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Egyptian Independents Get Boost From Multilateral Cash
...ys. The loan is part of an $80mn debt facility, passing its final review this week, as it awaits board approval (see table). Awarded in 2004, Merlon’s output at El Fayoum has ramped up rapidly from 2009 start-up, hitting a record 9,000 b/d on 15 June, up from 7,000 b/d in late 2014. “Many of th...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Chinese State Firm Expands In Egypt
...stern Desert (NPI 50% and operator, Irish independent Circle 40%, Canadian-registered minnow Sea Dragon 10%). Here gross output was around 10,400 b/d and 9mn cfd gas for 2014, giving the Chinese firm 5,200 b/d and 4.5mn cfd on a net basis. NPI’s other operated interest is 50% of the East Ghazalat co...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Enoc To Expand On International Stage
...hygalybeg (Zhdanov). The PSA expires in May 2025 but Dragon Oil has an exclusive right to negotiate an extension for a further period of not less than 10 years. As of 31 December 2014, the Cheleken contract area held remaining gross proven and probable reserves of 663mn barrels of oil and condensate and 1....
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Slow Start For Saudi Stock Market Opening To Foreigners
...abia was the only country among the G20 which barred foreign investors from its stock market. Saudi Arabia, the biggest economy in the Middle East with a GDP estimated at $750bn in 2014, has a stock market capitalization at more than $590bn. With modest trading in the first week of opening the ma...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 18-Jun 8-12 Jun 1-5 Jun May-15 Apr-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 25Published at Fri, 19 Jun 2015 -
Iraq Lowers Sights On Capacity As Reality Sets In
...ndon on 9 June. This is up from 188,000 b/d in late 2014 (MEES, 1 November, 2014). IRAQ’S KEY PLATEAU PRODUCTION TARGETS (PPTs, MN B/D) Field Operator New PPT Was Finalized? We...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
BP Stats Reveal ‘Tectonic’ Shift In Oil Industry Supply/Demand Balance
...owth in global oil production was more than double that of consumption last year, as the US shale oil boom and a sharp fall in China’s energy consumption undermined benchmark oil prices. The BP Statistical Review of World Energy 2015 shows that oil and NGLs production rose by 2.1mn b/d in 2014, while co...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Egypt On Road To Gas Recovery After Years of Stagnation
...Egypt’s 49 bcm 2014 gas output. Even if April turns out to be an outlier, output for the first four months of 2015 at 4.47mn cfd (46.2 bcm) is also well down. The IEA does not include a forecast for 2015 in its latest report. However achieving its forecast of 51 bcm for 2016 now looks like a ma...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
IEA Cuts Mideast Gas Demand And Production Outlook
...REGIONAL IEA Cuts Mideast Gas Demand And Production Outlook Middle East countries are on track to increase the share of gas in their energy mix although gas demand growth will slow down between 2014 and 2020, according to the International Energy Agency’s (IEA) latest Medium Term Gas Ma...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Gas Faces Long-Term Uncertainty On Cheap Coal And Renewables
...rket outlook, the agency cut its global gas demand forecast to an annual growth rate of 2% on average between 2014 and 2020, lower than the 2.3% average rate projected for the previous 10 years. The IEA now expects global gas demand (and thus production) to hit 3,926 bcm/year by the latter date. La...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
LNG Market Faces Considerable Demand Upside Amid Low Prices
...is month for more LNG shipments via its floating storage and regasification unit at the Red Sea port of Ain Sukhna (MEES, 29 May). While the Damietta LNG plant was closed at the end of 2012, only six LNG cargoes were exported in 2014 from Egyptian LNG causing volumes to collapse to 0.33mn tons. Th...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Oman’s OPWP Targets 5% Efficiency Improvement In Power Generation
...nerating efficiency. Oman Power and Water Procurement Company (OPWP) delivered 27.1TWh of electricity to customers in 2014, a rise of 13.6% over the 23.9TWh produced in 2013. The company’s current forecast sees Oman’s total peak electricity demand rising 85% by 2021, but warns that beyond 2019 gas av...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
OPEC Sees Oversupply Easing; Output At 31mn B/D+ For Third Month
...OPEC OPEC Sees Oversupply Easing; Output At 31mn B/D+ For Third Month Fresh from taking the decision to persist with its 30mn b/d production target – and in turn its November 2014 policy to defend market share over oil prices – Opec this week said it expects the excess supply in world oi...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Mena Oil & Gas: Key Production/Consumption Numbers From Bp’s 2015 Statistical Review
...MENA OIL & GAS: KEY PRODUCTION/CONSUMPTION NUMBERS FROM BP’S 2015 STATISTICAL REVIEW OIL (MN B/D)* Production 2014 vs 2010 Consumption 2014 vs 2010 Ba...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Iran Touts Gas Export Progress, Plots Key Regional Role Post-Sanctions
...nk. ‘READY TO PLAY OUR ROLE’ Sanctions have severely restricted the development of Iran’s gas reserves, which according to BP are the largest in the world. As of 2014 Iran had gas reserves of 1,201.4 trillion cubic feet, or 18.2% of total global reserves, according to BP’s latest St...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Arab Energy Club Honors Walid Khadduri
...ergy Award (2014); the International Association of Energy Economics Award for “excellence in written journalism on topics relating to international energy economics” (1993); and the Opec Award for Journalism for an “outstanding career in oil reporting” (2008). He participated in establishing the Ar...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
KRG Says Oil Industry At Risk Over Non Payment
...rplus of crude oil that it is exporting independently out of Ceyhan in an effort to make up for the lack of federal funding during the whole of 2014. The Kurdish Ministry of Natural Resources’ (MNR) latest export figures, published on 2 June, show that the KRG exported 184,224 b/d of its own oil via Ce...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Iran’s Fragile Banking Sector Under Threat From Government Rate Directives
...monopolies,” he says, hinting at the large state entities, including the Islamic Revolutionary Guards Corps (IRGC) and bonyads (charitable organizations involved in business activities) which play a dominant role in the economy. Former president Ali Akbar Hashemi Rafsanjani in January 2014 cr...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Egypt Taps Bond Market For First Issue In Five Years
...del Fatah al-Sisi took office in 2014 and the launch of economic reforms which accompanied the inflow of aid and investments from the Gulf states. In March the international business community gave the country its nod of approval at the Egypt Economic Development Conference in Sharm al-Shaikh with pl...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
IMF $833Mn Iraq Loan
...nk chief ‘Ali ‘Allaq. “Mainly because of the violence” Iraq’s GDP contracted by 2.1% in 2014 and will only recover modestly by 0.5% in 2015, the IMF says. This is despite this year’s sharp uptick in crude output and exports – with both hitting all-time highs last month (see p2). As a result of...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015