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Genel Ramps Up KRG Output As Exports Rise
...liver in excess of 100,000 b/d net to Genel on peak days in the January-June period from its working interest in the Taq Taq and Tawke fields. The figure compares with average net output from the Kurdish fields of 69,000 b/d in 2014. The recent production boost, Genel says, helped the Kurdistan Re...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iraq: Key Oil Production & Export Data, 2q 2015 (‘000 B/D)
...IRAQ: KEY OIL PRODUCTION & EXPORT DATA, 2Q 2015 (‘000 B/D) 2Q15 vs1Q15 vs2Q14 1Q15 2014 2013 2012 Ju...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iran Boosts Salman Output
...e field has 46 oil wells, and 10 water injection wells. This boost in Salman oil output comes as part of a $2bn Iranian Oil Ministry plan announced in 2014 aimed at boosting offshore production. The ministry has long made expediting the development of the fields Iran shares with its ne...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Partex Sees Adco Opportunity As BP, Shell Shun Terms
...s a partnership of Adnoc with 60%, Total, BP, Shell and ExxonMobil each with 9.5% and Partex with 2%. When the concession expired in January 2014, Adnoc qualified its four oil Major ex-partners but excluded Partex, as it tried to expand participation to bring in more Asian companies and other European an...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Kuwait Energy Gets Iraq Reserve Boost, Output Up
...oil equivalent (boe) at end-2014. Block 9 alone accounts for 507.5mn boe. KEC posted record annual working interest production of 25,252 b/d for 2014, up 8% on 2013. Output rose further to 26,820 b/d in Q1 this year (see table) but likely dipped in Q2 with production at the firm’s Block 5 license in...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Israel: New Gas Law
...w of 1952 has few requirements of the operator: several only have a 5% stake, the minimum under current rules (see table, MEES, 5 December 2014). A common pattern of recent years has been for firms with little-to-no oil experience to snap up the rights to offshore licences in the hope that the 2009 an...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
India’s Key Crude Suppliers 2009-15*: Iran Slides From Second To Seventh Spot (‘000 B/D)
...INDIA’S KEY CRUDE SUPPLIERS 2009-15*: IRAN SLIDES FROM SECOND TO SEVENTH SPOT (‘000 B/D) 2014-15 rank vs13-14 vs09-10 2013-14 20...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Egypt Petchems Plans Continue To Expand As Tahrir Gets Styrene Plant
...ocess units, while Italy’s Tecnimont and Holland’s Archirodon are building offsites and utilities (MEES, 4 April 2014). ECHEM PROJECTS State firm Echem is currently building three petchems plants. Its Ethydco ethylene derivatives unit has awarded contracts to Japan’s Toyo Engineering and the En...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
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