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Energean: Karish, Tanin Go-Ahead Imminent
...th an IPO also under consideration, according to a 13 November Reuters article. US firm Noble operates Israel’s only producing gas field, Tamar, as well as the under-development Leviathan field. Noble and partner Delek were forced to sell off Karish and Tanin as part of a 2014 anti-trust ru...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Iraq Adds Upgrades To Gas-Fired Plans, Keeping Pressure On Rising Supplies
...ard further upgrading projects, given that only 16.91GW of existing capacity is operable out of an installed capacity of 26.15GW. Yet despite the strain on Iraq’s gas resources, gas turbine plants are expected to provide up to 56% of Iraq’s electricity this year, up from 47% in 2014 (see tables). On...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Building On Resilience: QP Chief Talks Embargo & LNG Plans With MEES
...troleum’s operations. How have you mitigated the impact? A: When I was appointed as CEO three and a half years ago [MEES, 19 September 2014], I had a different vision for QP. We had to focus on our core businesses, and so I made sure that we consolidated our subsidiaries to become fully aligned. As you sa...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Tunisia Oil Output Rebound From Protests, Fundamental Problems Remain
...hers decline to take any decisions on permits and the like for fear of being branded corrupt (MEES, 31 October). But, in an echo of the situation facing smaller firms in Egypt (MEES, 1 December), the bigger fall came with the collapse in oil prices in the second half of 2014. Many of the minnows in Tu...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Kuwait Targets Heavy Oil Reserves With Eye On Future
...arted up a second pilot plant a month ago to test the same techniques in the south of the field; its initial pilot facility remains operational. KOC plans to ramp up Ratqa production here to 270,000 b/d by 2030. The Lower Fars reservoir of Umm Niqa was only discovered in 2014, but production began th...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
US Hikes 2017 Output Forecast As Firms Prepare To Raise Spending
...ude, having risen above 9mn b/d for the first time in 28 years in September 2014, fell back below this level in April this year on the back of a more than halving in oil prices. While the 9.63mn b/d April 2015 peak is set to stand for some time yet, by the same token it looks increasingly likely th...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Iran Inks Petchems Investment Deals With Japan & China, Shell Adds Upstream MoU
...d of ethane and 100,000 b/d of NGLs (MEES, 10 October 2014). Whether 3.7bn cfd of extra methane and ethane feedstock is available depends on Iran’s completion of further phases of South Pars, on gas burning in power plants and on gas exports. However, Total and Shell appear to be planning to si...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Egypt Bidding: Top Players Apache, Shell Expand Western Desert Acreage
...ken blocks near or adjacent to their existing acreage in the region while Apex has used the knowledge of founder and CEO Robert Plank, who stepped down as CEO of Apache in 2014 and Thomas Maher former VP of Apache’s Egypt operations in taking the Southeast Meleiha and West Badr El Din blocks which bo...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Opec Hits New Record Output as Attention Switches to Non-Opec
...n-Nov16 v Jan-Nov15 2015 2014 S Arabia* 10.43 -0.05 +0.18 10.48 10.06 -0.37 10.35 +0.15 10.20 9.70 Iraq 4.64 +0....
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Qatar Wealth Fund QIA And Glencore In $11.3bn Rosneft Deal
...th Iran will not sit well with Qatar’s Arab allies. However, Qatar has since 1995 pursued an independent strategy often at odds with its neighbors. This most recently came to a head in March 2014 when Saudi Arabia, the UAE and Bahrain pulled their ambassadors from Qatar, citing Doha’s alleged in...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Benchmark Crude Prices ($/B)
... 8Dec 28Nov-2Dec 21-25Nov Nov16 Oct16 Q3 2016 Q2 2016 Q1 2016 2016 (>8 Dec*) 2015 2014 2013 WTI 50.84 49.30 47.66 45...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Kuwait: Does Ministerial Shake-Up Indicate A Firm Stance?
...nuary 2014. He becomes Kuwait’s fourth oil minister in less than three years. However, the revolving door at the ministry has little impact on policy, which is set by the Supreme Petroleum Council (SPC). It does however underline Kuwait’s continued political volatility – a deterrent for IOCs. That said, th...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Iran Launches New Contracts Ahead Of Opec Meet
...ximize recovery rates at fields (MEES, 13 November). The much-delayed launch of the IPC finally materialized on 28-29 November in Tehran. Initially planned to be launched in London in April 2014, the process has been inextricably linked to the nuclear negotiations with the P5+1, which were extended on...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
KRG: More Payments Needed To Unlock Investment
...4mn/month for July-September, far below the $1bn monthly payments the KRG had been expecting to receive from the Iraqi federal government under a December 2014 agreement. Federal payments peaked at $432mn in March. So far this year the KRG has received a total of $1.987bn from Baghdad for oil exports ac...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Iraq Chalks Up Record Exports But Revenue Less Than Half Mid-2014 Level
...e KRG, were boosted from a backlog in loading from a storm-hit October schedule (MEES, 6 November). But, despite this, the month’s export revenue of $3.67bn is just 47.5% of the $7.74bn that Iraq’s oil exports brought in in July 2014 before oil prices collapsed. Average November takings were ju...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Rabigh 2 Joins Petchems Start-Up Queue, Saudi Capacity Surge Nears
...dara said the unit would need rebuilding, although a SR113.4mn ($30.2mn) insurance claim will cover the rebuilding cost. UAE’s Borouge 3 polyolefins plant started up in 2014, but has still not reached full capacity because of ethane feedstock constraints (MEES, 5 June). The company now expects to re...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Paris Climate Talks: How To Measure Success?
...e globe. Market-related mechanisms would give visibility to investors and private businesses, but there remain strong disparities partly due to fossil fuel subsidies. The IEA estimates global fossil fuels subsidies at around $490bn in 2014, five times the amount that would need to be raised to ad...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Shell Egypt Output At 15-Year High Ahead Of BG Takeover
...e Western Desert’s Northeast Abu al-Gharadig block located within Bapetco’s main license area (MEES, 19 December 2014). The gas price agreed with both firms is $5.45/mn BTU, but Shell is now believed to be asking for more. State firm EGAS pays a maximum of $5.88mn BTU for gas output but has so far on...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Oman’s 2015 Budget Deficit Soars
...rther – to around $40/B for Oman crude – in recent weeks (see p18). Taking these factors into account the deficit for 2015 as a whole could well top OR5bn (see graphs). Oman had a small surplus of OR136mn ($354bn) in the first nine months of 2014 but this fell to a deficit of OR360 for the year as a wh...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
GCC Countries Set For Record Bond Issues To Plug Funding Gap
...With oil prices 60% down on their 2014 peak, GCC member countries are increasingly turning to borrowing to make up for their revenue loss. Bahrain and Qatar are now launching new bonds, and Oman is considering following suit, all three following Saudi Arabia’s lead in July to resort to bo...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015