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Chevron Looks To Farm Down KRG, Morocco Interests
...completed 2D seismic work in 2014 and plans to started 3D seismic work in 2015. Chevron is targeting a 500,000 b/d-plus rise in production to 3.1mn barrels per day of oil equivalent (boe/d) by 2017 – an ambitious target given that output has been trending downwards in recent years (see gr...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Iraqi Oil Exports Rise To Nearly 3Mn B/D As KRG Deal Holds
...rther development of Zubair such as the long process of approving large contracts are resolved. Samsung Engineering said in March last year that it had been awarded an $840mn contract for the Zubair degassing facilities. In its annual report for 2014, Eni, which has a 41.6% stake in the TSC, sa...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Egypt: Apache Oil Output Rises As Gas Shortages Intensify
...r fracture stimulation,” the firm says. As a result of the boost from these discoveries Apache says that its gross Egyptian oil output will rise this year from 2014’s 199,300 b/d – 29% of Egypt’s overall 690,000 b/d production—though its gas output will fall. On a net basis the firm’s oil output is...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Noble Piles Pressure On Israeli Authorities In Monopoly Case
...raeli government for scaring off Australian LNG experts Woodside, who last May backed out at the last minute from paying $2bn for a 25% stake in Leviathan (MEES, 23 May, 2014). “One factor contributing to Woodside’s withdrawal was their inability to reach agreement with the Israeli government on va...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Kuwait LNG Plans
...exibility to supply LNG during periods of high seasonal demand in summer. KNPC signed a five-year contract with Golar LNG to charter a floating storage and regasification unit (FSRU) in 2014. The floating unit has an import capacity of 7.9 bcm/year (760mn cfd, 5.6mn tons/year of LNG), with a 170,000m3 st...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Tupras Sees $2.7Bn Izmit Upgrader Boosting Refining Margins
...ports to meet commitments to its distribution and retail affiliates. Tupras is hoping to raise its total capacity utilization to 95% – up from 72% for 2014 – once the upgrader is running at full throughput, allowing it to raise its products output to 27.5mn tons for 2015 from 20.1mn tons (42...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Can Algeria Live Up To Its Renewable Potential?
...m sales gas output. This appears to have risen further to around 38 bcm for 2014, with increased domestic power and petrochemicals consumption further cutting into exports. Plans to add 15.6GW of gas-fired power capacity (necessitating 20 bcm/year of gas according to MEES estimates) by end-2016 me...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Jordan Gets Russian Backing For Nuclear Plans
...asibility study. Rosatom says these contractors will be selected through international tenders. Rosatom says the agreement requires it to supply nuclear fuel for Jordan’s planned NPPs and take the spent fuel back to Russia. JAEC and Rosatom signed a preliminary agreement in September 2014 to jointly de...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Iran And World Powers Strike Initial Nuke Deal But Oil Markets Unfazed
.../B on 2 April, on the back of the recent slowdown in US production growth. Latest data from the US government’s Energy Information Administration (EIA) put US oil output at 13.51mn b/d in February, which is up on 13.21mn b/d in January, but down from 13.58mn b/d in December 2014 (see p15). US ou...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
US Petroleum Imports, Exports, Demand (‘000 B/D)
...14 3Q14 2014 2013 2012 2011 2010 CRUDE OIL IMPORTS 7,274 7,242 7,150 7,...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Libya: GNC Sacks PM As Oil Output Rises With Prospect Of More to Come
...at there is some LD100bn available in the banking system. This spurred an investigation by the GNC’s finance committee that revealed he had overstated government revenues. Mr Hasi, an Islamist, was appointed as prime minister by the GNC in August 2014. He was runner up to Abdullah al-Thinni, Pr...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Yemen Crisis Claims More IOC Casualties
...pplies neighboring communities is maintained.” Block 10, until recently had been producing just shy of 35,000 b/d, up slightly on its 2014 average of 31,000 b/d. But while Total did not clarify by how much output has been reduced, MEES soundings indicate production from the field is now running at be...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Saudi Aramco Set For Shopping Spree With $10Bn Wallet
...dget in 2014 (MEES, 2 January). This share is likely to have risen due to stepped up security measures in response to political instability in the neighbourhood even before the intervention in Yemen. The government presented a deficit budget for 2015, the first since 2009, in anticipation of sh...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
TAQA Hit By Commodities Slump Despite Record Output
...UAE TAQA Hit By Commodities Slump Despite Record Output Abu Dhabi National Energy Company’s (TAQA’s) losses increased last year despite record output, because of a “structural change in commodity prices.” The company reported a net loss of Dh3.01bn ($820mn) for 2014, compared with Dh...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Motiva Ties Up US Refineries
...panese refineries, and 25% with ExxonMobil and Sinopec in a refinery at Fujian, China (MEES, 4 July 2014)....
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Egypt Issues $1.5Bn Eurobond Mandate
...ggested that the new Eurobond could be as high as $2bn, depending on the market. Cairo spent E£44.8bn ($5.9bn) on subsidizing oil products in the first half of the current fiscal year (July-December 2014), slightly less than half the amount of E£100bn ($13.2bn) budgeted for full year. With the steep fa...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
UAE Eyes FDI Boost
...ee zones. FDI surged 25% in 2014 to exceed $13bn, after a 9% increase in 2013 to $10.5bn, the minister noted, quoting UNCTAD statistics. He adds that under the UAE Vision 2021, his government aims to achieve foreign investment flows equal to 5% of GDP. He also said that the UAE is keen to rank fi...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Jordan Slashes 2014 Budget Deficit
...JORDAN Jordan Slashes 2014 Budget Deficit Jordan cut its deficit (after grants) by 55.6% to JD585.3mn ($825.3mn) for 2014. This equates to 2.3% of GDP, down from 5.5% of GDP (JD1.32bn - $1.86bn) for 2013. While spending rose by 11% to JD7.85bn, revenue rose by almost 18% to JD...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
$3.8Bn Syria Pledges
...neral Ban Ki Moon, 90% of the pledges made in 2014 were honored by the donors. Syrians are the victims of the “worst humanitarian crisis of our times,” the Secretary General says, and that he has only “shame and deep anger and frustration at the international community’s impotence to stop the war.” In...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Benchmark Crude Prices
...Benchmark Crude Prices 2-Apr 23-27 Mar 16-20 Mar Mar-15 Feb-15 Q1 2015 Q4 2014 2014...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015