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Suez Canal Boosted By Oil Trade Records
...• 2017 was a standout year for the Suez Canal, with record oil shipments both northbound and southbound. Revenues, at $5.276bn, were second only to the record $5.465bn hit in 2014. • Northbound oil shipments – essentially those from Gulf countries to Europe and the Americas – remain mo...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Key Middle East Producers Ease Off Drilling Going Into 2018
...ngpin Saudi Arabia has seen both drilling and production ease off going into 2018. Its latest oil rig count of 58 is at the lowest level since February 2014 and down 32% from the record figure of 85 hit in April 2015. This fall has been somewhat offset by an increase in drilling for gas, with the nu...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
China LNG Buying At Record Levels, Prices At 3-Year High
...ns seen in 2013 and 2014. • Each of the top three importers stepped up buying in December, with a continuing period of sub-zero temperatures across much of Korea and Japan combining with the record Chinese buying. • Spot prices rose to $11.20/mn BTU in late December and early January, ac...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Suez Canal Handles Record Gulf Crude, Diesel But Revenues Down In 2016
...RGETING EUROPE 4: NORTHBOUND DIESEL VOLUMES BROKE ALL FOUR QUARTERLY RECORDS IN 2016 (‘000 B/D) SOURCE: SUEZ CANAL AUTHORITY, MEES. 5: SUEZ CANAL MONTHLY REVENUE ($MN): DOWN 8% ON 2014 DESPITE 2015’s EXPANSION SOURCE: SUEZ CANAL AUTHORITY, REUTERS, ME...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Sharara Restart Pushes Libyan Output Close To 700,000 b/d
...er 60,000 b/d. The terminal was loading close to 9mn barrels a month (nearly 300,000 b/d) when it was last operational in late 2014. As yet there has been no confirmation that the Elephant field has begun production as NOC claims. Sharara operated with limited losses for three years from late 20...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Suez Canal Oil Transit Hits 2015 Peak But Revenues Fall
...sult of last years’ low oil prices compared with 2014, which improved refining margins and encouraged European refiners to export to Asia. Hence gasoline transit leapt 66.2% to a record 9.86mn tons (230,000 b/d) and naphtha rose 18.7% to a record 18.25mn tons (410,000 b/d). Southbound LNG transit am...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
South Korean LNG Appetite Thins Out, Prices Remain Under Pressure
...ns of LNG to EDF’s trading arm over eight years from 2017. The agreement follows a previous deal formalized in 2014 with France’s Total regarding capacity at the US’ Sabine Pass project that is expected to start up by March. Kogas, which had agreed to take 3.5mn tons/year from the Louisiana pl...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Iraq’s 2015 Oil Figures: The Best Of Times, The Worst Of Times
...ports through official channels brought in just $49.1bn for 2015, down by 42% on 2014’s $84.1bn, and 48% on 2012’s record $94.0bn. This is despite output having risen by 950,000 b/d over the same period (see table). For 2015, Iraqi production was, at 3.97mn b/d according to MEES estimates, not only an...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
2015 Sees Saudi Arabia Notch Up Record Output, Stocks, Runs, Burn
...Opec put November output at 10.19mn b/d. But not all the records are good. Saudi Arabia is also set to notch up record crude burn in 2016. For the first 10 months of the year – including all of the peak summer demand months – crude burning averaged 598,000 b/d, up 8,000 b/d on 2014’s record. Oc...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
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 -
India Scrambles To ‘Correct’ Iran Crude Imports Ahead Of Obama Visit
...the first three quarters of this fiscal year (April 2014 – March 2015) versus last, violating in theory, the terms of the Joint Plan of Action (JPA) – the interim nuclear deal struck between Iran and world powers in late 2013, which required Iran’s oil customers to maintain purchases at what was th...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Unrest Threatens Yemen Oil, LNG Operations As President Quits
...tput offline. Operations at Blocks 18 and 5 in the nearby Marib province – operated by state-owned Safer Petroleum and Kuwait Energy respectively – are also hit. Here violence has escalated as the Houthi movement pushes further east (MEES, 19 December 2014). These stoppages have dragged output in th...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Cairo Steps On The GasIn Bid To Ease Shortages
...s, or 7.5% of Egypt’s current output (and thus consumption). Egyptian gas production fell to just 4.6bn cfd, its lowest since 2006 in July 2014, though it has since edged up slightly following the ramp up of output at German firm RWE Dea’s Disouq field to 150mn cfd in August. The company expects ou...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Oil Price Slide Exposes Flaws In Juba-Khartoum Transit Fee Deal
...ports, and Brent minus $10/B for Dar Blend, implying revenues of $75/B and $84/B for its exports of Dar and Nile Blends respectively. And while the plan did not cover 2014, trades in Dar Blend over the past year suggest a typical discount of $10/B to Brent still holds. Dar Blend is a heavy, acidic cr...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Egypt To Ease Gas Crisis With Algeria LNG
...EGYPT Egypt To Ease Gas Crisis With Algeria LNG Cairo saw a flurry of activity in the final days of 2014 as Egypt moved to address a number of issues regarding its current energy crisis. Egypt’s Ministry of Petroleum and Mineral Resources’ first move was to sign a contract to receive si...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Kurdish Oil Heads North But Not Yet To Sea
...G capital Erbil. Repsol has conducted a significant 2D seismic acquisition program which identified a number of drilling targets. Drilling operations began on the Zewe-1 exploration well in November 2013 and drilling in Qala Dze is expected in the early part of 2014, Maersk says. The Danish co...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
KRG Finalizes Marketing For End-January Independent Crude Exports
...0,000 b/d for Kurdish exports in its 2014 budget. The KRG says it plans to begin exports at a rate of 300,000 b/d, rising to 400,000 b/d by end-2014. What does seem clear from all the diplomatic traffic between Erbil and Baghdad, as well as the change in tone by Iraqi officials in recent weeks, is that the fe...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Turkish-Qatari Gas Talks Stall As Balkan LNG Terminal Discussed
...nstruction of a new regasification terminal. This could help Qatargas reach markets in southeast Europe after the Interconnector Turkey-Bulgaria (ITB) pipeline is commissioned in 2014. The new LNG terminal, located on the Gulf of Saros in European Turkey, close to the Greek-Turkish border, is ex...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Algeria Set For LNG Capacity Hike
...ntract to import LNG equivalent to 4bcm/y of gas. The deal between Turkish state firm Botas and its Algerian compatriot Sonatrach was first inked in 1995 and had been due to expire in 2014. Yildiz also expressed a desire that ultimately volumes could be increased to 6bcm/y, an option for which is...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013