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Egypt: Receivables Worries Risk Choking Off Exploration Boom
...oduction in the concession areas until the delayed payments are made,” he says. The government was hoping to have paid off its dues to foreign firms by the end of this year according to Prime Minister Sharif Isma’il, who made the comments in late 2014, when he was oil minister. But the collapse in oil pr...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Egypt Appoints New Heads Of State Oil And Gas Firms
...-Badi’, who will become President of state investment firm Midtap. Mr Masry will be returning to EGAS where he served as deputy head for operations from February 2014 until his appointment as head of EGPC in October last year, taking over from the current oil minister Mr Molla. Taking over from Mr...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Kuwait Seeks More LNG, Strives To Hike Domestic Gas Output
...Already the MENA region’s top LNG importer, Kuwait is powering ahead with plans to secure extra supplies to meet growing gas to power demand as it looks to capitalize on slumping prices. Prices have fallen by approximately $8/mn BTU to around $4/mn BTU since 2014 according to Kuwait Pe...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Aramco/Sabic Make Up With Plan For Joint Oil-To-Chemicals Project
...presents a big step along the way. Announcing the start up of the cracker in January 2014, ExxonMobil Chemical president Stephen Pryor told Reuters it is “by far the most feed-flexible cracker we’ve ever built. It can crack anything from light gases to heavy liquids, including crude oil.” Sabic has been st...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Egypt Secures Saudi, UAE Funding For Power Expansion, Awards Wind Projects
...eoretically give Egypt access to the GCC power grid, but - like the GCC grid itself - progress has been slow (MEES, 28 November 2014). Projects being discussed in tandem with much-needed funding include three coal-fired plants with a combined capacity of 4.62GW at a cost of $4.64bn, for which Cairo has si...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Jordan: Wind Gathers Pace In Bid To Diversify
...2014. The wind farm incorporates 40 of fellow Spanish firm Gamesa’s 2MW turbines. The original plan was to install 33 turbines totaling 66MW, but the ministry expanded the scope. Now Daelim and Kosco have formed the Daehan Wind Power project company to build a 49.5MW wind farm at Tafila, 140km so...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
2.2GW Gas-Fired Plant For Northern Emirates
...x plants totaling 1.15GW in 2013. Now only three are operational: 387MW Nakhil in Ras al-Khaimah and 116MW Ajman and 200MW Al-Zouraa in Ajman. In 2014 Fewa imported 11.1TWh of electricity from Abu Dhabi’s Adewa. Imports exceeded 2GW at peak demand times. Hence building the proposed plant would po...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Oil Market Inches Towards Balance, With Or Without Deal
...0,000 b/d on a year earlier (April 2015 marked the peak at 9.69), and the lowest since September 2014 (see p18). IEA SUPPLY & DEMAND FORECASTS, APRIL 2016 (MN B/D) OPEC SUPPLY & DEMAND FORECASTS, APRIL 2016 (MN B/D) NEGATIVE NUMBER INDICATES THAT OUTPUT IS MORE THAN THE CALL IM...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Libya Unity Government Faces Huge Challenges
...tions. Senior diplomats from first Italy (who sent foreign minister Paolo Gentiloni) and then the UK, France and Spain held face to face talks with the council in their first visits to Libya since EU embassies were closed for security reasons in 2014. There are some signs of political support for the co...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Iraqi Parliament Crisis Deepens Policy Paralysis
...ecting Mr ‘Abadi in 2014, and has generally stood by him in his fights with other Shia leaders. But, once it became clear he intended to remove all political figures from the cabinet, it turned sharply against him. The 2014 agreement had given ISCI three ministries, most notably oil, and they would not gi...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
New Adnoc Supremo Commits To 3.5mn b/d Output Target Amid Leadership Shakeup
...ctor for a number of years, especially since the president’s stroke in 2014. Many of the new faces have previous, or ongoing, experience in sovereign wealth fund Mubadala (see table). Mubadala has greatly expanded its role in the energy space in recent years. Mubadala’s board is chaired by the cr...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Middle East Drilling Remains Robust Despite Upstream Capex Cuts
...oks to develop the Risha gas field and East Safawi Block. Though once seen as a potential gas lifeline for Jordan, Risha proved disappointing: BP pulled out in 2014 and wrote off its $240mn investment in the project after drilling two wells and determining that the reservoir, which BP previously th...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Mid-East LNG Demand‘A Driving Force’ In 2015
...4% to 105mn tons in 2015, a 43% global share down from 47% as recently as 2013 (see table). Output from dominant producer Qatar – which alone provides 32% of global supplies, steady with 2014 – edged up to a record 78.4mn tons in 2015. But Australia is set to challenge Qatar for top spot over the ye...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Israel Refineries Flat Out In 2015, Making Most Of Margins
...• Israel’s two refineries continued to run flat out in 2015. While average combined products output was at just under 293,000 b/d, slightly short of 2014’s record 295,000 b/d, operators Bazan and Paz continued to make the most of low crude oil prices. Brent prices averaged just over $50/B in 20...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Iran’s Power Plants Increase Gas Burn, Face Competition For Supplies
...an’s gas output is being boosted by the completion of development phases of the giant South Pars offshore field. South Pars produced 130 bcm (12.6bn cfd) in 2015-16 up 15% from 113 bcm (10.93mn cfd) for 2014-15, Ali-Akbar Shabanpur, managing director of field operator Pars Oil and Gas Company (POGC) sa...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Petroceltic: Worldview Or Bust
...bsidiary Dragon Oil tried to buy the firm for $800mn (MEES, 10 October 2014). It was downhill from there. Worldview, which has steadily built a stake since 2011, in January 2015 lambasted Petroceltic CEO Brian O’Cathain's board for “failures… including the failed offer by Dragon Oil (MEES, 16 January 20...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
$22bn In Saudi Cash And Products To Keep Egypt Afloat
...ypt obviously missed Prime Minister (then Oil Minister) Sharif Ismail’s target of paying off the dues by end-2015 (MEES, 28 November 2014), things had at least been moving in the right direction. If the $20bn figure attached to Saudi Arabia’s five-year oil products supply deal is correct then this is...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Saudi Crown Prince Plots $2,000bn Mega Wealth Fund
...oil prices and with them Saudi revenue since late 2014, where the cash will come from. King Salman, who took power in 2015, has allowed his favorite son Muhammad to grasp many of the kingdom’s key reins of power. His mooted economic policies are revolutionary given Saudi Arabia’s conservative an...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Saudi: Key Gas Start-Ups Increase Oil Field Flexibility
...les gas. The high sulfur content contributed to delays in bringing the projects to fruition (MEES, 7 November 2014). Production from the two non-associated gas fields was initially slated for 2014, but the Arabian Sun comments indicate it is finally ready to begin. Aramco CEO Amin Nasser told the ma...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Kuwait Oil Sector Receives Triple Boost
...ich shares the PNZ with Kuwait, to begin limited production at the offshore 300,000 b/d Khafji field. Khafji is jointly operated by Kuwait Gulf Oil Co (KGOC) and Aramco Gulf Operations. Prior to Saudi Arabia unilaterally halting production in October 2014, ostensibly over environmental concerns, pr...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016