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UN: How GCC Petchems Players Can Combat Shale Revolution
...REGIONAL GCC governments’ plans to diversify their economies by developing large-scale petrochemicals projects are being challenged by the North American shale gas boom, says UN agency Unctad. The agency’s World Investment Report 2014 (see p20) says that “the shale gas revolution in No...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Sonelgaz Generating Capacity Up 2GW In 2013, But Finances ‘Fragile’
...spent during 2014-17 on generating and transmission capacity to keep pace with demand growth of more than 10% a year. He warned that this investment must come despite frozen electricity prices (MEES, 23 May). Mobile Supply Boost Mr Boutarfa says that Algeria’s electricity generating ca...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Turkey Reveals Electricity Targets, Wind Expansion Continues
...dropower 15%, wind and geothermal 12%, nuclear 11%, solar 5% and other sources 2%, according to the Anadolu news agency, citing a ministry report. State transmission company TEIAS estimates Turkish electricity consumption at 245.5TWh in 2013 and says this will rise by 4.3% in 2014 to a total 256TWh. An...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Algeria Heading For Oil Output Drop
...ve failed to attract international oil companies (IOCs) to Algeria’s acreage in large numbers. It remains to be seen if foreign investment will help boost capacity as a result of the current round, which is scheduled to conclude towards the end of 2014. IOCs frequently echo the IEA’s criticism of co...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
US And Saudi Arabia Back Egypt’s New President
...cond half of 2013. And in the first four months of 2014 Saudi Arabia and the UAE granted Egypt $2.6bn in shipments of fuel oil, diesel, and LPG, according to the chairman of the Egyptian General Petroleum Corporation (EGPC) Tarek El Molla. Gulf shipments of much-needed LNG will not be forthcoming, as Eg...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Petroleum Ministry Owed $22bn
...move them gradually over a five-year period. According to the budget for the 2014-15 financial year (beginning 1 July), energy subsidies are projected to fall by 22% to E£104.5bn or $14.6bn (MEES, 6 June). The draft budget, which was prepared by the interim government installed after Mr Mursi ou...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Petrofac: Iraq OK, Tunisia Out
...ria (ISIS)-spearheaded blitz. Petrofac says that it expects its Iraqi operations to represent less than 5% of its revenue in 2014. Meanwhile, the company says that its operations at the Chergui gas field in Tunisia, where it has a 45% stake in the producing asset, experienced a “temporary di...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Mideast FDI: ‘Bleak’ Prospects Amid Post-Arab Spring Instability-UN
...REGIONAL Prospects for foreign direct investment (FDI) to the Middle East “remain bleak [with] rising political uncertainty a strong deterrent,” the United Nations Conference on Trade and Development (Unctad) says in its World Investment Report 2014, released this week. Ongoing po...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Bahrain: IMF Warns On ‘Fiscal Imbalances’
...e lower-income segments of the population, and on controlling the growth of current spending.” According to Bahrain’s two-year 2013-14 budget, allocations for oil and gas subsidies in the local market in 2013 amounted to BD878mn ($2,327mn), 26.6% of total oil and gas revenue, and in 2014 to BD...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Benchmark Crude Prices ($/B)
...OIL PRICES 26 Jun 16-20 Jun 9-13 Jun May-14 Apr-14 Q1 2014 Q4 2013 2013 20...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
South Tunisia Gas Development Close To Go-Ahead Despite ENI Departure
...e intending to have the contracts signed before the end of the year, in order to allow construction to begin in early 2014 [and] finished by 1Q16,” Mr Mestiri says. “Inshallah [we will stick to this timeframe] as long as we don’t encounter too much social unrest,” he conceded. OMV – the ke...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
OMV Set For Eastern Abu Dhabi Oil Exploration
...ve a joint venture petrochemical firm, Abu Dhabi Polymers Company (Borouge), which will expand its ethylene capacity to 3.6mn tons/year in 2014 (MEES, 1 March). OMV’s announcement comes at a time of greater opportunity in Abu Dhabi for foreign firms. Eleven foreign firms prequalified to bid fo...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
IEA Sees ‘Significant Potential’ For Solar Power In Middle East
...lar capacity (PV and CSP) in 2013. The country has adopted long-term renewable generation targets and is seeking to install 1.8gw of large-scale solar capacity by 2014. However, “the 2014 goal may be overly ambitious, given lack of deployment history, but medium-term growth is likely to be ro...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Qatar Plans First IWPP Project In Five Years
...ter, while the planned IWP will have 40-60mn gal/day capacity. Both plants are expected to be built near Ras Laffan. Kahramaa has invited expressions of interest for the two projects. The IWPP is expected to be tendered in 2014-15. Kahramaa technical director Ahmad al-Nasir told a MEED co...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Analysis: Will New Amir Era Usher In QP Restructuring?
...d-2013/early 2014, Chinese state firm CNOOC and Total are expected to drill their first well in exploration Block BC. Total in May 2011 took a 25% stake in exploration Block BC (MEES, 26 April). Dolphin: Extra Gas to UAE? Until its 540mn cfd Shah gas field ramps up to full output in...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Firm Oil Prices And Capital Inflows Boost UAE Growth, Says IMF
...oil production to around 2%, after two years of substantial expansion, as growth in global demand remains weak amid expanding global supply. For the period 2014-18, the GDP growth rate in real terms is projected at around 3.5%. The IMF goes on to point out that in the medium term di...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Iraqi Infrastructure Crunch Begins To Bite
...e Kurdistan Regional Government (KRG) area (currently running at half of 300,000b/d capacity), Chairman of the Prime Ministerial Advisory Committee Thamir Ghadhban said. Next year 500,000 b/d of new capacity should be added, with around 700,000 b/d in 2014, to achieve a sustainable capacity target of...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Abu Dhabi Invites IOCs To Prequalify – Partex’s 2% Stake Up For Grabs
...rtex (2%) – which expire in January 2014, while replacing Partex with a newcomer that can bring finance or technology to the consortium – or auction off individual fields, which produce a total of over 1.4mn b/d. Prequalifying submissions have to be in by mid-July. Partex’s 2% stake is a historical qu...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Oman Anticipates More LNG Exports On Back Of BP Upstream Output
...ditional exports in the period post-2016 after BP has ramped up to ‘to be agreed with government’ production levels for tight gas. In 2014 plans for 2016-onwards production and demand levels will be firmed up and the options to export, or not, will be clearer.” Oman LNG (government 51%, Shell 30...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
BP Starts Drilling Of First Risha Gas Well
...said to be currently receiving 30mn cfd of gas from Egypt instead of the 300mn cfd needed to fuel the country’s power plants (MEES, 11 June). Jordan Plans LNG Terminal By 2014 Jordan plans to begin importing LNG via a gas terminal which is to be built on the Red Sea port of 'Aqaba by...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012