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Opec Signs Off 2015 With Record Output
...venue in 2015 would be down a hefty $47.4bn from 2014 (a drop of 43.9%), the UAE remains committed to increasing production capacity from around 3.2mn b/d to 3.5mn b/d in 2017. While this won’t necessitate additional production, it makes a reduction less likely. Iran also looks set to go head to he...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Saudi-Iran Fracas Ratchets Up Regional Tension, Oil Output Likely To Rise
...s on fire on 6 January. However, neither the protests nor security crack-down have as yet been on the same scale as in 2011. It was for his alleged role in orchestrating these 2011 Shia protests that Shaikh Nimr was arrested in 2012 and sentenced to death in 2014. REGIONAL SUPPORTERS WEIGH IN...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Libyan Security From Bad To Worse As IS Trashes Oil Facilities
...r the Es Sider terminal has shipped crude since force majeure was declared on the facilities in December 2014. Force majeure was briefly lifted on the Ras Lanuf terminal on 2 July 2015, but an attempt to lift crude by the Tripoli-based National Oil Corporation (NOC) was blocked by the PFG and the in...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Ninth-Time Lucky For Cyprus Gas Import Tender?
...illion BTU by 2025. According to the terms of the tender, first gas is to be delivered between 1 January 2016 and 30 June 2017, but that is looking increasingly unlikely and will most likely be revised if an agreement is reached with any of the bidders (MEES, 18 April 2014). ...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Total, Eni Stick With Cyprus Exploration
...to Israeli waters, but also declared the field a commercial (Israeli) discovery. Nicosia views the announcement as a strong-arm negotiating tactic on the part of the Israelis (MEES, 27 November 2015). Noble and BG are also reportedly close to finalizing a letter of intent signed in June 2014 to su...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Oman Slashes Subsidies In 2016 Budget, Announces Economic Reforms
...clude the impact of falling oil prices and the effect of regional and geopolitical conditions on the Oman economy, which would require suitable measures to sustain the financial situation and provide economic stability. OMAN'S 2014-2016 FINANCES (OR MN) *LATEST (JAN 16) FORECAST. SOURCE: OM...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Saudis Slash Subsidies As Oil Revenue Collapses
...FICIT Actual 2015 revenue is estimated by the ministry at SR607bn ($162bn), down 15% in nominal terms from the original budget projection, with oil revenue at SR445bn accounting to 73% of total revenue, a drop from the 87% share in 2014. Non-oil revenue however increased in 2015 by 29% to hit SR...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Iran’s Rohani: A Mid-Term Report
...veral months to materialize. And, finally, strong opposition by domestic hardliners to the agreement’s content in both Iran and the US, and the document’s initial uncertain fate in both the US Congress and the Iranian Majlis. To combat the lingering economic slack President Rohani, in August 2014, pr...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Accusations Fly Over South Sudan Oil Field Attack
...rrent oil output was left unaffected, as the fields in Pariang – along with the remaining fields in Unity state – have been offline since coming under sustained attack by rebel forces in December 2013 (MEES, 3 January 2014). Operating consortia Greater Pioneer Operating Company (GPOC - Blocks 1 and 4) an...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Oman Bid Round Results By End-February
...ltanate. Both Blocks 18 and 59 were offered as part of an earlier round in November 2012 without attracting any serious interest. But following some recent discoveries in nearby acreage, the MOG decided to rebid them once again in July 2014, but to no avail. “Offshore there isn’t much promise. We di...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Is Morocco’s Offshore Boom Over Before It Began?
...penditure plans. Pricey frontier exploration is typically the first thing to go, given that at current oil prices even a big deepwater discovery could prove uneconomic to develop. 2014 DRILLING 2014 was billed as a key year for the country’s hopes of becoming a major oil and gas player, however of th...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Shell LNG To Jordan Expected In July
...lumes of as high as 590mn cfd (MEES, 19 December 2014). The FSRU receiving terminal is being built by the Bermuda-registered Golar LNG, which had previously said that the Golar Eskimo FSRU would be completed by the end of 2014 and enter into service in early 2015. Golar was awarded the $445mn co...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Oman Awards Ras Markaz Crude Terminal FEED
...ES, 12 July 2013). The Ministry of Oil and Gas (MOG) expects crude and condensate production to average 965,000 b/d this year, an increase of 22,000 b/d over 2013 output, which was itself a 13-year high (MEES, 23 January). Oman’s crude oil exports averaged 800,000 b/d in 2014, according to latest MO...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
EGPC Outlay On Refinery Upgrades To Top $17Bn
...raight-run Cairo Oil Refining Company (CORC) refinery, will process 107,200 b/d of residue from CORC to give lighter products including 46,300 b/d of diesel, 12,800 b/d of jet fuel, 7,600 b/d of naphtha and 2,500 b/d of LPG (MEES, 25 April 2014). Deliveries of equipment are due to begin in August. Tw...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Dubai Picks ACWA For Solar Expansion, Plans 200MW
...October 2013). The ACWA-led consortium was one of 10 selected by DEWA to bid for the project (MEES, 28 November 2014). Mr Tayir says the selection of ACWA and TSK was based on their “lowest recorded bid received for a solar PV IPP project” – 200MW capacity with a levelized cost of energy of $0....
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
No Shift In Saudi Oil Policy, But A Slight Change In Tone
...mp up to full capacity of the Satorp and Yasref refineries, which together have a combined capacity of 800,000 b/d. At the same time, non-OPEC supply, which grew by 1.5mn b/d on an annualized basis in the fourth quarter of 2014, will continue to rise, Jadwa says, with an expected year-on-year in...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Aramco Doubles S-Oil Equity As Part of Asian Push
...trochemicals capacity – 1.7mn ton/year of paraxylene and 450,000 t/y of benzene produced from naphtha feedstock – matches Aramco’s increasing overlapping of refining and petrochemicals business (MEES, 4 July 2014). The Saudi state energy giant is developing 6mn t/y of specialty petrochemicals capacity at tw...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Total Snags Stake In New UAE Onshore Concession
...t timelines have lagged largely because of a shortage of offshore rigs. The former 75-year concession, in which Total, Shell, BP and ExxonMobil each had a 9.5% stake, expired in January 2014. All four were among nine foreign oil companies qualified to bid for a new concession. ExxonMobil, loath to...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Occidental Gets Boost From UAE’s Shah Sour Gas Startup
...rst, and then economics, foiled its plans to sell off part or all of its stakes in Oman and the UAE. “The success of our 2014 capital program should result in Occidental attaining production growth of 6-10% for the full 2015 year, with the Al-Hosn gas joint venture project expected to average 50...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Syria’s Economic Woes Only Set To Intensify
...oduction in the government-controlled areas in 2014 slumped to 9,329 b/d, the Syrian Minister of Petroleum and Mineral Resources Sulaiman al-‘Abbas announced this week. This output is a mere 2.4% of average production of 385,000 b/d before the start of the uprising in March 2011 (MEES, 8 August 2011). In th...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015