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Iran Deal To Pressure Prices Through 2016
...end that is especially likely on the back of this week’s Iran nuclear deal - this will serve only to maintain the downward pressure on world oil prices, and further delay any potential rebalancing of the market. After growing by a massive 2.4mn b/d in 2014, production growth from outside Opec lo...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Libya: Oil Boost Hopes Fizzle Out Amid Hollow ‘Peace Deal’
...cember 2014 by Salim Dirbi as a successor to the Al-Qa’ida-affiliated Abu Salim Martyrs Brigade. But IS has made inroads elsewhere. It raised its black flag over the town of Harawa, about 60km east of Sirte, on 5 June, and over Qadhafi’s former stronghold, Sirte, in early July. In February, it took co...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Saudi Taps Domestic Market For $4bn Amid Soaring Deficit
...gh oil prices put the country in a position to maintain spending despite the decline in oil revenues, Mr Mubarak says. But these surpluses are gradually being eroded. Saudi net foreign assets fell to $680bn at end-May, down $66bn, or 9% from their August 2014 peak of $746bn (MEES, 3 July). Sa...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
SEC Seeks Expansion Cash
...e exploring all options available in the debt market.” SEC last year issued SR4.5bn ($1.2bn) of sukuk and $2.5bn of international bonds to help fund its expansion program. Two previous Sukuk raised $2bn in 2013 and $1.75bn in 2012 (MEES, 31 January 2014). Like all regional state-owned ge...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iraq To Slash 2016 Investment Budget
...an 90% of total Iraqi revenues (MEES, 20 March). 2015 REVENUES BELOW BUDGET, WAY DOWN ON 2014 This year’s federal budget forecast is based on 3.3mn b/d of oil exports at an average price of $56/B – implying revenue of $67.5bn, down 20% on 2014’s $84.1bn takings. Iraqi crude export revenues hi...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iran Fronts Syria $1Bn
...pport to Syria has been essential since the beginning of the Syrian uprising, which began in early 2011. It continues to offer a lifeline of economic support in the form of oil supplies and credit. In 2014 Iran’s oil deliveries to Syria ranged between 50,000 b/d and 70,000 b/d, probably free of charge (ME...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Upstream Investment Climate Unstable, Forecast: More Of The Same
...vestment is being transformed by recent price volatility and the potential for low prices longer-term, a tough financial environment and the impending strengthening of policy to mitigate climate change. Between June 2014 and January 2015, Brent crude prices plunged by 60%, from $115/B to $45/B, ca...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 50.91 52.41 57.44 59.86 59.43 58.02 48...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Orpic Awards Liwa Technology Licenses As Gulf Petchem Juggernaut Rolls On
...ojects. Abu Dhabi’s 2.39mn t/y Borouge 3 complex “will be fully operational in 2014”, according to Austria’s Borealis, partner with state petroleum firm Adnoc. Saudi Aramco and US firm Dow are “on schedule, on budget” with their 3.22mn t/y Sadara complex. Engineering is nearly complete and construction al...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
IEA, KOC Spar Over Future Of Kuwait Oil Sector
...I crude online in 2020. Kuwait Oil Company’s Production Capacity And Targets (Mn B/D) 2014 2020 Investment ($bn) Burgan 1.7 1.7 5....
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Fitch Mixed On Kuwait Energy
...ys that KEC received “a payment of [$64mn] in the form of oil cargoes in April and June 2014,” which should lower the firm’s overall receivables bill in Egypt – which stood at $134mn at the end of 1Q14 (MEES, 23 May). Fitch also notes that KEC’s move into Iraq gas production leaves it vulnerable to re...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Iraq Deploys Drones To Protect Southern Fields
...panded to 3mn b/d, he adds. “All foreign investors operating Iraqi oil fields in the south are operating as normal and have not withdrawn staff,” he adds. Iraqi Crude Exports 2014* (Mn B/D) Clear Skies Mr Laibi says he has met foreign oil companies operating in southern Iraq and assured th...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Mubadala In Somalia Deal
...mpany says that processing of the data will continue until late 2014. Under the terms of the agreement signed with the Somali government last year, Soma’s seismic surveys grants it the right to bid for production sharing agreements to explore Somalia’s offshore area for oil and gas. Given the vo...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Egypt Looks to Reform To Attract Investment, Boost Growth
...2% for the current 2014-15 fiscal year, which began on 1 July. Egypt’s growth rate has been stuck at around 2% for the past three years (see graph, MEES 4 July) – that is to say since the Arab Spring ‘Revolution’ of early 2011. Without the two economic stimulus packages of $4.3bn and $4.9bn in...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Benchmark Crude Prices ($/B)
...OIL PRICES 17 Jul 7-11 Jul 30 Jun-4 Jul Jun-14 May-14 Q2 2014 Q1 2014 20...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Oryx Aims For 200KBD
...anned appraisal wells, scheduled for late 2013-early 2014, could add to this and the firm has identified three further prospects. Drilling has begun on two of these: the AAS-1 well on the Ain al-Safra prospect spudded on 10 June and the Zeg-1 well spudded in late April. Oryx, which recently listed in To...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Baghdad And Kurds Choose Different Power Paths
...rbine 292 1x292MW Q1 2014 Delayed from Sep 2013 Salah Al-Din 2,274 Salah Al-Di...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
IDA: New Desalination Technologies Need Time
...e pilot program in early 2014. “The emphasis in the pilot program is not on the energy source but on new desalination technologies,” says Dr Sommariva. “The breakthrough technologies will be coupled to an energy source later. We will work with the new desalination technologies to give the lo...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Lebanon Struggles To Plug Power Shortage
...rmeister & Wain is currently undertaking a €270mn contract to add 194mw of generating capacity at the Zouk power plant and 78mw at Jiyyeh, both near Beirut. They are scheduled to be handed over to EDL in 2014, running initially on diesel and converting later to gas-fired operation when planned gas in...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
Qatar GDP Growth Projected At 6.5% In 2013
... QATAR Qatar GDP Growth Projected At 6.5% In 2013 Qatar’s GDP growth is expected to accelerate during the remainder of 2013 to reach 6.5% for the full year and 6.8% in 2014, supported by large infrastructure investments and associated population growth, according to th...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013