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US Drilling: A ‘Double-Dip’ Recession?
...ices that have in recent weeks been languishing in the low-to-mid $40s/B for US marker WTI, way down on a June average of $60/B. > The number of rigs in Iraq rebounded somewhat in August to 48 after collapsing to just 44 a month earlier, well below the recent high of 96 in June 2014. In addition to...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Oman Eyes 2018 Completion Of Linked Downstream Projects, But Liwa Cost Rising
...ld reporters this week that work on the Sohar refinery expansion, which began in 2014, is expected to be completed in the fourth quarter of 2016. The products pipeline and storage terminal are scheduled for completion in 2017, while Liwa will be ready for start-up in 2018. LIWA COULD COST $5B...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Crude Output Hits Record Ahead Of Refining Expansion
...untry’s main producer, averaging 943,000 b/d of oil and condensates output in 2014. With state-owned refiner Orpic’s two refineries having combined capacity of 222,000 b/d, the bulk of Oman’s liquids output is available for export. Crude intake at the Sohar and Mina al-Fahal refineries averaged 19...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Israel Powergen Capacity Nears 17GW With Completion Of Haruvit CCGT
...t to be finalized (MEES, 7 August). Meanwhile, Alstom is building Israel’s first pumped storage plant at Gilboa, 60km east of Haifa, for start-up in 2018. The plant will have 300MW capacity and incorporate two pump-turbines (MEES, 17 January 2014). On a much smaller scale, Israel’s Eco Wave Po...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
US Output Falls 550,000 B/D From Peak, Gives Succor To Saudi Policy
...ght oil plays. Reduced investment has resulted in the lowest count of oil-directed rigs in nearly five years and in well completions that are significantly behind 2014 levels,” the EIA says. “Expected crude oil production declines from May 2015 through mid-2016 are largely attributable to un...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Syrian Oil: ‘$48Bn Losses’
...yuzneftegaz continues to explore the Syrian offshore, recently completing 2D seismic on its 2,190 km² Block 2 and is currently analyzing the findings. Under the agreement signed at the end of 2013, Soyuzneftegaz committed to spend $15mn during the initial exploration phase (MEES, 3 January 2014). Ru...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
KRG Stumps Up IOC Cash, But Mol Pullback Spoils The Party
...e $1.66bn that the three key firms say they are owed. Further regular payments will be needed to persuade them to make the investment needed for the KRG to build on the output gains that have seen the region’s production rise from 200,000 b/d in 2013 and 296,000 b/d in 2014 to average 540,000 b/d in re...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Saudi Arabia To Cut ‘Unnecessary’ Spending
...bn (8.6%) to $669bn at the end of July from $732bn at the end of 2014. To finance the deficit, the government has raised $4bn in bonds from the local market in July and $5bn in August, with plans to issue more debt on a monthly basis until the end of the year (MEES, 21 August). Saudi state-owned fi...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
S&P Junks Iraqi Bond
...GDP in 2014. S&P is also projecting public debt to rise to 65% of GDP in 2015-18 from about 39% in 2014. With the collapse in oil prices, the agency expects the current account which had an average surplus of 10% of GDP in 2011-14 to turn to a deficit averaging 3% of GDP in 2015-18. Iraq plans to...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 45.92 46.73 40.79 42.90 51.15 58.02 48...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Eni 30tcf Egypt Gas Find A Game-Changer For East Med Energy Market
...the year, after Antitrust Authority Commissioner David Gilo ruled in December 2014 that the two firms had formed a monopoly offshore Israel (MEES, 27 February). This ruling would have forced Noble and Delek to divest their interests in either Leviathan or Tamar, but the government stepped in an...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Shell Seeks Shale Gas Price Hike
...th Egypt to drill the first horizontal wells into shale rock on the Western Desert’s Northeast Abu al-Gharadig block (MEES, 19 December 2014). The gas price agreed with both firms is $5.45/mn BTU, but Shell is now believed to be renegotiating the price. The budget for the joint operation to drill ho...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
LNG Market Evolution: How Much Will Qatar Give Up?
...se on the back of reduced nuclear generation – some of its nuclear plants were taken offline for maintenance – and revamping work at one of its coal-fired power plants. It imported a total of 7.12mn tons in the first half of 2015, up around 15% pro-rata on 2014 imports. Qatar, which covered 47% of...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Iran Looks To Tap Foreign Investment In Bid To Advance Downstream Plans
...jor exploration and production drive with improved oil and gas investment terms in comparison to the earlier buyback contracts (MEES, 31 July), while petrochemicals firm National Petrochemical Company (NPC) is seeking investors to complete more than 60 stalled projects (MEES, 10 October 2014). NI...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Minister Outlines Iraq’s Power Sector Woes As IMF Warns On Rising Subsidies
...ightly higher than 2014 output and compares with less than 1.5mn cfd in 2010. However, actual sales gas has declined, from over 690mn cfd in 2010 to less than 610mn cfd in 2014 and 590mn cfd for January to May this year. Gas flaring has risen from 51% in 2010 to a whopping 71% for July. While the Sh...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
August OPEC Production: Output Falls For First Time In Six Months
...oduction growth since the start of the year. At 31.88mn b/d in August, Opec output is up 1.49mn b/d on December 2014 levels. Including volumes from the Kurdistan Regional Government (KRG) in the north, Iraqi output slipped from an all-time high of 4.25mn b/d in July to 4.19mn b/d as overall export vo...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
‘That’ OPEC Editorial: Did It Really Say All That Much?
...fferent. In the piece, Opec said “it stands ready to talk to all other producers,” albeit only on the condition that the dialogue would “be on a level playing field.” The piece, and this line in particular, appeared to catch the imagination. Was this Opec showing a willingness to relent on its November 2014...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Iraq Notches Up Output Records But Trouble Looms
...D15** vsYTD14** 1H15 1H14 2014 2013 2012 CRUDE OUTPUT: Federal^ 3,718 3,591 +66...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Iraq: Key Oil Data (‘000 B/D)
...14 2014 2013 2012 CRUDE OUTPUT: Federal^ 3,718 3,591 +669 3,329 +237 3,...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Libya: Central Bank ‘Budget’ Poses More Questions Than Answers
...ternal or external obligations incurred by the Baida-based administration. TERRITORY DOWN, SPENDING DOWN So the fact that spending is, according to the CBL figures, down by 37% from January-July 2014, and by a massive 52% from the same period in 2013, reflects the fact the spending figures for Ja...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015