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Algeria’s Upstream Investment: Running To Stand Still
...geria has set itself the goal of boosting gross hydrocarbon output to an annual 225mn tons of oil equivalent (toe) by 2019, up 12.5% on the 2014 figure of 200mn toe (see graph), according to the latest version of the country’s five-year energy plan published earlier this month by Algeria’s Ministry of En...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Iraq Seeks Chinese Funding For Crucial Water Injection Project
...ve to supply the foreign operators with more oil in the months ahead. It had already ramped up the volumes of crude to the IOCs since the middle of 2014, when oil prices began to fall, as the value of the barrel declined. Payments in kind to the foreign operators accounted for roughly 30% of total ex...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
DNO Reports New Tawke Production Record
...or Mor gas field increased marginally by 3.7% to 30,400 b/d of oil equivalent compared with 29,300 boe/d in the corresponding quarter of 2014, while LPG sales doubled year-on-year. The LPG plant is producing at near capacity having returned from suspension in July 2014 and sales have increased su...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Iran To Start Building Siraf Condensate Splitters, Targets Asia Petchems
...nstrained finances are unlikely to enable completion before 2017. NIORDC earlier began design work for the 120,000 b/d Pars splitter at Shiraz, but this has been put on the back burner along with five oil refineries with a combined capacity of 1.08mn b/d (MEES, 8 August 2014). While funding these pr...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Egypt P’chem Funding
...phtha. The company has also clinched a $500mn deal with General Electric, in which the US engineering giant will provide technology and an undisclosed amount of equity (MEES, 4 April 2014). While Tahrir dwarves many other Egyptian downstream projects, Carbon Holdings is also seeking smaller financing de...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
OPEC Set For Rollover, In More Ways Than One
...pped in the coming months in order to meet higher domestic demand and export commitments. Despite signs that Venezuela, which has been most hit by the collapse in oil prices since June 2014, is again trying to coordinate action with non-Opec Russia, no formal meeting is planned between Opec kingpin Sa...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Saudi Mosque Bombings Shatter Illusion Of Security
...blications criticizing Saudi Arabia and its participation in the Yemeni conflict while its leader released a speech on 14 May, his first since late 2014, claiming that Saudi rulers were “the slaves of the Crusaders and the allies of the Jews,” and had lost legitimacy to lead the Sunni people. IS ‘MORE RO...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
ENOC Moves Ahead With Offer To Absorb Dragon Oil
...later withdrew from the transaction. Petroceltic’s key production is in Egypt, while its key expansion project is in Algeria. Dragon said in its Annual Report for 2014 that it had ramped up its oil production to 92,000 b/d at the end of last year after a slow start to the year at its flagship Ch...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Algerian PM Toughens Tone On Economy, Sonatrach Chief Pressed To Boost Output
...me period a year earlier. The lower exports weighed significantly on the trade balance which recorded a deficit of $4.32bn for January-April 2014, against a surplus of $3.4bn during the equivalent period in 2014. Total exports fell 41% to $13.4bn, with non-hydrocarbon exports accounting for $866mn, or...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Cornered Tehran Ups Gas, Gasoline Prices To Ease Cash-Crunch
...clear deal in the coming weeks – for now at least, Iran appears more focused on identifying solutions from within: specifically, by further trimming its energy subsidy bill, which was estimated at upwards of $50bn in the last Iranian year (March 2014-March 2015). As of midnight on 26 May, Iran hi...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
KNPC Seeks Ideas, Finance For Refinery Projects
...ocurement and construction (EPC) contracts worth a combined $12bn for projects to upgrade the existing 270,000 b/d Mina Abdullah and 466,000 b/d Mina al-Ahmadi refineries, while expanding the former and reducing the latter to give a combined crude distillation capacity of 800,000 b/d (MEES, 14 February 2014...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Morocco Solar Funds
...tober). Morocco also has coal-fired plans totaling 1.64GW under development. For these Morocco secured $290mn from China Exim Bank (320MW at Jerada), while a 1.39GW plant at Safi was backed by $2.6bn project finance led by France’s Engie (MEES 10 October 2014). Morocco’s next big funding requirement ma...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Benchmark Crude Prices ($/B)
...OIL PRICES 28-May 18-22 May 11-15 May Apr-15 Mar-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
KRG At Point Of No Return As Baghdad Sues Over Oil Sale
...r failing to meet its 2014 export commitment of 400,000 b/d. It also dismissed a KRG invitation to SOMO to observe the independent sales, saying the state marketer’s role was not that of observer. The KRG halted oil exports from the semi-autonomous province in 2013 because of the dispute with Ba...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Output Continues To Slide As South Sudan Conflict Rumbles On
...eater Pioneer Operating Company (GPOC), and 5,000 b/d from the fields in Block 5A, operated by the Sudd Petroleum Operating Company. All Unity production has been offline since the second week of 2014 though, after rebel forces temporarily took control of the fields in the state, and damaged key in...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
RasGas Breaks With Oil Link In E.ON LNG Deal
...targas-4 (Train 7) – a JV between QP (70%) and Shell (30%) – signed a five-year sales and purchasing agreement (SPA) for Qatargas to supply 1.5mn t/y of LNG to Gasunie and Vopak’s Gate LNG terminal in Rotterdam from January 2014 (MEES, 18 October 2013). Like the RasGas deal, the contract allows for fl...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Turkey’s Petkim Readies For Integration Of STAR Refinery
...8,000 t/y and PTA capacity to 105,000 t/y. Basic engineering and procurement have been largely completed, and construction work is expected to start in 2014. The $5.5bn STAR refinery is being built by Spain’s Tecnicas Reunidas, Italy’s Saipem, South Korea’s GS Engineering and Construction and Japan’s It...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Saudi Refining Output Down In 2013, Major Integration Under Way
...benzene and propylene. At Yanbu’, the Yasref refinery, being built by Aramco and China’s Sinopec, has “made significant progress towards start-up in 2014.” The 400,000 b/d plant will be Saudi Arabia’s “most advanced refinery,” processing Arabian Heavy crude into high quality gasoline, diesel, LPG an...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Saudi Refineries Output 2013
...tal *2505 85.1 91.7 -6.5 from Sep 2014 Yasref, Yanbu Ar...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
US ‘Loss’ Is OPEC Gain As Vienna Meeting Nears
...gions, made for dramatic headlines, the reality is not so bleak. The EIA’s revision actually raises the estimate of production from Monterey to an average 57,000 b/d between 2010 and 2040, up from a 2013 estimate of 14,000 b/d. The new report will be published alongside the EIA’s 2014 Annual Energy Ou...
Volume: 57Issue: 22Published at Fri, 30 May 2014