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Subsidies Should Go As Oil Price Falls: IEA Chief Tells Arab Ministers
...ould take advantage of lower crude oil prices now to phase out costly energy subsidies or miss a golden opportunity to stop burning their oil and gas for power generation, she said. Oil prices have sunk to a five year low since peaking at $115/B for Brent futures in mid-June 2014. This makes the im...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Egypt: Oil Price Fall Slashes Subsidies Spend
...cember. This is 30% below the E£104bn ($14.5bn) projection in the country’s 2014-15 budget which in turn is down on 2012-13’s record outlay of $22bn (MEES, 14 November). Front month Brent crude was trading around $57/B as MEES went to press, down 50% from the mid-June peak (see p24). Cairo assumes an...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Cairo Hopes $2.1Bn IOC Payment Will Pave Way For Bid Round Success
...yments throughout 2014. “We… try every quarter, or four months, to have something, so that we can [pay down the arrears] over a maximum of two years from now. It’s working. We started to turn the wheel and it’s ongoing,” he says (MEES, 5 December). Company filings tracked by MEES suggest that the to...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Egypt To Ease Gas Crisis With Algeria LNG
...EGYPT Egypt To Ease Gas Crisis With Algeria LNG Cairo saw a flurry of activity in the final days of 2014 as Egypt moved to address a number of issues regarding its current energy crisis. Egypt’s Ministry of Petroleum and Mineral Resources’ first move was to sign a contract to receive si...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
New Gulf Petchems Start-Ups In Shadow Of Aramco Mega-Projects
...oject) Location Start-Up Main Products (‘000 T/Y) Borouge (Borouge 3)* Ruwais, UAE 2014 1,080 PE, 960 PP, 350 LDPE Sipchem* Ju...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
MENA Power Survey: Generators Seek Fuel Diversity; Capacity Up 3.4% To 370GW
...REGIONAL MENA Power Survey: Generators Seek Fuel Diversity; Capacity Up 3.4% To 370GW Regional electricity generators raised total capacity by 3.84% to 372.1GW in 2014. GCC countries led the expansion through an increase of almost 4.5% over 2013, equivalent to 5.45GW of new capacity (se...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Saudi Oil Policy In Spotlight As King Admitted To Hospital
...ergy policy, which took a dramatic turn in 2014, would survive the king’s departure. Mr Naimi, who is serving his fifth term in office, is known to be close to the present king and enjoys his unwavering support and trust. The king has reportedly refused to allow the veteran minister, who will turn 80...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
South Sudan Turns To China As Warring Parties Prepare To Renew Hostilities
...5,000 b/d pre-conflict output online for the best part of 2014, despite repeated rebel threats against its key fields. And it is the production from these fields in Upper Nile state which South Sudan is looking to consolidate and ramp up, while also bringing its Unity state production – all offline since Ja...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
IOCs Consider Yemen Pull-back As Attacks Mount
...cilities were being used as a base from which drone strikes were being launched on their members and bases, and claimed responsibility for a failed 18 December rocket attack on the 6.7mn tons/year Total-operated Yemen LNG liquefaction plant in Balhaf (MEES, 19 December 2014). This warning came just ho...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Lebanon Bid Round
...l and gas file has spent months on ice – with essentially no progress whatsoever towards advancing the bid round since the end of former President Michel Sulaiman’s term in May of 2014. Political deadlock thwarted the election of a new president, and Lebanon has since faced a vacuum in its executive br...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Israel: Leviathan Development Set For Further Delays Following Anti-Trust U-Turn
...fshore Israel, to keep hold of both the giant 22 tcf Leviathan field and the 10 tcf Tamar field. Anti-trust Commissioner David Gilo labelled the firms, which operate all of Israel’s major offshore discoveries (see table), a cartel. This reverses a March 2014 ruling stating Noble and Delek could keep ho...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Saudi Arabia Budgets For $39Bn 2015 Deficit Despite Spending Cut
...dget, unveiled by the Saudi cabinet on 25 December. The 2015 budget projects revenue at SR715bn ($190.7bn), with spending of SR860bn ($229.3bn) planned. The former is down by 33% in real terms on the latest official estimate of actual 2014 revenue, while the latter represents a 24% real terms cut: th...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Algeria: OPEC Must Cut
...ow that the trade balance in the first 11 months of the year has fallen to $5.37bn from $8.87bn in the corresponding period of 2013. The value of exports in 11 months of 2014 fell slightly to $58.67bn from $59.07bn in the same period of 2013, while the value of imports was up to $53.29bn in 11 mo...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 31-Dec 22-26 Dec 15-19 Dec Dec-14 Nov-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Imports Of Iranian Crude & Condensate By Country (Mn B/D)
...Imports Of Iranian Crude & Condensate By Country (Mn B/D) > Imports of Iranian crude oil and condensate rose 13.4% in the first 11 months of 2014 versus the corresponding period in 2013, as an easing of international sanctions on the Islamic Republic in late-2013 helped bo...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Jordan Politicians Slam Israel Gas Deal
...en forced to rely on costly imports of liquid fuels. The country’s energy import bill soared to $5.7bn last year with fuel oil imports accounting for almost half the total (MEES, 7 March). The first nine months of 2014 has seen a further 11.5% rise to JD3.358bn ($4.74bn) MEES, 28 November, although th...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Morocco Diversifies Power Sources
...s started up in June 2014. Tarfaya is Africa’s largest wind farm to date, comprising 131 turbines of 2.3MW capacity each. The farm is expected to achieve a load factor of 45%, high for a wind project. GDZ Suez says Tarfaya will contribute significantly to Morocco’s target of having 42% of in...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
OPEC’S Choice: Low Prices Now, Or Low Prices & Low Output Later-Naimi
...st month to 31 rigs, the lowest activity level in tight oil regions since end-July 2014, it says. “Were the tight oil rig count to lose another 300 rigs by the end of Q1, then in our view y/y US supply growth should reach zero at some point during Q2,” it adds. The US government’s energy in...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Abu Dhabi Advances Upstream Projects Despite Mounting Cost Pressure
...completed according to schedule, with combined capacity at Rumaitha and Shanayel set to expand to 85,000 b/d from 46,000 b/d in 2014. Adco plans to boost total NEB capacity by 110,000 b/d once all three fields are fully developed. But the Rumaitha and Shanayel contracts were issued before the 75...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Yemen’s Finances Set For Rude Awakening In 2015
...sarray, with little hope of a turnaround. With the current crisis threatening to spread to the central oil heartlands of Marib, east of San’a, prospects for the coming six to 12 months do not look bright. Oil and gas export revenues have historically made up 70% of the Yemeni budget. In 2014 al...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014