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Iraq Continues IOC Investment Hunt, But Commitments Remain Out of Reach
...f the loss of the 310,000 b/d Baiji refinery which was badly damaged by the Islamic State in June 2014. Some capacity is being restored, and the government aims to bring on Baiji’s 70,000 b/d Salahuddin-1 unit in the near future (MEES, 29 September). Capacity gains are required given that do...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Algeria Plans New Hydrocarbons Law: Will Investors Bite?
...fficult to reach resources, including shale gas (MEES, 11 January 2013). But in 2014 the fourth licensing round brought renewed embarrassment. Sonatrach received just five bids for the 31 concessions on offer, awarding four contracts. The stark lack of interest sparked admissions from senior government of...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Asian LNG Buying Up 13% In 2017, Chinese Imports Soar 44%
...the largest since spot prices crashed with those of oil in Q3 2014 (the price of term cargoes did fall sharply but not until the first half of 2015 given the oil price linkage in long-term LNG contracts comes with a delay of around six months). WINTER REBOUND Though, long term, prices are se...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Newly Streamlined Adnoc Targets EOR Expertise For Offshore Fields
...NTED The 2014 renewal of Abu Dhabi’s 1.6mn b/d onshore Adco concession was seen as a blueprint for the looming Adma renewal. While Abu Dhabi won’t want to replicate the lengthy process of securing foreign partners, which was only completed in December 2016 (MEES, 23 December), elements are set to be re...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Aramco Targets 12GW Powergen Capacity By 2020, Seeks Supply License
...mpressors and turbines used in Aramco petroleum and petrochemicals facilities. The company last week announced a plan to manufacture gas turbines at the site under a long-term supply agreement with Aramco signed in 2014. While US conglomerate General Electric does not manufacture turbines or generators in...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Saudi ‘Demonstrates Leadership’ by Keeping Crude Exports Low
...most three years ago (MEES, 22 December 2014). Supplies to the closely-watched US market are at 30-year lows and Saudi Arabia has confirmed there will be no easing up in November. In a first statement of its kind the Saudi energy ministry said on 9 October that the kingdom will export 7.15mn b/d in No...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Does Opec Have A Strategy For ‘Lower For Ever’?
...rket share based strategy chimes with that enunciated by former Saudi Oil Minister Ali Naimi in late 2014 (MEES, 22 December 2014) but now abandoned. This requires a price low enough to drive competitors out of the market. But the strategy of foregoing short-term revenue for long-term gain was ab...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Iraq’s Kirkuk Deployment Reshapes KRG’s Oil Sector
...rkuk in the process. Iraq capitalized on the Kurdish gamble, reclaiming areas seized by the KRG in 2014 with stunning decisiveness, and indeed pushing further into KRG territory. The KRG is now diminished territorially, politically and economically. It may yet recover, but it looks set to be a long and to...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Libya Output Continues To Rise In Wake Of Renewed Sirte Basin Production
...scribed in its 2014 annual report as a “significantly reduced rate” (MEES, 24 April 2015). 4Q14 output averaged just 129,000 b/d, and the full year average was 50,000 b/d. Production capacity at the fields has declined in the meantime. In its 2014 report Hess said a lack of regular maintenance had im...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Libya Loses $1.2bn Goldman Sachs Court Case
...led in 2014 (MEES 2 September). The LIA claimed compensation of $1.2bn from Goldman Sachs over allegations relating to nine trades executed for the fund in the first four months of 2008 in which the bank earned more than $200mn but the LIA lost the bulk of its investment. The LIA alleged that Go...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
In Search Of An Equilibrium Oil Price
...recent IEA figures –broadly in line with those presented by companies themselves – of the 43% fall in global upstream capex between 2014 and 2016 “two thirds is due to cost reductions.” Costs fell by 15% on average in 2015 and are set to fall by a further 17% this year according to the IEA’s re...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Korea LNG Buying Falls To Seven-Year Low In Q3
...lumes are down by a more modest 1.3% on January-September 2015, but 12% down on 2014’s record levels of 27.20mn tons. • Low Q2 and Q3 buying came after a mild 2015-16 winter left stocks unusually high. However a late-summer heatwave in August led to a surge in aircon use, diminishing stocks. This ha...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
SEC Tackles Pricey Fuel With ‘Improved Efficiency’, Falih Firms Up Nuclear Plans
...16, but the 2015 peak of 62.26GW was 10.1% higher than the 56.55GW recorded for 2014. Before the tariffs hike, government’s Electricity and Cogeneration Regulatory Authority (Ecra) was warning that peak load could reach 75GW in 2020 if consumption continued unchecked, a massive 20% increase (MEES, 9 Se...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Saudi Oil Exports Fall Amid Record Products Demand & Oil Burn
...el oil consumption to 624,000 b/d, its highest level since the 635,000 b/d record fuel oil consumption for December 2014. Fuel oil imports also rose to 204,000 b/d for August – another record. While monthly crude oil burn continues to be lower year-on-year, the new total oil burn record calls into qu...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Iraq’s Mosul Offensive Begins Amid Patchwork Coalition
...lice personnel would enter Mosul proper. The point was to emphasize that neither Shia militias nor the Kurdish Peshmerga would be entering Sunni Arab-populated urban areas. IS has held Mosul since June 2014, when Iraqi army divisions in the north, weakened by corruption and politicization under the fo...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Kuwait Dissolves Parliament Amidst Subsidy Reform Uproar
...ril). The relative détente of the past three years has provided sufficient political stability for Kuwait to award important contracts to foreign firms to develop its oil and gas sector. The impact of this is beginning to be felt, with September’s 2.86mn b/d crude output the highest since September 2014...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Iran Opens Pre-Qualification For Upstream Tenders
...mpanies from France, Japan, China and Russia have said they will bid according to the state-owned Fars News Agency (FNA). This will include Total, which has an MoU to appraise the field. State-owned China National Petroleum Corporation (CNPC) had been awarded the field in 2009, but was removed in 2014 ow...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Zueitina Restart Small Sign Of Hope For Libya’s Oil Prospects
...rkers demanding jobs from NOC brought the pipeline supplying crude to the facility to a halt (MEES, 8 May). The dispute has now been brought to a close with the promise of jobs for the protestors, Mr Lefkaih says. The terminal had only restarted on 22 February, having been out of action since April 2014...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Iran Targeting $150Bn Oil & Gas Investment By 2020
...ojects, as well as export facilities boosts this figure to “over $150bn,” he says. COOPERATION WITH IOCs Though yet to be officially unveiled, details of the new IPCs have trickled out since its soft-launch in February 2014. These suggest foreign and local company cooperation will be a main theme in...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Egypt Keeps-Up LNG Import Momentum With 55-Cargo Award
...llowing the arrival of Norwegian firm Höegh’s 550mn cfd Höegh Gallant floating storage and regasification unit (FSRU) at Ain Sukhna on the Red Sea. The vessel has been leased to EGAS for five years under a deal signed in November last year (MEES, 7 November 2014). Cairo says it expects four cargoes to ar...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015