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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 $5bn in August, with plans to issue more debt on a monthly basis until the end of the year (MEES, 21 August). Saudi state-owned fi...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
S&P Junks Iraqi Bond
...GDP in 2014. S&P is also projecting public debt to rise to 65% of GDP in 2015-18 from about 39% in 2014. With the collapse in oil prices, the agency expects the current account which had an average surplus of 10% of GDP in 2011-14 to turn to a deficit averaging 3% of GDP in 2015-18. Iraq plans to...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 45.92 46.73 40.79 42.90 51.15 58.02 48...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015