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Delek Looks To Increase Aphrodite Stake
...vor of Noble. Noble gave the first indication it was looking to divest part of its Block 12 stake in its 2014 annual report, “There is also potential for a farm-out arrangement of our working interest,” the firm said (MEES, 10 April). FUNDING EFFORTS Delek has been working hard to gather fu...
Volume: 58Issue: 23Published at Sat, 06 Jun 2015 -
Bijan Namdar Zanganeh: A Star Is Born At OPEC
...untries. “On the supply side, non-OPEC growth in 2015 is expected to be just below 700,000 b/d, which is only around one-third of the growth witnessed in 2014,” it said. IRAN PREPARES ITS RETURN For Iran, boosting production post-sanctions – and in turn reclaiming the market share it lost as a re...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Egypt Awards Siemens €8bn, 16.4GW Powergen Deal
...st of Cairo (MEES, 20 March). Each plant will incorporate eight H-Class turbines, whose specification maximizes fuel efficiency at the expense of fuel flexibility. “The plants will add power to the grid in stages,” says Siemens. “Plans call for an initial 4.4GW to go online before summer 2014 an...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Total Sees Sunshine Amid Gulf Turbulence-Interview With CEO Patrick Pouyanne
...rmoil. Total suffered a double shock last year, which ended with the tragic death of Christophe de Margerie, the charismatic former CEO who died in a plane crash in Moscow in October. The first shock was the collapse in oil prices, which fell from a high of $115/B in June 2014 to $45/B in January be...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
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