Iraqi Output Under Pressure As IOCs Withdraw Staff

...ys. While acknowledging that export facilities had managed to post impressive gains in 2014 with the addition of a new single point mooring berth, volumes may be capped until 2018 due to “mismanagement of the coastal Fao storage project in Basra,” which it said was crucial for crude oil transiting fr...

KRG Capitalizes With Baghdad Under Threat

...ghdad and cannot be met. The real starting point for export potential is 200,000 b/d, he says, which could be increased steadily if the international oil companies are paid. The Iraqi government drafted its budget on the basis of 3.4mn b/d of exports for 2014. The budget was not ratified and is now st...

Libya: Oil Minister Shakmak Sanguine Over Production Woes

...ese problems will be solved sooner rather than later. Libya’s OPEC governor Samir Kamal told the press last week that he hoped production would average 900,000 b/d in 2014, about three fifths of Libya’s total capacity of 1.6m b/d. Given average output of 300,000 b/d so far this year, this implies ou...

Major Declines Ahead For Kuwait Oil Production, Says IEA

...KUWAIT The International Oil Agency (IEA) sees Kuwaiti oil production declining by some 415,000 b/d over the next five years, according to the 2014 edition of its Medium-Term Oil Market Report (MTOMR) released this week. Kuwait insists that its production capacity will rise from the cu...

Iran Touts Upstream Opportunities Ahead of July Nuclear Deadline

...iority. South Pars is key to this, “For this Iranian year [March 2014-March 2015] we plan to increase gas production from South Pars by 100mn cu ms/d (3.53bn cfd), and condensate production by 160,000 b/d. For the next Iranian year, we are planning another 100mn cu ms/d [increase],” he says. However, wi...

Saudi Arabia Drafts Energy Efficiency Law In Bid To Curb Runaway Demand

...erage GDP growth in 2014-2018 is expected to slow to 4.2%, resulting in a slowdown in oil demand growth, it says. “So steep has been the climb that some observers have suggested that on current trends, oil export revenues could sink to a trickle within a generation,” the IEA says. It refers to the go...

Saudi Arabia: Rigcount Hits Record 101 For May 2014

...s wells and 50 water wells. The rise in drilling activity since early 2011 coincides with relatively stable oil prices that have remained largely above $100/B. Oil Vs Gas Split Onshore Vs Offshore Split MENA Active Drilling Rigs, May 2014...

IOC Cost-Cutting May Limit GTL Prospects

...ads the project with a 75% stake, while the Nigerian National Petroleum Corporation (NNPC) and Sasol own 15% and 10%, respectively. Sasol is expected to take a final investment decision on its 38,000 b/d Oltin Yo’l GTL JV project in Uzbekistan by the end of 2014, though this depends on several fa...

Cyprus: Eni Plans September Drilling, CNOOC Eyes Aphrodite Stake

...orouk Offshore, awarded last year (MEES, 19 April 2013). Total last year completed a 3D seismic survey on Block 11 and kicked off a 2D survey on Block 10 in February 2014. Cyprus Offshore Blocks...

Saudi Leads Capacity Expansion But Mideast Runs Slide-BP

...SAUDI ARABIA Middle East refiners raised their combined crude distillation capacity by 567,000 b/d or 6.9% in 2013 to 8.822mn b/d, according to the BP Statistical Review 2014. The largest increment, of 400,000 b/d, was in Saudi Arabia, taking the kingdom’s total throughput capacity to 2....

Oman Seeks 2.6GW Capacity For MIS Grid

...S peak electricity demand is expected to hit 93% of installed capacity in 2016, before the 2.6GW of new capacity can be brought online. While a 2GW gas-fired IPP at Sur is due to be commissioned in the third quarter of 2014, OPWP is looking to extend existing power purchase agreements due to expire by...

Massive Us Growth Balances Mideast Instability, But For How Long?

...erstate the degree to which the North American supply boom has, since its onset, consistently defied expectations,” the IEA says in its 2014 Medium-Term Oil Market Report, also released this week. “US and Canadian production for 2013 is 330,000 b/d greater than had been expected last year, 420,000 b/d gr...

MENA Oil & Gas: Key Production/Consumption Numbers From BP’s 2014 Statistical Review

Yemen Oil Minister Replaced As Fuel Crisis Deepens

...mage. Latest figures from the Ministry of Oil and Minerals suggest attacks on the pipeline have cost the country in the region of $400mn in lost oil export revenues in the first quarter of 2014. The situation is expected to improve in the immediate term at least with Yemen’s National Oil Company th...

Libya: Budget ‘Approved’ But More Cuts Likely

...LIBYA Libya’s caretaker government of Prime Minister Abdullah al-Thinni now considers the 2014 Libyan budget as having been “legally approved by the General National Congress (GNC).” Following a meeting on 10 June, the government issued a statement explaining that, in its own in...

Morocco €1Bn Bond

...indexation), while extending social support to the most vulnerable of the population. In January 2014, the authorities removed subsidies on gasoline and industrial fuel and reduced the per-unit subsidy of diesel, and announced further reductions for the remainder of the year. Total subsidies in...

Benchmark Crude Prices ($/B)

...OIL PRICES     19 Jun 9-13 Jun 2-6 Jun May-14 Apr-14 Q1 2014 Q4 2013 2013 20...

Cumulative Energy Supply Investment, IEA New Policies Scenario, 2014-35