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US Shale Output Soars But Permian Productivity Falling
...oductivity metric has fallen for every month since, to 627 in May and a projected 617 and 602 in June and July respectively. The latter figure would take productivity back to numbers last seen in March 2016, though it remains at three times 2014 levels. Of course the Permian ‘rig count’ continues to ri...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
EBRD Kick-Starts Egypt Solar With $500mn Investment In 16 PV Projects
...ypt,” says EBRD head of power and energy Harry Boyd-Carpenter. “We have been working with the Egyptian authorities since 2014 to help them fulfil their ambitious goals in this area. We are delighted now to be in a position to commit very significant financing to projects, which we expect to start co...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Opec Confirms 13% 2016 Revenue Fall: Iran The One Winner
...12 2013 2014 2015 2016 vs'15% vs '12% 2017* vs'16...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Erbil Plays Russian Roulette With Independence Vote
...ashpoints such as Kirkuk, Sinjar, Khanaqin and Makhmour will all be participating. The exact delineation of the areas which will vote has yet to be confirmed, but Kurdish peshmerga have held large swathes of disputed territories against the Islamic State since 2014, enabling de facto control for Erbil. Re...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Algeria: New Energy Minister Faces Revenue Meltdown, Political Uncertainty
...m/year of gas output over 2014-20, hitting 93 bcm/year by the latter date (MEES, 5 June 2015); it now forecasts just 85 bcm by 2021 – by far the biggest downgrade of any country in the latest report (see p4). And rising domestic demand means export volumes are set to continue their recent co...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Will The ‘Golden Age Of Gas’ Ever Arrive?
...mestically. Total forecast growth of 16bcm over the five year period is markedly lower than last year’s forecast of 23 bcm over 2014-20 and compares with an official Saudi target of hitting 12.2bn cfd (126 bcm) by 2021 (MEES, 1 April). Saudi Arabia is officially targeting a boost of the share of gas in it...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
LNG Supply Glut To Depress Prices For Years To Come
...Global LNG export capacity rose by 45% between 2011 and 2015 with 90% of this coming from the US and Australia. The “massive expansion” of Australian and latterly US export capacity, particularly since 2014 “just as demand slows” means “global gas prices are set to stay under pressure” for th...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iraq’s Kirkuk: Key Northern Oil Province Has Little Chance Of Achieving Autonomy
...ghdad’s dispute with the KRG over the region’s independent exporting of oil in breach of a December 2014 agreement. MEES calculates that the loss of around 170,000 b/d of exports in March equated to lost monthly revenues of around $145mn. And with Brent having risen more than $11/B since then, these mo...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Gas: ‘Remarkable Turnaround,’But Not Quite Yet
...21 – the IEA output numbers for the next couple of years look optimistic. The IEA has consistently underestimated Egypt’s near-term output slump. Last year it had Egyptian gas output bottoming out at 50 bcm in 2014, rising to 51 bcm (4.9bn cfd) in 2016: actual output was just 3.96bn cfd in the fi...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Revisits IMF Loan As Gulf Aid Slows
...sh injection and subsequent volumes in 2014 and 2015 gave new President Abdel Fatah al-Sisi the breathing space to shun the IMF. But since the start of 2016 attempts by Gulf monarchies to rein in state spending have put a big question mark against continued aid to Egypt, prompting it to again lo...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
US Anti-Hizbollah Sanctions Law Haunts Lebanon’s Banking Sector
...onomy is hampered by a power vacuum and parliament has been unable to elect a head of state to succeed former President Michel Sulaiman, whose term expired in May 2014. The paramilitary group, which is fighting on the side of the Syrian regime, is blamed by many politicians in Lebanon for preventing the el...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bonds Away: GCC Countries Tap Markets For $3.5bn As Saudi Waits In Wings
...the onset of the oil price shock in 2014. But it adds that fiscal buffers estimated at around 85% of GDP in 2015 will provide support through the process of fiscal and external adjustment. The agency adds that Oman’s heavy economic and fiscal reliance on the oil and gas sector represent a key cr...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Taqa Issues $1bn Of Bonds To Refinance Debt
...ints, according to Bloomberg, which cited an unnamed person familiar with the deal. The agency says France’s BNP Paribas and Societe Generale, US’s Citigroup, UK’s HSBC, and UAE’s First Gulf Bank and National Bank of Abu Dhabi are managing the bond sale. Taqa last tapped the bond market in April 2014...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iraq Lowers Sights On Capacity As Reality Sets In
...ndon on 9 June. This is up from 188,000 b/d in late 2014 (MEES, 1 November, 2014). IRAQ’S KEY PLATEAU PRODUCTION TARGETS (PPTs, MN B/D) Field Operator New PPT Was Finalized? We...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
BP Stats Reveal ‘Tectonic’ Shift In Oil Industry Supply/Demand Balance
...owth in global oil production was more than double that of consumption last year, as the US shale oil boom and a sharp fall in China’s energy consumption undermined benchmark oil prices. The BP Statistical Review of World Energy 2015 shows that oil and NGLs production rose by 2.1mn b/d in 2014, while co...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Egypt On Road To Gas Recovery After Years of Stagnation
...Egypt’s 49 bcm 2014 gas output. Even if April turns out to be an outlier, output for the first four months of 2015 at 4.47mn cfd (46.2 bcm) is also well down. The IEA does not include a forecast for 2015 in its latest report. However achieving its forecast of 51 bcm for 2016 now looks like a ma...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
IEA Cuts Mideast Gas Demand And Production Outlook
...REGIONAL IEA Cuts Mideast Gas Demand And Production Outlook Middle East countries are on track to increase the share of gas in their energy mix although gas demand growth will slow down between 2014 and 2020, according to the International Energy Agency’s (IEA) latest Medium Term Gas Ma...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Gas Faces Long-Term Uncertainty On Cheap Coal And Renewables
...rket outlook, the agency cut its global gas demand forecast to an annual growth rate of 2% on average between 2014 and 2020, lower than the 2.3% average rate projected for the previous 10 years. The IEA now expects global gas demand (and thus production) to hit 3,926 bcm/year by the latter date. La...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
LNG Market Faces Considerable Demand Upside Amid Low Prices
...is month for more LNG shipments via its floating storage and regasification unit at the Red Sea port of Ain Sukhna (MEES, 29 May). While the Damietta LNG plant was closed at the end of 2012, only six LNG cargoes were exported in 2014 from Egyptian LNG causing volumes to collapse to 0.33mn tons. Th...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Oman’s OPWP Targets 5% Efficiency Improvement In Power Generation
...nerating efficiency. Oman Power and Water Procurement Company (OPWP) delivered 27.1TWh of electricity to customers in 2014, a rise of 13.6% over the 23.9TWh produced in 2013. The company’s current forecast sees Oman’s total peak electricity demand rising 85% by 2021, but warns that beyond 2019 gas av...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015