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MENA Nuclear Program Expanding, But Some Preliminary Schedules Sliding
...rst nuclear reactor before 2029. Saudi Arabia, meanwhile, with plans for 16 reactors with combined capacity of 18GW to be brought online during 2022-32, has only recently announced its progress in preparing the required legislation for nuclear development (MEES, 10 October 2014). MENA NUCLEAR PO...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Arabia’s Naimi Sees Market Calm
...0,000 b/d increase in oil output from Arab Gulf heavyweights Saudi Arabia, Kuwait and the UAE, in yet another sign that they will not cut back production to prop up oil markets. The latest data from the Riyadh-based Joint Data Initiative JODI shows that Saudi output edged up to 9.71mn b/d in 2014, the se...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Warring South Sudan Factions In Last-Chance Saloon
...e twin threats of the falling oil output and the sharp decline in global oil prices. Oil accounted for 99% of South Sudan’s 2014 exports, 95% of state revenues and about one half of GDP, according to IMF figures. Brent crude, against which South Sudan oil exports are priced, is currently trading at...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Gulf Keystone ‘For Sale’ Amid Kurdish Cash-Flow Woes
...s no guarantee that any offers would be received or any transaction concluded. LOAN REPAYMENT DUE Perhaps critical to the timing of the ‘for sale’ announcement is that the first tranche of repayment of a $250mn loan secured in April 2014 is due in April this year. The financing is intended to...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Atlantic Drilling
...MAURITANIA/MOROCCO Atlantic Drilling US firm Kosmos is pressing on with plans to spend $300mn drilling four 2014 wells deepwater Morocco and Mauritania. CEO Andy Inglis, speaking on the firm’s 23 February results conference call, says that drilling of the Al Khayr prospect (1bn boe 2P...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Syria’s Economic Hardships Intensify With Fuel Shortage
...ude production from the government-controlled areas slumped to 9,325 b/d in 2014, or a mere 2.4% of 385,000 b/d output before the start of uprising in March 2011. Syria’s imports of crude oil in the first nine months of 2014 were estimated at 124,600 b/d, according to The Syria Report. The tiny oi...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt’s Qalaa Raises Capital
...th majority stakes in its core infrastructure and industrial investments. In 2014 Qalaa raised its capital to E£8bn ($1.05bn) from E£3.64bn ($478mn). According to Qalaa’s chairman Ahmad Heikal, the time is right to complete the company’s transformation through the acquisition of additional stakes in...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Lebanon Launches ‘Largest Ever’ $2.2Bn Eurobond
...a low cost, given that a 10-year bond in local currency would be priced at 7.46%. DEBT BURDEN TO EASE According to the minister, total debt stood at $66.5bn at the end of 2014, 62% of which is denominated in Lebanese Pounds, and the remaining 38% in foreign currency. He forecasts that the de...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Dubai’s DEWA Adding 700mw, Repays $1bn
...ndering for the 1.2GW Hassyan coal-fired plant, which will comprise two 600MW units due online in 2020 and 2021 (MEES, 19 September 2014). DEWA, meanwhile, says in a Nasdaq Dubai filing that it plans to repay a $1bn bond that matures in April out of its own cash reserves. The filing says DEWA’s ne...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Arabia: How Long Will Its Buffers Last If Oil Prices Stay Low?
...at comes at the expense of oil prices – the policy which won out at OPEC’s November meeting (MEES, 28 November 2014). In this context, Saudi Arabia’s high reliance on petroleum for export earnings and budget revenues has brought the sustainability of its external and fiscal positions under the sp...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 26-Feb 16-20 Feb 9-13 Feb Jan-15 Dec-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Iraq Considers Production-Sharing For New Acreage
...at the state cannot take on at this time. Foreign investors need incentives to enter into exploration contracts that offer higher rewards, he says. Iraq, which according to BP’s 2014 Statistical Review of Energy has the world’s fifth largest oil reserves –some 150bn barrels – has since the fall of...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
KRG Slams Agreement With ‘Bankrupt’ Iraq
...d the Bai Hasan field, within what is disputed territory. Mr Barzani says the Iraqi side had told him they could spare $300mn at the present time, which he said was half of the amount agreed. The collapse in oil prices since June 2014 and the additional cost of the battle against Islamic St...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Algeria: Mixed Shale Signals Highlight Deeper Economic, Political Disarray
...licy reversal came in response to public protests which started in In Salah province, site of the shale drilling program, in December 2014 before spreading to other cities in the Sahara and in the north, including Algiers, Oran and Bejaia. ENVIRONMENTAL RISKS? Campaigners are calling for a mo...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
ENI Sanguine On Libya
...LIBYA Claudio Descalzi, CEO of Italy’s Eni says the company’s Libya output has not been affected by the massive and growing instability affecting the country. Speaking on an 18 February conference call marking the company’s 2014 results he said that though “the environment [in Libya] is...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Cash Crunch Suffocates Iran’s Oil Sector
...salaries to its staff. The front month Brent crude contract fell to $47/B in mid-January, from a 2014 peak of $115/B in mid-June, though this has since rebounded by more than $10/B to just shy of $60/B, as MEES went to press. MINISTRY REVENUES SLASHED “When the oil price was at $100/B and we...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
New Marine Bunker Rules To ‘Significantly Lighten The Demand Barrel’-IEA
...dergo a step change, rising to 31.5mn b/d by 2020, up 2.4mn b/d from 2019 and 4.5mn b/d above 2014 levels.” With fuel oil bunker demand falling by 2.2mn b/d, total fuel oil demand will fall to 5.3mn b/d in 2020. By this time the shipping industry’s share of total residual fuel oil demand is projected to...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Oman Ramps Up Scope Of Sohar Plans
...ile the expansion, due for completion in 2016, will provide additional clean fuels for local consumption, the new units will also feed existing aromatics and polypropylene units alongside the refinery, reducing the need for imports (MEES, 6 June 2014). The expanded refinery will provide 36,000 b/d of...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Turkey Plans To Double Renewables Capacity By 2023
...omoting clean coal technology. However, Turkey currently has 12.5GW of coal-fired capacity and is developing a 510MW coal-fired plant at Soma. Ankara also has two preliminary agreements for a further 8.32GW of coal-fired capacity (MEES, 19 December 2014). TURKISH POWER GENERATION OUTLOOK BY TE...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
BP Predicts OPEC’s Second Coming
...rket commentaries over the past 12 to 18 months, have regularly warned that non-OPEC producers were on course to keep chipping away at OPEC’s market share. The oil major sees OPEC’s market share recovering to 40% by 2035 – from around 33% in 2014, according to latest IEA data – following a slump ov...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015