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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