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International Investors Size Up Ambitious Egypt Wind And Solar Program
...newables program, approved by government in September 2014, specifically aimed at securing outside investment (see chart and table). In a recent assessment report for a proposed 1.8GW solar park at Benban, 650km southeast of Cairo, NREA says that the target includes 2GW for wind energy projects, 2GW fo...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Opec: Fit For Purpose? What Purpose Is That Exactly?
...porters on 2 June ahead of the meeting that the recent price rise “has proven that Opec’s strategy since 2014, which was criticized, has been working well and it seems the trend is towards stabilizing markets.” If the price gains since the Doha meeting hadn’t sufficiently dispelled any notion of an ou...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Anti-Hizbollah Banking Sanctions Tear At Lebanon’s Political Fabric
...chel Sulaiman whose term expired in May 2014. The political stalemate has brought decision making to a standstill, with key economic issues not to mention the legal framework for offshore hydrocarbon exploration left unresolved. At the same time political and economic relations between Lebanon and th...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Aramco Sees Gas As Central To Economic Transformation
...ace within its latest Annual Review. Aramco sees gas as an essential “feedstock for diversified industries” and therefore at the heart of Vision 2030. Saudi Arabia has steadily increased the amount of raw gas processed in recent years, from 11mn cfd in 2013, to 11.3mn cfd in 2014 and 11.6mn cfd la...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Egypt Plans Further Cuts To Subsidy Spending
...ypt’s vulnerabilities might increase further over the next 12 months. EGYPT CUTS SPENDING ON ENERGY SUBSIDIES, BUT BY LESS THAN THE FALL IN OIL PRICES (E£ BN) FINANCIAL YEARS ENDING JUNE. *ACTUAL PRICES TO 2014-15. ‘JANUARY 2016’ AND ‘MAY 2016’ USE AVERAGE PRICES FOR THE FINANCIAL YEAR TO 20...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Iraq’s Upstream Expansion Plans Recede Over The Horizon
...an revenues have collapsed regardless. And yet under Iraq’s technical service contracts payments to IOCs actually rose $1bn last year to $14bn. Payments to IOCs as a percentage of oil revenue soared from 15.5% in 2014 to 28.6% last year. And 2016 could be more bitter yet. Based on export revenues fo...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Egypt’s Debts To IOCs Soar Above $5bn
...ving each been owed $200-240mn at end-2012 the three firms have seen their fortunes diverge sharply. The two gas-focused companies saw their receivables soar in 2013 and 2014 and then fall in late 2015; their dues are now almost exactly in line with the end-2012 figures (see table). DIRECT MA...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Leviathan Advances
...e sure to face political opposition. The same is the case in Jordan, which in the face of parliamentary opposition (as well as the relative attractiveness of LNG at currently-depressed prices) has yet to firm up a September 2014 MoU to import 45 bcm of leviathan gas over 15 years. ...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Algeria Plans For Lower Revenue By Slashing Upstream Investment
...vestment to $73bn (officially “more than $73bn”) for 2016-20, down from $90bn for 2015-19, which in itself was down from its $100bn 2014-18 plans (MEES, 11 July 2014). While Sonatrach managed to spin last year’s cuts as a maintenance of its investment plans combined with a stronger dollar and falling co...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Saudi Asian Market Share Under Threat: Mees Data Analysis
...0 B/D): RUSSIA TOPS SAUDI AS leading SUPPLIER IN FOUR OF LAST SIX MONTHS. IS THIS A PERMANENT SHIFT? FOR SOUTH KOREA SAUDI ARABIA HAS HAD ITS SHARE SQUEEZED BY IRAQ (UP 220,000 B/D SINCE 2014) AND IRAN (UP 120,000 B/D) FOR TAIWAN KUWAIT MADE SERIOUS INROADS INTO THE SAUDI MA...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
GE Backs Saudi Vision 2030 In $3bn Investment Program With SAIIC
...vestments Company (SAIIC) – established in 2014 by Saudi Arabia’s Public Investment Fund (PIF, 50%), Saudi Aramco (25%) and petchems firm Sabic (25%) to advance industrialization in Saudi Arabia – has signed a memorandum of understanding with US industrial giant General Electric to develop and localize in...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
IMF $5.4bn Loan To Iraq Offers Relief For IOCs
...eling by the plunge in oil prices since mid-2014. Oil sales constitute more than 90% of government revenue and in 2014 amounted to $84.3bn from production of 3.3mn b/d. Yet despite output surging to 3.98mn b/d last year, the largest rise in Opec, oil takings collapsed to just 42.7mn b/d (see chart, p2...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
KRG Hit By Economic Strains And Falling Output At Key Field
...st 72,000 b/d. Taq Taq remains a key export field for the KRG, the largest producer after just Tawke and output from “Khurmala” – a grouping operated by Kurdish firm KAR that includes fields in federal Iraq taken over by the KRG in 2014. Its poor performance is therefore a significant blow to the re...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Cairo Hopes To Garner New Interest In Old Acreage
...rata – so they may yet see promise in seemingly well-worn acreage. Eni’s key Western Desert output comes from the 54,000 b/d Melehia permit where output has ramped up rapidly since mid-2012 when Eni first tapped the field’s deep formations. Apache produces around 30,000 b/d from the 2014 Ptah and Be...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
Saudi Products Records Tumble With Europe The Target Market
...fineries since 2014 – both now running at full capacity – and crude output remaining at near-record highs of over 10.2mn b/d, records for the country’s products output and exports continue to tumble. Crude throughputs at the country’s refineries hit a record 2.571mn b/d in the first quarter, with 2....
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
Suez Canal Oil Data (‘000 B/D)
...NORTHERN OIL SHIPMEMTS HAVE DOUBLED SINCE 2011 TO AVERAGE 2MN B/D SINCE 2Q 2014... ...WITH SEASONAL RECORDS SET FOR EACH OF THE LAST THREE QUARTERS (MN B/D) NORTHBOUND PRODUCTS SHIPMENTS, DIESEL IN PARTICULAR, HAVE LED THE WAY. 1.2MN B/D OF SAUDI AND UAE RE...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
Iran Taps China For $1.5bn Refinery Upgrade, Warns Over Lack Of Upstream Progress
...is work at $3.6bn – significantly more than the figure quoted by Mr Zanganeh, which suggests that a less rigorous culling of ageing equipment is currently envisaged (MEES, 23 May 2014). The Abadan refinery MoU takes to six the number of Iran’s post-sanctions downstream deals. In refining Iran has li...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
Saudi Edges Up Capacity, Looks To IPPs For Boost
...mand was 62.3GW, compared with 56.6GW in 2014. Recently-ousted electricity minister ‘Abd Allah a-Husain predicts that demand will reach 90GW in 2022. SEC spent SR29bn ($7.73bn) on new generating, transmission and distribution capacity in 2015. New units came online at the PP12 combined cycle gas tu...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
EBRD In $530mn Egypt & Jordan Solar Boost
...nd farm and solar projects in Morocco (MEES, 24 October 2014)....
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
Libya Output Down, Risk Of Further Collapse
...rminal. The largest oil export outlets remain shut – 450,000-b/d Es Sider and 250,000 b/d Ras Lanuf, both on Libya’s central Gulf of Sirte since December 2014, and 250,000 b/d Zueitina to the east for most of the past two years (MEES, 6 November 2015). There were a few moments in 2015 when Tripoli’s NO...
Volume: 59Issue: 20Published at Fri, 20 May 2016