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Eni Greenlights Egypt’s Zohr
...ducing its average breakeven price of new projects to $27/boe from $45/boe in its previous plan. The firm’s baseline price assumption is somewhat higher at above $60/B for 2018-19. With prices at this level no divestments will be needed, it says. Between 2012 and 2014, Eni “completed divestments” of €17...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
KRG Production Set To Fall In 2016
...timates at its key Taq Taq field earlier this month was a hammer blow to the region. Rather than being at the forefront of efforts to ramp up production, Genel’s latest projections have the field producing below 2014 levels this year (MEES, 4 March). And even those projections depend on investments that co...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran, Saudi Arabia Main Drivers Of Opec NGLs Outlook
...ency notes that the 275,000 b/d Shaybah NGL development, which will supply feedstock to the domestic market, was originally scheduled for 2014, but is “running more than a year behind schedule due to technical issues.” The differential between the 165,000 b/d forecast increase in Saudi NGLs and the 27...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Kuwait Boosts Gas-Fired Power Capacity, Prepares Further LNG Imports
...to develop power and water projects on its own, under engineering, procurement and construction contracts (MEES, 13 June 2014). Al-Abdaliyah will be an integrated solar combined cycle (ISCC) power project, with total capacity of 280MW, including a 60MW solar unit to improve the efficiency of th...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran, Iraq & Saudi Step Up Battle For Market Share In Asia And Europe
...2015, up 854,000 b/d on 2014, whilst November and December 2015 and January 2016 were the three highest months on record with average volumes just shy of 3.9mn b/d (MEES, 11 March). With the key gains coming from the south of the country (see graph 1) it should be no surprise that the bulk of the ex...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
MEES Special Report: Jihadist Instability In North Africa And Beyond
...the city is imminent. That same day, IS also engaged in small arms fire against Firebase Bell, a US artillery outpost in northern Iraq. US forces returned to Iraq in 2014, but Firebase Bell is the first independent US base of its kind, having only been staffed two weeks earlier, and came under fi...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Total: Adco Boosts Oil Output But Gas Lower On Yemen conflict
...s net UAE output rising from 115,000 b/d in 2014 to 274,000 b/d in 2015. This 159,000 b/d increment equates to 78% of the firm’s overall output gains. Even more indicative of the importance of Adco is that for 2014 – between the end-2013 expiry of the previous concession and Total taking the renewed st...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Majors Have Another Year To Forget In The Middle East
...oduction for ExxonMobil in 2014, overtaking the Middle East. The gap widened further last year (see graph 4). Production growth from the UAE’s offshore Upper Zakum field led incremental overall regional growth of 18,000 b/d, to 398,000 b/d, well down on 2013’s 545,000 b/d. However, both the US and Middle Ea...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iraq Oil Revenue Falls To New 7-Year Low
...TO THOSE OF THE CBI DURING 2014 (MEES, 20 MARCH 2015). SOURCE: IMF, CBI....
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Jordan Strains Under Demographic, Fiscal Pressure
...pulation is increasing, the freshly-released results of Jordan’s first national census in 11 years were still startling. The census included not only citizens but also foreign residents, and reported that Jordan’s total resident population is now 9,531,712, compared to the World Bank’s 2014 estimate of 6,...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Jordan’s Fiscal Situation Grim, Debt Nears 100% Of GDP
...dgeted for foreign grants of JD 1.13bn (which in turn was down on the 2014 actual figure) only for actual 2015 grants to come in JD 240mn lower. Jordan has blamed the shortfall on Qatar’s failure to stump up previously-pledged funds (MEES, 13 November 2015). Jordan is currently hosting around 1.5mn Sy...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran Boosting Exports Of Products As Well As Crude; Gasoline Exports To Follow?
...low this (see p24), but there is no doubt that export volumes are on the rise. • Iran’s January refinery runs were 1.79mn b/d, the highest since January 2014, but still 170,000 b/d short of the July 2013 record 1.96mn b/d (see graph 1). • Gross crude plus products exports averaged almost 1....
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
KRG Pipeline Politics: Ankara-Baghdad Balancing Act Looks Increasingly Perilous
...ntracts as an offset against 2014-15 prepayments (MEES, 11 March 2016). However, even the month’s $304mn in payments was more than the value of crude exported based on MEES calculations which presume a 30% discount to Brent (see graph). The export pipeline is back up and running, leaving 20 complete da...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Keystone Cops It From KRG Revenue Collapse
...bt rather than because it feels Sheikh Adi is not economically viable, GKP tells MEES. Revenue rose from $38.6mn in 2014 to $86.2mn last year, while operating costs fell by around a third from $7bn to $5bn. However, the Sheikh Adi impairment propelled GKP to an after-tax loss of $135mn, down fr...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Saudi Draws Down Stocks, Boosting Exports, Runs To Near Record Levels
...7,000b/d. • Both Yasref and the similarly–sized Satorp joint venture refinery with Total, which reached full capacity in 2014, were built with diesel exports in mind – particularly to Europe. January’s gross diesel exports of 567,000 b/d were also a record, inching above the 566,000 b/d set in May 2015. Net di...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
India Presses Buyers’ Advantage In Oversupplied LNG Market
...% for Q4 2015. These figures are way down on 82% for 2014-15 and a whopping 89% for 2013-14 (see graph). Qatari LNG exports to India were at 10.90mn tons for the 2014-15 fiscal year (ending in March 2015), down from 11.58mn tons the year before. Qatar’s share has fallen as other suppliers su...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Turkey’s Tüpraş Racks Up Profits, Maxes Output As Runs Of Iraqi Crude Double
...3,000 b/d last year, taking capacity utilization to 98% from 72% in 2014, when the installation of a residue upgrader at the Izmit refinery constrained operations. The upgrader was started up in May 2015. Tüpraş received a fillip as Mediterranean refining margins rose from $1.95/B in 2014 to $4.83/B for 20...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Turkish Demand ‘Soars’ But Stats Under Fire
...rrels conversion factors – original Turkish data is in tons). The one anomaly is the ‘other’ category for which the IEA has 104,000 b/d, well down on the 168,000 b/d Jodi figure (thus the IEA total of 863,000 b/d is also around 60,000 b/d less). But for 2014 and previous years the IEA still awaits co...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Moroccan Renewable Plans Have Wind In Their Sails With 2GW Target In Sight
...almost 790MW, according to UAE-based renewables agency Irena. This includes Africa’s largest wind farm, 300MW Tarfaya on the Atlantic coast just north of the border with Western Sahara, which was completed in late 2014 (MEES, 19 December 2014). Morocco plans two other wind farms with a co...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Will Oil Price Rebound Delay Market Balance?
...pidly: averaging 4.0mn b/d for 2015, up 670,000 b/d on 2014, recent major cuts to capex mean such gains will not be repeated this year. As if just to make sure its output would not be constrained by any Opec deal, Iraq’s Oil Minister ‘Adil ‘Abd al-Mahdi claimed on 17 March during the Sulaymaniyah Forum 4....
Volume: 59Issue: 11Published at Fri, 18 Mar 2016