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Algeria Charts New Economic Direction. Is It Battling Against The Tide?
...blic debt increased,” said the IMF following the conclusion of its Article IV mission to Algeria on 20 March. Algeria’s trade deficit was a record $17.84bn in 2016 up from $17.01bn in 2015 and a surplus of $2.4bn in 2014. Of course the key variable here is the oil price (see chart, and table p5 for fu...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
The UAE Gears Up For Second FSRU As Fujairah Terminal Looks Uncertain
...mestic gas production has failed to keep pace with local demand, the UAE has been forced to plug the gap with pipeline imports from Qatar via the Dolphin pipeline. Imports through the link were recorded at 18 bcm in 2014, while production stood at 57.8 bcm and consumption at 69.3 bcm. But the supply gap is...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Sipchem Plans Sukuk To Diversify Funding Sources
...rk is intended to increase the reliability and efficiency of the units. In 2014 Sipchem and fellow Saudi petchems middleweight Sahara Chemicals had planned a merger to bring “significant synergies” in operations and create a strong platform for growth. The companies abandoned the plan, citing pr...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
OPWP Pushing Spot Market Development, Eyes GCC Electricity Trading
...ility delivered a total 31.29TWh of electricity in 2015, an increase of 15.5% over the 27.10TWh supplied in 2014. At the same time, OPWP supplied 242mn m3 of desalinated water in 2015, which was 17.5% higher than the 206mn m3 delivered in 2014. Despite the double-digit rises in electricity and water de...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
UAE Tendering 1.15GW Of Solar, Dubai Receives Record Low Bid
...oject, a 100MW solar PV plant to be called Noor. Masdar had been lined up to develop the project, but the state renewables firm’s proposed price for supplied electricity was seen as a major sticking point (MEES, 31 January 2014). While both Dubai and Abu Dhabi are pursuing large scale solar projects, De...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Iraqi Crude Export Volumes Approach Record Highs
...e highest since November at 431,000 b/d. Meanwhile, levels of direct crude burn for electricity generation fell to the lowest level since March 2014. Moreover, the 109,000 b/d was just 2.5% of overall production last March, the lowest in percentage terms since May 2013. However, the average Q1 di...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Global Military Spending Up In 2015, Saudi Arabia In Third Position
...untry in the Middle East and North Africa region, according to a recent report by the Stockholm International Peace Research Institute, published in April. The kingdom’s $87.19bn expenditure in 2015 was almost four times that of the UAE, which ranked second in the region (based on 2014 figures), and mo...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Tamar Gas Gives Noble East Med Boost
...rkey, and progress here is slow. The field itself is 130km from shore in 1,700ms water depth. The original development plan, filed in December 2014, envisaged a 16.5 bcm/year (1.6bn cfd) floating production storage and offloading (FPSO) vessel to be tied-back to shore – exactly where was left un...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Service Firms Merger No Go
...November of 2014, to a low of just over $26 in February of this year, while the global rig count has gone to a 17-year low and you all know what has happened in North America, where each week we've seem to hit new historical lows,” he says. On 29 April the US rig count fell to just 420, as up...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Japan Takes In More Opec Crude And Condensate As Imports Rise In 1Q16 ('000 B/D)
...*ALL USA SINCE 2014. 2011 VOLUMES INCLUDE CANADA....
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Iran Readies Upstream Opening In Anticipation Of Nuclear Deal
...an’s oil ministry is bent on raising crude oil output back to pre-sanctions levels of around 3.7mn b/d from just 2.8mn b/d in 2014, and in turn reclaiming Iran’s spot at Opec’s second largest producer – a title it lost to Iraq in 2012, after sanctions on Iran’s crude exports were implemented, forcing it...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Japan’s Inpex Adds Onshore Abu Dhabi Stake To UAE Portfolio
...hind Saudi Arabia as a supplier to the land of the rising sun. All but 20,000 b/d of this (Dubai crude) comes from Abu Dhabi, with Murban (320,000 b/d) the largest single grade for 2014, though Murban was just edged out by the new DAS blend, formed from the comingling of former Umm Shaif and Lower Za...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Eni Ramps Up Western Desert Output As Cairo Looks To Cut Through Red Tape
...phisticated drilling techniques including hydraulic fracturing (MEES, 30 January). On 9 January, Eni announced it had been awarded the South-West Melehia block in the Western Desert, following the EGPC 2013 bid round (MEES, 3 January 2014). The field borders the firm’s Melehia block to the southwest and US...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Petroceltic Upbeat On Ain Tsila As Sonatrach Calls For Cost Cuts
...rst 12 drilling locations – all in the northern part of the field – already selected and approved. The agreement with Sinopec follows the front-end engineering and design (FEED) award to Chicago Bridge and Iron of the US in September 2014. The next key step in the project’s implementation will be...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Italy Ups Algerian Gas Imports As Lower Oil Prices Feed Through Into Contracts
...ALGERIA Italy Ups Algerian Gas Imports As Lower Oil Prices Feed Through Into Contracts Exports of Algerian gas to Italy averaged 22.6mn m³/day for April (800mn cfd), twice 4Q 2014 levels. Volumes are set to keep increasing this summer, as the impact of lower crude prices gradually fi...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Jihadists Take Iraq’s Baiji Refinery; Shell Delays Majnoon
...ll come much later than expected. IS began an assault on Baiji on 29 April, pounding the refinery with mortars, rockets and rocket-propelled grenades, as it made yet another concerted effort to capture the 360,000 b/d refinery, which has been in the Jihadists’ sights since their June 2014 in...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Iraq’s Battered Refining Sector Gets Rare Boost From Basra Upgrade Award
...ocessing around 400,000 b/d since Islamic State (IS) fighters first seized control of the Baiji refinery in June 2014, and news it has allegedly fallen under the Jihadist group’s control again this week could mean it will be out of action now indefinitely (see page 8). The refinery has been severely da...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
DEWA Urges Consumers To ‘Think Smart’ Under New Electricity Strategy
...an doubled from 2004 to 2014, from 3.23GW to 7.23GW. In 2014 peak demand was 9.7% higher than the 6.86GW in 2013. DEWA’s current generating capacity is 9.66GW, but peak demand could exceed this level in four years’ time at last year’s growth rate, if no capacity is added. Hence DEWA will build 2....
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Saudi Top Oil Brass On China Charm Offensive
...inese imports have continued to rise, meaning that the Saudi market share has fallen from a peak of 21% in 2009 to 16% for 2014 and Q1 2015. China is Saudi Arabia’s second largest customer, after Japan which took 1.22mn b/d in Q1 (see table p18 and graph p19). The US, in top position until mid-2014, ha...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Damascus Cash Crunch As Crude Below 10,000 B/D
...oduction of 385,000 b/d before the start of the uprising in March 2011. However, if the government figures are to be believed, output is actually up slightly on the 2014 average of 9,330 b/d, while the average for the first quarter of 2014 stood at 13,000 b/d (MEES, 9 May 2014). Gas production has fa...
Volume: 58Issue: 18Published at Fri, 01 May 2015