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New Adnoc Supremo Commits To 3.5mn b/d Output Target Amid Leadership Shakeup
...ctor for a number of years, especially since the president’s stroke in 2014. Many of the new faces have previous, or ongoing, experience in sovereign wealth fund Mubadala (see table). Mubadala has greatly expanded its role in the energy space in recent years. Mubadala’s board is chaired by the cr...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Middle East Drilling Remains Robust Despite Upstream Capex Cuts
...oks to develop the Risha gas field and East Safawi Block. Though once seen as a potential gas lifeline for Jordan, Risha proved disappointing: BP pulled out in 2014 and wrote off its $240mn investment in the project after drilling two wells and determining that the reservoir, which BP previously th...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Mid-East LNG Demand‘A Driving Force’ In 2015
...4% to 105mn tons in 2015, a 43% global share down from 47% as recently as 2013 (see table). Output from dominant producer Qatar – which alone provides 32% of global supplies, steady with 2014 – edged up to a record 78.4mn tons in 2015. But Australia is set to challenge Qatar for top spot over the ye...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Israel Refineries Flat Out In 2015, Making Most Of Margins
...• Israel’s two refineries continued to run flat out in 2015. While average combined products output was at just under 293,000 b/d, slightly short of 2014’s record 295,000 b/d, operators Bazan and Paz continued to make the most of low crude oil prices. Brent prices averaged just over $50/B in 20...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Iran’s Power Plants Increase Gas Burn, Face Competition For Supplies
...an’s gas output is being boosted by the completion of development phases of the giant South Pars offshore field. South Pars produced 130 bcm (12.6bn cfd) in 2015-16 up 15% from 113 bcm (10.93mn cfd) for 2014-15, Ali-Akbar Shabanpur, managing director of field operator Pars Oil and Gas Company (POGC) sa...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Petroceltic: Worldview Or Bust
...bsidiary Dragon Oil tried to buy the firm for $800mn (MEES, 10 October 2014). It was downhill from there. Worldview, which has steadily built a stake since 2011, in January 2015 lambasted Petroceltic CEO Brian O’Cathain's board for “failures… including the failed offer by Dragon Oil (MEES, 16 January 20...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
$22bn In Saudi Cash And Products To Keep Egypt Afloat
...ypt obviously missed Prime Minister (then Oil Minister) Sharif Ismail’s target of paying off the dues by end-2015 (MEES, 28 November 2014), things had at least been moving in the right direction. If the $20bn figure attached to Saudi Arabia’s five-year oil products supply deal is correct then this is...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Saudi Crown Prince Plots $2,000bn Mega Wealth Fund
...oil prices and with them Saudi revenue since late 2014, where the cash will come from. King Salman, who took power in 2015, has allowed his favorite son Muhammad to grasp many of the kingdom’s key reins of power. His mooted economic policies are revolutionary given Saudi Arabia’s conservative an...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016