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KRG Set For Modest Oil Output Gains After Painful 2016
...December 2013) but a series of flops have kept output at an average of around 2,500 b/d since June 2014 start-up. Production did edge up to 3,100 b/d in the fourth quarter 2016 but it has since fallen back to 3,000 b/d. Production from Zeg-1 is “currently constrained” to 1,500 b/d of 35.5° API cr...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Aramco Awards Ras Tanura Clean Fuels, Seals Indonesia Deal
...0,000 t/y - Toluene 70,000 t/y RAS TANURA REFINERY OUTPUT ('000 B/D) 2015 2014 2013 20...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Saudi Cuts Deep To Boost Prices, But Will US Shale Pocket The Gains?
...is has supported crude prices, with Brent trading at around $56/B as MEES went to press. With their revenue streams in tatters and mounting budget deficits – MEES calculations show that 2016 Opec oil export revenues were less than half 2014 levels and down 17% on 2015 (MEES, 6 January) – the cl...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Dubai Edges Up Spending
...20. Upcoming events like Expo 2020 and the expected increase in infrastructure spending could help reverse Dubai’s recent economic slowdown, which saw the real estate market in summer drop by around a quarter since the most recent peak reached in 2014 (MEES, 29 July 2016). “The greater diversification of...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Lebanon Takes Vital Steps To Opening Up Offshore Exploration
...e decrees delineate the number of blocks to be put on offer, set out tender procedures and establish the model to be used which will be in the form of production sharing contracts (PSC). The bid round was originally slated for August 2014, but the country’s political leaders only managed to agree on th...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Sharara Restart Pushes Libyan Output Close To 700,000 b/d
...er 60,000 b/d. The terminal was loading close to 9mn barrels a month (nearly 300,000 b/d) when it was last operational in late 2014. As yet there has been no confirmation that the Elephant field has begun production as NOC claims. Sharara operated with limited losses for three years from late 20...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Qatar’s Laffan Refinery 2 Goes Commercial
...litter that was started up in 2009, will be delivered to an adjacent 101,000 b/d capacity diesel hydrotreater for the production of Euro-V specification diesel. Qatargas began testing the Laffan 2 splitter early in the fourth quarter of 2016. Building work began in 2014, under a $600mn engineering, pr...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Opec Starts Cutting From Record Annual High
...$430bn, less than half the 2014 level. Apart from the Middle East’s Gulf states, most Opec members cut oil investment and the impact on production was clear (see chart). Post-sanctions Iran posted the largest annual production gain of nearly 600,000 b/d, and 2015’s champion Iraq also posted a st...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Iraq And Iran Only Exceeded By Russia In Global Gas Flaring
...rld Bank says 147bcm of gas was flared in 2015, up from 145bcm in 2014. 2016 is likely to see a further rise. Russia remains the world’s largest flaring country with 21.2bcm, followed by Iraq with 16.2bcm, Iran with 12.1bcm, the US with 11.9bcm and Venezuela with 9.3bcm. “The flaring increase is ma...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Iran Greenlights 29 Firms For Upstream Tenders
...0,000 b/d under a third phase. The Chinese incumbents have an advantage due to their knowledge of the fields, but both have previously been warned by Iran that they risked losing them due to poor performance – and CNPC was booted out of South Azadegan in 2014. Even when Oil Minister Bijan Zanganeh said in...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Saudi 2017 Budget Boosts Spending But Slashes Deficit By One-Third
...17B 2016E SR BN % (Real) 2015 2014 2013 2012 20...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Oman 2017 Budget Cuts Deficit By 44% With Brighter Prospects For Oil Revenues
...e 2016 budget lost more than 67% of its oil and gas revenues despite achieving record high production, compared to the oil revenues earned in 2014. The statement added that 2016 witnessed the lowest traded price of Oman oil which plunged to $24/B in January, but that the government was able to fi...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017