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Egypt Doubles Down On Attempts To Reverse Gas Slump
...ese deepwater blocks were awarded to Egypt’s key gas producers BP and Eni (MEES, 3 October 2014). The new blocks are more or less enclosed by, to the west, the blocks that are set to form part of the BP/Dea West Nile Delta (WND) project, by BG’s key West Delta Deep Marine (WDDM) blocks to the so...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
LNG, Private Imports To Bridge The Gas Deficit
...ars under a deal signed in November last year (MEES, 7 November 2014), but Höegh LNG CEO Richard Tyrrell tells the firm’s 28 May Q1 conference call that “our general feeling is that [Egypt is] looking for long-term solutions.” “I think it is a project that people are really going to pay attention to be...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Algeria’s Upstream Investment: Running To Stand Still
...geria has set itself the goal of boosting gross hydrocarbon output to an annual 225mn tons of oil equivalent (toe) by 2019, up 12.5% on the 2014 figure of 200mn toe (see graph), according to the latest version of the country’s five-year energy plan published earlier this month by Algeria’s Ministry of En...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Iraq Seeks Chinese Funding For Crucial Water Injection Project
...ve to supply the foreign operators with more oil in the months ahead. It had already ramped up the volumes of crude to the IOCs since the middle of 2014, when oil prices began to fall, as the value of the barrel declined. Payments in kind to the foreign operators accounted for roughly 30% of total ex...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
DNO Reports New Tawke Production Record
...or Mor gas field increased marginally by 3.7% to 30,400 b/d of oil equivalent compared with 29,300 boe/d in the corresponding quarter of 2014, while LPG sales doubled year-on-year. The LPG plant is producing at near capacity having returned from suspension in July 2014 and sales have increased su...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Iran To Start Building Siraf Condensate Splitters, Targets Asia Petchems
...nstrained finances are unlikely to enable completion before 2017. NIORDC earlier began design work for the 120,000 b/d Pars splitter at Shiraz, but this has been put on the back burner along with five oil refineries with a combined capacity of 1.08mn b/d (MEES, 8 August 2014). While funding these pr...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Egypt P’chem Funding
...phtha. The company has also clinched a $500mn deal with General Electric, in which the US engineering giant will provide technology and an undisclosed amount of equity (MEES, 4 April 2014). While Tahrir dwarves many other Egyptian downstream projects, Carbon Holdings is also seeking smaller financing de...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
OPEC Set For Rollover, In More Ways Than One
...pped in the coming months in order to meet higher domestic demand and export commitments. Despite signs that Venezuela, which has been most hit by the collapse in oil prices since June 2014, is again trying to coordinate action with non-Opec Russia, no formal meeting is planned between Opec kingpin Sa...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Saudi Mosque Bombings Shatter Illusion Of Security
...blications criticizing Saudi Arabia and its participation in the Yemeni conflict while its leader released a speech on 14 May, his first since late 2014, claiming that Saudi rulers were “the slaves of the Crusaders and the allies of the Jews,” and had lost legitimacy to lead the Sunni people. IS ‘MORE RO...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
ENOC Moves Ahead With Offer To Absorb Dragon Oil
...later withdrew from the transaction. Petroceltic’s key production is in Egypt, while its key expansion project is in Algeria. Dragon said in its Annual Report for 2014 that it had ramped up its oil production to 92,000 b/d at the end of last year after a slow start to the year at its flagship Ch...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Algerian PM Toughens Tone On Economy, Sonatrach Chief Pressed To Boost Output
...me period a year earlier. The lower exports weighed significantly on the trade balance which recorded a deficit of $4.32bn for January-April 2014, against a surplus of $3.4bn during the equivalent period in 2014. Total exports fell 41% to $13.4bn, with non-hydrocarbon exports accounting for $866mn, or...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Cornered Tehran Ups Gas, Gasoline Prices To Ease Cash-Crunch
...clear deal in the coming weeks – for now at least, Iran appears more focused on identifying solutions from within: specifically, by further trimming its energy subsidy bill, which was estimated at upwards of $50bn in the last Iranian year (March 2014-March 2015). As of midnight on 26 May, Iran hi...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
KNPC Seeks Ideas, Finance For Refinery Projects
...ocurement and construction (EPC) contracts worth a combined $12bn for projects to upgrade the existing 270,000 b/d Mina Abdullah and 466,000 b/d Mina al-Ahmadi refineries, while expanding the former and reducing the latter to give a combined crude distillation capacity of 800,000 b/d (MEES, 14 February 2014...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Morocco Solar Funds
...tober). Morocco also has coal-fired plans totaling 1.64GW under development. For these Morocco secured $290mn from China Exim Bank (320MW at Jerada), while a 1.39GW plant at Safi was backed by $2.6bn project finance led by France’s Engie (MEES 10 October 2014). Morocco’s next big funding requirement ma...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Benchmark Crude Prices ($/B)
...OIL PRICES 28-May 18-22 May 11-15 May Apr-15 Mar-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Algeria Maintains 2015-2019 Production Plan, Keeps Quiet On Shale
...ternational Petroleum Investment Company. This was due to poor returns, MEES understands (MEES, 6 March). Even with the two new fields Algeria will struggle to keep output level with 2014’s 1.15mn b/d. Production last year received a boost from the ramp-up of output at the Anadarko-operated El Merk pr...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Wintershall Exits Qatar Gas Block
...d Austria’s OMV signed a Technical Evaluation Agreement with the Abu Dhabi National Oil Company (Adnoc) to evaluate the potential of the Shuweihat sour gas and condensate field. A first appraisal well was drilled in March 2014. Wintershall will take over the long-term exploration and development of th...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
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