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PDO Accepts Oman Oil Ministry Challenge To Drive Push To 1mn b/d
...ny years about the 550,000 b/d [plateau], and now we’re ramping up,” PDO managing director Raoul Restucci said at the MOG’s annual media briefing in Muscat on 13 April. “We will increasingly present to you a 600,000 b/d plateau, not just for one year, but for…ten years.” Shell-led PDO, which in 2014...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Oman’s Offshore Hopes Take Hit With Total Exit
...ices were higher.” Oman is currently producing from just one of its seven offshore concessions – Block 8, which is operated by Middle East-focused Norwegian independent DNO. Output from Block 8 averaged 15,678 barrels of oil equivalent per day (boe/d) for 2014 DNO says: around 8,500 b/d oil, and 43...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Qatari LNG Faces Up To Uncertain Global Climate
...QATAR Qatari LNG Faces Up To Uncertain Global Climate With the global LNG market going through radical changes, Qatar is in no hurry to boost output. But it will have to adapt its approach to protect its revenue. Qatar’s LNG exports reached 76.37mn tons in 2014, down 2% from 20...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Qatar Gears Up For Growing US Condensate Exports, And Middle East Competition
...d of 2014 as the country favored cheaper coal and LNG for power generation. With the start of Barzan next year, Tasweeq will reach full export capacity in 2016. According to RasGas, Barzan will yield 22,000 b/d of field condensate and 6,000 b/d of plant condensate, as well as 34,000 b/d of et...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
MENA LNG Exporters Set To Lose Market Share
...ALGERIA/UAE/REGIONAL MENA LNG Exporters Set To Lose Market Share Algeria and Abu Dhabi were the only MENA LNG producers recording an increase in exports in 2014, according to the latest statistics from the International Group of LNG Importers (GIIGNL). Algeria helped boost supply fr...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Egypt’s Midor Refinery Signs Up UOP For $1.4bn, 60,000 b/d Expansion
...d 60,000 b/d of crude distillation capacity, it is particularly aimed at expanding output of middle distillates, especially Euro 5 specification diesel and jet fuel, to meet domestic market needs. In 2014 Egypt had to import a record 221,000 b/d of products (see graph). Last year Midor says it im...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Jadwa Lowers Saudi Oil Price Forecast, Predicts Further Fundraising
...SAUDI ARABIA Jadwa Lowers Saudi Oil Price Forecast, Predicts Further Fundraising Saudi investment bank Jadwa has lowered its forecast 2015 price for Saudi crude to $57/B, whilst raising its production forecast to 9.8mn b/d. Though 100,000 b/d higher than actual 2014 output, this is ac...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Petro Rabigh Plans $1.9bn Rights Issue
...abia’s existing commodity polymers industry (MEES, 17 October 2014). New products for Saudi Arabia from Rabigh 2 will include ethylene propylene diene monomer (EPDM) and thermoplastic olefin (TPO). The expansion will take Petro Rabigh’s output capacity to 5mn t/y of petrochemicals and 15mn t/y of re...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Oman’s Forecasts 85% Power Demand Rise To 2021; Gas Shortage A Worry
...ectricity sharing agreement with state oil firm PDO (for 60MW) and has installed a 400MW link to the GCC supply grid (MEES, 28 November 2014). The GCC link is part of OPWP’s plans for “creation of a spot market for electricity trade in 2018,” which will initially increase competitiveness among suppliers in...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Turkish Parliament Okays Second Nuclear Project
...pacity comprises more than 40% of Turkey’s long-term power plan (MEES, 5 December 2014)....
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
US OUTPUT RISE TO CONTINUE TO 2020-EIA
....6mn b/d in 2020, up from 8.7mn b/d for 2014 and some 1mn b/d higher than the 9.6 mn b/d (for 2019) prediction in the 2014 AEO. This 1mn b/d hike in the EIA’s forecast in peak US output is a clear reminder that whatever impact lower oil prices may now be having on US output – and the evidence for this is...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Libya: UN Optimism On Talks Belies War Preparations On The Ground
...not only fraught with practical difficulties and security risks, but also risks attracting UN sanctions. The UN Security Council stated in late 2014 that only oil sales through the Tripoli-based National Oil Corporation (NOC) would be recognized. Neither the Tripoli-based governor of the Central Ba...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Keystone Says KRG Investment Awaits Payment
...,000 b/d it hit in late 2014. ‘MODUS OPERANDI’ NEEDED “Our firm commitment is to move from 40,000 b/d to 70,000 b/d and ultimately to 100,000 b/d. [But] The only way to achieve this will be to find a modus operandi that will enable the Company to be paid for past and future oil sales on a regular ba...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
IMF Warns Qatar Of Budget Deficit
...date says the non-hydrocarbon sector recorded an 11.5% expansion in 2014, with the largest contributors consisting of construction, finance, insurance, real estate and business services, trade, hotels and restaurants. QNB expects double-digit growth in the non-hydrocarbon sector until 2018, while in th...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Algeria Oil Cash Down
...ALGERIA Algeria Oil Cash Down Algeria’s fiscal oil and gas revenue in 2014 fell to AD3,388.3bn ($42.4bn), from AD3,678.1bn ($48.4bn) in 2013, according to recently-released Finance Ministry figures. Of 2014 revenues AD1,577.7bn ($19.7bn) was allocated to the budget and AD1,810.6bn ($22...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
After Iran’s Nuclear Deal, Economic Reforms Are A Must
...the IMF’s latest World Economic Outlook (WEO), released this week, Iran’s real GDP growth is projected to grow by 0.6% in 2015, and 1.3% in 2016 – a downward revision from October 2014, mainly due to the fall in oil prices, and uncertainty about the progress towards a full nuclear deal. Fo...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Zanganeh: OPEC Should Cut Output ‘At Least 5%’
...wn on 2014 – and early indications suggest this fell in March owing to a complete halt in Indian intakes, following a government directive sent to Indian refiners to reduce imports from the sanctions-hit nation until the end of the Indian fiscal year (MEES, 23 January). South Korea, the only one of...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Egypt’s Economy: Still A Long Road To Recovery
...pects the general government deficit to decline to around 10% of GDP between July 2014 and June 2015. The IMF, in its January 2015 report on Egypt, says the deficit eased to 13.6% of GDP for 2013-14 having peaked at 14.1% the year before. Moody’s predicts that the deficit will decrease further to around 9....
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
SOUTH KOREAN 1Q15 CRUDE IMPORTS: SAUDI AND KUWAIT REMAIN TOP AS IRAQ MUSCLES INTO 3RD (‘000 B/D)
...14 1Q14 2014 2013 2012 2011 2010 Mar-15 Feb-15 Jan-15 MENA TOTAL 2,...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 16-Apr 6-10 Apr 30-Mar - 2-Apr Mar-15 Feb-15 Q1 2015 Q4 2014 2014...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015