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Delayed Projects To Shave Cumulative 80bcm From Algeria’s Gas Output By 2020
...e SWGP, has been delayed even more than that of its neighbors. The field will join two other fields handed over to Sonatrach by IOCs in 2014-15 after a failure to agree terms: Hassi Ba Hamou and Hassi Mouina. The three fields together make up what is now being described as SWGP phase 2. Hassi Ba Ha...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Cyprus: Total Spuds Key Wildcat As Unification Talks Collapse
...rrying out the exploration have been a regular occurrence (MEES, 24 October 2014), on this occasion they have been given extra spice by the breakdown in re-unification talks only days earlier. “It is impossible to appreciate that some energy companies are acting with, and becoming part of some ir...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Syria’s Ongoing Conflict Inflicts Huge Loss Of $226bn To GDP
...oups. According to the report, IS was producing, refining and selling as much as 50,000 b/d in November 2014, but later estimates put this figure at a maximum of 40,000 b/d in October 2015. By September 2016 the US-led coalition claimed that it had struck 2,638 oil infrastructure targets primarily in Sy...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Libya Oil Output Breaches 1mn B/D
...th US firms Marathon, ConocoPhillips and Hess, has also fallen short of NOC targets. The state firm had the Waha consortium down for output of about 120,000 b/d by June, but it has been struggling to produce 80,000 b/d since it came back onstream in September 2014 after a hiatus of almost two years (ME...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Iraq: Bumper Oil Export Volumes Cushion Impact Of Oil Price Drops
...17 2016 2015 2014 Gulf ('000 b/d) 3,247 +5 +1 3,...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Iran Aims For Total Reboot Of Oil And Gas Sector
...PC was then ejected in 2012 due to lack of progress (MEES, 2 July 2012). The Chinese firm appears to have been partially forgiven for this, and for similarly slow work at South Azadegan from where it was given the boot in 2014 (MEES, 9 May 2014). Oil Minister Bijan Zanganeh says the partners’ “in...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Total Talks Crackers On Both Sides Of Gulf
...09, having signed the shareholders agreement that officially cemented their relationship in June 2008. Construction of the refinery took place during 2010-13. Satorp shipped its first products cargo in September 2013 and reached full operational capacity in mid-2014 (MEES, 15 August 2014). ...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Saudi’s Economy Gets Boost From MSCI Announcement
...uld put Saudi Arabia in the top 10 emerging markets, according to EFG Hermes. The other Mena markets included in the MSCI index are Qatar and the UAE, which were upgraded to EM status in 2014, as well as Egypt. Along with improved liquidity, valuations and stock prices on the Tadawul, Saudi’s in...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Morocco Faces Socioeconomic Headwinds As Deficit Overshoots, Growth Slows
...16, down from $628mn in 2015 and a record $1.381bn in 2014 (though the price of gas shipments is oil-linked this linkage is delayed). These economic headwinds will make it more difficult for Morocco to tackle the youth unemployment (22.5% of the labor force in 2016, up from 20.8% in 2015 according to...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Oman’s Million Barrel First Half Can’t Prevent Revenue Decline
...lf of 2016 totaled $5.74bn, down from $9.04bn in the same period last year, and from $15.14bn in the first half of 2014 when Omani oil averaged $105/B. Although the average price of DME Oman has slipped by around $2/B in July from June’s $46.62/B, there is typically a lag before this is felt in th...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Sabic & ExxonMobil Evaluating 1.8mn Tons/Year Record Cracker
...tput estimated at 64mn tons in 2014, it is currently facing competition from two large joint ventures involving state-owned petroleum giant Saudi Aramco. The 3.2mn t/y Sadara joint venture between Aramco and US chemicals firm Dow has completed two 375,000 t/y linear low density polyethylene units an...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Petro Rabigh Cracker Outage
...bigh threatened to terminate Rawec’s supply agreement. However, the dispute was resolved after Rawec paid Petro Rabigh SR750mn ($200mn) in compensation, along with a SR188mn ($50mn) reduction in tariffs and a SR188mn investment in improving the reliability of its supply systems (MEES, 6 June 2014). ...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
UAE Completes Nuclear Reactor Vessel
...ec says that overall construction of the four plants is more than 65% complete. Reactor vessels for the Barakah-1 and Barakah-2 reactor were completed in 2014 and 2015, respectively. Enec recently completed structural integrity and leak rate tests on the Barakah-1 reactor containment building. Al...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Opec Winning Back Market Share in Key Asian Markets
...16. However, while the importance of the Asian market for Opec has been growing, Opec’s importance to the region has been falling. IGA and Opec data shows that in 2011, 65.5% of Asia’s oil imports came from Opec, but this fell to 61.2% in 2014 and just 60.1% last year. But Opec’s Saudi-driven strategy to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Dubai In Unwelcome Headwinds
...ported this week that property prices in Dubai have fallen by around 25% since their most recent peak in 2014, but remain above their 2011 trough. However, the IMF reports that the quality of the real estate loan portfolio is significantly better than prior to the 2009 crash. Overall, Dubai, in...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Oilfield Services Firms Forecast Upturn As Industry Looks To Overcome Crisis
...low levels (MEES, 8 July). Middle East resilience – and deep pockets – has seen the region’s share of each company’s revenue grow since the third quarter of 2014. Schlumberger’s Middle East share of revenue has risen to 33.6% in Q2 16 compared to 23.5% in Q3 14, while Halliburton’s has risen to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Iraq: Record Products Imports Eat Into Crude Export Earnings
...maximize the proportion of their crude output refined domestically in order to maximize revenue, Iraq saw a mere 8% of its crude output refined domestically in April and May, the lowest figure on record. Refinery output nosedived in June 2014 when Islamic State (IS) captured the 310,000 b/d Ba...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Moroccan Refiner Samir Fails To Clinch Crude Deal
...mains in doubt. Although an expansion of the plant’s capacity from 120,000 b/d was completed in 2012, it has reached a peak throughput of only 167,000 b/d in March 2014, before stuttering to a halt in August 2015. The last recorded Mohammedia throughput on the Jodi database is 113,000 b/d for July 2015....
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Oman To Add 4.8GW To Grid By 2022 As Electricity Demand Forecast To Rise 74%
...ports – although trading is possible by 2022. OPWP joined the GCCIA in December 2014 and envisages “tangible benefits to Oman both for planning and operations.” The company hopes to pilot electricity trading with other GCC states this year and to begin spot market trading in the MIS system in 20...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Iraqi Political Deadlock Exacerbated Following Ministerial Resignations
...vel by Kurds both for cutting off the region’s budget payments in January 2014 and his repeated claims that Kurdistan sponsors Sunni Arab terrorist groups. The fact that the Kurdish parties closest to Baghdad are willing to reach out to him reflects poorly on their view of Mr ‘Abadi’s prospects. Ku...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016