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Climate Change And The Oil & Gas Sector: More Risks Than Opportunities?
...in September 2014, the CEOs of 10 of the world’s largest oil and gas companies, including Saudi Aramco, last week issued a statement in which they committed to play their part to reduce greenhouse gas (GHG) emissions and reach the world’s long-term goal of limiting global average temperature in...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt: Zohr Mega-Find Spurs Regional Gas Hub Ambitions
...cember 2014 that the two firms had formed a monopoly offshore Israel (MEES, 27 February). 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 stepped down. But Mr Gilo’s de...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Iraq Awards Contract For 70k B/D Basra Refinery Expansion
...maged refineries operate at only 60-75% capacity, leading to a gasoline shortfall of 40,000 b/d (MEES, 1 May). Iraq’s refineries processed an average 600,000 b/d of crude oil in 2013, but this fell to 493,000 b/d in 2014. Islamic State jihadists overran the 310,000 b/d Baiji refinery, Iraq’s la...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Saudi Petchems Profits Fall 21% In Q3 Due To Weaker Sales Prices
...SAUDI ARABIA Saudi Petchems Profits Fall 21% In Q3 Due To Weaker Sales Prices Saudi Arabia’s petrochemical producers reported total net profits of SR6.63bn ($1.77bn) for the third quarter of 2015, which was 21% lower than for the second quarter and 30% down on the same quarter in 2014...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Aramco Vows $100Bn Spend To Phase Out Crude-Burn, Targets Self-Sufficiency
...amco plans to spend $100bn over the next 10 years in boosting natural gas production capacity with a view to eradicating the kingdom’s direct burning of crude oil in power plants. In July 2014 Saudi crude burning reached a new peak of 899,000 b/d and during June-August this year the average burn was 86...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Saudi Product Exports At Record High; Crude Volumes Crimped
...stained high figures of recent months mean 2015 as a whole will almost certainly surpass 2014’s record. Domestic consumption of fuel oil and diesel – much of which is burnt – has risen even more (see graphs 3 & 4). Other Mideast countries are also burning crude at near-record levels. Iraq’s 22...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
SAUDI OFFICIAL CRUDE & OIL PRODUCTS OUTPUT, TRADE & BALANCE (‘000 B/D)
...YTD14 vsYTD13 YTD14 2014 2013 2012 2011 2010 2009 Crude Production 10,265 -96...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Mideast Revenues Prop Up Oilfield Services Giants
...s seen its revenue drop every quarter since the turn of the year. But the Middle East, where investment by state oil firms has largely held up, has been one bright spot. The four firms overall saw the share of their revenue coming from the Middle East and Asia rise from around 20% in Q4 2014 to ar...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF
...SAUDI ARABIA Oil & Gas Subsidies Costing Saudi 11% Of GDP, Says IMF The implicit cost of subsidized petroleum products and natural gas prices in Saudi Arabia was $83bn or 11.1% of GDP in 2014, the IMF says in a recent paper setting out its arguments for the need for energy price re...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Iran Unveils Stimulus Package To Boost Growth
...a mere 0.8% for 2015 down from 4.3% for 2014, Mr Rohani’s first full year in office. The country will this year record a fiscal deficit equivalent to 2.9% of GDP, the IMF projects. To be fair to Mr Rohani, the more than halving of oil prices over the last 15 months is largely to blame. The IMF pr...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Egypt: New Central Bank Chief Faces Foreign Currency Crisis
...e end of 2014-15 by $2bn to $48.1bn. The cost of servicing the external debt – medium and long-term – stood at $5.6bn, of which $4.9bn represents instalment payments and $700mn interest charges. The debt/GDP ratio at the end of 2014-15 fell to 15% from 16.4% the previous year. Domestic debt stood at...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
China Crude Imports 3q15 (‘000 B/D)
...15vs2Q15 15-Sep 15-Aug 15-Jul 3Q15 000 b/d % 2Q15 1Q15 4Q14 3Q14 2014...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 45.38 46.81 48.33 45.44 42.9 46.62 58...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015