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Libya: Competing Power Bases Threaten To Tear NOC Apart
...e interest of the state and the Libyan people,” it said, and it reserved the right to hold those in breach as “criminally liable.” It is the third warning issued by NOC in Tripoli against illegal oil trades, the most recent being on 27 November 2014 (MEES, 28 November 2014). UNOFFICIAL TR...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
New Israeli Government Tasked To Revive Israel’s Offshore Activities
...lek on 18 March firmed up an earlier LOI which will see 5 bcm of gas delivered to private Egyptian firm Dolphinus over three years, via the unused East Mediterranean Gas (EMG) pipeline (MEES, 24 October, 2014). The partners estimate the deal “could amount to $1.2bn, based on the buyer consuming th...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Kurdish Oil Output Edges Up But Cash Still Tight
...expects the book equity ratio to fall below 0.4% when it announces its 2014 financial results in April, as a result of the impairment of the Akri Bijeel asset in the Kurdistan region. GKP would be required to buy back the notes should the BER remain below 0.4% for 60 days after the results are re...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
ENOC In First Step Towards Possible Dragon Takeover
...ne last year and the knock-on effect on company valuations. Dragon’s main producing asset is the Cheleken concession in Turkmenistan, where the company reported a 6.8% increase in average gross production to 78,790 b/d in 2014, with 14 wells completed. The company said in its annual report fo...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
His Mission Accomplished, Qatar’s Attiyah Bows Out
...bsidies. “We cannot just sit and wait for the price to go up again. The scenario of doing nothing will not work.” NO SPENDING CUTS Doha said this week that it was adopting an oil price of $65/B for the 2014-15 budget. This now applies until end-December with Doha switching to a calendar year for fi...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Morocco Subsidies
...tail price of diesel, gasoline and fuel oil was raised by 14%, 20% and 27% respectively, yielding an estimated saving for the budget of 0.7% of GDP for the year. In February 2014 the authorities then ended subsidies on the domestic prices of gasoline and industrial fuel oil (excluding fuel used for el...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Saudi Aramco Taps Debt Market To Fund Rabigh 2
...its supply systems (MEES, 6 June 2014). RABIGH CAPACITY The existing Petro Rabigh plant is based around the cracker, which processes 95mn cfd of ethane, and a 400,000 b/d refinery. Output capacity is 18.4mn t/y of petroleum products and 2.4mn t/y of ethylene and propylene derivatives. “Up...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Egypt Announces $43bn Powergen Plans As Part Of Epic Development Program
...pacity reached 31.45GW at the end of 2014. The electricity ministry has already awarded contracts to add 4.33GW of gas and oil fired capacity at new and existing sites and has announced plans to develop a further 31.48GW, including 23GW of coal-fired capacity (MEES, 23 January). It is largely unclear to wh...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Bahrain’s 1.5GW Plans
...to the grid.” Bahrain currently has 4GW of generating capacity. It has six power stations, of which Al Dur is the largest. Bahrain also has a 600MW transfer capacity link to the GCC electricity grid (MEES, 28 November 2014). Demand reached a peak of 3.2GW in 2014, up from a 2.92GW high in 20...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
OPEC, IEA Diverge On US Supply Growth
...creasingly clear that this latest oil price debate – stoked by OPEC’s November 2014 decision to hold production steady despite rapidly falling oil prices – is set to rumble on for some time yet. “Output for the non-OPEC marginal barrel this year, particularly for US tight oil and Canadian oil sands ou...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Iran Blasts OPEC’s No-Quota Policy, Vows Return To Markets
...l prices since June 2014, but has so far stopped short of calling for an extraordinary OPEC meeting ahead of the next scheduled meeting in Vienna in June. The minister did however call on non-OPEC producers to cooperate with their OPEC counterparts over the coming weeks and months to work to...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Algeria, Poland To Share Shale Tips As Protests Continue
...e HBNS and El Merk fields on Blocks 404a and 208. Talisman was recently taken over by Spain’s Repsol (MEES, 19 December, 2014). As well as Talisman having considerable shale experience in North America, Repsol has been exploring shale formations in Morocco. The firm last month said that it has ap...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Tunisia Attack
...tacks, the Italian cruise company Costa Crociere said it had cancelled stops at Tunisian ports for security reasons. The government is attempting to introduce political and economic reforms to tackle an unemployment rate of 15%; youth unemployment is much higher still (MEES, 23 May 2014). Though Tu...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Gulfsands Struggles For Cash As Syria Return Recedes
...ing forward, the requirement for working capital funding is immediate and discussions with major shareholders are underway urgently to that effect,” Gulfsands says. … VITOL CALLS IN $11MN LOAN The firm thought that it had secured a financial lifeline through a November 2014 strategic pa...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
IMF Advises Iraq To Cut Spending Further
...oducing regions with exports expected to rise in 2015 to 3.1mn b/d from an average 2.4mn b/d in 2014. The number cited by the IMF is lower than the 3.3mn b/d on which the budget was calculated and in which Baghdad assumes a price of $56/B, just above the current price for Brent Blend futures (see p2...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Kuwait May Tax Firms
...ficit of KD8.2bn ($27.3bn) after allocation of revenue to the Reserve Fund for Future Generations (RFFG). The new budget is based on an oil price assumption of $45/B, compared to $75/B in the current 2014-15 budget. The government has already cut subsidies on diesel, kerosene and jet fuel as of...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Egypt Open For Business With $175Bn Of Deals Signed At Development Conference
...ods were also halved. The president said that Cairo aims to raise the GDP growth rate to 6% over the next five years –from 2.2% for 2014 and an IMF forecast 3.5% for 2015 – whilst cutting the unemployment rate to 10% from the current 13%. At the same time Mr Sisi confirmed that the government is co...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Saudi Refinery Output Tops 2mn B/D For Eighth Straight Month
...fineries. • Product volumes delivered ‘through the refinery gate’ actually peaked at 2.44mn b/d in December 2013, when crude runs were only 2.06mn b/d, indicating the delivery of larger than usual volumes from storage. Products demand reached a new peak of 2.02mn b/d in December 2014, but fell to 1.87mn b/d in...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Benchmark Crude Prices ($/B)
...OIL PRICES 19-Mar 9-13 Mar 2-6 Mar Feb-15 Jan-15 Q4 2014 Q3 2014 2014 20...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015