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Yemen Crisis Claims More IOC Casualties
...pplies neighboring communities is maintained.” Block 10, until recently had been producing just shy of 35,000 b/d, up slightly on its 2014 average of 31,000 b/d. But while Total did not clarify by how much output has been reduced, MEES soundings indicate production from the field is now running at be...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Saudi Aramco Set For Shopping Spree With $10Bn Wallet
...dget in 2014 (MEES, 2 January). This share is likely to have risen due to stepped up security measures in response to political instability in the neighbourhood even before the intervention in Yemen. The government presented a deficit budget for 2015, the first since 2009, in anticipation of sh...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
TAQA Hit By Commodities Slump Despite Record Output
...UAE TAQA Hit By Commodities Slump Despite Record Output Abu Dhabi National Energy Company’s (TAQA’s) losses increased last year despite record output, because of a “structural change in commodity prices.” The company reported a net loss of Dh3.01bn ($820mn) for 2014, compared with Dh...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Motiva Ties Up US Refineries
...panese refineries, and 25% with ExxonMobil and Sinopec in a refinery at Fujian, China (MEES, 4 July 2014)....
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Egypt Issues $1.5Bn Eurobond Mandate
...ggested that the new Eurobond could be as high as $2bn, depending on the market. Cairo spent E£44.8bn ($5.9bn) on subsidizing oil products in the first half of the current fiscal year (July-December 2014), slightly less than half the amount of E£100bn ($13.2bn) budgeted for full year. With the steep fa...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
UAE Eyes FDI Boost
...ee zones. FDI surged 25% in 2014 to exceed $13bn, after a 9% increase in 2013 to $10.5bn, the minister noted, quoting UNCTAD statistics. He adds that under the UAE Vision 2021, his government aims to achieve foreign investment flows equal to 5% of GDP. He also said that the UAE is keen to rank fi...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Jordan Slashes 2014 Budget Deficit
...JORDAN Jordan Slashes 2014 Budget Deficit Jordan cut its deficit (after grants) by 55.6% to JD585.3mn ($825.3mn) for 2014. This equates to 2.3% of GDP, down from 5.5% of GDP (JD1.32bn - $1.86bn) for 2013. While spending rose by 11% to JD7.85bn, revenue rose by almost 18% to JD...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
$3.8Bn Syria Pledges
...neral Ban Ki Moon, 90% of the pledges made in 2014 were honored by the donors. Syrians are the victims of the “worst humanitarian crisis of our times,” the Secretary General says, and that he has only “shame and deep anger and frustration at the international community’s impotence to stop the war.” In...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Benchmark Crude Prices
...Benchmark Crude Prices 2-Apr 23-27 Mar 16-20 Mar Mar-15 Feb-15 Q1 2015 Q4 2014 2014...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Adco Trail Goes Cold Amid Stand-Off With BP, Shell
...% from $26.4bn in 2014 to $23-24bn and reduce its exploration budget by 30%. It saw the Adco concession as an opportunity that was worth the entry cost. It made a commercial offer commensurate with the benefit of locking in long term supplies in one of the most stable countries in the Middle East. It...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Egypt Lays More Foundations For Gas Output Growth
...ount secured in other recent deals (see table), Dea’s latest gas price represents a substantial hike on the $2.50/mn BTU it currently receives for Disouq gas. Output started up in September 2013, and hit current levels in August 2014 (MEES, 29 August 2014). State gas firm, EGAS began renegotiating re...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
EGYPT KEY TO KUWAIT ENERGY’S FORTUNES
...st Ras Qattara permit in the Western Desert in which KEC holds a 49.5% working interest and is operated by Chilean state firm ENAP. Fourth quarter production at East Ras Qattara reached around 25,000 b/d, with four new development wells brought on during the course of 2014. The two wells brought on du...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Iraqi Oil Output Plunges As Pressures Mount
...tra oil has been sold and we are only giving it back to the contractors who had bought it,” Mr Hawrami explained. The dispute over exports intensified in 2014 when the KRG began exporting its crude without federal approval. Mr Hawrami says that even if he accepted Baghdad’s argument that the KRG is...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
IRAQ: KEY OIL DATA (‘000 B/D)
...IRAQ: KEY OIL DATA (‘000 B/D) Feb-15 Jan-15 FebVsJan Dec-14 YTD vs 14 vs 13 2014...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Moroccan LNG: GDF Suez Joins Shell, TAQA
...cember 2014) – enough to fuel 3GW of power generation capacity. The proposed LNG terminal forms part of Morocco’s wider plans to develop gas and power infrastructure worth $4.6bn. In addition to storage facilities, this will involve upgrading two combined cycle power plants of 150MW each, and in...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Fujairah Bolsters Bunkering Credentials
...jairah (MEES, 10 October 2014), which is also a delivery point for the Dolphin Gas pipeline that supplies Qatari gas by pipeline to Abu Dhabi, the UAE’s northern emirates and Oman – with Fujairah the jumping off point for the Omani section of the pipeline (see map, p3). VOPAK EXPANDS Vopak Horizon Fu...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Israel Refiners Ramp Up Throughputs On Back Of Cut-Price KRG Barrels
...rael’s refineries – the 196,000 b/d capacity Bazan plant in Haifa and the 100,000 b/d Paz plant in Ashdod achieved record runs in 2014. Total products output was 295,000 b/d, up by 4.5% from 282,000 b/d in 2013. Bazan output was 192,000 b/d and Paz 103,000 b/d on the back of fourth quarter output that wa...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
ISRAEL OIL PRODUCTS SUPPLY AND DEMAND FIGURES, 2014 (‘000 B/D)
...ISRAEL OIL PRODUCTS SUPPLY AND DEMAND FIGURES, 2014 (‘000 B/D) ‘14 vs ‘13 vs3Q14 vs...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Oman Warns Of ‘Unsustainable’ Products Demand Growth
...ar between 2008 and 2014. Domestic demand stood at 160,000 b/d in 2014, up from 100,000 b/d six years earlier. CAPACITY TO MORE THAN DOUBLE Domestic demand for petroleum products is currently met by Oman’s two refineries at Mina al-Fahal (106,000 b/d) and Sohar (116,000 b/d) – both owned and op...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Oman Awards Salalah-2 BOO Contract To Mitsui/ACWA
...ak demand expected to rise from 470MW in 2014 to 800MW in 2020. Completion of Salalah-2 will take the grid’s generating capacity to 1.02GW (MEES, 11 April 2014). OPWP expects Oman’s total peak electricity demand to rise from 5.88GW in 2014 to 10.24GW in 2020 and is building new generating ca...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015