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Apache Egypt Gas Gains Gather Pace, Oil Recovery Proves Elusive
...ached in the first quarter of 2014. “In Egypt, we again exceeded our quarterly gas production guidance, driven by the strong performance of our recent discoveries,” CEO John Christmann told his firm’s 7 August, Q2 earnings call. Significantly for Apache and Egypt, which is desperate for gas, ou...
Volume: 68Issue: 33Published at Fri, 15 Aug 2025 -
Iraq Hopes To Slash Products Imports By 60% From Next Year
...cord levels this year. The Karbala project had seen years of delay since its EPC contract was awarded in 2014 to a Korean consortium led by Hyundai Engineering (MEES, 10 January 2014). Former oil minister Thamir al-Ghadhban told MEES in 2019 that delayed payments by the government were the culprit (ME...
Volume: 65Issue: 33Published at Fri, 19 Aug 2022 -
Baghdad-KRG Payment Woes
...aq’s International Chamber of Commerce arbitration with Turkey over of the KRG’s use of the Turkish section of the former Kirkuk-Ceyhan pipeline (MEES, 20 May 2014). Mr Allawi says he “hears that Iraq’s position is strong” and that the decision might be “favorable.” Iraq claims $26bn in losses, cl...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
LNG Prices Soar Yet Higher As Taiwan Enjoys ‘Qatar Discount’
...*Asian spot LNG prices have soared to $17/mn BTU as per the latest Reuters assessments. Values for the recently-completed September trading window averaged $15.50/mn BTU. Excepting an acute spike at the start of this year, the latest values are the highest since early 2014. *“Most of...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Yemen: UAE Exit Pushes War Into Further Disarray
...lhaf, Yemen’s biggest potential returners are state companies. Even before the country destabilized in 2014 IOCs were on the way out in Yemen (MEES, 21 February 2014). The return of state firm SAFER to the crucial Block 18 would be a major boon as the block produced 40,000 b/d in early 2014, but damage to...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Egypt: Are Power Shortages History?
...stalled powergen capacity over the five years to June 2019 (the end of the Egyptian financial year), from 32.0GW in June 2014 to 55.5GW currently. Central to the surge have been three giant combined cycle gas turbine (CCGT) projects taking EEHC’s total CCGT capacity to just over 30GW (see chart). Eg...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Kuwait Slashes 2018-19 Deficit Thanks To Higher Oil Prices
...P. Kuwait’s economic performance has been lackluster since oil prices slumped in late 2014. Real GDP contracted by 3.5% in 2017, before rising by 1.7% in 2018 and a forecast 2.5% in 2019, according to the IMF. The World Bank is more pessimistic, forecasting growth of just 1.6% for 2019. For th...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Oman’s First Wind Farm On Test
...oject was first given the go-ahead in 2014 (MEES, 25 August 2017). The farm will deliver electricity to state utility OPWP to supply customers via the local grid. Dhofar is Oman’s only wind project, although OPWP has announced a number of large-scale solar projects recently (MEES, 2 August). Only in Ma...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Aramco Advances Jazan Plans With $8bn Gas-To-Power Deal
...e IGCC. INDUSTRIAL HEART Aramco began building the Jazan refinery and terminal in 2014 as the “industrial heart” of government’s Jazan Economic City (JEC) project. JEC’s purpose is to “stimulate manufacturing and industry in the kingdom’s southwest” and “place Jazan as a commercial and in...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Oman: Oil Prices Bolster Economy, For Now
...ternational observers are nonetheless troubled by the underlying economics—a fact reflected in rating agencies’ decision to downgrade Oman’s economic outlook several times following the 2014 oil price crash (MEES, 24 November 2017). S&P rates Oman as ‘junk’ status. Unlike fellow GCC members, Oman’s more mo...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Libya’s Oil Production Gains May Flatter To Deceive
...bya’s oil sector since late 2014 did not give much reason for hope. Prior to 2017, the last time that oil output had exceeded 600,000 b/d was in the first half of April 2015; the last time that it averaged more than 600,000 b/d over the course of a month was in November 2014. The figures for 2017 ha...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Saudi Crude Exports At 33-Month Low As Refineries, Power Plants Take More Crude
...arply, to just 6.89mn b/d in June, their lowest level since September 2014, as refineries process just below record levels and direct crude burning in power plants rises seasonally (see charts and p8 for full data). The decline in Saudi crude exports is giving Iraq and Russia in particular a chance to...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
US Shale Output – Gains Continue Despite Cost-Cutting, Fewer New Rigs
...ministration indicates expected average June-September monthly gains for seven key US shale formations of 124,000 b/d, a level of growth in line with levels seen in the boom year of 2014. The latest projections have September output up 980,000 b/d year-on-year. Given that December last year was only up fr...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Dana Gas: Profits Up, Litigation Up, Zora Write-Down Looms
...o levels. Dana added $100mn to its debt pile to fund development of Zora (MEES, 12 September 2014); at start-up less than 18 months ago it said output would ramp up to 40mn cfd (MEES, 3 March 2016). Output is set to dwindle further. The firm has looked into the economics of a well intervention pr...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
TransGlobe: Exploration Write-Dow, Cargo Delay
...ed foreign firms $2.3bn at end-June, down from $3.4bn at end-2016 and a 2014 peak of over $6bn. As with Dana Gas, TransGlobe says gaining the direct ability to market its output in 2015 has been key to getting receivables down. And on the surface this has been a remarkable success. From a peak of...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
UAE Moors 2nd FSRU As It Looks To Take Advantage Of Cheap LNG
...duce the imperative to bring fields online. Spot LNG prices in East Asia fell from around $14/mn BTU in the first half of 2014 to around $5.5/mn BTU currently, as more liquefaction capacity has come onstream (MEES, 17 June), and demand growth has faltered. Prices were recently bolstered partly by above av...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
GCC Fiscal Reforms: Long Overdue And A Long Road Ahead
...th petrodollars only a couple of years ago, times have certainly changed for the Gulf countries. Between June 2014 and February 2016, the international oil price plunged by 70% and the IMF forecasts that GCC states’ oil export earnings will fall by $300bn in 2016. This is in line with MEES ca...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...more than a decade (see p16). Egypt has cut its spending on petroleum subsidies by 23% from E£71.5bn in 2014-15 to E£55bn in 2015-16, with a further cut to E£35bn projected in the 2016-17 budget, according to state-oil firm EGPC. ...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Egypt Receivables Hit $6.3bn, Up Almost $1bn From Start Of 2015
...ternational oil companies (IOCs) in late 2014: payouts that saw the receivables total fall by close to $3bn in the second half of the year, ending the year at just under $5.5bn. But dues have climbed sharply since, hitting $6.3bn at the end of June, up $861mn on six months earlier, according to MEES ca...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Japan’s Inpex Eyes Iran Return Post-Sanctions
...PORTS Japanese oil imports from Iran averaged 172,800 b/d in the first half of 2015, down 0.8% year-on-year according to latest figures from Japan’s Ministry of Energy, Trade and Industry (METI). This helped maintain Iran’s position as Japan’s sixth largest oil supplier over this period, as in 2014. Ja...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015