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Keystone Bullish At Shaikan
...talling 4mn barrels of Shaikan crude has been sold to the international market since January 2014. Approximately 30% of Shaikan output is sold on the domestic market, which is providing steady revenues, it adds. GKP, which has not yet been paid for its international exports, is still negotiating with the KR...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Kuwait Boosts Surplus Despite Falling Revenue
...KUWAIT Kuwait increased its budget surplus by 6% to almost KD5bn (KD4.96bn, $17.6bn) for the financial year ending March 2014. This came despite lower oil prices, and thus oil revenue, as the country slashed spending by over 2% to KD18.9bn ($67.1bn). Oil revenues fell by 2.3% to KD...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Is Iran’s Economy Turning The Corner?
...rst quarter of the current fiscal year (starting on 21 March 2014), compared to the same three-month period a year earlier, CBI preliminary figures show. The growth came after two years of stagflation with GDP which contracting by 4.1% over the year to March 2013. President Hassan Rohani, while in Ne...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
$1.1B Jordan, Lebanon Cash
...JORDAN/LEBANON Jordan is to receive a total of $633mn in four grants from USAID. The largest grant, worth $436mn, will support prioritized development projects listed under the state budget law for 2014. The remaining three grants will be used “to improve basic services, boost economic de...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
OPEC In The Future: Will It Continue To Play A Pivotal Role?
...nning out of steam. The US Energy Information Administration (EIA) for instance anticipates in its new International Energy Outlook (IEO, September 2014) that, in a Reference case where oil prices rise moderately, OPEC’s market share would increase from a low of 39% in 2020 to a little more than 42% in 20...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Benchmark Crude Prices ($/B)
...OIL PRICES 2-Oct 22 - 26 Sep 15 - 19 Sep Sep-14 Aug-14 Q3 2014 Q2 2014 2013 20...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Dana Gas Goes To Court As Relations With The KRG Sour
...nel to increase production and realize international prices for exports. “We have not yet given guidance for production for 2014, but developments at Taq Taq and Tawke are on track to deliver 140,000 b/d of working interest capacity by year-end 2014, Mr Hayward said. He put current exports by...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Baghdad On Course For 3.5Mn B/D By Year-End
...-‘Amaya. However, Iraqi Oil Minister ‘Abd al-Karim al-Laibi is confident that Iraq will achieve its output target of 3.5mn b/d by the end of this year and an export target of 3.4mn b/d in 2014, including a Kurdish contribution of 400,000 b/d. Still, the Kurdistan Regional Government (KRG) appears be...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
OPEC Content With Ceiling Ahead Of December Meeting
...recast to increase by 800,000 b/d this year and 1mn b/d in 2014, there is clearly enough supply to meet rising demand.” ...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Saudi-US Tension Goes Public Over Iran
...position in any transitional government, and whether Mr Asad will be allowed to run in the 2014 presidential elections....
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Kuwait To Rethink Subsidies Policy
...t based on facts, and that a new plan – scheduled for implementation by April 2014 – is under study. The 2013-14 budget is expected to end up with a surplus, Shaikh Salim said, but less than that of 2012-13. The budget for the last fiscal year had an actual surplus of KD12.7bn ($45.1bn) be...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Egypt To Up Spending
...rangements are underway to raise the necessary funds to implement the increase in the minimum wage in the public sector to E£1,200 ($174) monthly, due to begin on 1 January 2014. Mr Jalal estimated the cost of the increase in the minimum wage at E£9bn ($1.3bn) for the second half of the current fiscal year (Ja...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
Iraq Concludes Oil Port Expansion, Zooms In On Asian Market
...pected to rise to 4mn b/d by the end of the first quarter of 2014. Although design capacity is higher, Iraq’s export capacity prior to the maintenance work is estimated at around 2.6mn b/d. Industry sources say that current exports are running at around 2mn b/d, below the 2.3mn b/d October lo...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Saudi Arabia Looks To Hold Steady Around 10mn B/D Through Year-End
...d been identified and could be developed if needed. The last major upstream oil development was completed earlier this year, when the offshore Manifa heavy oil field was brought online and will be ramped up to its full capacity of 900,000 b/d by the end of 2014. Manifa, currently producing 50...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Atlantic Frontier Hots Up As BP Enters Morocco
...ich have turned up sizeable discoveries around the west African coast in Ghana, in particular the 110,000 b/d Jubilee field operated by Irish independent Tullow (MEES, 23 November 2012). A total of 10 exploration wells are set to be drilled offshore Morocco by the end of 2014, as well as fo...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Mauritania Plans
...a mere 5,000 b/d. Mauritania’s key project going forward is Irish independent Tullow’s plan to develop the 1.5tcf Banda gas field. Tullow says it will make a final investment decision in 2014. Tullow is the key player offshore Mauritania with operating stakes in seven permits and sizable mi...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Pakistan Sounds Iran Out For Pipeline Financing
...reement between the two countries, Iran is supposed to begin supplying Pakistan with 750mn cfd of gas from 2014 for a period of 25 years at a price of $13/mn BTU, according to Investment Bank Credit Suisse. This takes into account all transportation costs. In a meeting with his Iranian co...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Qatar, E.ON Ink LNG SPA
...troleum (QP) and 30% by Shell – will supply Gasunie and Vopak’s Gate LNG terminal in Rotterdam from January 2014. The deal is flexible and will allow Qatargas to divert its supply to other customers. Prices will be based on those of continental Europe in what is Qatargas’ first break with oil in...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Iraq Signs Misan Deal With Satarem As Refineries Program Gathers Pace
...vernment’s equity and offtake and products pricing. The ministry is looking for a construction start in 2014 with a view to completion in 2018. Shaw Group – subsequently taken over by fellow US contractor CB&I – was awarded contracts for a feasibility study and front-end engineering design (FEED) fo...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
SABIC Chief Calls For Support
...8%, increase ethylene output by 2% and “transform the cracker into one of the best in Europe.” Mr Mady told reporters at the meeting that SABIC aims to decide by the end of 2014 on developing a new cracker in the US to process shale gas. Discussions are under way with a number of potential pa...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013