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Morocco’s Sole Refiner Seeks $1bn To Restart
...hammedia refinery from 120,000 b/d to 200,000 b/d in 2012, but has since not processed more than 167,000 b/d on a monthly basis and hit a recent low of 58,000 b/d in January. Morocco already imports products, with consumption averaging 250,000 b/d in 2014 (MEES, 14 August). MOROCCO MONTHLY REFINERY RU...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015 -
Kuwait Awards First Utility-Scale Solar Plant
...ficiency of the plant’s steam turbine. Kuwait’s total installed generating capacity amounted to almost 15GW at the end of 2014, according to MEES estimates. The ministry and PTB currently have six power plants at varying stage of development, with a combined capacity of 6.8GW (MEES, 30 May 2014)....
Volume: 58Issue: 38Published at Fri, 18 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 -
DNO Estimates KRG Receivables At $1bn
...ys. The company ended the first half of the year with a positive cash balance, largely as a result of equity financing and a $400mn bond issue in June this year. But it also chalked up a net loss of $114.1mn in the year to date. It reported a net loss of $226.1mn in 2014. DNO has not booked re...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
DNO Planning Output Boost Offshore Oman
...e/d) in 2Q 2015, down from 15,678 boe/d in 2014. Onshore Oman, DNO is identifying targets for an exploration well in 2016 after withdrawing from Blocks 30 and 31. In Tunisia, DNO next year plans to drill a fourth well on the offshore Sfax exploration permit. The first well on the block hit 1,...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Cash-Strapped Samir Shuts Morocco’s Refinery Temporarily
...at rate. JODI data show the plant’s throughput varies widely on a month-to-month basis (see chart). Refinery runs peaked at 167,000 b/d in March 2014, before setting a recent low of 58,000 b/d in January 2015. The latest monthly average available was 107,000 b/d for May 2015. Morocco is he...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Exit The Dragon As Enoc Takes Charge
...wever, Dragon’s production costs in Turkmenistan are relatively low and its balance sheet remains healthy despite a 52% slump in operating profit. Dragon maintained its capital expenditure at $313.2mn in the first half of this year, unchanged from the corresponding period in 2014, ending the first half of...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Shell And BP Step Back From ADCO
...tal’s Chief Financial Officer, Patrick de la Chevardière, said during his company’s earnings call. ExxonMobil dropped out of the race and did not submit a bid by an October 2014 deadline. BP too now appears to have put its aspirations on hold. BP CEO Bob Dudley said during the company’s second qu...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Sadara To Supply Juffali Plant With MDI
...due to start up this year and be fully operational in 2016 (MEES, 21 March 2014). While the Plaschem park will take some of Sadara’s products, most of its revenues will come from exports. Sadara expects that 60% of output will be sold in Asia, with the Middle East and Africa accounting for 15...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Libya Oil: A Write-Off?
...ayed a substantial part in a 49% reduction in profits for the second quarter, compared to the first quarter of the year, and a 64% drop compared to the same period of 2014. Underlying replacement cost profit for the quarter was $1.3bn, compared with $2.6bn for the previous quarter and $3.6bn for the se...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Services Firms Increase Gulf Dependence Amid Revenue Crunch
...eir mid-2014 peak of around $110/B (for Brent). The lion’s share of this fall happened in the last two months of 2014. International oil companies (IOCs) took some time to slash their capital spending as a result and the fourth quarter of 2014 actually marked a high water mark in services firms’ re...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Eni Egypt Gas Find
...ES, 3 July). Eni holds a 75% working interest in the West Abu Madi permit, while BP holds the remaining 25%. Petrobel, a JV between Eni and state oil firm EGPC is operator. ENI EGYPT PRODUCTION (NET) 2012 2013 2014...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015 -
Dana Gas, KRG Cross Swords
...the fields, will be heard in early 2016. Meanwhile, Dana Gas says, the KRG still remains in default of the Arbitral Tribunal’s Peremptory Order of October 2014 to pay the consortium $100mn on an interim basis, forcing the consortium to seek English Court enforcement of this order, it says. A he...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Sabic Taps Korean Tech
...ES, 20 June 2014). The Korean plant produces linear low-density polyethylene (LLDPE), polyolefin plastomers and polyolefin elastomers using metallocene catalysts. Sabic sees growing demand for these materials in the flexible packaging, industrial and agricultural films, automotive, footwear, me...
Volume: 58Issue: 28Published at Fri, 10 Jul 2015 -
Middle Eastern NOCs Look To Make Sense Of A Low Oil Price World
...developing infrastructure, especially in the downstream sector, including investing in three new refineries, with much of the materials procured locally, it adds. It cites Saudi Aramco’s 2014 Annual Review saying that between 2010 and 2014 a total of $143bn was spent on procuring services and ma...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
QP To Downsize Foreign Staff In Reorganization Plan
...0,000 b/d for 2014, and to an average of 660,000 b/d for the first five months of 2015. Some large investment projects should help to stabilize oil production, such as the $4bn plans to update facilities and increase production at Bul Hanine from 40,000 b/d to 95,000 b/d by 2028 (MEES, 8 May). As for ga...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Egyptian Independents Get Boost From Multilateral Cash
...ys. The loan is part of an $80mn debt facility, passing its final review this week, as it awaits board approval (see table). Awarded in 2004, Merlon’s output at El Fayoum has ramped up rapidly from 2009 start-up, hitting a record 9,000 b/d on 15 June, up from 7,000 b/d in late 2014. “Many of th...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Chinese State Firm Expands In Egypt
...stern Desert (NPI 50% and operator, Irish independent Circle 40%, Canadian-registered minnow Sea Dragon 10%). Here gross output was around 10,400 b/d and 9mn cfd gas for 2014, giving the Chinese firm 5,200 b/d and 4.5mn cfd on a net basis. NPI’s other operated interest is 50% of the East Ghazalat co...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Enoc To Expand On International Stage
...hygalybeg (Zhdanov). The PSA expires in May 2025 but Dragon Oil has an exclusive right to negotiate an extension for a further period of not less than 10 years. As of 31 December 2014, the Cheleken contract area held remaining gross proven and probable reserves of 663mn barrels of oil and condensate and 1....
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
KRG Says Oil Industry At Risk Over Non Payment
...rplus of crude oil that it is exporting independently out of Ceyhan in an effort to make up for the lack of federal funding during the whole of 2014. The Kurdish Ministry of Natural Resources’ (MNR) latest export figures, published on 2 June, show that the KRG exported 184,224 b/d of its own oil via Ce...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015