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Israeli Court Ruling Pushes Leviathan Back Further
...om the field and seek arbitration. Israel’s upstream sector has been stuck in stasis since the end of 2014 when the former antitrust commissioner ruled that Noble and Delek were operating as a monopoly offshore Israel (MEES, 2 January 2015). The two firms currently operate all of the country’s ke...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Iraqi Downstream Data Highlights Deep Baiji Impact
...Iraqi refinery throughputs have been stuck at just over 400,000 b/d since the 310,000 b/d Baiji plant, the country’s largest, was overrun by Islamic State (IS) jihadists in June 2014. Though the plant was retaken by government forces in October it was badly damaged (MEES, 13 November 2015). No...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Abadi Surprises By Choice Of Left-Field Kurd As Oil Minister
...onomy and is producing more than 4mn b/d. Low oil prices mean it is strapped for cash and asking international oil companies (IOCs) to cut spending, yet still looks to boost production by 2mn b/d by 2020. Oil revenues slumped from $84.1bn in 2014 to just $49bn last year. Despite record exports, mo...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Oman Output Set To Keep Edging Up
...come a frequent buyer. EXPORT REVENUE SINKS Tumbling oil prices mean that revenues fell by more than 40% last year according to the National Centre for Statistics and Information (NCSI). Oil and gas sales generated OR13.4bn ($34.7bn) in 2014, but just OR7.8bn ($20.15bn) last year. Non-oil revenue fe...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Eni Follows BP, Chevron, QP In Looking To Strike Big On Morocco’s ‘Atlantic Margin’
...ock’s prospects may be substantive. Australian LNG-focused Woodside took a 25% stake last year – the firm’s sole interest in the MENA region alongside a 100% share in the Rabat Ultra Deep ‘reconnaissance permit’ yet further offshore (MEES, 28 November 2014). Stakes are now Eni 40% operator, Woodside 25...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Egypt Unveils Development Plan To Revive The Economy
...nance development projects on the Sinai Peninsula (MEES, 25 March). Gulf countries have been keen to give their assistance to Egypt following the 2013 ouster of former President Muhammad Mursi and have pledged more than $20bn in aid and products since March 2014. Mr Isma’il urged parliament to co...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Iran-Pakistan Trade Boost But Gas Line Still Far Off
...initiate work on its side." Pakistan was to import 750mn cfd (8.2 bcm/year) of Iranian gas from December 2014, but Pakistan claims that nuclear-sanctions on Iran prevented it from raising project finance. With Iran now released from the majority of sanctions, prospects for completion appear to ha...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Kuwait Trade Surplus Collapse
...a 3% fall in production as Kuwait was hit by the progressive outage from late 2014 of production from the Neutral Zone it shares with Saudi Arabia (see p4). In dollar terms oil revenue was down by 48% at $48.7bn, a mere 45% of 2013 takings. And things could get worse. For the first three months of...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Eni Greenlights Egypt’s Zohr
...ducing its average breakeven price of new projects to $27/boe from $45/boe in its previous plan. The firm’s baseline price assumption is somewhat higher at above $60/B for 2018-19. With prices at this level no divestments will be needed, it says. Between 2012 and 2014, Eni “completed divestments” of €17...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
KRG Production Set To Fall In 2016
...timates at its key Taq Taq field earlier this month was a hammer blow to the region. Rather than being at the forefront of efforts to ramp up production, Genel’s latest projections have the field producing below 2014 levels this year (MEES, 4 March). And even those projections depend on investments that co...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran, Saudi Arabia Main Drivers Of Opec NGLs Outlook
...ency notes that the 275,000 b/d Shaybah NGL development, which will supply feedstock to the domestic market, was originally scheduled for 2014, but is “running more than a year behind schedule due to technical issues.” The differential between the 165,000 b/d forecast increase in Saudi NGLs and the 27...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Kuwait Boosts Gas-Fired Power Capacity, Prepares Further LNG Imports
...to develop power and water projects on its own, under engineering, procurement and construction contracts (MEES, 13 June 2014). Al-Abdaliyah will be an integrated solar combined cycle (ISCC) power project, with total capacity of 280MW, including a 60MW solar unit to improve the efficiency of th...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran, Iraq & Saudi Step Up Battle For Market Share In Asia And Europe
...2015, up 854,000 b/d on 2014, whilst November and December 2015 and January 2016 were the three highest months on record with average volumes just shy of 3.9mn b/d (MEES, 11 March). With the key gains coming from the south of the country (see graph 1) it should be no surprise that the bulk of the ex...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
MEES Special Report: Jihadist Instability In North Africa And Beyond
...the city is imminent. That same day, IS also engaged in small arms fire against Firebase Bell, a US artillery outpost in northern Iraq. US forces returned to Iraq in 2014, but Firebase Bell is the first independent US base of its kind, having only been staffed two weeks earlier, and came under fi...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Total: Adco Boosts Oil Output But Gas Lower On Yemen conflict
...s net UAE output rising from 115,000 b/d in 2014 to 274,000 b/d in 2015. This 159,000 b/d increment equates to 78% of the firm’s overall output gains. Even more indicative of the importance of Adco is that for 2014 – between the end-2013 expiry of the previous concession and Total taking the renewed st...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Majors Have Another Year To Forget In The Middle East
...oduction for ExxonMobil in 2014, overtaking the Middle East. The gap widened further last year (see graph 4). Production growth from the UAE’s offshore Upper Zakum field led incremental overall regional growth of 18,000 b/d, to 398,000 b/d, well down on 2013’s 545,000 b/d. However, both the US and Middle Ea...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iraq Oil Revenue Falls To New 7-Year Low
...TO THOSE OF THE CBI DURING 2014 (MEES, 20 MARCH 2015). SOURCE: IMF, CBI....
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Jordan Strains Under Demographic, Fiscal Pressure
...pulation is increasing, the freshly-released results of Jordan’s first national census in 11 years were still startling. The census included not only citizens but also foreign residents, and reported that Jordan’s total resident population is now 9,531,712, compared to the World Bank’s 2014 estimate of 6,...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Jordan’s Fiscal Situation Grim, Debt Nears 100% Of GDP
...dgeted for foreign grants of JD 1.13bn (which in turn was down on the 2014 actual figure) only for actual 2015 grants to come in JD 240mn lower. Jordan has blamed the shortfall on Qatar’s failure to stump up previously-pledged funds (MEES, 13 November 2015). Jordan is currently hosting around 1.5mn Sy...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran Boosting Exports Of Products As Well As Crude; Gasoline Exports To Follow?
...low this (see p24), but there is no doubt that export volumes are on the rise. • Iran’s January refinery runs were 1.79mn b/d, the highest since January 2014, but still 170,000 b/d short of the July 2013 record 1.96mn b/d (see graph 1). • Gross crude plus products exports averaged almost 1....
Volume: 59Issue: 12Published at Fri, 25 Mar 2016