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Iraq Progresses With Giant Gas-Fired Plant, But Where’s The Fuel?
...r the current shortfall of available gas, Iraq is instead burning liquids to minimize power blackouts, including direct burn crude which averaged 223,000 b/d in July and August, a substantial hike over the average 136,000 b/d burned in 2014. Iraqi Minister of Electricity Qasim al-Fahwadi told pa...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Keystone Keeps Wolf From The Door With New KRG Payment
...rway’s DNO and its partners in the 150,000 b/d Tawke field, and London-listed Genel and its partners at 130,000 b/d Taq Taq (MEES, 11 September). Previous similar payments were in December 2014. GKP, under pressure from the KRG, from mid-September agreed to export all of its 40,000 b/d production via th...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Egypt: Desperately Seeking Finance
...ere has been a turnaround in economic performance with policies to reign in the budget deficit and the inflow of Gulf cash since mid-2013. But though GDP growth rose to 4.2% for the 2014-15 fiscal year which ended on 30 June, with the IMF projecting 4.3% for the current year, there are serious ch...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Iraqi Cash Shortage Deepens As Bond Issue Pulled
...port volumes of 3.05mn b/d for September, Iraq pocketed a mere $3.69bn for the month’s crude exports, less than half monthly takings for the first half of 2014 (see graph). Iraq received just $40.33/B for its September exports, the lowest figure since February 2009. Oil revenue accounts to around 83...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Suez Canal Traffic (‘000t)
...Jan-Aug13 SOUTH TO NORTH Aug-15 Jul-15 Jun-15 Jan-Aug15 '000t % '000t % 2014 20...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
South Korean Crude Oil & Condensate Imports, ‘000 B/D
...South Korean Crude Oil & Condensate Imports, ‘000 B/D 3Q15 vs2Q15 vs3Q14 2Q15 1Q15 4Q14 3Q14 2014...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 46.38 45.01 48.33 45.44 42.90 46.62 58...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Saudi Oil, Gas Spending To Continue Unabated Despite Oil Price Collapse
...ported Mr Naimi as saying, expressing a hope that the G20 could play a leading role in stabilizing the market. The Saudi minister also met separately with US Energy Secretary Ernest Moniz and the Russian Energy Minister Alexander Novak. Since steering Opec toward its November 2014 decision to pursue ma...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Oman Expects New Block Award By December
...ock was pulled from Omani independent Petrogas E&P in December 2014, following the expiry of its 15-year contract at the concession. Though Petrogas was keen to renew its contract at the block, the MOG opted to offer it to another foreign oil company in the hopes that it will be able to reverse th...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
UAE To Spend $35bn On Reducing Gas Imports For Powergen
...the investment total will be earmarked for gas field developments. Mr Mazru’i says current gas production can meet only 50% of UAE demand, with the shortfall being met through imports of gas and LNG. The UAE imported just over 6mn tons of LNG in 2014 (8.2bn m3 or 790mn cfd of gas ) and 2bn cfd of ga...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Aramco Advances Downstream Plans With Petro Rabigh, Sadara Progress
...d Saudi firm Taqa with ethylene oxide and propylene oxide for production of oilfield chemicals (MEES, 11 September). Aramco’s 2014 annual report says that integrating chemicals production with refining is “a core element of our downstream strategy.” The recently completed 400,000 b/d Satorp re...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
IEA Sees Cost Of Renewables Falling, But Regional Adoption Constrained
...velopment remains patchy. Policies aimed at enhancing energy security and sustainability lie behind record growth in global renewable electricity capacity in 2014. An additional 130GW of renewables capacity – more than 45% of net capacity added – took total global renewables capacity to 1.81TW by the en...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Russia Ready To Talk… But Opec, Shell Issue Oil Price Warning
...heduled to meet for their next ordinary meeting in Vienna in early December, where they will ultimately review the outcome of their Saudi-led policy of non-intervention adopted two meetings ago in November 2014, and rubber stamped at the latest meeting in June. MOSCOW’S U-TURN? To ma...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
US Year-On-Year Oil Output Growth To Turn Negative As Of January 2016
...96mn b/d in September 2014. But, the decline could be more dramatic than some expect, Mr Papa warns. “It is happening literally as we speak,” he said. Production growth year-on-year has fallen to around 600,000 b/d very recently, he said, compared to a constant growth of about 1.1mn b/d since June 20...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Iraq Attempts Fiscal Correction Amid Political Vacuum
...d “$15bn in payments owed to oil companies” due to “waste of the country’s wealth as a result of flawed policies of the former government through gifts from the necessary leader, especially during campaign seasons.” For context, Iraq had about $3bn in hand when Mr ‘Abadi took office in September 2014, al...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Oil Services Sector To Cut More Jobs Amid Oil Price Squeeze
...added he expects smaller firms to merge as a direct response to the “industry downturn”. Oil prices are down by more than 50% from their mid-2014 peak of around $110/B (for Brent), with the steepest fall taking place in the last two months of 2014. IOCs took some time to slash their capital sp...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Egypt: New Ganope Bid Round
...l production. On 3 August the firm awarded five of the 10 blocks on offer in its 2014 bid round with total commitments for $100mn to drill 16 wells. Three of the awarded blocks were for well-worked acreage in the southern Gulf of Suez, while Houston-based IPR took both Western Desert blocks (ME...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
IMF: Reforms Key If Iran To Benefit From Nuclear Deal
...facing the problem of high non-performing assets” which have resulted in unsustainably high real interest rates and stagnant credit in the economy. Unemployment has remained at 10.5%, level with December 2014. OIL: THE DRIVER The IMF says the Iranian economy may have contracted during the fi...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Oman: Debut Sukuk
...gher growth trend of 4.9% on average between 2005 and 2014. Offsetting this strength is the likely sharp fall in nominal GDP in 2015, as a result of the collapse in oil prices. Moody’s base case scenario for oil market trends is a Brent crude oil price of $55/B on average in 2015, rising gradually to...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Iran: The Subsidies Dilemma
...fore. Pressured by various forces, the Rohani team finally came up with a new plan. The subsidies “second phase” promised to start from the third month of Iran’s New Year (May 2014). Monthly cash payments were now to be given to the head of each family after (1) he or she answered a questionnaire re...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015