less). But for 2014 and previous years the IEA still awaits co...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Moroccan Renewable Plans Have Wind In Their Sails With 2GW Target In Sight
...almost 790MW, according to UAE-based renewables agency Irena. This includes Africa’s largest wind farm, 300MW Tarfaya on the Atlantic coast just north of the border with Western Sahara, which was completed in late 2014 (MEES, 19 December 2014). Morocco plans two other wind farms with a co...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Will Oil Price Rebound Delay Market Balance?
...pidly: averaging 4.0mn b/d for 2015, up 670,000 b/d on 2014, recent major cuts to capex mean such gains will not be repeated this year. As if just to make sure its output would not be constrained by any Opec deal, Iraq’s Oil Minister ‘Adil ‘Abd al-Mahdi claimed on 17 March during the Sulaymaniyah Forum 4....
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Algeria’s In Salah Gas Plant Hit By Rocket Attack
...turned to a normal staffing rotation at In Amenas in September 2014 after specialists had visited the site in June to verify the implementation of the “last security measures” and prepare for a resumption of “ordinary operations,” said the company in a statement in September 2014. According to the st...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Shell’s Plans For BG Egypt Still Uncertain As Unconventional Gas Start-Up Nears
...iro about further developing the field. Under an initial deal finalized in December 2014, Shell and Apache were to receive $5.45/mn BTU for gas produced from unconventional formations (MEES, 19 December 2014). However, though this is a substantial hike on the long-standard $2.65/mn BTU that Egypt pa...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Shell Mideast Output Gets Oman, Iraq Boost
...Shell’s key Mideast interest is its 34% stake in state-led Petroleum Development Oman (PDO). Here its net production rose from 205,000 b/d in 2014 to 215,000 b/d last year, implying a rise from 603,000 b/d to 632,000 b/d in overall PDO output. PDO is by far the largest producer in Oman wi...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Oman Presses On With Key Energy Projects Despite Revenue Slump
...om six countries contributed to the Liwa financing (see table). Oman has sought to project an image of ‘business as usual’ on energy projects despite the precipitous 70% fall in oil export earnings from an all-time record of $2.98bn in July 2014 to an implied $753mn in January, when the front-mo...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Kuwait Plans Economic Reforms In Light Of Revenue Collapse
...tributed to the fact that Kuwait is highly dependent on hydrocarbons to drive economic growth and to finance state expenditure, with oil and gas accounting for 90% of total goods exports and roughly 63% of nominal GDP in 2014. Also hydrocarbon revenue accounts to around 77% of total government re...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016