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Egypt’s Gas Output: Has It Turned A Corner?
...2009 and remained thereabouts until mid-2012. Since then new fields have been unable to offset the country’s declining aging acreage. The rate of decline peaked at almost 100mn cfd per month in 2014: though it has since fallen, September’s output figure, if sustained, would mark the first year-on-ye...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
South Sudan Crude Output Plumbs New Lows
...0,000 b/d in September amid ongoing political uncertainty and insecurity. Output, which was running at 350,000 b/d at independence in July 2011, averaged just 169,000 b/d in 2014 and 148,000 b/d in 2015. It has fallen further since the start of 2016 with the latest figures a fresh drop from 117,000 b/d in...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Saudi ‘Low Cost’ Market Share Policy Remains Unfinished Business
...ile its foreign reserves were down 16% year-on-year in July, the rate at which it’s drawing on them is falling (MEES, 2 September). The kingdom knew it was likely to face such a period of economic pain when it embarked on its market share over price strategy in 2014 and shows no sign of changing tack no...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Libya Output Jump On Export Restart
...oducing. But Hamada is in the west of the country. Output is normally blended with much larger volumes of crude from the Repsol-operated Murzuq fields for export as Sharara crude from the port of Zawiya west of Tripoli. No crude has been exported from Zawiya since late 2014. However the port is open in th...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Aramco Output Policy Under Scrutiny Ahead Of Algiers
...ne 2014, when the Opec basket crude price was still comfortably above $100/B: it averaged just $38/B in the first eight months of the year. Saudi refiners have been pushing their plants slightly harder than the industry norm this year – averaging 86.4% capacity utilization, compared with the gl...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Iraqi Finance Minister Sacked, Deepening Political, Financial Crisis
...$26.5bn. Export revenues have plunged along with oil prices despite record breaking volumes. They are on track to fall to around $3.49bn this year, and potentially as low as $3.26bn, less than half that of 2014. Following Mr Zebari’s dismissal the IMF’s Iraq mission chief Christian Josz to...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Tunisia: Output Slides, Firms Look For The Door Amid Instability
...stream output worldwide. In 2015 this produced 26.1mn cfd, 11% of Tunisian output. Though the field has been repeatedly shut-in due to local protests since 2012 (MEES, 23 May 2014), these have increased in duration and intensity since the start of 2016. Output has been “shut-in for most of the year to...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Islamic Finance: A Young Industry Put To The Test
...eir assets by 12% in 2014 but this fell to 7% in 2015, according to a report published by S&P Global earlier this month (see chart 1). S&P Global predicts this slowdown will persist in 2016 and 2017, with growth stabilizing at around 5%. S&P cites two key factors as acting as a brake in 2017: the im...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
SEC Secures $1.3bn Sukuk
...rkets. Although SEC received a $13.2bn ‘soft loan’ from the Ministry of Finance in March 2014, it has raised $21.3bn from the finance sector. The loan is SEC’s first sukuk since January 2014. SEC has followed a recent GCC trend away from Islamic financing (see main story). It takes borrowing this ye...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Kuwait Subsidies Row Hampers Efforts To Cut Record Deficit
...15-16 2014-15 REVENUE 10.24 -3.36 -27.2 13.60 24.93 of wh...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Egypt Struggles To Raise Money For Imf ‘Bilateral Financing’
...yptian power projects, and in particular renewables, under a program instigated by the World Bank in 2014. Most recently, the European Bank for Reconstruction and Development announced it is considering a $500mn loan to Egypt to fund 10-15 privately developed solar projects, each with 20-50MW capacity (ME...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Oil Data: Is It Becoming More Reliable?
...use, London, 27 January 2014 The words of former Opec chief Mr Badri echo similar sentiments expressed in June 1991 by a previous Opec Secretary General, Dr Subroto. At the time, Dr Subroto’s words inspired me and my late colleague Jack Hartshorn to examine the state of oil market information. We co...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Middle East NOCs Keep Spending Despite Global Upstream Capex Squeeze
...Global upstream spending is set for a cumulative 2014-17 fall of near 50%. But Mideast NOCs are benefiting from the downturn to lower drilling costs and renegotiate development contracts. Upstream oil and gas capital spending (capex) fell by a whopping 25% last year, to just $583bn, from $77...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Falling Gas Prices Give Iran Dose of Realism
....93mn cfd) for 2014-15. Managing Director of Pars Oil and Gas Company (POGC) Ali Akbar Shabanpour said in June that output had risen to 431mn m³/d (15.2bn cfd, 157 bcm/year) and that it is planned to hit 526mn m³/d (191 bcm/y) by the end of the current Iranian year (March 2017). Averaging June ou...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Iran Starts Work On Nuclear Plants, Eyes Local Fuel Supply
...pacity, and are scheduled to be brought online in 2023 and 2025, under an agreement signed by Rosatom and AEOI in November 2014. The agreement envisages a total of four new reactors being built at Bushehr, as well as four others at an unidentified site in Iran. Construction of the Bushehr-3 reactor is sc...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
UAE Solar Program Expands
...ese increased to more than 2GW in 2014 at peak demand times. The growing gap between Fewa supply capacity and local demand led the authority to sign a deal with Germany’s Siemens for a 2.2GW gas-fired plant to be developed by local firms under an independent power producer (IPP) scheme (MEES, 15 Ap...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Surplus To 2018 Leaves Opec No Good Options
...have largely worked its way through the system. Refiners are “losing their appetite” for crude amid an “anemic outlook,” the IEA says, with Q4 runs set to be just 80,000 b/d up on the same period last year and overall 2016 gains the lowest in a decade. “In both 2014 and 2015, refining output gr...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Oman Maintains Upstream Spending Despite Revenue Collapse
...rst half of the year was 99.6% of the same period last year, when annual expenditure was only marginally down on 2014’s record OR5.19bn ($13.5bn at a fixed OR1=$2.597). In fact, state capital expenditure (capex) in the first half of the year is up 13% year-on-year against 2015 at $1.53bn, though op...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Algeria: Crude Exports Down But Piped Gas Exports Soar
...rhaps due to the inclusion in the Sonatrach stats of condensate processing units – both figures are up, and up by a similar amount. The first half refinery throughput average suggests that Algeria is on track to match or even beat its annual throughput record, which was also 593,000 b/d and set in 2014...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
SEC Set For Split By Year-End
...ailable to SEC for supplying customers via the grid. Ecra says that peak load in 2015 was 62.26GW, which was 10.1% higher than the 56.55GW for 2014. Last year Ecra estimated that Saudi Arabia’s peak power load could reach 75GW in 2020 (MEES, 2 September). So far Saudi generators plan to add almost 28...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016