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Supply/Demand: ‘Eerie’ Calm As Uncertainties Mount
...gh of 2.14mn b/d in May and has likely increased since. With a second 400,000 b/d refinery (Yasref) set to start up by end 2014, the decline in the OPEC kingpin’s crude exports is structural. Libya: Potential Upside For Libya, despite continued fighting, there appears to be a significant ch...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
OPEC Output Surges In July On Saudi, Libya Additions
...public. Since the start of 2014, Iranian oil exports have consistently breached the (understood) 1mn b/d limit agreed as part of the interim deal. Yet, they have faced little scrutiny from the US and its allies involved in the nuclear negotiations on the basis that Iranian oil exports have been cushioned in...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Pressure Eases As Yemen Secures Long-Awaited Loan
...s budget), falling export volumes have pushed the government to rely on domestic borrowing, swelling the state’s debt. According to latest World Bank estimates, Yemen’s domestic debt increased to 33% of GDP in 2013 from 30% of GDP in 2012, with a further hike to 34.5% on the cards for 2014, while to...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Saudi Set For $28bn 2014 Surplus
...SAUDI ARABIA Having penciled in a balanced budget, Saudi Arabia is set to post a surplus of SR104bn ($27.7bn), or 3.5% of GDP, for 2014, according to local investment bank Jadwa. Jadwa projects 2014 revenue at SR1,174bn ($313bn) and expenditure of SR1,070bn ($285bn), 37% and 25% re...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Oman Export Income Down
...ile oil revenues were down 4.7% to OR2.587bn ($6.73bn) in this period versus 1Q14, gas revenues were up 6.85% to OR 363mn ($940.1mn). Yet despite the drop in overall hydrocarbon revenue, Oman is on target to post a surplus for 2014. The Q1 figures imply total 2014 hydrocarbons revenue of OR...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Jordan: $1bn Eurobond
...th principal and interest (MEES, 13 June). Jordan is set to post a deficit of JD1.114bn ($1.570bn, 4.3% of GDP) for 2014, and has to borrow from domestic and international capital markets. Spending is stretched by Jordan’s hosting of over 1 million Syrian refugees. It is also implementing IM...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Benchmark Crude Prices ($/B)
...OIL PRICES 14-Aug 4 - 8 Aug 28 Jul - 1 Aug Jul-14 Jun-14 Q2 2014 Q1 2014 20...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Former Algerian Minister Latest Casualty In Widening Oil Corruption Scandal
...ans and repairs to the Skikda LNG plant damaged by an explosion in 2004 have been delayed while a new plant being built at Gassi Touil is behind schedule. Other projects on the backburner, include the Galsi pipeline project to Italy, which was due to be operational in 2014 but is now on hold du...
Volume: 56Issue: 33Published at Fri, 16 Aug 2013 -
Qatar Nears Full GTL Output, Eyes Competitors’ Projects
...tput: “Most of the problems of reliability have been resolved to some extent,” an industry source tells MEES. But the debottlenecking – from tuning various parts, such as pumps – to boost capacity 10% by 2014 may slip back to early 2015, he said. The expansion will give a production capacity of 24...
Volume: 56Issue: 33Published at Fri, 16 Aug 2013 -
Morocco Awards 2 Power Projects, Lines Up Solar Bidders
...cond in April 2014. TAQA recently secured $1.4bn in finance for the project (MEES, 8 February). Solar Prequalification The Moroccan Agency for Solar Energy (Masen) meanwhile announced it had prequalified a number of consortia to build the Noor-2 and Noor-3 concentrated solar power (CSP) pl...
Volume: 56Issue: 33Published at Fri, 16 Aug 2013 -
OPEC sees Tight Markets As Libyan Volumes Slump, Iraq Disappoints
...r world oil demand growth of 1.04mn b/d in 2014 were unchanged though MOMR adjusted the numbers in absolute terms to account for minor revisions in 2012 and 2013. Global oil demand for 2014 was estimated at 90.75mn b/d, up from the 90.68mn b/d projected in the previous MOMR. The MO...
Volume: 56Issue: 33Published at Fri, 16 Aug 2013 -
Petroceltic And Sonatrach Agree To Develop 'Ain Tsila For 2017 Start-Up
...ndensate and LPG production will be around 15,000 b/d each. Development work is expected to commence in 2014 following the completion of front end engineering next year. The Irish independent plans to divest a further tranche of its 56.625% working interest in order to help fund development. So...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Power Failures Hit Kuwait
...neration capacity to 16gw by 2014-15, 17-18gw by 2016 and 27-30gw by 2030. Kuwait’s power demand is growing at approximately 7-10% per year. But Kuwait is short of gas and is importing LNG. It is studying with Japanese conglomerate Toyota Tsusho the construction of a $650mn, 1.25mw integrated solar co...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012 -
Shell Offers LNG To Bahrain At Near Oil Price Parity
...augen in its tender to import LNG. The tender is unusually flexible – only specifying the import of 400-800mn cfd of LNG for 15 years starting in 2014 – and leaving it up to firms to propose their own ways to achieve it. It has attracted a variety of solutions from low cost, fast start-ups to Sh...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Oil Producers See Budgets Pressured By Social Unrest, Crude Dip
...e kingdom will remain in a comfortable fiscal position. However, thereafter it faces a very different environment unless spending and oil trends change, it warned. The government will be running budget deficits from 2014, which become substantial by the 2020s. By 2030, foreign assets will be dr...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Qatar’s Barzan Project Financing Progresses, Banks To Respond 31 August
...ll depend on how competitive it is with the other sources of funding being tapped (MEES, 25 April). Barzan was originally planned for 2012 start‐up, but that date was put back to 2014. It is a two‐train project and will initially produce 1.5bn cfd, although it can be expanded if needed. On an...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
TAQA Posts Strong 2Q11 Results, But Faces Delays In Gas Storage Project
...oject at Bergermeer – Europe’s largest – would not be completed by 2014 as had been initially planned. On 8 August, the highest court in the Netherlands ordered the suspension of construction work at the Bergermeer gas storage project near Alkmaar, citing fears on the part of both en...
Volume: 54Issue: 33Published at Mon, 15 Aug 2011 -
Egyptian Refinery Takes Top Spot In African Project Financing
...C) consortium along with GS Engineering and Construction. The contractors estimate that they will complete construction and operational testing in the second half of 2014, with full operations beginning in 2015. With $2.6bn coming from senior and subordinated debt, the remaining $1.1bn of the $3....
Volume: 53Issue: 33Published at Mon, 16 Aug 2010 -
BP And Socar Sign MOU Covering Shafag Asiman Offshore Structure
...oduction. The second development phase will produce an additional 16 bcm/year once it comes on stream, sometime between 2014 and 2016. Turkey will take 6 bcm/y of the new production, leaving 10 bcm/y available to other customers. A spokeswoman said on 4 August there are three pipeline projects planned by...
Volume: 53Issue: 33Published at Mon, 16 Aug 2010 -
Saudi Arabia Approves $385Bn Development Plan
...hieved a GDP growth of 5.2% in 2009 (at constant 1999 prices), per capita income is expected to rise from SR46,200 ($12,320) in 2009 to SR53,200 ($14,187) in 2014. Over the plan period, private sector GDP is projected annually to grow at the rate of 6.6% and the non-oil sector by 6.3%. Total investment wi...
Volume: 53Issue: 33Published at Mon, 16 Aug 2010