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Iran Aims For Bid Round By July To Speed Up IOC Return
...firms about investment in Iranian petrochemicals projects. The company has a backlog of 67 partially completed petchems projects with almost 46mn t/y of combined capacity. They were halted by a lack of funds and gas feedstock (MEES, 10 October 2014). “Iran needs $55bn for 60 projects in the pe...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Libya Lays Out Plans For Output Hike
...ere through some maintenance. The Elephant field has capacity of 90,000-100,000 b/d.” The Sharara fields, on Blocks NC-115 and NC-186, produced up to 340,000 b/d prior to 2011, and were producing an average of 300,000 b/d in 2012, but output in 2014 averaged just 78,000 b/d, and it has been zero si...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Saudi Petchem Firms Slide Further In Tough Market, Sabic Looks To Consolidate
...so announced this week that it produced a total 70.5mn tons of plastics, chemicals and metals in 2015, which was 1.1% up on 69.7mn tons for 2014. A common theme in the companies’ first quarter results is reduced income due to lower sales prices, largely due to the indexing of petchems products to cr...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Irena Sees Renewables Growth In MENA, But Less Than Elsewhere
....34GW last year. But this represents just 1.3% of global 1.99TW end-2015 renewables capacity, up 8.3% on 2014, according to freshly-released statistics from the Abu Dhabi-based International Renewable Energy Agency (Irena). MENA regional renewables capacity has increased by almost 28% since the end of 20...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Crude Price Gains Further Reduce Incentive For Output Freeze
...rticipated in the November 2014 meeting when the market-share strategy was adopted - Indonesia is therefore excluded as it only rejoined in 2016. Based on average Q1 2016 prices and production, the group’s export earnings slump by 36% on 2015, which itself was down an eye watering 49% on the previous ye...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Eni: Unlikely Libya Boost Returns North Africa To Center Stage
...0,000 b/d in 2014. This, and concerns over payments, led partner Occidental (23.44%) to announce its intention to sell its stake in November 2015. Eni’s 19,000 b/d output gain in Iraq in 2015 was outpaced by a 21,000 b/d boost in Iran where the company receives oil in lieu of payment for pre-2011 in...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Corporate Profile: OMV Looks To Iran To Re-Boot MENA Portfolio
...s) out to 2020 despite taking a further ax to exploration spending. 2015 spending of €607mn on exploration was already down by 12% on 2014’s record €693mn. OMV plans a 26% cut to €450mn this year with a further 33% cut to €300mn for 2017 (and this figure maintained for 2018). Overall capex fell from €3....
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Saudi Plans $10bn Loan, First Since 1991
...ternational borrowing by Saudi Arabia, combined with the domestic debt issuance could push the general government debt to 9.4% of GDP in 2017, compared to 1.5% in 2014, due to the plunge in oil prices. Longer term, the issue of international sovereign debt will support the development of a market for Sa...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Lebanon: $1bn Bond Success
...ate since President Michel Sulaiman’s term expired in May 2014, with parliament unable to agree on a successor. Political and economic relations between the GCC countries and Lebanon have also worsened: the GCC accuses Shia militia-come-party Hizbollah of terrorism. Hizbollah is part of the Le...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Algeria Oil & Gas Revenues Collapse Further
...Algerian customs data for the first two months of 2016 show that the country’s earnings from oil and gas exports are on target to be just 40% of 2014 levels. Total exports for the first two months of 2016 were worth just $4.19bn, $25.6bn on an annualized basis, down from $62.9bn for 2014 an...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
SOUTH KOREAN 1Q16 LNG IMPORTS: VOLUMES EDGE UP BUT PRICES CONTINUE TO FALL
...*BASED ON 1T LNG =52MN BTU. ACTUAL NUMBER VARIES WITH CALORIFIC CONTENT. ** CHANGES EXPRESSED IN PERCENTAGE POINTS. N/A INDICATES ZERO IMPORTS FOR PERIOD. SOURCE: KOREA CUSTOMS SERVICE, MEES CALCULATIONS. KOREAN LNG IMPORT VOLUMES RISE Year-On-Year FOR FIRST TIME SINCE 2014...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016