Japanese Crude Oil & Condensate Imports, Q2 2014 (‘000 B/D)

Benchmark Crude Prices ($/B)

...OIL PRICES   31 Jul 21-25 Jul 14-18 Jul Jul-14 Jun-14 Q2 2014 Q1 2014 2013 20...

Algeria: Key Oilfields Hit By ‘Temporary’ Production Restrictions

...rk will likely last at least into 2014, according to Talisman’s regional Executive VP Paul Blakeley. Both were speaking on a 31 July conference call to mark the firm’s second quarter results. Restrictions also currently affect the 24,000 b/d Menzel Ledjmet North (MLN) field which lies wholly on Block 40...

Saudi Petchem Firms Target Specialized Markets

...bail 2014 50,000 t/y nylon 66 SABIC Jubail 2014 140,000 t/y ABS SABIC/Mitsubishi Rayon Jubail 2014 25...

Occidental: Uncertainty Continues Over Middle East Assets

...s really just been exposed to this in detail at one meeting, and so it will take a little while and we want to consult fully with them and weigh all the alternatives for them. But clearly some things are going ahead quickly.”   He added he hopes to achieve this before he steps down as CEO in 2014...

Germany’s RWE Faces Challenging Sale Of North African Assets

...oject – slated for 2014 start-up when sanctioned in 2010 – the key focus for 2012 was taken up with trying to find a new location for the onshore gas treatment plant.  It now looks likely that the plant will be located 30km to the east from the originally-planned site at Idku [next to the BG-operated Eg...

Egypt’s New Budget Targets 14.5% Deficit Cut

...r a return to democracy by early 2014; and the recent containment of the government’s debt-financing costs, below post-revolution peaks. Moody’s added that the maintenance of the negative outlook on Egypt’s Caa1 rating is driven by Moody’s view of the country’s considerable economic and political ch...

Twilight Looms For OPEC’s Golden Age

...ploration – would appear to support OPEC’s argument as far as non-conventional oil development outside North America is concerned. But in the US supply is surging on the back of shale oil and gas development. The OECD’s IEA energy watchdog projects non-OPEC supply rising 1.2mn b/d this year and 1.3mn b/d in 2014...

Will OPEC Or The US Be The World’s Marginal Crude Supplier?

...oduction over the next several years is substantial, rising by an average of 1.2mn b/d over the period 2014-18.   The spoiler is demand growth. With the OECD showing signs of long term decline, and non-OECD demand relying heavily on uncertain Chinese growth, even if demand gets a lift from lower oi...

BP To Sign Gas Deal With Oman By September

...celerate Phase 2 to produce another 1bn cfd (MEES 16 April).   Oman LNG, the country’s primary LNG producer – whose shareholders include Shell and Total – hopes to export more LNG after BP’s project hits full production. Oman LNG will have a clearer idea by 2014 on demand levels and possible ex...

Mubadala Restructures Energy Assets, Develops Thai Oil Field

...11 Mubadala Oil & Gas Buys a 20% stake in block 7, deepwater Tanzania, hoping to find gas. Tanzania is considering an LNG export plant. Mubadala plans to build an LNG import terminal by 2014. January 2012 Mubadala Oil & Ga...

Egypt Grapples To Support Energy Sector; Reshuffle Delays Musturud

...advertently held up the planned $3.7bn Musturud refinery. Egypt’s Minister of Petroleum 'Abd Allah Ghurab said at the end of July that Cairo plans to invest $1bn in exploring for gas and oil in the Sinai Desert up to 2014. The only details he gave were that the plan includes 60 wells and aims to boost re...

Gulf LNG Producers Facing Greater Competition From Australia In Asia-Pacific

...rector, Chevron Australia. Chevron said in June it secured conditional approval from Western Australia’s Environmental Protection Agency – the first of several environmental green lights that Chevron needs before making the FID. The project owners say it will produce 8.9mn t/y in 2014, with first cargoes ex...

Kuwait’s Economy Recovers, But Further Reforms Needed, Says IMF

...partly cover the actuarial deficit of the Public Pension Fund.   In 2008-09, KD 5.5bn were transferred. KD 1.1bn are budgeted for each year from 2010-11 to 2014-15. 4 Excludes investment income and pension recapitalization, and after transfers for FGF. 5 Excludes debt of Kuwait's SWF re...

EMAL Gets Approval For $4.5bn Expansion Project

...nually by the end of 2014, the company said on 24 July. The EMAL Phase II project will upgrade technology at its first-phase facility, which will boost production capacity by 50,000 tons/year to 800,000 t/y by the end of 2012. This will boost EMAL’s total production capacity to around 1.3mn tons by the en...

Question Mark Hangs Over ADNOC Oil Concessions

...om six oil fields in a 21,000 sq km a concession area, ends in January 2014 (MEES, 22 February). It aims to have a production capacity of 1.8mn b/d by 2017, according to ADNOC. An offshore oil joint venture, ADMA-OPCO – ADNOC 60%, BP 14.67%, Total 13.33% and Japan Oil Development Company (JODCO) 12...

KMG And Shell To Lead Kashagan Phase 2 Development

...nounced on 28 July that the tenders for the doubling of its throughput capacity to 2.7mn b/d will be completed before the end of the year. Some 1.05mn b/d of the additional capacity will be dedicated to the export of Kazakh oil. The expansion is expected to cost $4.5bn and to be completed by late 2014...

Shuweihat S3 Power Plant Attracts Bids From Five Consortia

...e third plant at the Shuweihat location on the coast of al-Gharbia, west of Ruwais, is scheduled to provide early power in summer 2013 and be fully operational before the 2014 summer peak loading period. ADWEA plans to announce the winning bid consortium, which will be a 40% joint venture partner, by...

EU Balkan States Considering Arab LNG Imports Via Greece

...ansmission system operator DESFA, Panayiotis Kanellopoulos told MEES on the sidelines of the conference that “Revythousa’s capacity is expanding. Planning has already commenced to increase its existing storage capacity by almost 70% by 2014.” Mr Hatzidakis had told the conference that “Greece is also pl...

Audax Announces Reserves Evaluation, Plans Appraisal Well At Offshore Dougga Field

...oject net present value at 10% discount rate for the most likely resource is $1.134bn, assuming product prices of $80/B of condensate and $9.9/mn cu ft of gas in 2014,” Audax said in a statement on 27 July. The company plans to send an invitation to potential bidders shortly, for the drilling of an ex...