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BP Steps Up Egypt Commitment But IOC Receivables Climb Again
...ndon’s approval. The fear is that the North Sea fields could be shut in by possible future EU sanctions against Russia following the conflict in Ukraine which began in 2014. It is rumoured that L1 is not happy with the price it could receive for its North Sea assets. This could mean the firm will fall sh...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Receivables Up 4% But Fortunes Vary
...ross a number of opportunities in Egypt that we’re now screening and going through due diligence on. So those things have moved more onto the front burner for us,” CEO Ross Clarkson says. Kuwait Energy went even better. In its Consolidated Financial Statements for 2014, released 14 May, it says that “su...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
GKP Not Stirring On 36,000 B/D Shaikan 2015 Target
...IRAQ Gulf Keystone Petroleum (GKP) is producing 40,000 b/d from the Shaikan field in Iraq’s Kurdistan region, the maximum capacity attained at the end of 2014. The company, which has struggled to sustain its Kurdistan operation due to the delay in receiving payment for exports via Turkey, sa...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Sonatrach Revises Algeria Petchems Strategy, But Feedstock Issues Remain
...6mn t/y ethane-fed ethylene derivatives complex and a 3mn t/y plastics/elastomers complex with a naphtha-fed cracker (MEES, 19 December 2014). The polyolefins plant as now envisaged will process ethane, LPG and naphtha to produce high-density polyethylene (HDPE), low-density polyethylene (LDPE), li...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Egypt Seeks Funding For Coal Plant, Officially Inaugurates 2GW Of Capacity
...d supply system is a politically sensitive topic. On May 19 Prime Minister Ibrahim Mahlab and Minister of Electricity Muhammad Shakir inaugurated the 750MW Banha power plant near Cairo. However, two 250MW gas-fired turbines were completed in open-cycle mode in 2014, with the subsequent addition of...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Jordan Taps Arab Fund For Power Expansion
...ojects. Last year the World Bank lent Jordan $221mn for a 117MW wind farm at Tafila, while the EBRD lent $25mn for a 24MW solar PV project at Ma’an (MEES, 24 October 2014)....
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Saudi Arabia Crude Production And Exports Hit Record Highs (‘000 B/D)
...0 B/D) Mar-15 vsFeb-15 vsMar-14 Feb-15 Jan-15 1Q15 vs4Q14 vs1Q14 2014 2013 20...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
South Sudan: Remaining Oil Output Under Threat
...e responsible for the entirety of South Sudan’s current oil output, following the shut-down of output from the country’s only other producing region, Unity state, in January 2014 (see table). With round after round of peace talks mediated by the eight-nation Intergovernmental Authority on De...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Companies Scale Back Libya Expectations
...rst quarter results statement on 28 April, although it has not decided to write down the value of the assets. The move was part of a $1.1bn impairment that also included the company’s producing assets in Yemen. Total’s production in Libya dropped to an average of 27,000 boe/d in 2014, its lowest level si...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Chinese State Firm Secures Abu Dhabi Field Contract
...ina National Petroleum Corp (CNPC), which is bidding for a stake in the new Adco concession, the largest producing asset in the Opec member state. The former Adco concession, in which Total, ExxonMobil, BP and Shell held 9.5% stakes, expired at the start of 2014 and the Abu Dhabi National Oil Company (Ad...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Gulfsands Cash Crunch
...vember 2014 ‘Strategic Cooperation Agreement’ with Vitol subsidiary Arawak Energy turned sour, with Arawak calling in the $10mn it fronted Gulfsands as part of the deal. “The Group is in discussions with Arawak over the repayment of the monies owing,” Gulfsands says. Interest accrues at 10%/year. Gu...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
IMF Warns Of Precarious Fiscal Outlook For Oman
...th the sultanate. Increased spending, particularly in response to social demands over the four years to 2014, has pushed the country’s breakeven oil price to $108/B in 2014, the IMF says. Based on an average oil price of $58.1/B for the year, the IMF has forecast Oman’s overall fiscal de...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Orpic Seals $0.9bn Financing For $7bn Projects Program
...ternational and national lenders (MEES, 9 May 2014). Orpic held a groundbreaking ceremony for the SRIP project last June, at which Orpic chief Musab al-Mahruqi said the aim of the project – which will add 81,000 b/d to Sohar’s current 116,000 b/d crude processing capacity and more upgrading capacity – is to...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Benchmark Crude Prices ($/B)
...OIL PRICES 21-May 11-15 May 4-8 May Apr-15 Mar-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Chevron Advances Maintenance Shutdown At Neutral Zone Field In Bid To Aid Talks
...aph). The US major said in its annual report for 2014 that it may not be able to sustain production from Wafra at current levels. Failure to resolve the problems might force the company to wind down its operations, a senior Saudi source told MEES recently (MEES, 3 April). Chevron’s onshore fields in the Ne...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Noble Comes Out On Top In Israeli Antitrust Dispute
...raeli Prime Minister Benyamin Netanyahu’s ruling Likud party but left to form his own Kulanu party in November 2014. He served as Communications Minister from 2009 until 2013 and campaigned on a platform of lowering the cost of living. Mr Steinitz, who is a member of the Likud party was Finance Mi...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Saudi Aramco Oil, Gas Reserves At All-Time High
...SAUDI ARABIA Saudi Aramco Oil, Gas Reserves At All-Time High Saudi Aramco has just published its Annual Review for 2014, the last in which Oil Minister Ali Naimi will grace its pages as Chairman of the Board. Based on the numbers, last year’s achievements are impressive, especially if th...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Saudi Ramp-Ups Boost Mideast Naphtha Exports, Despite Petchems Rise
...rkets. “By 2025, Middle East naphtha production will increase by 25mn tons/year of light and 35mn t/y of heavy reforming naphtha, respectively. Light naphtha exports in 2014 were 42mn tons and due to a large increase in domestic consumption will increase by a relatively modest 5mn t/y by 2025,” says Mr Ra...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Morocco’s $4.6bn LNG Scheme Continues To Drum Up Interest
...rocco’s favor. With more LNG projects starting up in the coming years in Australia, the US and other regions, it is increasingly a buyers’ market – especially in terms of price. Morocco is an additional target for producers and portfolios looking to sell future or flexible LNG. As per its December 2014...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Egypt Boosts LNG Import Plans
...llant FSRU at Ain Sukhna. The vessel has been leased to state gas firm EGAS for five years under a deal signed in November last year (MEES, 7 November 2014). Mr Molla tells MEES that he expects four cargoes to arrive per month and once the second FSRU arrives, eight. With eight LNG cargoes ar...
Volume: 58Issue: 20Published at Fri, 15 May 2015