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Iraq: Misan In Action, Apparently
...apparent refining experience (MEES, 3 January 2014). Details on Wahan are also thin on the ground, though ministry claims project finance will come from two Chinese state banks – China Development Bank and China ExIm Bank – suggest an affiliation with a Chinese state firm. Misan is one of fo...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
US Imports Of Opec Crude Rebound From 30-Year Lows
...• The US imported 7.90mn b/d of crude in December, the highest volume since September 2013. For 2015 as a whole volumes at 7.35mn b/d were little-changed from 2014’s 20-year low, but they rose strongly late in the year after the December lifting of a 40-year old ban on seaborne crude ex...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
‘Low Cost’ Zohr Moves To Center Stage As Eni Slashes Upstream Spend
...allenging, with production temporarily falling below 300,000 b/d in 2014. This, and concerns over payments, led partner Occidental (23.44%) to announce its intention to sell its stake in November 2015. Eni’s plans to defer spending here mesh with the wishes of Baghdad, which is also looking to cut its sh...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Libya: Companies Have Only Bad News, Apart From Eni
...rm Marathon epitomized the attitude of foreign operators with acreage in the Sirte basin in eastern Libya in its fourth quarter earnings report. Marathon’s production has been shut-in since December 2014 due to the declaration of force majeure on the Ras Lanuf and Es Sider export terminals and the de...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Oman Downgrades Threaten Bond Issue
...4.07bn ($10.6bn) in the first 11 months of 2015, compared to a small surplus of OR233mn ($606mn) in the same period of 2014. This compares with an earlier forecast of the deficit for 2015 at OR4.50bn, as projected by the Oman Finance Ministry in early January (MEES, 8 January). Revenue in the first 11 mo...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Egypt Taps Expat Savings
...sidence, as will the capital at maturity. Though one-year certificate holders can only redeem their capital at maturity, the three-year certificate can be redeemed after six months and the five-year certificate after one year. Remittances from overseas Egyptians were $19bn for fiscal 2014-15 – a key so...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Adco Trail Goes Cold Amid Stand-Off With BP, Shell
...% from $26.4bn in 2014 to $23-24bn and reduce its exploration budget by 30%. It saw the Adco concession as an opportunity that was worth the entry cost. It made a commercial offer commensurate with the benefit of locking in long term supplies in one of the most stable countries in the Middle East. It...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Egypt Lays More Foundations For Gas Output Growth
...ount secured in other recent deals (see table), Dea’s latest gas price represents a substantial hike on the $2.50/mn BTU it currently receives for Disouq gas. Output started up in September 2013, and hit current levels in August 2014 (MEES, 29 August 2014). State gas firm, EGAS began renegotiating re...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
EGYPT KEY TO KUWAIT ENERGY’S FORTUNES
...st Ras Qattara permit in the Western Desert in which KEC holds a 49.5% working interest and is operated by Chilean state firm ENAP. Fourth quarter production at East Ras Qattara reached around 25,000 b/d, with four new development wells brought on during the course of 2014. The two wells brought on du...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Iraqi Oil Output Plunges As Pressures Mount
...tra oil has been sold and we are only giving it back to the contractors who had bought it,” Mr Hawrami explained. The dispute over exports intensified in 2014 when the KRG began exporting its crude without federal approval. Mr Hawrami says that even if he accepted Baghdad’s argument that the KRG is...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
IRAQ: KEY OIL DATA (‘000 B/D)
...IRAQ: KEY OIL DATA (‘000 B/D) Feb-15 Jan-15 FebVsJan Dec-14 YTD vs 14 vs 13 2014...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Moroccan LNG: GDF Suez Joins Shell, TAQA
...cember 2014) – enough to fuel 3GW of power generation capacity. The proposed LNG terminal forms part of Morocco’s wider plans to develop gas and power infrastructure worth $4.6bn. In addition to storage facilities, this will involve upgrading two combined cycle power plants of 150MW each, and in...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Fujairah Bolsters Bunkering Credentials
...jairah (MEES, 10 October 2014), which is also a delivery point for the Dolphin Gas pipeline that supplies Qatari gas by pipeline to Abu Dhabi, the UAE’s northern emirates and Oman – with Fujairah the jumping off point for the Omani section of the pipeline (see map, p3). VOPAK EXPANDS Vopak Horizon Fu...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Israel Refiners Ramp Up Throughputs On Back Of Cut-Price KRG Barrels
...rael’s refineries – the 196,000 b/d capacity Bazan plant in Haifa and the 100,000 b/d Paz plant in Ashdod achieved record runs in 2014. Total products output was 295,000 b/d, up by 4.5% from 282,000 b/d in 2013. Bazan output was 192,000 b/d and Paz 103,000 b/d on the back of fourth quarter output that wa...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
ISRAEL OIL PRODUCTS SUPPLY AND DEMAND FIGURES, 2014 (‘000 B/D)
...ISRAEL OIL PRODUCTS SUPPLY AND DEMAND FIGURES, 2014 (‘000 B/D) ‘14 vs ‘13 vs3Q14 vs...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Oman Warns Of ‘Unsustainable’ Products Demand Growth
...ar between 2008 and 2014. Domestic demand stood at 160,000 b/d in 2014, up from 100,000 b/d six years earlier. CAPACITY TO MORE THAN DOUBLE Domestic demand for petroleum products is currently met by Oman’s two refineries at Mina al-Fahal (106,000 b/d) and Sohar (116,000 b/d) – both owned and op...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Oman Awards Salalah-2 BOO Contract To Mitsui/ACWA
...ak demand expected to rise from 470MW in 2014 to 800MW in 2020. Completion of Salalah-2 will take the grid’s generating capacity to 1.02GW (MEES, 11 April 2014). OPWP expects Oman’s total peak electricity demand to rise from 5.88GW in 2014 to 10.24GW in 2020 and is building new generating ca...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Gas Shortages Send Algeria Back To The Steam Age
...ALGERIA Gas Shortages Send Algeria Back To The Steam Age Algeria’s 2014-16 power expansion will need 20 bcm/year of gas – over 25% of current output – pressuring squeezed supplies. For its latest additions Algeria is now looking to steam turbines, less efficient but able to run on li...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Naimi: Please Don’t Let Me Be Misunderstood
...oducers in the US, he added. “These false reports contributed largely to the rapid and precipitous fall in oil prices during the second half of 2014,” Dr Muhanna said, referring to the more than 50% slump in oil prices since June, when Brent Blend crude traded at over $110/B. Mr Naimi again harked ba...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Risk Premium Returns As Saudi Strikes Yemen Rebels, Iran Confrontation Widens
...yadh on 26 March, after the Houthis advanced toward Aden. Saudi Arabia’s military spending in 2014 was ranked third after the US and China, according to the Institute for International Affairs. But the kingdom has traditionally preferred to steer clear of military conflict. During the 1990-91 Gulf Wa...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015