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Shell Heading Towards UAE Door Over Bab Exit?
...tober that the production capacity had been reached. KEY ABU DHABI OIL AND GAS ASSETS ADVANCES AT SHAH BUT GAS SHORTFALL TO STAY The UAE has been unable to meet domestic gas demand through local production. According to BP figures, production totalled 57.8 bcm in 2014, while co...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Japan Fires Opening Shot In Battle For Adma-Opco Renewal
...lied to the 12% Adma-Opco concession, Jodco also has a 12% stake in the offshore Zadco concession, which in 2014 was extended to 2041 (MEES, 24 January 2014). Security of supply is likely also a prominent consideration. The UAE supplied 870,000 b/d of crude oil and condensate to Japan in the first 10...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
BP Major Contributor To Egypt Five Year Strategy
...cember and has become increasingly reliant on Gulf benefactors to keep its head above water: since President Abdel Fatah al-Sisi came to power in June 2014 it has received around $30bn in aid from Saudi Arabia, the UAE and Kuwait. But the 75% fall in oil prices since mid-2015 and subsequent collapse in th...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Oman’s Record Annual Output Can’t Mask Revenue Declines
...l exports levels of 844,000 b/d, revenues have nosedived: the $17.41bn figure for 2015 is down by more than 42% on 2014’s $30.1bn (see chart). Oman is therefore slashing government expenditure in the 2016 budget by 11%, including slicing 56% off of its subsidies bill (MEES, 8 January). It has al...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Saudi Oil Trade Hits New Records – Imports As Well As Exports
...vember – both records – boosting overall products imports to 821,000 b/d, also a record (see graph 2). Refined products demand data suggests 2015 figures will show a new peak. This year’s demand to end-November averages 1.97mn b/d, up on a record 1.86mn b/d for 2014, including a new record of 2.14mn b/d in Ma...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Korea Crude Imports Hit Record As Iraqi Volumes Double
...sewhere, Iraq, whose exports of sour medium-to-heavy crude are of similar quality to Iranian grades, has been the key country to pick up the slack (see graph 3). Iraqi volumes hit a record 357,000 b/d in 2015, up by a whopping 84% on 2014 and more than double 2010 volumes. Of the 392,000 b/d 2015 in...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Iran Inaugurates New South Pars Phases, But Ambitious Targets Look Unrealistic
...reement: actual supplies through the Tabriz-Ankara pipeline were lower at 8.9 bcm in 2014 (MEES, 11 December 2015). Prospects for increased volumes appear slim due to an ongoing pricing dispute, which is currently being considered by the International Court of Arbitration. Iran has an agreement to export 70...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Oman, Bahrain, Qatar Follow Saudi In Hiking Fuel Prices
...3.7bn ($12.18bn) in 2014, of which oil products accounted for 35% (MEES, 11 December 2015). However, Commerce Minister Yusuf al-‘Ali has said the plan is to rationalize subsidies to improve targeting of needy people. While the political rationale for maintaining high subsidies to placate the po...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Algeria Needs To Streamline Operations Not Just Improve Terms, Firms Say
...sts. “[Service] cost levels are far too high for the industry to survive,” Mr Viken says, “the margins are the same now at $30/B as they were with $100/B.” But Statoil remains interested in the Algerian upstream. Like most of its peers, Statoil has been implementing a cost-cutting plan since late 2014...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Adnoc Forms Overseas Arm
...pensive oil and gas assets in North America in recent years. The resultant accumulated debt has left it especially exposed to the collapse in oil prices since late 2014. The firm’s Q3 results show oil and gas revenues collapsing to Dh1.49bn ($414mn) from Dh3.18bn in Q3 2014. This contributed to an overall qu...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Algeria: Sonatrach Re-Engages With IOCs In Race Against Upstream Decline
...llapse, production problems and multi-year project delays. But new Sonatrach CEO Amine Mazouzi and his team have injected something of a sense of urgency with a more pragmatic approach. Algeria’s most recent bidround in late 2014 flopped with only four of 31 blocks awarded amid unattractive fiscal and in...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Can The KRG Keep Up Its Monthly Oil Payments?
...leased by the MNR on 1 December highlights the financial challenges facing the KRG. Oil export revenues averaged just $574mn/month for July-September, far below the $1bn monthly payments the KRG had been expecting to receive from the Iraqi federal government under a lapsed December 2014 agreement. Th...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Aramco Management Revamp
...ggaf is now Senior Vice President, Operations & Business Services. He had been acting service line head of operations and business services since 2014....
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Saudi, UAE, Oman Hit Drilling Records But US Rig Count Free-Fall Continues
...ta, languishing at just 737, less than half the September 2014 high of 1,931. US crude production has also declined, albeit more slowly. Latest EIA data indicate output of 9.17mn b/d for November, some 350,000 b/d down on April’s 9.53mn b/d peak, and almost exactly level with a year earlier (MEES, 4 De...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Iran Launches New Contracts Ahead Of Opec Meet
...ximize recovery rates at fields (MEES, 13 November). The much-delayed launch of the IPC finally materialized on 28-29 November in Tehran. Initially planned to be launched in London in April 2014, the process has been inextricably linked to the nuclear negotiations with the P5+1, which were extended on...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
KRG: More Payments Needed To Unlock Investment
...4mn/month for July-September, far below the $1bn monthly payments the KRG had been expecting to receive from the Iraqi federal government under a December 2014 agreement. Federal payments peaked at $432mn in March. So far this year the KRG has received a total of $1.987bn from Baghdad for oil exports ac...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Kuwait Seeks Silver Lining In Price Downturn
...oviders – in order to ensure that “when this recovery does happen, and it takes time but it will happen, that we are in a position to supply.” Indeed, Kuwait posted its first budget deficit since 1999-2000 for 2014-2015. The deficit was KD2.31bn ($8.0bn) for the year that ended in March 2015, whilst the bu...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Kufpec Charged With Bringing Technology Back Home
...rget, Kufpec has been expanding aggressively under the auspices of Shaikh Nawaf, following former CEO Nizar al-‘Adsani’s appointment as KPC chief in 2013. Although there was no production increase in 2014, Shaikh Nawaf attributes this to a focus on buying assets in the development stage. Some of Ku...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Libya: Could ‘Peace Deal’ Double Oil Output To 800,000 B/D?
...cent years, which culminated in an armed incursion into the Sharara field in November 2014. Unlike several fields in the Sirte basin, no major damage has been reported to field infrastructure at Sharara and El Feel. Field managers at Sharara said in December 2014 that the field was being kept ready to...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Repsol On Libya: Bad News Only
...erating income and €42mn off adjusted net income in the third quarter. The company operates the Sharara field, which has been shut in since November 2014 (see main story). The lack of exports from Libya cost the company $0.3bn year on year during the first nine months of the year, it said. Adjusted ne...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015