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Oman Faces Uncertain LNG Supply Future
...OMAN Oman Faces Uncertain LNG Supply Future Omani exports of liquefied natural gas (LNG) to key Asian customers are expected to drop further this year after falling by 11% in 2014, as demand continues to slow in East Asian economies – a trend that is also being faced by other LNG su...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Kuwait Awards Final Contract For Al-Zour Refinery With Ageing Shuaiba Down Again
...troleum Council for a 22% budget hike. It was only with the appointment of current Minister of Oil ‘Ali al-’Umair in December 2013 that the Al-Zour refinery and a planned clean fuels project at Kuwait’s three existing refineries progressed beyond the debating chamber (MEES, 2 May 2014). Three projects wo...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Egypt Powers Ahead To Supply Record As New Capacity Comes Online
...st power plant. Yet this is a marked improvement on last summer, when the system collapsed under the strain of years of underinvestment and there were severe blackouts across Egypt (MEES, 12 September 2014). Since the summer 2014 power meltdown, President Abdel Fatah al-Sisi has led a charge to re...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Saudi Refinery Output, Stocks Hit All-Time Highs
....40mn b/d for July according to revised MEES estimates. Saudi Arabia has now notched up five straight months of 10mn b/d-plus crude output, the longest ever such period. Average output for the second quarter was 10.4mn b/d, up almost 700,000 b/d on Q2 2014. > Bumper volumes of crude also continue to en...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
KRG Out Of Pocket Again Amid Political Gridlock
...dget shortfall from Baghdad, the fight against terrorism, the burden on the economy of hosting 1.8mn refugees and internally displaced people, and the drop in the oil price by over 50% since the end of 2014,” it says in a statement posted on the MNR website. Revenue from crude oil exports through th...
Volume: 58Issue: 34Published at Fri, 21 Aug 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 $226.1mn in 2014. DNO has not booked re...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
DNO Planning Output Boost Offshore Oman
...e/d) in 2Q 2015, down from 15,678 boe/d in 2014. Onshore Oman, DNO is identifying targets for an exploration well in 2016 after withdrawing from Blocks 30 and 31. In Tunisia, DNO next year plans to drill a fourth well on the offshore Sfax exploration permit. The first well on the block hit 1,...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Iraq Faces ‘Existential Threat’ From ‘Double Edged Crisis’ - IMF
...om the sharp drop in oil prices, which began to take its toll in 2014, has delayed Baghdad’s payments to the IOCs, reducing their profit margins and leading to cuts in planned investments at the request of the Ministry of Oil. “Apart from the developments in Iraq, currently the IOCs are generally le...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
IMF Warns Of Looming Large Saudi Deficit
...count surplus declined to 10.9% of GDP in 2014, but is expected to move into a small deficit (-0.9 of GDP) in 2015, before returning to surplus during 2016-20, the IMF adds. As for real GDP, the IMF is projecting it to slow to 2.8% in 2015 and to 2.4% in 2016, as government spending begin to adjust to lo...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
United States Latest Oil Imports, Exports, Demand (‘000 B/D)
...15 vs1Q15 vs2Q14 2014 2013 2012 2011 2010 CRUDE OIL IMPORTS 7,806 7,487 7,...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Japan Crude & Condensate Imports, 1h 2015 (‘000 B/D): Russia Edges Past Qatar Into Top 3
...1Q15 vs2Q14 Jun-15 May-15 2014 Rank 2013 2012 Middle East 2,798.4 -19...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Turkey Crude And Gas Imports
...Turkey Crude Imports , 1H 2015 (‘000 B/D) 2Q15 vs1Q15 1Q15 1H15 vs1H14 vs2H14 2014 20...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 41.32 43.21 44.92 51.15 59.86 58.02 48...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Egypt Receivables Hit $6.3bn, Up Almost $1bn From Start Of 2015
...ternational oil companies (IOCs) in late 2014: payouts that saw the receivables total fall by close to $3bn in the second half of the year, ending the year at just under $5.5bn. But dues have climbed sharply since, hitting $6.3bn at the end of June, up $861mn on six months earlier, according to MEES ca...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Japan’s Inpex Eyes Iran Return Post-Sanctions
...PORTS Japanese oil imports from Iran averaged 172,800 b/d in the first half of 2015, down 0.8% year-on-year according to latest figures from Japan’s Ministry of Energy, Trade and Industry (METI). This helped maintain Iran’s position as Japan’s sixth largest oil supplier over this period, as in 2014. Ja...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Decision Looming To Revive Israeli Upstream
...en ongoing since earlier this year but have intensified, following the appointment of Yuval Steinitz as Energy Minister on 21 May. Noble had halted operations in Israel and laid off staff in the first quarter of 2015 in protest, after Antitrust Authority Commissioner David Gilo ruled in December 2014 th...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Oman Oil Production Hits New Record; On Course For 2015 Target
...e number of active drilling rigs in the country has been at record levels of around 70 in recent months – though numbers dipped to 67 for July (see p7). Output averaged 943,000 b/d for 2014. Oman’s oil exports too are running at record levels, averaging 871,000 b/d in the first half of this ye...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Oman’s Orpic Evaluating Bids For Liwa Plastics, Eyes $4bn Finance Package
...ys Orpic chief executive Musab al-Mahruqi. Orpic announced the pre-qualified bidders in December 2014, and subsequently worked with the firms to form 19 bidding units (MEES, 19 February). CB&I is among the bidders for the EPC contract for the cracker, for which it has already been awarded the te...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
GCC Countries Keep Drilling At Record Levels As Us Rigcount Looks To Rebound
...6), with a record 71 active drilling rigs. The rigcount eased to 67 for July, though this remains well above the 2014 average of 59. US DRILLING SHOWS SIGNS OF RECOVERY AS GCC RIGCOUNT REMAINS AT RECORD LEVELS US OIL RIGCOUNT DOWN 60% FROM OCT ‘14 PEAK BUT CRUDE OUTPUT RESILIENT*...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
LNG Demand Outlook Looks Bearish As Japan Restarts Nuclear Plant
...pecially given that a flood of new LNG supplies – from Australia and the US in particular – are set to hit world markets over the next couple of years. In the wake of the disaster, Japan, the world’s largest LNG importer, increased buying by 18.5mn tons/year between 2010 and 2014, from 70mn tons to 88...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015