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Iran: Domestic Companies Seek Assurances Ahead Of Oil Opening
...ntract’s soft-launch in February 2014 — which officials tell MEES will almost certainly form the basis of the final framework — suggest Iran’s domestic firms can take comfort in the knowledge that it has in fact been drawn up with their interests firmly in mind (MEES, 19 June). Specifically, co...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
South Sudan Oil Income Falls, Peace Process Stalls
...nthly earnings of around $28mn. In November 2013, the last full month of South Sudanese production, government oil earnings were more than $200mn. The 2014-15 budget envisaged monthly spending of more than $250mn. Were it not for the fact that South Sudan already knows what it is like to survive wi...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Israel Delays Key Gas Development Vote
...mmissioner David Gilo ruled in December 2014 that Noble and Delek had formed a monopoly offshore Israel. This ruling would have forced Noble and Delek to divest their interests in either Leviathan or Tamar but the government stepped in and effectively usurped Mr Gilo, who has since announced his re...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
UAE’s Upper Zakum On Track For 1mn B/D
...cording to direct monthly submissions to the Opec Secretariat, the UAE has managed to boost overall output beyond 3mn b/d for the first time in July. Output rose to 3.06mn b/d last month from an average 2.794mn b/d in 2014, according to the Opec data. MEES estimates put output somewhat lower at 2.88mn b/d fo...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Turkey Coal Power Boost
...ns/year of lignite fuel. Start-up of the Bolu Göynük plant takes Turkey’s coal-fired capacity to 12.8GW. Coal represents a significant part of Turkey’s generating capacity, which amounted to 67.6GW at the end of 2014, and could potentially increase its share as Ankara seeks to limit its de...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Petroceltic Touts Ain Tsila Progress Amid Shareholder Revolt
...rvices and that Petroceltic allegedly may have awarded contracts, such as the Front End Engineering Design (‘FEED’) contract, on a questionable basis.” The FEED contract went to Chicago Bridge and Iron in September 2014. Mr Stevenson was appointed in January 2013 and is considered key to keeping the pr...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
UAE’s RAK Plans Privately Financed Desalination
...ich is due to start up in 2016 (MEES, 19 December 2014)....
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Oman Faces Uncertain LNG Supply Future
...OMAN Oman Faces Uncertain LNG Supply Future Omani exports of liquefied natural gas (LNG) to key Asian customers are expected to drop further this year after falling by 11% in 2014, as demand continues to slow in East Asian economies – a trend that is also being faced by other LNG su...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Kuwait Awards Final Contract For Al-Zour Refinery With Ageing Shuaiba Down Again
...troleum Council for a 22% budget hike. It was only with the appointment of current Minister of Oil ‘Ali al-’Umair in December 2013 that the Al-Zour refinery and a planned clean fuels project at Kuwait’s three existing refineries progressed beyond the debating chamber (MEES, 2 May 2014). Three projects wo...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Egypt Powers Ahead To Supply Record As New Capacity Comes Online
...st power plant. Yet this is a marked improvement on last summer, when the system collapsed under the strain of years of underinvestment and there were severe blackouts across Egypt (MEES, 12 September 2014). Since the summer 2014 power meltdown, President Abdel Fatah al-Sisi has led a charge to re...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Saudi Refinery Output, Stocks Hit All-Time Highs
....40mn b/d for July according to revised MEES estimates. Saudi Arabia has now notched up five straight months of 10mn b/d-plus crude output, the longest ever such period. Average output for the second quarter was 10.4mn b/d, up almost 700,000 b/d on Q2 2014. > Bumper volumes of crude also continue to en...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
KRG Out Of Pocket Again Amid Political Gridlock
...dget shortfall from Baghdad, the fight against terrorism, the burden on the economy of hosting 1.8mn refugees and internally displaced people, and the drop in the oil price by over 50% since the end of 2014,” it says in a statement posted on the MNR website. Revenue from crude oil exports through th...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
DNO Estimates KRG Receivables At $1bn
...ys. The company ended the first half of the year with a positive cash balance, largely as a result of equity financing and a $400mn bond issue in June this year. But it also chalked up a net loss of $114.1mn in the year to date. It reported a net loss of $226.1mn in 2014. DNO has not booked re...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
DNO Planning Output Boost Offshore Oman
...e/d) in 2Q 2015, down from 15,678 boe/d in 2014. Onshore Oman, DNO is identifying targets for an exploration well in 2016 after withdrawing from Blocks 30 and 31. In Tunisia, DNO next year plans to drill a fourth well on the offshore Sfax exploration permit. The first well on the block hit 1,...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Iraq Faces ‘Existential Threat’ From ‘Double Edged Crisis’ - IMF
...om the sharp drop in oil prices, which began to take its toll in 2014, has delayed Baghdad’s payments to the IOCs, reducing their profit margins and leading to cuts in planned investments at the request of the Ministry of Oil. “Apart from the developments in Iraq, currently the IOCs are generally le...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
IMF Warns Of Looming Large Saudi Deficit
...count surplus declined to 10.9% of GDP in 2014, but is expected to move into a small deficit (-0.9 of GDP) in 2015, before returning to surplus during 2016-20, the IMF adds. As for real GDP, the IMF is projecting it to slow to 2.8% in 2015 and to 2.4% in 2016, as government spending begin to adjust to lo...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
United States Latest Oil Imports, Exports, Demand (‘000 B/D)
...15 vs1Q15 vs2Q14 2014 2013 2012 2011 2010 CRUDE OIL IMPORTS 7,806 7,487 7,...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Japan Crude & Condensate Imports, 1h 2015 (‘000 B/D): Russia Edges Past Qatar Into Top 3
...1Q15 vs2Q14 Jun-15 May-15 2014 Rank 2013 2012 Middle East 2,798.4 -19...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Turkey Crude And Gas Imports
...Turkey Crude Imports , 1H 2015 (‘000 B/D) 2Q15 vs1Q15 1Q15 1H15 vs1H14 vs2H14 2014 20...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 41.32 43.21 44.92 51.15 59.86 58.02 48...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015