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Algeria’s In Salah Gas Plant Hit By Rocket Attack
...turned to a normal staffing rotation at In Amenas in September 2014 after specialists had visited the site in June to verify the implementation of the “last security measures” and prepare for a resumption of “ordinary operations,” said the company in a statement in September 2014. According to the st...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Shell’s Plans For BG Egypt Still Uncertain As Unconventional Gas Start-Up Nears
...iro about further developing the field. Under an initial deal finalized in December 2014, Shell and Apache were to receive $5.45/mn BTU for gas produced from unconventional formations (MEES, 19 December 2014). However, though this is a substantial hike on the long-standard $2.65/mn BTU that Egypt pa...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Shell Mideast Output Gets Oman, Iraq Boost
...Shell’s key Mideast interest is its 34% stake in state-led Petroleum Development Oman (PDO). Here its net production rose from 205,000 b/d in 2014 to 215,000 b/d last year, implying a rise from 603,000 b/d to 632,000 b/d in overall PDO output. PDO is by far the largest producer in Oman wi...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Oman Presses On With Key Energy Projects Despite Revenue Slump
...om six countries contributed to the Liwa financing (see table). Oman has sought to project an image of ‘business as usual’ on energy projects despite the precipitous 70% fall in oil export earnings from an all-time record of $2.98bn in July 2014 to an implied $753mn in January, when the front-mo...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Kuwait Plans Economic Reforms In Light Of Revenue Collapse
...tributed to the fact that Kuwait is highly dependent on hydrocarbons to drive economic growth and to finance state expenditure, with oil and gas accounting for 90% of total goods exports and roughly 63% of nominal GDP in 2014. Also hydrocarbon revenue accounts to around 77% of total government re...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Egypt Devalues Currency: Will It Bring Stability?
...ars are overdone given that the market is already pricing imported products at the black market exchange rate. Egyptian inflation spiked after July 2014, following major cuts in energy subsidies which led petroleum product prices to soar: by 64% for diesel and kerosene, 88% for 80 Octane gasoline an...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Algeria Cash Collapse
...With the plunge in hydrocarbon prices Algeria’s foreign exchange reserves fell by $35bn to $143bn in 2015 from a peak of $194bn in 2013, the IMF said on 14 March. The cause is not hard to fathom: Algeria’s oil and gas export revenues fell by 41% to $35.7bn in 2015 from $60.3bn in 2014 (ME...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Iraqi Kurdistan Seeks Financial Assistance As Oil Revenues Plunge
...cluded $100mn from a new prepayment commitment” but “there was also an amount of $43,200,644 set off by the buyers against 2014/2015 prepayments.” The report also shows the pipeline outage contributed to the KRG falling short of its contractual obligations by 8.2mn barrels in February. Buyer A was sh...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Japanese Condensate Imports Fall In 2015, But Iranian Volumes Up, Near 50% Of Total* (‘000 B/D)
... 2011 2012 2013 2014 2015 Qatar 154.3 151.7 188 13...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Algeria Looks To Get Refining Expansion Back On Track With FEED Awards
...geria’s refinery output remains comfortably larger than domestic demand. For 2015, refinery output was 576,000 b/d, down 11.5% from the 651,000 b/d produced in 2014. Demand also slid, but by only 3.4%, from 391,000 b/d in 2014 to 378,000 b/d. While refinery output was nevertheless 198,000 b/d higher th...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Egypt Eyes 11.6GW Of Coal-Fired Power, Easing Pressure On Gas Supplies
...built near El Hamarawein. An 18-month site study is due for completion in third quarter 2016 (MEES, 14 November 2014). These four coal-fired projects are among a number of proposed Egyptian coal-fired plants, which Cairo has flagged up since a major economic development conference in March 20...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iraq, Nigeria Outages Lead Opec Production Fall
...minently. OPEC WELLHEAD PRODUCTION, FEBRUARY 2016 (MN B/D, MEES ESTIMATES) Feb '16 Jan '16 Feb v Jan vs Feb '15 2015 2014 S Ar...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iraq Output Falls From January Record, Double-Counting Confusion Reigns
...bsequently assuming operatorship. ‘Khurmala’ output for 2014 was just 113,000 b/d: as with the recent ‘jump’ in federal output this ‘increase’ is largely, if not wholly, chimeric coming from the takeover of the additional fields. What is not chimeric is that massive investment in southern Iraqi export in...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
BP: Mideast Moves To Center Stage In Cash-Constrained Times
...is strategy. For 2015, BP’s biggest production gain was in Iraq where its share of output more than doubled to 123,000 b/d from 55,000 b/d in 2014. Gross production was up only slightly to 1.3mn b/d at BP’s flagship Rumaila field; the key boost to BP came from the fact that it receives a set fee pa...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Apache Turns To Egypt For Bargain Barrels Amid Capex Cuts
...are of Apache’s overall capex is set to soar to 23% this year from 16.1% in 2015 and 10.3% in 2014. This marks a sharp reversal for a firm which in recent years had shifted its focus to US shale at the expense of Egypt: the country’s share of Apache capex halved between 2009 and 2014. This came as th...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iran Back in Business, But Concerns Remain
...e terms of an initial deal signed in 2009, Pakistan was to import 750mn cfd (8.2 bcm/year) of Iranian gas from December 2014, but while Iran has completed its section of the pipeline, the Pakistani side remains incomplete, partially due to funding problems stemming from Iranian sanctions. With nu...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Taq Taq Reserves Downgrade Hits KRG And Genel Energy Plans
...om alone in being thwarted by the region’s complex geology. The most eye catching example was Hungary’s MOL, which in August 2014 was lauding its Field Development Plan (FDP) for its 800mn barrel Akri Bijeel field in which it had an 80% stake (MEES, 10 October 2014). Barely a year later, MOL slashed th...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
South Sudan Oil Revenues Collapse
...Official South Sudan data obtained by MEES shows oil revenues – almost the sole source of income – collapsing to just $40mn/month, covering a mere 16% of budget spending. The government of South Sudan generated just $984mn from crude sales in the 2014-15 financial year, down by almost 40% on...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Israel’s Leviathan: New Development Plan, Still No Anchor Sales Deal
...led in December 2014, envisaged a 16.5 bcm/year (1.6bn cfd) floating production storage and offloading (FPSO) vessel to be tied-back to shore – exactly where was left unclear (MEES, 27 February 2015). Delek now says that “according to a preliminary estimation, the cost of the whole Development Pl...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Aramco Dusts Off Plans For $2bn Ras Tanura Clean Fuels Project
...iginally due in place in 2016. Aramco and ExxonMobil are already able to meet the 10ppm limit at their 400,000 b/d Samref joint venture refinery, following the installation of a 60,000 b/d desulfurization train in 2014. However, high project costs appear to have slowed the whole clean fuels program. Be...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016