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QP Ousts Maersk At Key Qatari Oil Field Amid Sectoral Revamp
...lieve oil prices have now bottomed out, but where’s the light at the end of the tunnel for tumbling LNG prices? Prices for Qatari LNG to its largest buyer, Japan, have fallen from $16.79/mn BTU in 2014, to $10.65/mn BTU last year and in May were just $5.55/mn BTU. The preponderance of new supplies se...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Algeria: No Cash, Investment Slashed… Output To Soar. Come Again?
...e most recent bid round in 2014. A follow-up round has been repeatedly delayed: probably best to save the country’s blushes given that there is no sign of improved terms. And the potential for the country to invest its own cash has dried up with the collapse in oil and gas prices: hydrocarbon ex...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Iran Hits The Med As Market Share Battle With Saudi Intensifies
...e it left. The country’s crude imports declined 25% between 2011 and 2014, though 2014 volumes of 1.08mn b/d rebounded somewhat to 1.25mn b/d last year on the back of improved refining margins. Run rates at Italy’s refineries rose 11% from 71.6mn tons in 2014 to 79.1mn tons last year. But as margins ha...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Opec Revenues Set To Fall Further In 2016
...PORT REVENUES AT 10-MonTH HIGH DESPITE LOWER VOLUMES AS PRICES EDGE ABOVE $40/B FEDERALLY-CONTROLLED EXPORTS ONLY. SOURCE: IRAQ OIL MINISTRY, MEES EST. BAD TIMES TAKE THEIR TOLL The end of high prices in 2014 has exposed divisions within Opec with its weaker members in...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Jordan-Anbar Border Crossing An Economic Lifeline
...porters, as Jordanian exports going through Basra now cost 10-15% more due to the extra time. According to official statistics recently reported by Jordan’s Al-Ghad newspaper, the six-month closure in 2015 meant exports to Iraq fell to $695mn from $1.2bn in 2014. Earnings will have collapsed again this ye...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Oman’s PDO Bags $4bn Loan To Facilitate Bumper $20bn Upstream Plans
...nuary it raised a $1bn loan (priced at 120bp over Libor) to part finance the $8.6bn budget deficit in 2016 (MEES, 22 January). Oman Oil Company (OOC) plans to borrow $1bn to finance the BP operated Khazzan gas project. In September 2014 OOC raised a $1.85bn revolving credit facility put together by lo...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Kuwait, Saudi Spat Over Neutral Zone Heats Up
...ould be borne by the Saudi government.” The Kuwaiti minister also argues that under the March 2014 order by the Saudi environmental authority to shut down Khafji, the joint operating company has five years to deal with gas emissions. The decision to halt operations with immediate effect was a vi...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Kuwait Awards $11.5Bn Contracts For 615,000 b/d Al-Zour Refinery
...yond early 2019” (MEES, 26 June). Once complete, the refinery will process heavy crude from the country’s new fields, KNPC Chief Muhammad Ghazi al-Mutairi said in 2014. The fuel oil produced at Al-Zour will be used at the country’s power plants, he added. While KNPC can now award contracts, the pr...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Iran Gets The Show On The Road For Contract Launch
...er since the IPC’s soft launch in Tehran in February 2014. The latest available information on the proposed terms were published by MEES last month (MEES, 19 June). Foreign oil companies have even been sending executives to the Iranian capital in recent weeks to learn more about the new te...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Nuclear Accord To Herald New Chapter In Iran Relations With Total
...e nuclear talks began in 2013, with the first coming in February 2014 (MEES, 7 February 2014). PETCHEM PROPOSALS Iran is also looking to extend its energy cooperation with France to the mid and downstream sectors, Mr Zanganeh said, as well as the manufacture of oil and gas equipment for do...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Lebanon: Political Intransigence Blocks Upstream Progress
...oved incapable of making important decisions on the country’s future. This includes a nomination for the post of President – a position that has been vacant since May 2014. In addition, two decrees crucial to opening up a potential bid round for acreage in the country’s offshore have failed to move fo...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Algeria’s Upstream Challenges In Four Graphs
...emingly written earlier) 2014 report says “the engineering, acquisitions, construction and preparation to have [BMS] operating will be completed in the first half of 2015, and first production is expected around July.” Again, production appears to have not yet begun. Cepsa has since 2011 been owned by Abu Dh...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
New Suez Canal Begins Testing Ahead Of 6 August Grand Opening
...ninsula which borders the canal has seen hundreds of people killed since President Sisi came to power. The $8.5bn project was locally funded through investment certificates launched by Egypt’s central bank (MEES, 19 September 2014). An average of 49 ships per day traversed the canal during the fi...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Saudi Petchems Firms Double Profits In Q2
...lling prices of products for Q2 compared to the prices from the corresponding quarter in 2014 has led to a drop in profit, Mr Binyan adds. The same reason was given to the profit decline in the first half of this year against the earnings in the first six months of last year. Mr Binyan says that Sa...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
OPEC Holds Ground After Russia Talks
...ergy demand growth, according to data supplied by BP. This makes markets sensitive to any sign of a slowdown in consumption in the Asian powerhouse. Growth in China has been slowing. BP says energy consumption grew by 2.6% in 2014. This, it says, was less than half the 10-year average growth rate of...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Syria: Territorial Disintegration Looms As Conflict Enters New Stage
...e year averaged 9,934 b/d, according to Syrian Oil Minister Sulaiman al-‘Abbas, virtually unchanged from the 2014 average of 9,330 b/d. This puts crude production at a mere 2.4% of the 385,000 b/d Syria was producing before the start of the uprising in March 2011. Gas production in the first ha...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Libya Oil: A Write-Off?
...ayed a substantial part in a 49% reduction in profits for the second quarter, compared to the first quarter of the year, and a 64% drop compared to the same period of 2014. Underlying replacement cost profit for the quarter was $1.3bn, compared with $2.6bn for the previous quarter and $3.6bn for the se...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
UAE Takes The Lead In Scrapping Energy Subsidies
...nsumption of diesel and gasoline averaged 63,000 b/d and 73,000 b/d respectively in 2014. For 2014 as a whole the discount of pump prices for gasoline and diesel to international prices in effect cost the UAE authorities some $970mn. The Emirates National Oil Company (Enoc), the retailer owned by the Du...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Algeria Ducks Decisive Action With Supplementary 2015 Budget
...beit modest, cut falls on the capital budget, which is reduced by 2.8% (see table). The effect of weaker oil prices on Algeria’s fiscal balance is palpable, with the latest trade figures showing a deficit of $7.78bn, compared with a surplus of $3.17bn for the first half of 2015 (see table). The 2014...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 48.52 49.36 51.69 59.86 59.43 58.02 48...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015