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Iran Starts Work On Qeshm Power/Desal Plant
...01-04, before the onset of sanctions over Tehran’s nuclear program. Mapna recently started work on a 1GW gas-fired plant at Zanjan (MEES, 17 October 2014). Iran’s power generation capacity reached 70.03GW at the end of 2014, of which 70% is gas-fired. This requires an estimated 10.5bn cfd of gas fu...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
OPEC Output Slides In January Despite Gulf Increments
...west level since June 2014. In Libya, oil output fell for the third month running to average 350,000 b/d in January, as armed factions allied to two rival governments continue their fight for control of the country, four years after the ouster of former leader Mu’ammar al-Qadhafi. Despite co...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Canada’s Pipeline Battle With US Has Implications For Saudis
...r Canadian producers, which have responded by cutting investment after a period of rapid growth. Canadian oil sands production grew fivefold between 1993 and 2014, as investment doubled to 30bn Canadian dollars between 2006 and 2013, allowing Canadian exports to the US – its sole export market to...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Total Still Leads The Pack On UAE’s Adco Concession
...ell, like BP and ExxonMobil, have reported lower production in 2014, due to the loss of their 9.5% stake in the lapsed Adco concession. ADCO HIT Shell’s overall production averaged 3.1mn barrels of oil equivalent per day (boe/d) in 2014, down 100,000 boe/d on the year, partly due to the expiry of...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Iraq’s 2015 Budget: A Catalyst For Better Relations With Erbil
...der the budget law all revenue derived from these exports will be considered as revenue for the Iraqi federal treasury. Based on these projections oil revenue in the budget is put at ID78,649bn ($67.5bn), or 83.6% of total revenue. Kuwait’s agreement at the end of 2014 to give Iraq a one-year su...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Japanese Crude And Condensate Imports: Saudi Retains Top Spot As Russia Surges Up Rankings (‘000 B/D)
...Japanese Crude And Condensate Imports: Saudi Retains Top Spot As Russia Surges Up Rankings (‘000 B/D) 2014 rank 14vs13 14vs12 2013 ra...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 5-Feb 26-30 Jan 19-23 Jan Jan-15 Dec-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
UAE: Bonds Not Needed
...UAE UAE: Bonds Not Needed The UAE has no urgent need to issue federal bonds, the Minister of Finance and Dubai Crown Prince Shaikh Hamdan bin Rashid al-Maktum said on 22 February at a press conference to review the 2014 budget. But he said that the government, together wi...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Italy’s Eni In New Tirade Against Iraq Contract
...pay them around $12.5bn in 2014, he said. The efforts of the foreign oil companies since the first and second oil auctions were held in 2009-10 have helped to raise oil production capacity to levels above 3mn b/d from just over 2mn b/d before 2010. Exports are expected to average 2.7mn b/d th...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iran Cuts Gasoline Additives
...ORDC, petrochemical components in gasoline are polluting and don’t meet standards. This gasoline will not be distributed in Tehran any more. Based on an agreement with the government for the next Iranian year [beginning 21 March 2014], no more gasoline will be received from petrochemical plants,” Mr Za...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
DNO Plan New KRG Pipeline, Targets 270,000 b/d End-2014 Output
...t to ramp up its exploration and appraisal program in 2014 after achieving yet another production milestone at Tawke. Bijan Mossavar-Rahmani, DNO’s Executive Chairman, said after announcing fourth quarter and provisional full 2013 results that Tawke had established a single day record for de...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
DNO Posts Mediocre ’13
...REGIONAL DNO Posts Mediocre ’13 Whilst work to fully commercialize the company’s 1bn barrel Tawke field in the KRG dominates DNO’s 2014, it also plans exploration wells in Oman and Tunisia this year. In Tunisia, DNO will focus on commercializing existing discoveries in th...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Saudi Arabia On Track For 26% Refining Capacity Hike This Year
...eration. The new plants will add to 2.1mn b/d of capacity at seven fully operational refineries and 200,000 b/d at the first Satorp CDU, which was started up last year (MEES, 13 September 2013). This will take Saudi Arabian refining capacity to almost 3mn b/d by the end of 2014 (see table 1). Rising do...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iraq: Al-Sadr Withdrawal Realigns Shi’a Alliances Prior To Parliamentary Poll
...the failure of his economic policies. The 2014 draft budget (yet to be approved by parliament) is around $150bn, with a projected deficit of $30bn (MEES, 31 January). Some 93% of the public budget depends on oil revenue, according to IMF figures. Around 63% of public budget expenses are allotted to...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Saudi Arabia, Qatar And The Pakistani Prize
...the deadline to build its section of the line (MEES, 7 February). Iran’s Oil Ministry has stuck to its guns however, saying this week that Pakistan is “contractually obliged” to complete its side of the project by the (wholly unrealistic) original December 2014 deadline. Long-Term Ta...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Libya: Power Outages, Power Vacuum
...at wave. It is hardly a good time for power plants to fall into further disrepair. Libya’s government has so far failed to approve a budget for 2014, and admitted to curbing spending at several ministries, as income is reduced by the continued blockage of oil exports that is slashing re...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Mauritania Hopes To Open New Atlantic Frontier
...rldwide. Banda Advances Meanwhile a positive final investment decision on the Banda offshore gas to power project, the other key element of Mauritania’s hoped for hydrocarbons renaissance, “is expected by the second quarter of 2014,” Premier Oil said on 27 February. First production is slated for 20...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Iran Advances Subsidies Reform
...ipulated minimum will have to pay a penalty of three times the amount of the subsidies received. $2bn Savings The government expects the reform to translate into savings of IR480,000bn ($19.2bn) over the 2014-15 Iranian year. However, almost 90% of these ‘savings,’ some IR425,000bn ($17bn), has be...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Egypt Banks: Moody’s Wary
...pply 150,000 tons of gasoline and diesel every month with effect from 1 March until the end of 2014, as part of the Kuwaiti grant to Egypt. Dimian Heads Finance Minister Prime Minister Ibrahim Mahlab has appointed Hani Qadri Dimian as Finance Minister, replacing Ahmad Jalal. Mr Dimian was as...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Groundhog Day In Iraqi Kurdistan: Oil Exports Stall, Again
...rder. Genel Admits Delay Mr Hayward’s remarks contrast with a more optimistic forecast he made in November last year, when he said that full commissioning of the pipeline would be complete by the end of 2013, allowing full exports to start in early 2014. Since early January, only crude oil from th...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014