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Algeria Ploughs On With Failed Policies
...ll be no further changes to the country’s hydrocarbons law despite a disastrous turn-out at the most recent upstream round in September 2014, when a mere five bids were received, and four blocks awarded, out of the 31 blocks on offer (MEES, 3 October 2014). OIL LAW: ‘NO CHANGES’ The go...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Abu Dhabi Borouge 3 Petchems Ramp-Up Delay
...rgo of polymers from Borouge 3 via the nearby Khalifa Port in October 2014. While initial cargoes of polyethylene and polypropylene were sold within the Middle East, deliveries to Asia are now building. ETHANE SQUEEZE The Borouge JV operates three petrochemicals complexes at Ruwais, producing po...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Saudi Generator Hikes Capacity By 6%, Fuel Flexibility The Key
...SAUDI ARABIA Saudi Generator Hikes Capacity By 6%, Fuel Flexibility The Key Saudi state generator SEC added 6% of new generating capacity last year, but saw consumption rise by 8%. New power plants brought online in 2014 were mainly steam turbine plants, able to burn both gas and oi...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
OPEC’s Market Strategy Shrinks Spare Capacity
....71mn b/d in March, with NGLs output hitting an all-time high of 3.18mn b/d). Brent crude oil futures softened in response to the US data, trading at just under $64/B on 4 June, more than $50/B below the 2014 high of $115/B. GULF DRILLING UP In contrast to the slowdown in US drilling activity, Sa...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Jordan’s Energy Supplies: Lots Of Options, None Of Them Good
...ickly with any increase in oil prices. “If 2014 price levels were sustained throughout the next decade, savings from LNG could exceed $400mn/year (1.3% of GDP), reducing both the import bill and [state electricity firm] Nepco’s losses,” he says. Additional gas imports may become available from the Ea...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
US Backs Jordan Loans
...r Jordan, which had previously issued US-guaranteed sovereign bonds worth $1bn in 2014 and $1.25bn in 2013 (MEES, 15 August 2014). With the guarantee now in place, the Jordanian government is gearing up to issue its $1.5bn bond in the second half of June, Jordanian finance ministry official ‘Izz al...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Wintershall Eyes Future Opportunities In Libya Despite Onshore Production Shut-In
...edict.” Production had only restarted, at a reduced rate of about 30,000 b/d, in late February, following a two-month closure of the Zueitina terminal as the port itself was blockaded by protestors (MEES, 6 March). Prior to that the fields produced at around 35,000 b/d between 22 September and 21 December 2014...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Saudi Arabia Faces 20% Fiscal Deficit
...venues, the IMF said this week. Local investment bank NCB, in a report also issued this week, forecasts a deficit of $20.6bn for 2015. NCB notes that this is the first deficit since 1998 and contrasts with an $81.2bn surplus for 2014. With the kingdom, and Opec, sticking with a strategy of maximizing it...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Us Crude Production Continues To Rise As Imports Fall (‘000 B/D)
...4Q14 vs1Q14 4Q14 3Q14 2014 2013 2012 2011 2010 CRUDE OIL IMPORTS 7,020 7,...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 4-Jun 25-29 May 18-22 May May-15 Apr-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Rising Oil Exports Raise Questions Over Washington’s Iran Policy
...5mn b/d, the highest level in a year. January volumes also topped 1.35mn b/d, official customs data indicate. In the first four months of 2014, imports of Iranian oil averaged 1.38mn b/d. This was up from 1.25mn b/d for the corresponding period last year, largely driven by Iran’s big five consumers – Ch...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Iraq’s Southern Exports Hit Record 2.6mn b/d But North Still Out
...stream capacity increment of 2014. The latest Ministry of Oil data show that Iraq exported a total of 80.036mn barrels of oil or 2.582mn b/d from its southern ports last month, a marginal increase from 2.509mn b/d in April (see graph p20). Northern exports have been halted since 2 March because of pi...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Libya: Exports Down, Output Down, Violence Continues
...th crude shipments restricted to offshore fields, current plans to scale up refinery capacity also look optimistic. Libya: Crude Production & Exports (‘000 B/D) Libya Jan-April 2014 Exports By Port/Terminal (‘000 B/D) April Ma...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Reality Check For Libya’s Downstream Plans
...r 2014 to cover some of the early phases of the master plan,” NOC downstream development chief Muhammad Ellob told the 3rd New Libya Oil and Gas Forum held in London last week. Early works for the upgrade of the 120,000 b/d Zawiya refinery west of Tripoli and the construction of a 20...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Qatar Starts Up Clean Diesel Unit, Targets ‘Next Generation’ Chemicals
...nstruction beginning in July 2012. The plant was connected up to the Laffan Refinery electricity network in January 2014, ready for the shutdown of LR1 for the hook-up. Full operation of the DHT plant will mark the completion of the smallest of a number of downstream developments currently under way in Qa...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
IEA Slams Weak Mideast Energy Efficiency; UAE And Saudis Step Up Efforts
...E and Saudi Arabia – major hydrocarbons resources holders as well as electricity generators – are leading the regional quest to tame surging energy demand. The International Energy Agency (IEA) reckons that global investment in energy efficiency will amount to $8 trillion during 2014-35. Of th...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
IEA: OPEC To Gain Market Share From 2020s, But Timely Investment Needed
...er the 2014-35 period (that is to say $1.5-1.6 trillion each), the Middle East will get much more bang for its buck; with 29% of new global production for this period compared to a mere 6% for North American tight oil (see graph below). (All numbers are based on projections contained in the IEA’s ‘Ne...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
IEA Calls For $48 Trn Energy Spend To 2035
...at the vast bulk of investment here is swallowed up in maintaining current production levels. Globally a whopping 80% of the $17.4 trillion of expected 2014-35 upstream investment will go simply to offset decline in existing fields, the IEA predicts. More broadly, of the $40.2 trillion to be invested in...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Syrian President Asad Shows Staying Power
...rdish forces aren’t strictly pro- or anti-regime. Recently, Kurdish militias have engaged radical jihadist groups in eastern Syria. Additionally, rebel groups have been busy fighting each other since the start of 2014 when the Islamic State of Iraq and greater Syria (ISIS), fixed on gaining and co...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Cost Of Conflict Rises To $144bn
...producing fields and facilities by rebel groups, especially in the Deir Ez-Zor areas, in eastern Syria. Oil production in the regime-controlled areas in the first quarter of 2014 had fallen to around 13,000 b/d, or 3.4% of 385,000 b/d production at the beginning of the upheaval (MEES, 9 May). Al...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014