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Egypt Receivables Hit $6.3bn, Up Almost $1bn From Start Of 2015
...ternational oil companies (IOCs) in late 2014: payouts that saw the receivables total fall by close to $3bn in the second half of the year, ending the year at just under $5.5bn. But dues have climbed sharply since, hitting $6.3bn at the end of June, up $861mn on six months earlier, according to MEES ca...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Japan’s Inpex Eyes Iran Return Post-Sanctions
...PORTS Japanese oil imports from Iran averaged 172,800 b/d in the first half of 2015, down 0.8% year-on-year according to latest figures from Japan’s Ministry of Energy, Trade and Industry (METI). This helped maintain Iran’s position as Japan’s sixth largest oil supplier over this period, as in 2014. Ja...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Decision Looming To Revive Israeli Upstream
...en ongoing since earlier this year but have intensified, following the appointment of Yuval Steinitz as Energy Minister on 21 May. Noble had halted operations in Israel and laid off staff in the first quarter of 2015 in protest, after Antitrust Authority Commissioner David Gilo ruled in December 2014 th...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Oman Oil Production Hits New Record; On Course For 2015 Target
...e number of active drilling rigs in the country has been at record levels of around 70 in recent months – though numbers dipped to 67 for July (see p7). Output averaged 943,000 b/d for 2014. Oman’s oil exports too are running at record levels, averaging 871,000 b/d in the first half of this ye...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Oman’s Orpic Evaluating Bids For Liwa Plastics, Eyes $4bn Finance Package
...ys Orpic chief executive Musab al-Mahruqi. Orpic announced the pre-qualified bidders in December 2014, and subsequently worked with the firms to form 19 bidding units (MEES, 19 February). CB&I is among the bidders for the EPC contract for the cracker, for which it has already been awarded the te...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
GCC Countries Keep Drilling At Record Levels As Us Rigcount Looks To Rebound
...6), with a record 71 active drilling rigs. The rigcount eased to 67 for July, though this remains well above the 2014 average of 59. US DRILLING SHOWS SIGNS OF RECOVERY AS GCC RIGCOUNT REMAINS AT RECORD LEVELS US OIL RIGCOUNT DOWN 60% FROM OCT ‘14 PEAK BUT CRUDE OUTPUT RESILIENT*...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
LNG Demand Outlook Looks Bearish As Japan Restarts Nuclear Plant
...pecially given that a flood of new LNG supplies – from Australia and the US in particular – are set to hit world markets over the next couple of years. In the wake of the disaster, Japan, the world’s largest LNG importer, increased buying by 18.5mn tons/year between 2010 and 2014, from 70mn tons to 88...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
JAPANESE LNG IMPORTS 2005-2015
...VOLUME (mn tons) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
MENA Nuclear Progress Gathering Pace
...mpleted the installation of a second reactor vessel at Barakah in UAE, having completed its first reactor in May 2014. The UAE is building four 1.4GW nuclear plants, which the Emirates Nuclear Energy Corporation (ENEC) maintains are on schedule for start-up at a rate of one per year in 2017-20. ENEC has in...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
IEA Sees Oil Market Oversupply Through 2016
...mmer has seen demand react more swiftly than supply, the IEA says, and as a result global oil demand this year is projected to be up 1.6mn b/d on 2014 levels as economic growth consolidates, and consumers burn more oil. This represents “the biggest growth spurt in five years, and a dramatic uptick on a de...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
OMV And Eni Recognize Risk Of Ongoing Instability In Libya
...eady in recent months, at around 700-800mn cfd. Eni’s gas sales to importers in Italy in the first half of the year amounted to 1.11 bcm, up 73.4% compared to the corresponding period of 2014 due to a “higher availability” of Libyan output, said the report. The company is also responsible for gas fe...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Libya Premier Announces Resignation From Baida Government
...coming prime minister in March 2014. In May this year, he was the target of an assassination attempt by an unidentified gunman, who fired on the prime minister’s car as he was leaving a parliamentary session in Tobruk (MEES, 29 May). The attack was accompanied by an attempt by gunmen to storm pa...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Cash-Strapped Samir Shuts Morocco’s Refinery Temporarily
...at rate. JODI data show the plant’s throughput varies widely on a month-to-month basis (see chart). Refinery runs peaked at 167,000 b/d in March 2014, before setting a recent low of 58,000 b/d in January 2015. The latest monthly average available was 107,000 b/d for May 2015. Morocco is he...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Exit The Dragon As Enoc Takes Charge
...wever, Dragon’s production costs in Turkmenistan are relatively low and its balance sheet remains healthy despite a 52% slump in operating profit. Dragon maintained its capital expenditure at $313.2mn in the first half of this year, unchanged from the corresponding period in 2014, ending the first half of...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Iraq ‘Below Investment Grade’ Ahead Of Bond Issue
...ttlenecks remain a constraint and investment plans were set back by payment arrears in 2014,” Fitch adds. The rating agency notes that the fiscal position has deteriorated rapidly since 2013, with double-digit fiscal deficit forecasted for 2015, as a result of lower oil prices, higher military spending an...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Saudi Turns To Debt Market
...nds, a board member of Bank Albilad says. Other bankers have expressed concern however that this could tighten liquidity in the sector over the coming months. Given the low level of public debt in Saudi Arabia – SR44bn ($11.7bn) at the end of 2014, or 1.6% of GDP – bankers are not overly concerned ab...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Gulf Oil Economies Must Wake Up Or Face Decades Of Decline
...ICES ($/B) Average Projections 2000–11 2012 2013 2014 2015 20...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Iraq: Key 2Q15 Oil Data (‘000 B/D)
...1H14 1H14 2014 2013 2012 2011 2010 CRUDE OUTPUT: Federal^ 3,591 3,288 3,...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 42.23 44.92 47.96 51.15 59.86 58.02 48...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Iraq, KRG Boost Oil Exports But Both Still Short-Changed
...spite receiving hardly any payments for their crude oil production since May 2014, have maintained operations and have continued to invest to support Kurdistan’s crude oil export. Crude oil export is the principal revenue earner for the Kurdistan Region. But, it is also recognized that it is di...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015