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Oman’s OPWP Targets 5% Efficiency Improvement In Power Generation
...nerating efficiency. Oman Power and Water Procurement Company (OPWP) delivered 27.1TWh of electricity to customers in 2014, a rise of 13.6% over the 23.9TWh produced in 2013. The company’s current forecast sees Oman’s total peak electricity demand rising 85% by 2021, but warns that beyond 2019 gas av...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
OPEC Sees Oversupply Easing; Output At 31mn B/D+ For Third Month
...OPEC OPEC Sees Oversupply Easing; Output At 31mn B/D+ For Third Month Fresh from taking the decision to persist with its 30mn b/d production target – and in turn its November 2014 policy to defend market share over oil prices – Opec this week said it expects the excess supply in world oi...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Mena Oil & Gas: Key Production/Consumption Numbers From Bp’s 2015 Statistical Review
...MENA OIL & GAS: KEY PRODUCTION/CONSUMPTION NUMBERS FROM BP’S 2015 STATISTICAL REVIEW OIL (MN B/D)* Production 2014 vs 2010 Consumption 2014 vs 2010 Ba...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Iran Touts Gas Export Progress, Plots Key Regional Role Post-Sanctions
...nk. ‘READY TO PLAY OUR ROLE’ Sanctions have severely restricted the development of Iran’s gas reserves, which according to BP are the largest in the world. As of 2014 Iran had gas reserves of 1,201.4 trillion cubic feet, or 18.2% of total global reserves, according to BP’s latest St...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Arab Energy Club Honors Walid Khadduri
...ergy Award (2014); the International Association of Energy Economics Award for “excellence in written journalism on topics relating to international energy economics” (1993); and the Opec Award for Journalism for an “outstanding career in oil reporting” (2008). He participated in establishing the Ar...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
KRG Says Oil Industry At Risk Over Non Payment
...rplus of crude oil that it is exporting independently out of Ceyhan in an effort to make up for the lack of federal funding during the whole of 2014. The Kurdish Ministry of Natural Resources’ (MNR) latest export figures, published on 2 June, show that the KRG exported 184,224 b/d of its own oil via Ce...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Iran’s Fragile Banking Sector Under Threat From Government Rate Directives
...monopolies,” he says, hinting at the large state entities, including the Islamic Revolutionary Guards Corps (IRGC) and bonyads (charitable organizations involved in business activities) which play a dominant role in the economy. Former president Ali Akbar Hashemi Rafsanjani in January 2014 cr...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Egypt Taps Bond Market For First Issue In Five Years
...del Fatah al-Sisi took office in 2014 and the launch of economic reforms which accompanied the inflow of aid and investments from the Gulf states. In March the international business community gave the country its nod of approval at the Egypt Economic Development Conference in Sharm al-Shaikh with pl...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
IMF $833Mn Iraq Loan
...nk chief ‘Ali ‘Allaq. “Mainly because of the violence” Iraq’s GDP contracted by 2.1% in 2014 and will only recover modestly by 0.5% in 2015, the IMF says. This is despite this year’s sharp uptick in crude output and exports – with both hitting all-time highs last month (see p2). As a result of...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 11-Jun 1-5 Jun 25-29 May May-15 Apr-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Delek Looks To Increase Aphrodite Stake
...vor of Noble. Noble gave the first indication it was looking to divest part of its Block 12 stake in its 2014 annual report, “There is also potential for a farm-out arrangement of our working interest,” the firm said (MEES, 10 April). FUNDING EFFORTS Delek has been working hard to gather fu...
Volume: 58Issue: 23Published at Sat, 06 Jun 2015 -
Bijan Namdar Zanganeh: A Star Is Born At OPEC
...untries. “On the supply side, non-OPEC growth in 2015 is expected to be just below 700,000 b/d, which is only around one-third of the growth witnessed in 2014,” it said. IRAN PREPARES ITS RETURN For Iran, boosting production post-sanctions – and in turn reclaiming the market share it lost as a re...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Egypt Awards Siemens €8bn, 16.4GW Powergen Deal
...st of Cairo (MEES, 20 March). Each plant will incorporate eight H-Class turbines, whose specification maximizes fuel efficiency at the expense of fuel flexibility. “The plants will add power to the grid in stages,” says Siemens. “Plans call for an initial 4.4GW to go online before summer 2014 an...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Total Sees Sunshine Amid Gulf Turbulence-Interview With CEO Patrick Pouyanne
...rmoil. Total suffered a double shock last year, which ended with the tragic death of Christophe de Margerie, the charismatic former CEO who died in a plane crash in Moscow in October. The first shock was the collapse in oil prices, which fell from a high of $115/B in June 2014 to $45/B in January be...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Algeria Ploughs On With Failed Policies
...ll be no further changes to the country’s hydrocarbons law despite a disastrous turn-out at the most recent upstream round in September 2014, when a mere five bids were received, and four blocks awarded, out of the 31 blocks on offer (MEES, 3 October 2014). OIL LAW: ‘NO CHANGES’ The go...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Abu Dhabi Borouge 3 Petchems Ramp-Up Delay
...rgo of polymers from Borouge 3 via the nearby Khalifa Port in October 2014. While initial cargoes of polyethylene and polypropylene were sold within the Middle East, deliveries to Asia are now building. ETHANE SQUEEZE The Borouge JV operates three petrochemicals complexes at Ruwais, producing po...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Saudi Generator Hikes Capacity By 6%, Fuel Flexibility The Key
...SAUDI ARABIA Saudi Generator Hikes Capacity By 6%, Fuel Flexibility The Key Saudi state generator SEC added 6% of new generating capacity last year, but saw consumption rise by 8%. New power plants brought online in 2014 were mainly steam turbine plants, able to burn both gas and oi...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
OPEC’s Market Strategy Shrinks Spare Capacity
....71mn b/d in March, with NGLs output hitting an all-time high of 3.18mn b/d). Brent crude oil futures softened in response to the US data, trading at just under $64/B on 4 June, more than $50/B below the 2014 high of $115/B. GULF DRILLING UP In contrast to the slowdown in US drilling activity, Sa...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Jordan’s Energy Supplies: Lots Of Options, None Of Them Good
...ickly with any increase in oil prices. “If 2014 price levels were sustained throughout the next decade, savings from LNG could exceed $400mn/year (1.3% of GDP), reducing both the import bill and [state electricity firm] Nepco’s losses,” he says. Additional gas imports may become available from the Ea...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
US Backs Jordan Loans
...r Jordan, which had previously issued US-guaranteed sovereign bonds worth $1bn in 2014 and $1.25bn in 2013 (MEES, 15 August 2014). With the guarantee now in place, the Jordanian government is gearing up to issue its $1.5bn bond in the second half of June, Jordanian finance ministry official ‘Izz al...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015