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Abu Dhabi Field Startup Paves Way For New Crude Grade Launch
...me since 2014. The Joint Ministerial Monitoring Committee (JMMC) of the Opec+ agreement met in Algiers on 23 September and opted against increasing production limits. But apart from marginalized Iran, any UAE production increases are unlikely to prompt complaints. Umm Lulu output had been ex...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Iraq’s 200,000 b/d Halfaya Boost: Is There An Outlet?
...July 2014 from 535,000 b/d to 400,000 b/d alongside similar adjustments to Iraq’s other major foreign-operated fields (MEES, 5 September 2014). Once Halfaya production hits full capacity – likely by early 2019 – it will become the first of Iraq’s main foreign-operated fields to do so, although it...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Qayara Production Resumes
...eld was captured in 2014 and subsequently operated by IS (MEES, 17 October 2014). It suffered extensive damage to its wells and infrastructure as IS retreated following Iraq’s operations to retake the area in August 2016. Given the extent of the damage and the fact that Qayara previously peaked at 20...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
LNG Prices At Four-Year High Amid Soaring Demand
...port record of 88.45mn tons set in 2014 will ever be surpassed. Japan’s record years for LNG imports came in the wake of the 2011 Fukushima nuclear disaster. The continued, albeit extremely gradual, restart of the country’s nuclear fleet combined with overall stagnant-to-falling Japanese energy de...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Libya Drilling: Schlumberger Boost
...eld, where Phase-2 output started up in July (MEES, 6 July). LIBYA: NUMBER OF ACTIVE ONSHORE RIGS HITS 7 IN AUGUST-HIGHEST SINCE 2014 SOURCE: BAKER HUGHES....
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
SEC Closes $2bn Sukuk
...nk. SEC chief executive Ziyad al-Shiha says the sukuk is “part of the company’s strategy to diversify its sources of funding and to attract investors from international markets.” It takes the amount SEC has raised to finance capital projects to $40.8bn, including a $13.3bn government ‘soft loan’ in 2014...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Iraq: Soaring Domestic Oil Demand Will Test Next Government
...cords. Prior to the IS advances, Iraq’s products consumption averaged 521,000 b/d in the first half of 2014 before slumping to 429,000 b/d for 1H 2015 – a direct result of the IS occupation. Not just is Baghdad now having to supply more products to its populace than pre-IS, but it is having to do so wh...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Abu Dhabi Plots $3bn Windfall From Cepsa IPO: What’s For Sale?
...SUMED DOWNWARD SLIDE AFTER BRIEF 2014 BOOST FROM SE ASIA ENTRY *WORKING INTEREST BASIS. SOURCE: CEPSA, PARTNER COMPANIES, MEES ESTIMATES AND CALCULATIONS. CEPSA NET PROFIT BY SEGMENT (€MN): REFINING REMAINS THE KEY MONEY-SPINNER... ...DESPITE UPSTREAM HAVING BEEN THE KE...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Saudi Oil Exports On Track For Record Year
...l revenues will hit a three-year high in 2018 and it is conceivable that they could rise above $250bn, although 2014’s $285bn looks out of reach. ...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Vision 2030: Is The Public Investment Fund’s Strategy Due An Overhaul?
...cal companies and real estate, such investment is challenging. Turning further to debt for financing is an option, but Saudi government debt is already on a sizeable upwards trend, with Moody’s estimating an increase from $12bn in 2014 to $140bn this year (see chart). IMF figures show debt soaring fr...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Iran Offers Big Discounts To Retain Customers
...e last year before sanctions were tightened in 2012, these five bought 1.44mn b/d between them, before bottoming out at 971,000 b/d in 2014. They continued importing at that level thanks to waivers handed out by the US Obama administration, under which they escaped sanctions so long as they re...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Egypt Gas Output At Record High As Zohr Hits 2BN CFD
...NDENSATE OUTPUT (‘000 B/D): MED OUTPUT RETURNS TO EARLY 2014 LEVELS AFTER SLUMP SOURCE: EGPC, MEES....
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Israel Reviews Upstream Rules: Too Little, Too Late?
...rtfolio were dealt a blow by a subsequent 2014 ruling by Israel’s Antitrust Commissioner which forced both firms to sell off part of their Israeli interests – a process still ongoing (MEES, 15 May 2015). Needless to say this added further to the regulatory uncertainty which has stymied investment. One fi...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Iraq’s Baiji Refinery Restarts Amid Security Concerns
...erations at Baiji refinery commenced this week for the first time since Islamic State (IS) overran the plant in June 2014 inflicting catastrophic damage (MEES, 26 September 2014). Prior to 2014 Baiji had 310,000 b/d nameplate capacity and produced around a third of Iraq’s gasoline and diesel before the IS ta...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
SEC Takes First Steps Toward Saudi Power Sector Shake-Up
...ectricity tariffs is also shown in consumption data, with SEC’s grid-delivered electricity consumption falling from a peak of 214.6TWh for 2014 to 206.0TWh for 2016 and 204.6TWh for 2017. The 2017 report reflects a Saudi move towards burning more fuel oil and less crude in power plants. In 2017 steam tu...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Oman Eyes Exciting Oil Potential As Production Limits Ease
...erage 550,000 b/d production. In 2014 PDO implemented a five-year plan to hit 600,000 b/d in 2019 which the firm surpassed ahead of schedule in 2016 (MEES, 24 June 2016). Crucially, the state firm has managed to whittle natural decline down to an annual figure of less than 5% and is now seeing ex...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Iraq Crude Exports Smash Record As Protests Grip Basra
...hieved thanks to higher oil prices – benchmark Basra Light was up 38% year-on-year over the first half of the year – accompanying the record export levels. The $7.73bn that Iraq earned in August was the highest sum since July 2014’s $7.74bn. This is a major threshold for Iraq given that July 2014 was the la...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Mena Coal Plans Get Big Boost From Egyptian Project With Chinese Cash
...35 700MW expansion completed in 2014 Mohammedia Morocco ONEE 0.30 1....
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Japan Set To Follow South Korea and France In Halting Iran Oil Imports
...lumes from 2011 levels, with further cuts in 2014. But India and China, having made more modest cuts in 2012 and 2013, all-but reversed these in 2014 when it became clear that then US President Obama was keener to avoid conflict than enforce sanctions (see chart and MEES, 6 February 2015). This ti...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Saudi Reserves Steady
...The Saudi Arabian Monetary Authority’s net foreign asstes were $501bn as of end-July, down $5bn (1%) from the end June figure but up a touch from the $495bn year-ago level. Having peaked at $746bn in August 2014, Saudi reserves lost 35% over the following three years but have stabilized since mi...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018