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Kuwait Seeks Silver Lining In Price Downturn
...oviders – in order to ensure that “when this recovery does happen, and it takes time but it will happen, that we are in a position to supply.” Indeed, Kuwait posted its first budget deficit since 1999-2000 for 2014-2015. The deficit was KD2.31bn ($8.0bn) for the year that ended in March 2015, whilst the bu...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Kufpec Charged With Bringing Technology Back Home
...rget, Kufpec has been expanding aggressively under the auspices of Shaikh Nawaf, following former CEO Nizar al-‘Adsani’s appointment as KPC chief in 2013. Although there was no production increase in 2014, Shaikh Nawaf attributes this to a focus on buying assets in the development stage. Some of Ku...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Libya: Could ‘Peace Deal’ Double Oil Output To 800,000 B/D?
...cent years, which culminated in an armed incursion into the Sharara field in November 2014. Unlike several fields in the Sirte basin, no major damage has been reported to field infrastructure at Sharara and El Feel. Field managers at Sharara said in December 2014 that the field was being kept ready to...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Repsol On Libya: Bad News Only
...erating income and €42mn off adjusted net income in the third quarter. The company operates the Sharara field, which has been shut in since November 2014 (see main story). The lack of exports from Libya cost the company $0.3bn year on year during the first nine months of the year, it said. Adjusted ne...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Looks Beyond Current Storms To Gas-Fueled Upland
...rrency reserve issue will be resolved within the next twelve months. Tourism, a pillar of Egypt’s economy, making up 12% of GDP in the 2014-15 financial year (ending 31 June), is also an important source of foreign reserves (MEES, 13 November). But with the 31 October downing of a Russian passenger pl...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Edison Hopes For More Zohr
...e south. Both are split 50:50 with Irish independent Petroceltic, with Edison operator, and abut the maritime border with Israel (see map above). North Port Fouad was awarded in EGAS’ 2014 bid round and North Thekah in 2013 bidding, while the firm snapped up the neighboring Northeast Hapy li...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
A New Vision: Kurdistan, A Major Gas Province?
...itial 4 bcm/year of natural gas to Turkey from 2017, rising to 10 bcm/year by 2020 and with the option of increasing to 20 bcm/year thereafter (MEES, 11 April 2014). However, Mr Hawrami acknowledged that the KRG’s financial strains mean that the timeline would likely “slip by six to twelve months, to 2019 pe...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Oman Invites Bids For Building Duqm Refinery, Awards Liwa Cracker
...ocessing capacity of 222,000 b/d. The latest Jodi data show that state refiner Orpic processed an average 191,000 b/d of Oman crude in the first nine months of 2015, which was 2.6% lower than 196,000 b/d for the same period in 2014. Throughput for the first three quarters of 2015 was equal to the av...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Joins MENA Nuclear Club Through 4.8gw Deal With Russia
...actors at Bushehr, under a four-plant deal. However, the deal envisages Iran making its own fuel rods, which may prove a sticking point as the deadline for lifting international sanctions against Iran draws close (MEES, 21 November 2014). Meanwhile, Jordan has signed an agreement with Rosatom for two 1G...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Opec’s 4 December Meeting: Can Output Policy Deal Be Preserved?
...VEMBER 2014 (MN B/D) ...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Venezuelan Oil In Four Charts
...CREASE SHARE BUT US STILL DOMINANT VENEZUELA 2014 CRUDE EXPORT SPLIT (‘000 B/D)...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Iraq Reform Efforts Sputter, Budget Battle Heats Up
...thorities will implement a fiscal consolidation that will contain public expenditure in line with available revenue and financing” with the aim of “reduc[ing] the non-oil primary deficit by 4% of non-oil GDP between 2014 and 2016.” It took a couple of days for this to fully hit the Iraqi media, wi...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Algeria Faces Record $14bn Trade Deficit
...29bn in the same period of 2014, according to statistics from Algerian customs. Extrapolating the Jan-October figures to 2015 as a whole gives hydrocarbon export revenue of $36.4bn, down from $60.3bn for 2014 and an all-time record trade deficit of $13bn. It will likely be even worse. This pr...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
BG Deal Brings Cyprus, Israel Gas A Step Closer To Egypt
...lit evenly between its Delek Drilling and Avner Oil subsidiaries). And BG is already involved here: Noble and Delek in June 2014 signed a letter of intent with BG to supply Idku with 105 bcm of Leviathan gas over 15 years. Noble says it is in discussions with Cyprus to reassess the original de...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Algeria: Present Bad, IEA Figures Indicate Future May Be Worse
...wn from 1.5mn b/d in the 2014 WEO (released Nov 2014) to 1.38mn b/d (950,000 b/d crude and 430,000 b/d condensate/NGLs) in the organization’s Medium Term Oil Market Report in February this year and again to just 1.3mn b/d in the freshly-released 2015 WEO. SERIAL DOWNWARD REVISIONS: IEA WEO FO...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Benchmark Crude Prices ($/B)
... 25-Nov 16-20 Nov 9-13 Nov 15-Oct 15-Sep Q3 2015 Q2 2015 YTD 2015 2014...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Middle East To Drive Gas Growth, But Is It Sustainable?
...d of the decade.” In absolute terms, however, the IEA cut its outlook for 2040 global gas demand from that in its 2014 WEO, by 218 bcm/year to 5,160 bcm/year in its central scenario, mainly citing the economic slowdown and increased regulation for energy efficiency standards, and competition wi...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Saudi Crude Output Up But Refiners Put Squeeze On Exports
...ile September’s 744,000 b/d feed to electricity generators is below the summer peak of 894,000 b/d – itself just short of an all-time record – it is still seasonally high, some 15% higher than 648,000 b/d for September 2014. Refinery crude intake reached a new record of 2.50mn b/d in October, with th...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Taiwan LNG Imports January-September 2015
...15 2010 2011 2012 2013 2014 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Ju...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
UAE’s Ruwais Expansion Refinery Fully Operational
...oducts capacity in recent years. In 2014 the UAE’s refining companies produced 439,000 b/d of petroleum products, of which 389,000 b/d was consumed locally and 194,000 b/d was exported. The Ruwais Expansion will enable the UAE to eliminate gasoline imports – which averaged 34,000 b/d in 2014 – and in...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015