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Can The KRG Keep Up Its Monthly Oil Payments?
...leased by the MNR on 1 December highlights the financial challenges facing the KRG. Oil export revenues averaged just $574mn/month for July-September, far below the $1bn monthly payments the KRG had been expecting to receive from the Iraqi federal government under a lapsed December 2014 agreement. Th...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Aramco Management Revamp
...ggaf is now Senior Vice President, Operations & Business Services. He had been acting service line head of operations and business services since 2014....
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Leviathan: Stranded Between Low Prices And Anti-Netanyahu Backlash?
...te 2017,” Mr Davidson said (MEES, 2 May 2014). Mr Fisher now says the “timeframe from sanction to production” will be “anywhere from three to four years” – that is to say early next decade at best. Currently Tamar is Israel’s only producer with first phase capacity of 1.2bn cfd – production hit a re...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Aramco Seeks $5bn Yasref Funds Taking Total Over $20bn
...me of the financial pain felt by other oil companies with crude prices down 65% since June 2014, it has major project expansions under way, not only in the upstream, but also in refining and – in a strategic extension of its operating ‘territory’ – into petrochemicals. Aramco has not publicly es...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Bahrain Signals Start Of Sitra Refinery Expansion, Targets 2020 Start-Up
...ouping the US major with compatriot contractor CB&I, for technology licenses and engineering design for the residue and vacuum gasoil hydrocrackers (MEES, 24 October 2014). FEED work was initially scheduled for completion by the end of 2015, with a view to EPC contract awards in 2016 and completion in...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Prices Hit 11-Year Lows With No Sign Of A Reprieve
....49/B on 17 December, the lowest level since April 2004. The basket of 12 crudes – one from each member country – has averaged below $40/B every day this month. The average price of $35.16/B for December to date is down $5/B on November, $27/B on May, and a whopping $73/B, or 67.5%, on June 2014. On a mo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Libya: Fragile Peace Leaves Many Questions Unanswered
...jected by the HOR. The US Secretary of State, John Kerry, says that majorities in both the HOR and the GNC are ready to sign the agreement. But since it began mediating negotiations in September 2014, the UN has found it impossible to please both sides, and it is unlikely that this has changed. Th...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
China, UAE Deepen Strategic Oil Partnership
...fectively been in control of the country since his brother President Khalifa bin Zayid suffered a stroke in January 2014. This highlights the likelihood that the underlying rationales are as much political as economic. The announcement is the second such large tie-in between Emirati and Chinese firms in...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Iraq Trims Budget, But Not By Enough
...ving fallen below $30/B. Iraq’s economy has been hammered by the twin shocks of the ongoing conflict with Islamic State and the oil-price crash. Oil revenues constitute the majority of government income, and MEES figures show these crashing to $50.4bn in 2015, down from $84.3bn in 2014 and the lo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Egypt Secures $1bn Funding For Gas-Fired power, $500mn For Energy Reforms
...rn natural gas normally and fuel oil during gas shortages. Egypt currently has 20.5GW of mainly gas-fired capacity under development, as EEHC looks to keep ahead of surging electricity demand. This year’s peak load reached 29.1GW, while installed generating capacity at the end of 2014 was 31...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Egypt Scraps Plan To End Energy Subsidies
...e time of last year’s announcement – says that the government now plans to keep subsidies at 30% of their July 2014 values indefinitely. Speaking in Cairo this week, Mr Isma’il said that circumstances have changed with lower global oil prices and the discovery by Eni of the massive 30 tcf Zohr of...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015