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Gas Shortages Send Algeria Back To The Steam Age
...ALGERIA Gas Shortages Send Algeria Back To The Steam Age Algeria’s 2014-16 power expansion will need 20 bcm/year of gas – over 25% of current output – pressuring squeezed supplies. For its latest additions Algeria is now looking to steam turbines, less efficient but able to run on li...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Naimi: Please Don’t Let Me Be Misunderstood
...oducers in the US, he added. “These false reports contributed largely to the rapid and precipitous fall in oil prices during the second half of 2014,” Dr Muhanna said, referring to the more than 50% slump in oil prices since June, when Brent Blend crude traded at over $110/B. Mr Naimi again harked ba...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Risk Premium Returns As Saudi Strikes Yemen Rebels, Iran Confrontation Widens
...yadh on 26 March, after the Houthis advanced toward Aden. Saudi Arabia’s military spending in 2014 was ranked third after the US and China, according to the Institute for International Affairs. But the kingdom has traditionally preferred to steer clear of military conflict. During the 1990-91 Gulf Wa...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Yemen: Foreign Operators On High Alert
...5,000 b/d, down two-thirds since 2010, with revenue down even further due to falling prices (MEES, 19 December 2014). Yemen relies on its relatively-meagre oil and gas exports for around 60% of its revenues. Even before the 26 March Saudi-led intervention three foreign oil companies had already re...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Egypt Outlines 2015-16 Budget Guidelines
...dicators have shown some signs of improvement recently, the ministry noted, with GDP growth in the first half of the 2014-15 (July-December 2014) rising to 5.6% from 1.2% in the corresponding period of the previous year, and unemployment falling slightly to 12.9% in December 2014 from 13.4% in June 2014. Th...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Qatar’s Spending Spree Set To Continue
...ojections are prorated on the basis of 3/4 of their estimates in the current fiscal year ending on 31 March 2015. A law was issued earlier in March to extend the current fiscal year which runs from 1 April 2014 to 30 March 2015 by nine months until the end of 2015, instead of announcing a new budget fo...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Oil prices: How Long Can They Stay Low?
...veral years. - By Professor Paul Stevens* Since June 2014, the international price of crude oil has fallen by around 60%. Since the start of this year, Brent has averaged around $54/B. Given that the average price between 2008 and 2013 was $99/B (2013 dollars), this can be viewed as a “low” pr...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 26-Mar 16-20 Mar 9-13 Mar Feb-15 Jan-15 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Libya: Competing Power Bases Threaten To Tear NOC Apart
...e interest of the state and the Libyan people,” it said, and it reserved the right to hold those in breach as “criminally liable.” It is the third warning issued by NOC in Tripoli against illegal oil trades, the most recent being on 27 November 2014 (MEES, 28 November 2014). UNOFFICIAL TR...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
New Israeli Government Tasked To Revive Israel’s Offshore Activities
...lek on 18 March firmed up an earlier LOI which will see 5 bcm of gas delivered to private Egyptian firm Dolphinus over three years, via the unused East Mediterranean Gas (EMG) pipeline (MEES, 24 October, 2014). The partners estimate the deal “could amount to $1.2bn, based on the buyer consuming th...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Kurdish Oil Output Edges Up But Cash Still Tight
...expects the book equity ratio to fall below 0.4% when it announces its 2014 financial results in April, as a result of the impairment of the Akri Bijeel asset in the Kurdistan region. GKP would be required to buy back the notes should the BER remain below 0.4% for 60 days after the results are re...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
ENOC In First Step Towards Possible Dragon Takeover
...ne last year and the knock-on effect on company valuations. Dragon’s main producing asset is the Cheleken concession in Turkmenistan, where the company reported a 6.8% increase in average gross production to 78,790 b/d in 2014, with 14 wells completed. The company said in its annual report fo...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
His Mission Accomplished, Qatar’s Attiyah Bows Out
...bsidies. “We cannot just sit and wait for the price to go up again. The scenario of doing nothing will not work.” NO SPENDING CUTS Doha said this week that it was adopting an oil price of $65/B for the 2014-15 budget. This now applies until end-December with Doha switching to a calendar year for fi...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Morocco Subsidies
...tail price of diesel, gasoline and fuel oil was raised by 14%, 20% and 27% respectively, yielding an estimated saving for the budget of 0.7% of GDP for the year. In February 2014 the authorities then ended subsidies on the domestic prices of gasoline and industrial fuel oil (excluding fuel used for el...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Saudi Aramco Taps Debt Market To Fund Rabigh 2
...its supply systems (MEES, 6 June 2014). RABIGH CAPACITY The existing Petro Rabigh plant is based around the cracker, which processes 95mn cfd of ethane, and a 400,000 b/d refinery. Output capacity is 18.4mn t/y of petroleum products and 2.4mn t/y of ethylene and propylene derivatives. “Up...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Egypt Announces $43bn Powergen Plans As Part Of Epic Development Program
...pacity reached 31.45GW at the end of 2014. The electricity ministry has already awarded contracts to add 4.33GW of gas and oil fired capacity at new and existing sites and has announced plans to develop a further 31.48GW, including 23GW of coal-fired capacity (MEES, 23 January). It is largely unclear to wh...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Bahrain’s 1.5GW Plans
...to the grid.” Bahrain currently has 4GW of generating capacity. It has six power stations, of which Al Dur is the largest. Bahrain also has a 600MW transfer capacity link to the GCC electricity grid (MEES, 28 November 2014). Demand reached a peak of 3.2GW in 2014, up from a 2.92GW high in 20...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
OPEC, IEA Diverge On US Supply Growth
...creasingly clear that this latest oil price debate – stoked by OPEC’s November 2014 decision to hold production steady despite rapidly falling oil prices – is set to rumble on for some time yet. “Output for the non-OPEC marginal barrel this year, particularly for US tight oil and Canadian oil sands ou...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Iran Blasts OPEC’s No-Quota Policy, Vows Return To Markets
...l prices since June 2014, but has so far stopped short of calling for an extraordinary OPEC meeting ahead of the next scheduled meeting in Vienna in June. The minister did however call on non-OPEC producers to cooperate with their OPEC counterparts over the coming weeks and months to work to...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Algeria, Poland To Share Shale Tips As Protests Continue
...e HBNS and El Merk fields on Blocks 404a and 208. Talisman was recently taken over by Spain’s Repsol (MEES, 19 December, 2014). As well as Talisman having considerable shale experience in North America, Repsol has been exploring shale formations in Morocco. The firm last month said that it has ap...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015