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Lukoil’s West Qurna-2 Start Will Add To Iraq Oil Output Gains
...ght crude to market independently in 2014 with the figure rising to 88mn barrels (240,000 b/d) in 2015. The company has said previously that it planned to sell crude from West Qurna-2 to customers in China and more widely in the Asia-Pacific region through its Geneva-based marketing arm Litasco. Lu...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
IMF Predicts 2014 Boost For Iraqi Economy
...IRAQ IMF Predicts 2014 Boost For Iraqi Economy The IMF said in a statement on 25 March at the conclusion of discussions with Iraqi officials in ‘Amman that while Iraq had managed to maintain macro-economic stability in 2013, lower-than-expected oil export revenues and hi...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Petrofac $1B Oman Deal
...d of sweet sales gas and 61,000 b/d of condensate, as well as 565mn cfd of sour gas to be used for oil field reinjection at Harweel. Harweel production hit close to 30,000 b/d in 2013, and is expected to boost throughout 2014 and 2015 to hit peak production of 38,000 b/d. This award is the co...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Power Firms Face Water Shortages
...INTERNATIONAL Power Firms Face Water Shortages Growing demand for limited water is pressuring energy producers to seek alternative approaches, according to UN Water. Launching its World Water Development 2014 report on 22 March, the agency warns that global water demand wi...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Dubai’s DEWA: Peak Load Hit 6.86GW In 2013
...ase (MEES, 25 October 2013). DEWA capacity now stands at 9.656GW of electricity and 470mn gal/day (2.137mn cmd) of desalinated water, says Mr Tayir. Since end-2013 DEWA has begun a 400MW expansion at gas-fired M-Station, with completion scheduled for 2018. DEWA has a Dh20.56bn ($5.55bn) budget for 2014...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Politics Continue To Delay Lebanon’s Bid Round
...oceeds. And it appears unlikely that the new government will address the decrees anytime soon. Indeed, they may well not be signed before Lebanon’s 25 May election deadline, which means the bidding deadline may be pushed back well into the second half of 2014, or even later. When former Energy Mi...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Algeria’s Optimism Over In Amenas Tempered
...geria is a member. Statoil sent its staff back to some sites in the country during the course of last year. “At the end of October 2013, Statoil approved the return of personnel to ordinary rotation at the operations base in Hassi Messaoud. In January 2014, Statoil approved the resumption of or...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Chazen Elaborates As Oxy’s Middle East Asset Sale Falls Apart
...ll, Mr Chazen said that he expected the asset sale to be finalized in the first quarter of 2014; however, this proved impossible, thrown off by the complications of the deal. In a nod to the earlier troubles in executing the deal, Mr Chazen said this week: “At their [the NOCs] suggestion, we’ll pr...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Algeria Returns To Expansionary Budget In 2014
...ALGERIA Algeria Returns To Expansionary Budget In 2014 Algeria has adopted an expansionary budget for 2014 after cutting 2013 budgeted spending. But the projected 2014 spend is still well down on the bumper 2011 spend, when Algiers attempted to stave off calls for po...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Kuwait Eyes 2014 Surplus
...KUWAIT Kuwait Eyes 2014 Surplus In its 19 March Economic Update, the National Bank of Kuwait (NBK) projects a surplus of KD9.3bn ($22.0bn) for Kuwait’s 2014-15 draft budget before allocation of the mandatory 25% of budget revenue to the Reserve Fund for Future Generations (RF...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
The World Bank’s Trade Logistics Performance Index, 2014*
...The World Bank’s Trade Logistics Performance Index, 2014* Rank Country ^Score Rank Country ^Score Rank Co...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
The KRG Blinks First In Oil Dispute With Baghdad
...IRAQ The KRG Blinks First In Oil Dispute With Baghdad The Iraqi Parliament held a first reading of the stalled 2014 federal budget despite a Kurdish boycott, but a second reading has not been scheduled, suggesting the legislature may struggle to pass the budget bill before Ap...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Shell Awards Majnoon Oil Deal, Gas Still A Problem
...ree Misan fields of Fakka, Abu Gharb and Bazergan to 220,000 b/d by the end of 2014 from 135,000 b/d, the Iraqi Nina News service reported on 18 March. It quoted the company’s director general ‘Ali al-Bahadli, as saying that the operator plans to drill 39 new wells in the three fields and build an ex...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Turkey Sees Power Demand Doubling By 2023, Backs Nuclear And Coal
...ll rise to 450 TWh in 2023 from 235 TWh in 2013, having already risen sharply from 132 TWh in 2003. The company expects consumption to reach 256 TWh in 2014. The ministry is working to reduce Turkey’s dependence on imported gas for power generation, through the diversification of primary energy so...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Iran Nuclear Talks Resume In Shadow Of Rising Crude Exports
...% from 2.53mn b/d in 2011. Asian Domination Since Western sanctions on Iranian crude oil sales came into effect, the Asian quartet of China, India, Japan and South Korea have together accounted for around 85% of the Islamic Republic’s crude and condensate sales. In the first two months of 2014...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Iran Ends Year On Gloomy Economic Note
...IRAN Iran Ends Year On Gloomy Economic Note As the curtain comes down on the Iranian year 1392 on 20 March 2014 negative economic indicators continued to emerge. Tehran hopes to end the year with “good news” of zero growth, Iran’s Finance Minister Ali Tayebnia says, fo...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
East Africa To Take Charge Of South Sudan Ceasefire
...wn since the first week of 2014. Until late last month, South Sudan’s remaining production – coming solely from its Upper Nile fields – was running at close to 200,000 b/d capacity. But recent clashes have since affected production from the state, with government estimates this week putting total ou...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Jordan Bags $783m Loans
...pends heavily on foreign grants to reduce its budget deficit, expects to receive JD1,151mn ($1,623mn) in foreign grants in 2014, up form JD982mn ($ 1,385mn) in 2013 (MEES, 21 February). Jordan’s Latest Loans Source $Mn Pu...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Dubai: $20Bn Debt Rollover
...owth in the UAE is expected to remain firm at 4.5% in 2014, according to the IMF (MEES, 7 February). Abu Dhabi, the richest among the seven emirates in the federation, has the financial resources and liquidity to bail out Dubai. Prior to the 2009 crisis, Dubai took out more than $100bn in lo...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Morocco Targets Further Subsidy Reductions
...cluding further cuts to subsidies and public sector pensions, the IMF says. 2014 Budget Projections Morocco’s 2014 budget, approved by parliament last November, projects total expenditure of MD367.20bn ($43.2bn), total revenue of MD335.18bn ($39.4bn), and a resulting deficit of MD32.02bn ($3....
Volume: 57Issue: 12Published at Fri, 21 Mar 2014