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Russia Becomes China’s No. 1 Crude Supplier In May As Middle East Share Falls Below 50% (‘000 B/D)
...YTD14 May-15 Apr-15 Mar-15 YTD15 ‘000 b/d % YTD14 2014 2013 2012 20...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 25-Jun 15-19 Jun 8-12 Jun May-15 Apr-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Iran Going The Extra Mile With New Oil Contracts
...clear program fast approaching, and prospects good that a deal could be struck, IOC interest in Iran is again on the rise – just as it was some 12 months ago in the run-up to the first, ultimately missed, deadline of 20 July 2014. Just last week a delegation from Anglo-Dutch major Shell arrived in Te...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Morocco Sticks To LNG Plan, Keeps Calm And Keeps Drilling
...stem,” reducing the country’s “external and fiscal vulnerabilities,” the IMF says. DEFICIT DOWN Morocco’s trade deficit in January-May 2015 fell by 25.3% to MD63.12bn ($6.52bn at $1=MD9.68) from MD84.54bn ($10.33bn at $1=MD8.18) in the corresponding period of 2014. The cost of energy imports fe...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Iraq To Revise Pipeline Route To Jordan
...nsortium was formed last year and asked to submit a preliminary technical proposal for the project, known as the Strategic Crude Oil Export Pipeline Infrastructure Project. This was shelved when IS, then known as ISIS, launched a lightning offensive capturing Iraq’s second city of Mosul in June 2014. IS la...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Egyptian Refiners Award Contracts For New Gasoline Units, Plan Coker Rehab
...rlier estimated the overall cost of the plant at $250mn and said the plant was expected to start up in 2018. Egypt’s annual average gasoline demand reached a new peak of 144,000 b/d in 2014, when refinery output of 75,000 b/d required EGPC to import 69,000 b/d – equivalent to 48% of demand (see gr...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Egypt Completes Smaller Power Plants Amid Major Capacity Hike
...has also connected a 300MW second phase of a power plant at 6th of October City. State generator Egyptian Electricity Holding Company (EEHC) has already secured loans to upgrade the Damietta West power plant to combined cycle operation (MEES, 7 November 2014). This will raise Damietta West ca...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Egypt’s Taqa Plans To Double Capacity To Help Cairo Bridge Power Shortage
...ound 31.5GW, but government faces a steep challenge in tackling both short and medium term supply crises. Peak demand reached 28.25GW in summer 2014, and could rise by 6% this year, according to Electricity Minister Muhammad Shakir. Taqa Executive Chairman Khalid Abu Bakr, speaking to MEES at last we...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Saudi Runs Hit Record, Cut Into Exports (Jodi April Data, ‘000 B/D)
...D15 vs YTD14 vs YTD13 2014 Crude Production 10,308 +14 +648 10,294 9,980 +269 +81...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Egyptian Independents Get Boost From Multilateral Cash
...ys. The loan is part of an $80mn debt facility, passing its final review this week, as it awaits board approval (see table). Awarded in 2004, Merlon’s output at El Fayoum has ramped up rapidly from 2009 start-up, hitting a record 9,000 b/d on 15 June, up from 7,000 b/d in late 2014. “Many of th...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Chinese State Firm Expands In Egypt
...stern Desert (NPI 50% and operator, Irish independent Circle 40%, Canadian-registered minnow Sea Dragon 10%). Here gross output was around 10,400 b/d and 9mn cfd gas for 2014, giving the Chinese firm 5,200 b/d and 4.5mn cfd on a net basis. NPI’s other operated interest is 50% of the East Ghazalat co...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Enoc To Expand On International Stage
...hygalybeg (Zhdanov). The PSA expires in May 2025 but Dragon Oil has an exclusive right to negotiate an extension for a further period of not less than 10 years. As of 31 December 2014, the Cheleken contract area held remaining gross proven and probable reserves of 663mn barrels of oil and condensate and 1....
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Slow Start For Saudi Stock Market Opening To Foreigners
...abia was the only country among the G20 which barred foreign investors from its stock market. Saudi Arabia, the biggest economy in the Middle East with a GDP estimated at $750bn in 2014, has a stock market capitalization at more than $590bn. With modest trading in the first week of opening the ma...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 18-Jun 8-12 Jun 1-5 Jun May-15 Apr-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Iraq Lowers Sights On Capacity As Reality Sets In
...ndon on 9 June. This is up from 188,000 b/d in late 2014 (MEES, 1 November, 2014). IRAQ’S KEY PLATEAU PRODUCTION TARGETS (PPTs, MN B/D) Field Operator New PPT Was Finalized? We...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
BP Stats Reveal ‘Tectonic’ Shift In Oil Industry Supply/Demand Balance
...owth in global oil production was more than double that of consumption last year, as the US shale oil boom and a sharp fall in China’s energy consumption undermined benchmark oil prices. The BP Statistical Review of World Energy 2015 shows that oil and NGLs production rose by 2.1mn b/d in 2014, while co...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Egypt On Road To Gas Recovery After Years of Stagnation
...Egypt’s 49 bcm 2014 gas output. Even if April turns out to be an outlier, output for the first four months of 2015 at 4.47mn cfd (46.2 bcm) is also well down. The IEA does not include a forecast for 2015 in its latest report. However achieving its forecast of 51 bcm for 2016 now looks like a ma...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
IEA Cuts Mideast Gas Demand And Production Outlook
...REGIONAL IEA Cuts Mideast Gas Demand And Production Outlook Middle East countries are on track to increase the share of gas in their energy mix although gas demand growth will slow down between 2014 and 2020, according to the International Energy Agency’s (IEA) latest Medium Term Gas Ma...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Gas Faces Long-Term Uncertainty On Cheap Coal And Renewables
...rket outlook, the agency cut its global gas demand forecast to an annual growth rate of 2% on average between 2014 and 2020, lower than the 2.3% average rate projected for the previous 10 years. The IEA now expects global gas demand (and thus production) to hit 3,926 bcm/year by the latter date. La...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
LNG Market Faces Considerable Demand Upside Amid Low Prices
...is month for more LNG shipments via its floating storage and regasification unit at the Red Sea port of Ain Sukhna (MEES, 29 May). While the Damietta LNG plant was closed at the end of 2012, only six LNG cargoes were exported in 2014 from Egyptian LNG causing volumes to collapse to 0.33mn tons. Th...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015