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Rig Count: Saudi Cuts Oil Drilling To 3-Year Low
...• Opec kingpin Saudi Arabia saw its rig count fall to a 30-month low of 115 in August; those targeting oil fell by four to 60, the lowest level since May 2014 (see chart 1). Saudi Arabia claims it is pressing ahead with ambitious long term plans to develop new output capacity, but the rig co...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algeria Plots Unlikely Power Capacity Boost Whilst Rejecting Foreign Funding
...utarfa said Sonelgaz had spent $5.5bn in 2015 and $5.6bn in 2014. Algiers was forced to increase power sector investment after blackouts in 2012 triggered violent protests. Sonelgaz hiked generating capacity by 2.8GW ahead of 2013 summer demand, by speeding the completion of two large power plants and de...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Oil Market Surplus To 2019 Despite Strong Growth Projections
...0,000 b/d to 1.6mn b/d, while Opec raised its figures by 50,000 b/d to 1.42mn b/d. The IEA’s 1.6mn b/d annual gain would be the highest since 2014. While they see a slight slowdown in 2018 (see table), both have strong growth projections in excess of 1.3mn b/d. Opec’s MOMR attributes the 50,000 b/d up...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algerian Oil Bolstered By Berkine Basin Prospects
...sh to get oil out of the ground. Prices have fallen dramatically since 2014, and since the beginning of the year Opec members and other oil producers have been subject to production cuts. Algeria’s state energy company Sonatrach says it has implemented its mandated reduction of 50,000 b/d. But there ar...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Petronas Quits Algeria As Cepsa Expands
...praised in 2005, but it was not until a deep well found Triassic oil that the field showed commercial potential. Petronas had looked to expand in Algeria via its participation in the country’s flopped 2014 bidding round. Negotiations were held “in light of the fiscal incentives provided by the go...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algeria Shuns Foreign Debt… By Printing Money?
...nds de Regulation des Recettes (FRR), a reserve fund intended for counter-cyclical spending, has been empty since February, whilst the country’s foreign currency reserves have collapsed from $179bn at end 2014 to just over $105bn at end-July. The IMF projects further falls to $79bn by end-2018 and $55...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Middle East NOCs Keep Spending Despite Global Upstream Capex Squeeze
...Global upstream spending is set for a cumulative 2014-17 fall of near 50%. But Mideast NOCs are benefiting from the downturn to lower drilling costs and renegotiate development contracts. Upstream oil and gas capital spending (capex) fell by a whopping 25% last year, to just $583bn, from $77...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Falling Gas Prices Give Iran Dose of Realism
....93mn cfd) for 2014-15. Managing Director of Pars Oil and Gas Company (POGC) Ali Akbar Shabanpour said in June that output had risen to 431mn m³/d (15.2bn cfd, 157 bcm/year) and that it is planned to hit 526mn m³/d (191 bcm/y) by the end of the current Iranian year (March 2017). Averaging June ou...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Iran Starts Work On Nuclear Plants, Eyes Local Fuel Supply
...pacity, and are scheduled to be brought online in 2023 and 2025, under an agreement signed by Rosatom and AEOI in November 2014. The agreement envisages a total of four new reactors being built at Bushehr, as well as four others at an unidentified site in Iran. Construction of the Bushehr-3 reactor is sc...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
UAE Solar Program Expands
...ese increased to more than 2GW in 2014 at peak demand times. The growing gap between Fewa supply capacity and local demand led the authority to sign a deal with Germany’s Siemens for a 2.2GW gas-fired plant to be developed by local firms under an independent power producer (IPP) scheme (MEES, 15 Ap...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Surplus To 2018 Leaves Opec No Good Options
...have largely worked its way through the system. Refiners are “losing their appetite” for crude amid an “anemic outlook,” the IEA says, with Q4 runs set to be just 80,000 b/d up on the same period last year and overall 2016 gains the lowest in a decade. “In both 2014 and 2015, refining output gr...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Could Egypt’s Gas Find Revive Exports?
...0mn cfd (13%) drop seen between 2013 and 2014, the trend remains firmly down (MEES, 24 July). MEES estimates that gas output from existing fields will fall to just 3bn cfd in 2020, but the start up of WND in late 2017 should reverse the overall decline: 2018 output should be back up to 2015 levels of...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
US Drilling: A ‘Double-Dip’ Recession?
...ices that have in recent weeks been languishing in the low-to-mid $40s/B for US marker WTI, way down on a June average of $60/B. > The number of rigs in Iraq rebounded somewhat in August to 48 after collapsing to just 44 a month earlier, well below the recent high of 96 in June 2014. In addition to...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Oman Eyes 2018 Completion Of Linked Downstream Projects, But Liwa Cost Rising
...ld reporters this week that work on the Sohar refinery expansion, which began in 2014, is expected to be completed in the fourth quarter of 2016. The products pipeline and storage terminal are scheduled for completion in 2017, while Liwa will be ready for start-up in 2018. LIWA COULD COST $5B...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Crude Output Hits Record Ahead Of Refining Expansion
...untry’s main producer, averaging 943,000 b/d of oil and condensates output in 2014. With state-owned refiner Orpic’s two refineries having combined capacity of 222,000 b/d, the bulk of Oman’s liquids output is available for export. Crude intake at the Sohar and Mina al-Fahal refineries averaged 19...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Israel Powergen Capacity Nears 17GW With Completion Of Haruvit CCGT
...t to be finalized (MEES, 7 August). Meanwhile, Alstom is building Israel’s first pumped storage plant at Gilboa, 60km east of Haifa, for start-up in 2018. The plant will have 300MW capacity and incorporate two pump-turbines (MEES, 17 January 2014). On a much smaller scale, Israel’s Eco Wave Po...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
US Output Falls 550,000 B/D From Peak, Gives Succor To Saudi Policy
...ght oil plays. Reduced investment has resulted in the lowest count of oil-directed rigs in nearly five years and in well completions that are significantly behind 2014 levels,” the EIA says. “Expected crude oil production declines from May 2015 through mid-2016 are largely attributable to un...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Syrian Oil: ‘$48Bn Losses’
...yuzneftegaz continues to explore the Syrian offshore, recently completing 2D seismic on its 2,190 km² Block 2 and is currently analyzing the findings. Under the agreement signed at the end of 2013, Soyuzneftegaz committed to spend $15mn during the initial exploration phase (MEES, 3 January 2014). Ru...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
KRG Stumps Up IOC Cash, But Mol Pullback Spoils The Party
...e $1.66bn that the three key firms say they are owed. Further regular payments will be needed to persuade them to make the investment needed for the KRG to build on the output gains that have seen the region’s production rise from 200,000 b/d in 2013 and 296,000 b/d in 2014 to average 540,000 b/d in re...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Saudi Arabia To Cut ‘Unnecessary’ Spending
...bn (8.6%) to $669bn at the end of July from $732bn at the end of 2014. To finance the deficit, the government has raised $4bn in bonds from the local market in July and $5bn in August, with plans to issue more debt on a monthly basis until the end of the year (MEES, 21 August). Saudi state-owned fi...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015