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OMV Tests Yemen Restart
...spended in 2015. COST RECOVERY Production hit 14,500 b/d in 2014 and OMV forecast 23,000 b/d upon Phase-2 completion, then set for 2016. But fate intervened. Today, Shabwa basin lies in relatively safe government controlled territory, and OMV appears bent on cost recovery: “If you’ve in...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Saudi Petchems JVs Get Greedy For Naphtha, Cutting Into Exports
...d April, from 89.5mn barrels at end-February to 86.0mn b/d at end-April to deliver an additional 3.5mn barrels or 57,400 b/d. Meanwhile, jet-kerosene output hit a record 313,000 b/d in April, while fuel oil demand of 302,000 b/d was the lowest since March 2014 (see chart). SAUDI REFINERY TH...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Algeria Makes Electricity Gains, But Struggles To Power The Future
...2 2012 Bellara Hyundai E&C/Daewoo 1.44 194 2014 Ou...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Egypt Continues Subsidy Reform, Hikes Fuel Prices
...nference Mr Molla says the recent fuel price rise will not be the last. "According to a five-year plan adopted by the government in 2014, we are still subsidizing 25% of fuel prices." Mediterranean prices for 95 Ron gasoline averaged around $87/B for May. This equates to $0.55/liter, around 20% more th...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
IOC Reserves Growth Mantra: Is Repsol Move The Beginning Of The End?
...e previous 100 years. There were also issues linked to ‘unburnable carbon’ coupled with the ‘divest campaign’. The final nail in the coffin was the much lower oil prices after 2014. The IOCs, who were well aware of these growing problems, began to seek solutions. Mega-mergers, which had been th...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Baghdad-KRG Refining Deal Eases Light Products Shortfall
...eraged 591,000 b/d in April, according to the latest information submitted by the ministry to the Riyadh-based Joint Organizations Data Initiative (Jodi). This is the highest monthly level since the 600,000 b/d reported in May 2014, the month before the onset of fighting between IS and federal forces in wh...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Iraq Plans New Refining Capacity
...0,000 b/d refinery at Karbala, which the ministry decided to build without foreign investment. The ministry awarded a $6bn engineering, procurement and construction contract for Karbala in 2014 to a Korean consortium led by Hyundai Engineering & Construction. The Hyundai-led group has at times ha...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Saudi Crude Exports Down, Refining Runs Up, More Products Exports
...e kingdom so far having prioritized its core buyers in Asia and the US. The big four Asian buyers – China, Japan, South Korea and India – took a record 4.216mn b/d in Q1, while the 1.285mn b/d purchased by the US was the highest since Q1 2014. The implication is that supplies to Europe are being sq...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Tunisia: Oil Blockades Ease But Costs Keep Rising
...so sharply down, and imports up, lower prices mean that Tunisia is receiving three times as much gas from Algeria in lieu of transit payments than in 2014; so paid-for volumes (also from Algeria) are down (see charts 2 & 3). Tunisia’s oil production was already down 6% at 44,300 b/d for the fi...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Doha’s Diplomatic Dispute – The Financial Impact
...nctions came into effect - and the stock market shrank by about $11bn in value the following day, the largest drop since 2010. It went on to post its worst weekly performance since 2014. International ratings agency S&P Global Ratings wasted little time in responding to the move. On 7 June, it lo...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Oman Races Ahead Of Production Target, Diversifies Export Markets
...om oilfield services firm Baker Hughes show the number of active oil rigs averaged 58 for the first five months of 2016, up from 53 in the same period last year and 48 for January-May 2014. The government this month raised $2.5bn from its first international bond issue since 1997 (MEES, 17 June) an...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Qalaa Looks To Trim Debts
...Cairo-based energy-focussed investment firm Qalaa Holdings – formerly Citadel Capital – plans to reduce its debt to E£4bn by the end of 2017, having already reduced its money owed from E£10bn in 2014 to E£6.5bn ($735mn) at present, according to MD Hisham al-Khazindar. Qalaa needs to slash it...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Kuwait To Hike Gas-Fired Capacity After Bagging More LNG
...d a fractious relationship over the zone lately. Riyadh shut down 200,000 b/d of Neutral Zone oil production in October 2014, citing environmental concerns, as relations deteriorated. Limited output resumed only recently (MEES, 1 April). Despite the political concerns, Kuwait is not only building tw...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Dubai Plans Largest Mideast Waste-To-Power Plant
...y of solid waste. This is roughly 30% of Dubai’s daily requirement – Dubai Statistics Center says the municipality handled just over 7mn tons/day of solid waste in 2014. In a bid to reduce its waste handling problems, the UAE federal government has set a target for landfill to be reduced by 75% by...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Will Venezuela Join Libya & Nigeria In OPEC's ‘Long-Term Outage’ Club?
...ES, 10 June). Baker Hughes’ latest US rig count offers signs of hope. At 337, the number of active oil rigs remains almost 80% down on its October 2014 peak, but the number has risen in each of the past three weeks (see chart p16). Schlumberger’s Mr Schorn is cautiously optimistic. “Rig count le...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Libya: Progress Against IS Brings Internal Divisions Back To The Fore
...nuf terminal, both of which have been out of commission since December 2014. The re-opening of the two facilities, along with the 250,000-b/d export terminal along the coast at Zueitina, was to be the second phase in a production increase strategy beginning with the resumption of production from th...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Algeria Crisis Intensifies As Export Earnings Collapse
...placed. But, whoever is making the decisions, the scale of the challenge is daunting. The country’s export revenues were just $9.82bn in the first five months of 2016. This equates to $23.65bn on an annualized basis, down by 37% on 2015 and a whopping 62% on 2014 (see table). Not only are export ea...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Mideast Sovereign Wealth Funds Learn To Adapt To Low Oil Price World
...Some, but not all, Gulf SWFs are selling assets with lower prices. Others spot new opportunities, especially in Asia. Saudi Arabia's PIF, set to be the repository of the proceeds of the planned Aramco privatization, is already stepping up purchases. Sustained low oil prices since late 2014...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Qatar Downgrades Growth Forecast, But LNG Revenue Projection Looks Bullish
...l price of $39.3/B. These are both significantly down on the December 2015 estimates: the current account breakeven figure is down by more than a third. Monthly imports in the first two months of the year remained roughly at 2014-2015 levels of $2.5-3bn, with February slightly up year-on-year. Th...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Iran Going The Extra Mile With New Oil Contracts
...clear program fast approaching, and prospects good that a deal could be struck, IOC interest in Iran is again on the rise – just as it was some 12 months ago in the run-up to the first, ultimately missed, deadline of 20 July 2014. Just last week a delegation from Anglo-Dutch major Shell arrived in Te...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015