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Oman And BP To Expand $16bn Khazzan Gas Project
...% in 2014 and yet further last year (MEES, 8 January). The expanded Khazzan project would add considerable relief. There is also an agreement to import 10 bcm/year from Iran via pipeline, with gas expected to flow by 2018. Iranian officials have said around 30% of this will be re-exported from Om...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Adnoc Head Replaced As Abu Dhabi Eyes Output Rise
...hayyan. The Crown Prince has effectively been in control of the country since his brother President Khalifa bin Zayid suffered a stroke in January 2014. This marks his further consolidation over the oil industry. The new man in charge will have to juggle a wide range of issues including plans to increase ga...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Italy Doubles Gas Imports From Algeria As Time Out Ends Amid Skikda Shut-Down
...re diverted for pipeline exports. Algerian state firm Sonatrach and key Italian importer Eni agreed in 2013 to reduce offtake for a period of time for 2013 and 2014, as the recession-led demand destruction in European gas markets led suppliers to reduce their purchases (MEES, 1 May 20...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
KRG Looks To Call Abadi’s Bluff On Salary Gambit
...fectively, this would mean a return to the defunct December 2014 revenue sharing agreement. In accepting Mr ‘Abadi’s offer, the KRG said “each month it needs ID980bn [$820mn], ID336bn [$281mn] of which is paid to Peshmerga forces”. Figures released by the KRG Ministry of Natural Resources (MNR) on 16...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Tunisia Bags EU, IMF Cash But Oil & Gas Output At Record Lows
...ring the democratic transition process. The latest cash will come in three instalments and could start later this year. The EU’s previous €300mn package for Tunisia was approved in May 2014, with two tranches of €100mn disbursed so far this year and the final tranche slated for 2Q 2016. Tunisia has al...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Dana Gas Profits Boosted By Arbitration Settlement
...UAE-listed Dana Gas recorded a 15% rise in net profits for 2015 despite tumbling oil prices causing revenues to fall by 39% from $683mn to $417mn. But the profit rise, to $144mn from $125mn for 2014, was attributable to a one-off arbitration settlement. The firm is still mired in a legal wr...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Dana Looks To Egypt Uptick In 2016
...wnward curve associated with field decline. This was partially reversed when Balsam field production and well completions were brought onstream in Q4 2015.” For the year, Dana posted 2015 Egyptian output of 33,900 barrels of oil equivalent per day (boe/d) compared to 39,000 boe/d in 2014. Around 80% of...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
S&P Downgrades GCC Ratings On Back Of Tumbling Oil Prices
...AN: GDP CRUNCH S&P lowered its long- and short-term foreign and local currency sovereign credit ratings on Oman to BBB- from BBB+, indicating moderate risk. The agency projects that the Sultanate’s “GDP per capita will fall to $14,600 in 2016 from $20,500 in 2014, while the annual average increase in...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Iran Sets Out FDI Strategy As Foreign Cash Starts To Trickle In
...urced from abroad, given the crash in oil prices. Revenue from Iran’s petrochemical exports is second only to oil export revenue. State-owned National Petrochemical Company (NPC) expects to steadily raise output of petrochemical products, from 44mn tons for 2014-15, to 47mn tons in the current Ir...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Saudi ‘Dumping’ Has Cannibalized Opec Revenue For Minor Long-Term Gains
...Opec’s Saudi Arabia-driven policy of maximizing market share at the expense of revenue is economically illogical. The policy has been driven by political motives. Opec members’ revenue losses resulting from the oil price collapse since late 2014 far exceed any likely long term gains from in...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
DNO Plans To Double Capex In 2016
...ile capex was nudging $300mn in 2014, it dropped to a miserly $50.7mn last year. Despite this, rising output from DNO’s KRG assets meant the company’s overall working interest production rose from 68,900 b/d to 88,400 b/d. However, spending cuts led to KRG production declining in the fourth quarter of th...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
South Sudan Attempts To Cut Sudan Oil Transit Payments
...om Upper Nile has continued, but at a diminished rate. Output in 2014 was around 160,000 b/d, but dropped to 155,000 b/d in the first quarter of 2015 and then to about 140,000 b/d in the final months of the year. After Brent, the European crude benchmark against which Dar Blend is priced, tumbled to ju...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
NOC Targets Belie Libya’s Continuing Divisions
...ditional 52,000 b/d in condensate. Nominal production capacity is 1.76mn b/d, but the last time the country achieved output of more than 1mn b/d was in mid-2013, although it came close in October 2014. Since peaking at around 620,000 b/d in March 2015, crude production has struggled to reach 40...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Middle East Upstream Spending Faces Trying 2016
...wn from 51 for December, 60 for January 2015, and a whopping 90 for January 2014 before the mid-2014 advance of Islamic State when the exploration boom in Iraqi Kurdistan was in full swing. International oil services firms all saw their revenues dive in the fourth quarter 2015, though their Mi...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Iran Eyes Growing Gas Shipments To Armenia, Turkey
...ighbor with which Iran gets on best. Iran exported 9.6 bcm of gas in 2014, with Turkey (8.9 bcm) the key market; Iran also imported 6.9 bcm, with over 90% coming from northern neighbor Turkmenistan. Alireza Kameli, head of the National Iranian Gas Exports Company puts current Iran-Armenia sh...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Qatar Signs Long Awaited LNG Deal With Pakistan But Belt Tightening Continues
...creasing competition. Global capacity rose from 270.9mn t/y in 2010 to 301.2mn t/y in 2014 according to the International Gas Union (IGU). With more new capacity set to come online in Australia, the US and elsewhere, this competition is set to grow increasingly fierce. CHANGING REALITIES FOR QATAR Th...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Iran Inks First Post-Sanctions Petchems Deal: Will It Catalyze Sector Revival?
...ickly by rising supply from South Pars. NPC production control director Ali Bossaqzadeh says NPC output is expected reach 47mn tons in the current Iranian year (ending 20 March 2016) and 52mn tons for 2016-17 up from 44mn tons for 2014-15. Iran’s Oil Minister Bijan Zanganeh this week projected NPC wo...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Saudi Power Sector Needs $130bn Over 10 Years, Efficiency Targeted
...vel. Mr Husain told a conference in Riyadh this week that Saudi electricity demand reached a new high of 62.26GW in summer 2015, which was 10% up on 56.55GW recorded in 2014. While a 45% demand hike over eight years is high in global terms, it is still modest compared with a 64% increase over 2008-15 (se...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Global Oil Overhang To Persist Throughout 2016
...17, down 1.17mn b/d from the Q2 2015 peak of 9.50mn b/d, but still level with 1H 2014 volumes. Opec has left its global demand projections unchanged in its latest monthly oil market report (10 February) and has revised up its forecast for the fall in non-Opec supply in 2016 by 50,000 b/d to 71...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Algeria Reaches Critical Crossroads
...meframe remains vague, perhaps reflecting the government’s cautiousness. Protests for social issues have taken place in past years – although localized and relatively small in size – and the effect of last year’s anti-shale protests that started in December 2014 were largely unexpected. These events re...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016