- Sort by:
- Score
- Published ▼
-
Keystone Cops It From KRG Revenue Collapse
...bt rather than because it feels Sheikh Adi is not economically viable, GKP tells MEES. Revenue rose from $38.6mn in 2014 to $86.2mn last year, while operating costs fell by around a third from $7bn to $5bn. However, the Sheikh Adi impairment propelled GKP to an after-tax loss of $135mn, down fr...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Saudi Draws Down Stocks, Boosting Exports, Runs To Near Record Levels
...7,000b/d. • Both Yasref and the similarly–sized Satorp joint venture refinery with Total, which reached full capacity in 2014, were built with diesel exports in mind – particularly to Europe. January’s gross diesel exports of 567,000 b/d were also a record, inching above the 566,000 b/d set in May 2015. Net di...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Iraqi Kurdistan Seeks Financial Assistance As Oil Revenues Plunge
...cluded $100mn from a new prepayment commitment” but “there was also an amount of $43,200,644 set off by the buyers against 2014/2015 prepayments.” The report also shows the pipeline outage contributed to the KRG falling short of its contractual obligations by 8.2mn barrels in February. Buyer A was sh...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Japanese Condensate Imports Fall In 2015, But Iranian Volumes Up, Near 50% Of Total* (‘000 B/D)
... 2011 2012 2013 2014 2015 Qatar 154.3 151.7 188 13...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iran Back in Business, But Concerns Remain
...e terms of an initial deal signed in 2009, Pakistan was to import 750mn cfd (8.2 bcm/year) of Iranian gas from December 2014, but while Iran has completed its section of the pipeline, the Pakistani side remains incomplete, partially due to funding problems stemming from Iranian sanctions. With nu...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Taq Taq Reserves Downgrade Hits KRG And Genel Energy Plans
...om alone in being thwarted by the region’s complex geology. The most eye catching example was Hungary’s MOL, which in August 2014 was lauding its Field Development Plan (FDP) for its 800mn barrel Akri Bijeel field in which it had an 80% stake (MEES, 10 October 2014). Barely a year later, MOL slashed th...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
South Sudan Oil Revenues Collapse
...Official South Sudan data obtained by MEES shows oil revenues – almost the sole source of income – collapsing to just $40mn/month, covering a mere 16% of budget spending. The government of South Sudan generated just $984mn from crude sales in the 2014-15 financial year, down by almost 40% on...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Egypt Looks To New Gas Finds To Ease Record Energy Deficit
...cut its import bill from 2015’s record $80bn to $60bn for 2016. But quite how it will reduce its import bill this year is unclear, especially considering a large proportion of the 167 LNG cargoes Cairo has signed since December 2014 (MEES, 16 October 2015), will be arriving in 2016 as authorities lo...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iranian Volumes Re-Enter Crowded European Market
...ea of concern for firms considering conducting business with Iran, increasing the attractiveness of swap arrangements. SOUTH KOREAN SPIKE South Korean data shows that imports of Iranian crude in January were at their highest level since March 2014. The 202,000 b/d imported was considerably hi...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
East Mediterranean Gas Faces Crucial 2016
...e hands of one consortium will only lead to an increase in prices. Progress in Israel’s gas sector was paused after the country’s antitrust chief in December 2014 labeled the consortium grouping US firm Noble Energy and Israel’s Delek a monopoly. Together they operate almost all of Is...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Skint, Petroceltic Sells Egypt Blocks
...re output is in freefall: from 105mn cfd in 2013, to 95mn cfd for 2014 and just 60-65mn cfd for 2015. And of course falling prices don’t help either (on the plus side Egyptian gas prices, though not those for associated liquids, are fixed; on the downside payments have been anything but prompt – see p1...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Algeria: 3 Bcm Gas Boost From In Salah Expansion
...n expect In Salah net gains, at least for a couple of years, of around 3 bcm/year, according to MEES estimates. Drilling of the 26 planned southern field wells began in 2014. “We'll be drilling until 2018, and wells will be brought on over time, which is typical for a tight gas project su...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Oman And BP To Expand $16bn Khazzan Gas Project
...% in 2014 and yet further last year (MEES, 8 January). The expanded Khazzan project would add considerable relief. There is also an agreement to import 10 bcm/year from Iran via pipeline, with gas expected to flow by 2018. Iranian officials have said around 30% of this will be re-exported from Om...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Adnoc Head Replaced As Abu Dhabi Eyes Output Rise
...hayyan. The Crown Prince has effectively been in control of the country since his brother President Khalifa bin Zayid suffered a stroke in January 2014. This marks his further consolidation over the oil industry. The new man in charge will have to juggle a wide range of issues including plans to increase ga...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
DNO Plans To Double Capex In 2016
...ile capex was nudging $300mn in 2014, it dropped to a miserly $50.7mn last year. Despite this, rising output from DNO’s KRG assets meant the company’s overall working interest production rose from 68,900 b/d to 88,400 b/d. However, spending cuts led to KRG production declining in the fourth quarter of th...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
South Sudan Attempts To Cut Sudan Oil Transit Payments
...om Upper Nile has continued, but at a diminished rate. Output in 2014 was around 160,000 b/d, but dropped to 155,000 b/d in the first quarter of 2015 and then to about 140,000 b/d in the final months of the year. After Brent, the European crude benchmark against which Dar Blend is priced, tumbled to ju...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
NOC Targets Belie Libya’s Continuing Divisions
...ditional 52,000 b/d in condensate. Nominal production capacity is 1.76mn b/d, but the last time the country achieved output of more than 1mn b/d was in mid-2013, although it came close in October 2014. Since peaking at around 620,000 b/d in March 2015, crude production has struggled to reach 40...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Middle East Upstream Spending Faces Trying 2016
...wn from 51 for December, 60 for January 2015, and a whopping 90 for January 2014 before the mid-2014 advance of Islamic State when the exploration boom in Iraqi Kurdistan was in full swing. International oil services firms all saw their revenues dive in the fourth quarter 2015, though their Mi...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Post-Sanctions Iran Courts Admirers
...lling to just 1.1mn b/d in 2014, prospects for a major resumption of Iranian imports look slim. However, Mr Rohani met with Eni CEO Claudio Descalzi in Rome on 26 January, and discussions will doubtless have covered resuming purchases of Iranian crude. Eni figures show that the company purchased $74...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Iran Gas Production Set To Rise While Exports Remain Low
...an’s producing oil fields have decline rates of between 5-8%. Iran therefore needs to utilise enhanced oil recovery (EOR) techniques involving reinjecting natural gas to achieve its oil production targets. Iran injected 31.75 bcm of gas into oil reserves in 2014, down from 35.37 bcm in 2012 and well be...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016