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Oman Eyes Liwa Close, Prepares Duqm
...ckages: cracker; polymer units; NGL extraction plant; and 300km NGL pipeline. CB&I is supplying process technology for the 800,000 t/y cracker, the NGL extraction unit and the MTBE unit (MEES, 18 July 2014). It is also among bidders, with consortium partners Saipem of Italy and CTCI of Taiwan, for the cr...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Grace Catalyzes UAE
...ptember 2014). The FCC catalysts plant was originally scheduled for start-up in 2015 (MEES, 24 May 2013). Among delaying factors has been Grace’s major reorganization in 2014 “under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware to resolve thousands of as...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Egypt Adds Power Ship To Short-Term Plan, Lines Up Loans For EEHC
...at declining natural gas production in Egypt has meant that many power plants have suffered fuel shortages since 2013. Cairo is currently planning how to prevent power blackouts during peak summer demand. Generating capacity is 31.45GW, but peak demand reached 28.25GW in summer 2014. Peak demand co...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
OPEC Output At Highest Level Since Late-2012
...nds yet another signal that Riyadh – and by association Opec – is sticking firmly to what many saw as a controversial November 2014 decision not to cut production, even though global oil prices were on a sharp downward trajectory. Just weeks after the decision, Saudi Oil Minister Ali Naimi told ME...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Zanganeh: six months for full Iran return to markets
...vels at the start of 2015, before recovering somewhat in recent weeks. Front month Brent futures were trading at around $66/B, down over 40% on their June 2014 peak of $115/B, as MEES went to press. With Saudi Arabia currently showing little willingness to reduce output, and Iraq forging ahead with it...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iran 1Q15 Oil Shipments Take India Hit
...ld intakes from Iran to approximately 2013 levels, 2014 saw Indian imports increase a massive 45% year-on-year, theoretically making it the biggest ‘violator’ of US sanctions among Iran’s remaining five regular customers: China, India, Japan, South Korea and Turkey. This move saw Indian imports fr...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iraq, KRG Oil Export Deal Holds Despite Discrepancies
...tential earnings from oil exports that generate nearly all of the state’s revenues. The Iraqi oil ministry has admitted to difficulties in paying the companies, which it says were owed $9bn in arrears for 2014. It owes an additional $18bn this year to pay the international oil companies (IOCs), of which it...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
DNO Losses Mount On Scant KRG Revenue; More Firms Look To Quit
...erating loss of $69.2mn and says it has cut its capex budget to $100mn for 2015, roughly a third of 2014’s figure. A third of the budget allocated for this year has been spent but DNO is targeting savings of $20mn by cutting costs starting middle of the year, Mr Mossavar-Rahmani said in presenting pr...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iraq Seeks IMF Help
...rears for 2014, and for 2015 an additional $18bn are needed to pay these IOCs (MEES, 24 April). This is happening at a time when Iraq’s international reserves are being run down as oil revenue falls due to low oil prices and the cost of fighting the Islamic State (IS) insurgency mounts. Iraq has an...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Saudi Oil Leadership Changes Raise More Questions Than Answers
...oducers, he has said. He must, however, be concerned that a further recovery in oil prices, which are still far below the 2014 high of $115/B, will scupper his policy before it has had a chance to succeed. It’s a tricky balancing act for the minister, who has proven himself adept at managing the often st...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Saudi Reserves Down $50Bn Amid Bonus Payouts
...esent low levels in the mid-term. Total Saudi reserves, $732bn at the end of 2014, rose slightly to $734bn a month later before falling to $714bn at end-February and $698bn in March, according to SAMA’s Monthly Statistical Bulletin for March 2015. Reserves peaked in September 2014 at $746bn. Af...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Benchmark Crude Prices ($/B)
... 7-May 27 Apr-1 May 20-24 Apr Apr-15 Mar-15 Q1 2015 Q4 2014 2014 20...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Syria: Subsidies Hit $1Bn; ‘Losses’ At $22bn
...vernment spent S£40bn ($268mn at the official exchange rate of $1=S£149) on energy subsidies in the first quarter of 2014; over $1bn on an annualized basis. The minister estimates total losses in the hydrocarbons sector since the beginning of the uprising in March 2011 at S£3,202bn ($21.5bn) – S£2,...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
KPC 100KBD India Deal
...e first quarter 2014, the US upped volumes substantially, taking 405,000 b/d for January and February (March data are not yet available). Japan is Kuwait's third largest customer taking 311,000 b/d for the first quarter, up 12% on a year earlier. The Indian market is of growing importance to Ku...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
MENA Active Drilling Rigs, April 2014*
...MENA Active Drilling Rigs, April 2014* April Br...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
Tupras Boosts Turkish Conversion Capacity
...sidue upgrader unit at the 220,000 b/d Izmit refinery will transform high-sulfur fuel oil into Euro V standard light products, while increasing production capacity for petroleum coke and sulfur. The project was over 90% complete at end-2013 and is scheduled for November 2014 start-up, Tupras says. Sp...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
Aramco Scales Back Giant Jazan Plans To 2.4GW
...art Status SEC Projects 9.98 Shuaiba 2 1.24 Gas 2014 U/C Ji...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
Saudi Boost Pushes OPEC April Production Higher
...0,000 b/d for each of the last three months for which JODI data is available (December 2013, January 2014 and February 2014), again the three highest figures on record (see graph). Iraqi output held steady at 3.3mn b/d as higher output from southern fields and a rise in domestic consumption was cancelled ou...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
Libya’s New PM Faces Old Problems
...y from the roughly 1.5mn b/d pumped prior to the outbreaks of strikes last July, and puts Tripoli under severe budgetary pressures. The government lost billions in forgone oil revenues last year, and has failed to sign a budget for 2014. Without the funds to invest in the country’s dilapidated in...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
Hamad Bin Jasim Returns With $1.6bn Heritage Oil Takeover
...oblems, Heritage gives a broad estimate of 14,500–18,000 b/d for its overall net 2014 production. This includes small volumes in Russia, where the firm has a 95% interest in the Western Siberian Zapadno Chumpasskoye license, its only other producing asset. This produced about 600 b/d in 2013. The firm’s 20...
Volume: 57Issue: 19Published at Fri, 09 May 2014