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Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 50.91 52.41 57.44 59.86 59.43 58.02 48...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Cairo Edges Closer To Paying International Gas Prices
...cline, falling from 3.4bn cfd to 2.4bn cfd between the start of 2014 and April 2015 – and this with the Eni-operated Denise-Karawan (DEKA) fields, ramping up from August 2014 start-up to 460mn cfd in the meantime (MEES, 29 May). The Italian firm has been stalling on plans to invest $5bn in developing ad...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Jordan Enjoys Cheap LNG Prices, But For How Long?
...ices stayed at 2014 levels ($99/B for Brent) throughout the next decade, savings from LNG could exceed $400mn/year (1.3% of GDP), he says. Also, longer term, LNG’s relative competitiveness could increase, if the terms of the supply contract were adjusted to take account of lower oil prices once the in...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Algeria Pushes New Refineries Beyond 2020, Fuel Deficit To Worsen
...nts to expand its refining capacity to meet domestic demand growth and produce oil products in line with European standards. Demand grew by 7.4% in 2014 and strong growth is expected to continue with Algiers insisting that it will not cut oil product subsidies (MEES, 3 July). Algeria’s total oil pr...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Oman Turns To Sun For EOR And Rural Electricity
...ojects under development by PDO. It is among the four most advanced, along with Qarn Alam (steam), Harweel (miscible) and Marmul (polymer). PDO is looking to EOR to help maintain its crude oil production at 550,000 b/d (MEES, 5 September 2014). MIRAAH BY NUMBERS PDO says the Miraah plant will de...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
OPEC Output Keeps Rising In June To Hit 38-Month High
...posed 30mn b/d production ceiling since May 2014, and above 31mn b/d since March this year. But while this Opec ‘over-production’ shows no sign of abating in the months ahead, particularly when one factors in the Iranian upside should a nuclear deal materialize, a slowdown in US output growth since Ma...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
A New Deal For South Sudan
...rtfolios. The government will retain a majority (53%) of central government positions, and a group of 10 former SPLM party members who were detained for a period in 2014 on charges of plotting against the government, known as the SPLM former detainees (SPLM-FD; or G10), will take 14% of the positions. Pr...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
KRG Helping Hand To Kirkuk Province Threatens To Widen Rift With Baghdad
...ys is housing half a million Iraqis and refugees displaced as a result of the jihadist incursion into Iraq in June 2014. He said in an interview with Kurdish Rudaw television that Kirkuk had not received its share of the federal budget for six months and has not been paid for its oil in two ye...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Dana Gas, KRG Cross Swords
...the fields, will be heard in early 2016. Meanwhile, Dana Gas says, the KRG still remains in default of the Arbitral Tribunal’s Peremptory Order of October 2014 to pay the consortium $100mn on an interim basis, forcing the consortium to seek English Court enforcement of this order, it says. A he...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Sabic Taps Korean Tech
...ES, 20 June 2014). The Korean plant produces linear low-density polyethylene (LLDPE), polyolefin plastomers and polyolefin elastomers using metallocene catalysts. Sabic sees growing demand for these materials in the flexible packaging, industrial and agricultural films, automotive, footwear, me...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Kuwait Posts First Deficit In 15 Years
...KUWAIT Kuwait Posts First Deficit In 15 Years For the first time since 1999-2000, Kuwait has posted an “actual” budget deficit. The KD2.31bn ($8.0bn) deficit for fiscal year 2014-15 after transfers to state reserves is almost entirely due to the $22/B fall to $81/B in the average pr...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Egypt Squeezes Spending In Bid To Tame Deficit
...P for the 2014-15 financial year that ended on 30 June; for 2013-14 it was almost 13% (see graph). The revised budget now projects a deficit of E£251bn ($32.4bn), down from E£261bn in the earlier draft, with spending of E£864.5bn trimmed by E£20bn, with half of the cuts coming from the salaries bu...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Iran’s Oil And Gas Sector: The Post-Sanctions Opportunities
...tural gas from the country may find this approach rewarding. Iran’s gas production can easily increase considerably. According to BP’s latest Statistical Review of World Energy, Iran’s gas reserves at end-2014 were nearly 3.5 times that of the US, while its gas production in 2014 was less than one qu...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 52.78 57.44 60.20 59.86 59.43 58.02 53...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Sanctions Aside, Iran Left With Plenty To Do Ahead Of Upstream Opening
...ercome most, if not all, of the buyback’s shortcomings (MEES, 19 June). WORLD GAS RESERVES BY COUNTRY (TCM) 2014 % of total 2010 2000 Iran 34...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
Algeria’s Energy Thirst Appears Unquenchable - And Unsustainable
...ns in 1H 2014 (MEES, 12 December 2014). With the completion of Sorfert, Algeria’s total nameplate fertilizers and methanol capacity is around 3.94mn t/y (MEES, 19 December 2014). Gas requirements from fertilizer plants are expected to grow further this year. Sonatrach’s Al Djazairia Al Omania Li...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
Petroceltic Struggles To Bridge Funding Gap
...the start of the year. The firm now forecasts 14,000-15,000 boe/d for 2015, well below not only 2014’s 22,500 boe/d, but also its January’s previous 16,600-18,500 boe/d 2015 forecast (see table). Egypt, where the 2015 output forecast has been slashed by 3,000 boe/d since January, accounts for 85% of...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
Erbil-Baghdad Deal Teeters As KRG Cuts Oil Supply To Somo, Plans Bonds
...had increased independent oil sales due to what it said in a statement was “the significant debt backlog" arising from the budget cuts of 2014 imposed by the federal government and the need to pay down debts accumulated in 2014 from prepayments for oil sales. The region's financial difficulties, it...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
Egypt Hopes To Attract IOCs To Its Western Mediterranean Waters
...elds, leading to a decline in the gas production rate and an inability to connect compensatory wells.” The ministry had expected gas output to hit 5.4bn cfd during the July 2014-June 2015 fiscal year. But output for the first nine months (ie to April 2015) averaged just 4.57bn cfd. According to th...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
Opec Data Charts Saudi Refining Surge, But Plans Are Slipping
...REGIONAL Opec Data Charts Saudi Refining Surge, But Plans Are Slipping Opec’s eight Mena members added 6.7% to their combined crude distillation unit (CDU) capacity in 2014, according to the organization’s Annual Statistic Bulletin 2015. Most held capacity steady, with only Saudi Ar...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015