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Oman Races Ahead Of Production Target, Diversifies Export Markets
...om oilfield services firm Baker Hughes show the number of active oil rigs averaged 58 for the first five months of 2016, up from 53 in the same period last year and 48 for January-May 2014. The government this month raised $2.5bn from its first international bond issue since 1997 (MEES, 17 June) an...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Qalaa Looks To Trim Debts
...Cairo-based energy-focussed investment firm Qalaa Holdings – formerly Citadel Capital – plans to reduce its debt to E£4bn by the end of 2017, having already reduced its money owed from E£10bn in 2014 to E£6.5bn ($735mn) at present, according to MD Hisham al-Khazindar. Qalaa needs to slash it...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Kuwait To Hike Gas-Fired Capacity After Bagging More LNG
...d a fractious relationship over the zone lately. Riyadh shut down 200,000 b/d of Neutral Zone oil production in October 2014, citing environmental concerns, as relations deteriorated. Limited output resumed only recently (MEES, 1 April). Despite the political concerns, Kuwait is not only building tw...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Dubai Plans Largest Mideast Waste-To-Power Plant
...y of solid waste. This is roughly 30% of Dubai’s daily requirement – Dubai Statistics Center says the municipality handled just over 7mn tons/day of solid waste in 2014. In a bid to reduce its waste handling problems, the UAE federal government has set a target for landfill to be reduced by 75% by...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Will Venezuela Join Libya & Nigeria In OPEC's ‘Long-Term Outage’ Club?
...ES, 10 June). Baker Hughes’ latest US rig count offers signs of hope. At 337, the number of active oil rigs remains almost 80% down on its October 2014 peak, but the number has risen in each of the past three weeks (see chart p16). Schlumberger’s Mr Schorn is cautiously optimistic. “Rig count le...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Libya: Progress Against IS Brings Internal Divisions Back To The Fore
...nuf terminal, both of which have been out of commission since December 2014. The re-opening of the two facilities, along with the 250,000-b/d export terminal along the coast at Zueitina, was to be the second phase in a production increase strategy beginning with the resumption of production from th...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Algeria Crisis Intensifies As Export Earnings Collapse
...placed. But, whoever is making the decisions, the scale of the challenge is daunting. The country’s export revenues were just $9.82bn in the first five months of 2016. This equates to $23.65bn on an annualized basis, down by 37% on 2015 and a whopping 62% on 2014 (see table). Not only are export ea...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Mideast Sovereign Wealth Funds Learn To Adapt To Low Oil Price World
...Some, but not all, Gulf SWFs are selling assets with lower prices. Others spot new opportunities, especially in Asia. Saudi Arabia's PIF, set to be the repository of the proceeds of the planned Aramco privatization, is already stepping up purchases. Sustained low oil prices since late 2014...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Qatar Downgrades Growth Forecast, But LNG Revenue Projection Looks Bullish
...l price of $39.3/B. These are both significantly down on the December 2015 estimates: the current account breakeven figure is down by more than a third. Monthly imports in the first two months of the year remained roughly at 2014-2015 levels of $2.5-3bn, with February slightly up year-on-year. Th...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Algeria: New Energy Minister Faces Revenue Meltdown, Political Uncertainty
...m/year of gas output over 2014-20, hitting 93 bcm/year by the latter date (MEES, 5 June 2015); it now forecasts just 85 bcm by 2021 – by far the biggest downgrade of any country in the latest report (see p4). And rising domestic demand means export volumes are set to continue their recent co...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Will The ‘Golden Age Of Gas’ Ever Arrive?
...mestically. Total forecast growth of 16bcm over the five year period is markedly lower than last year’s forecast of 23 bcm over 2014-20 and compares with an official Saudi target of hitting 12.2bn cfd (126 bcm) by 2021 (MEES, 1 April). Saudi Arabia is officially targeting a boost of the share of gas in it...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
LNG Supply Glut To Depress Prices For Years To Come
...Global LNG export capacity rose by 45% between 2011 and 2015 with 90% of this coming from the US and Australia. The “massive expansion” of Australian and latterly US export capacity, particularly since 2014 “just as demand slows” means “global gas prices are set to stay under pressure” for th...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iraq’s Kirkuk: Key Northern Oil Province Has Little Chance Of Achieving Autonomy
...ghdad’s dispute with the KRG over the region’s independent exporting of oil in breach of a December 2014 agreement. MEES calculates that the loss of around 170,000 b/d of exports in March equated to lost monthly revenues of around $145mn. And with Brent having risen more than $11/B since then, these mo...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Gas: ‘Remarkable Turnaround,’But Not Quite Yet
...21 – the IEA output numbers for the next couple of years look optimistic. The IEA has consistently underestimated Egypt’s near-term output slump. Last year it had Egyptian gas output bottoming out at 50 bcm in 2014, rising to 51 bcm (4.9bn cfd) in 2016: actual output was just 3.96bn cfd in the fi...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Revisits IMF Loan As Gulf Aid Slows
...sh injection and subsequent volumes in 2014 and 2015 gave new President Abdel Fatah al-Sisi the breathing space to shun the IMF. But since the start of 2016 attempts by Gulf monarchies to rein in state spending have put a big question mark against continued aid to Egypt, prompting it to again lo...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
US Anti-Hizbollah Sanctions Law Haunts Lebanon’s Banking Sector
...onomy is hampered by a power vacuum and parliament has been unable to elect a head of state to succeed former President Michel Sulaiman, whose term expired in May 2014. The paramilitary group, which is fighting on the side of the Syrian regime, is blamed by many politicians in Lebanon for preventing the el...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bonds Away: GCC Countries Tap Markets For $3.5bn As Saudi Waits In Wings
...the onset of the oil price shock in 2014. But it adds that fiscal buffers estimated at around 85% of GDP in 2015 will provide support through the process of fiscal and external adjustment. The agency adds that Oman’s heavy economic and fiscal reliance on the oil and gas sector represent a key cr...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Taqa Issues $1bn Of Bonds To Refinance Debt
...ints, according to Bloomberg, which cited an unnamed person familiar with the deal. The agency says France’s BNP Paribas and Societe Generale, US’s Citigroup, UK’s HSBC, and UAE’s First Gulf Bank and National Bank of Abu Dhabi are managing the bond sale. Taqa last tapped the bond market in April 2014...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bahrain: New Minister Challenged By Oxy/Mubadala Withdrawal
...0,942 b/d of Arab Medium crude in 2015. Bahrain gave up its territorial claim to the area surrounding the field in the 1950s in return for half of the field’s output. Meanwhile, imports from Saudi Arabia averaged 216,000 b/d last year, up from 208,000 b/d in 2014. These are through an ageing 230,000 b/d pi...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iran Taps Koreans For Tabriz Refinery, Eyes $3.3bn Siraf Funding
...esel output from Tabriz at the expense of fuel oil. No schedule was announced, but the study is expected to take six months, according to Mehr News Agency. Latest data available from NIORDC show Tabriz refinery producing 21,000 b/d of gasoline and 42,000 b/d of gasoline in 2014, when fuel oil ou...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016