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Egypt Looks Beyond Current Storms To Gas-Fueled Upland
...rrency reserve issue will be resolved within the next twelve months. Tourism, a pillar of Egypt’s economy, making up 12% of GDP in the 2014-15 financial year (ending 31 June), is also an important source of foreign reserves (MEES, 13 November). But with the 31 October downing of a Russian passenger pl...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Edison Hopes For More Zohr
...e south. Both are split 50:50 with Irish independent Petroceltic, with Edison operator, and abut the maritime border with Israel (see map above). North Port Fouad was awarded in EGAS’ 2014 bid round and North Thekah in 2013 bidding, while the firm snapped up the neighboring Northeast Hapy li...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Saudi Crude Output Up But Refiners Put Squeeze On Exports
...ile September’s 744,000 b/d feed to electricity generators is below the summer peak of 894,000 b/d – itself just short of an all-time record – it is still seasonally high, some 15% higher than 648,000 b/d for September 2014. Refinery crude intake reached a new record of 2.50mn b/d in October, with th...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Oxy Set To Quit Iraq’s Zubair After Payment Frustration
...,000 b/d for 2014 is 7.5% of its regional total of 173,000 b/d. The other assets Oxy would most likely be looking to offload are in Libya and Yemen, but the high levels of political risk – Libya’s Zueitina export terminal is again closed, while Oxy evacuated its staff from Yemen in January – mean that fi...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
KRG Exports: Have They Peaked?
...0 b/d) 2014 1Q15 2Q15 3Q15 15-Jul 15-Aug 15-Sep 15-Oct Exported to Ceyhan (Pipeline) 12...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Kuwait’s Equate Seeks $6bn For MEGlobal Buy
...tention to “reconfigure and reduce its equity base” in its Kuwaiti ventures, PIC said that part of Dow’s stakes in the joint ventures could be sold on the Kuwaiti stock exchange through an initial public offering (IPO) for Kuwaiti citizens (MEES, 21 November 2014). The company has not said since whether an...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Iran Signs Basra Gas Supply Deal
...eatly reduced crude export revenues, which MEES estimates are on track to total just $49bn this year – despite the hike in volumes – down 42% from 2014’s $84bn. NIGC chief Hamid Reza Araqi told Shana that the proposed pipeline will be supplied with gas from Iran’s IGAT-6 trunkline, which carries So...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Cash-Strapped Iraq Turns To IMF
...n-oil primary deficit by 4% of non-oil GDP between 2014 and 2016,” IMF mission chief Christian Josz says. The SMP includes measures to strengthen public financial management while countering money laundering and the financing of terrorism, as well as financial sector stability, Mr Josz says. The SM...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Adipec Delegates Push For Gas To Be ‘Part Of The Solution On Emissions’
...ter the completion of a pilot scheme, the UAE is forging ahead with plans to inject up to 800,000 tons/year of CO2 recovered from the Emirates Steel plant into Adnoc oil fields (MEES, 14 November 2014). The CEO of the Abu Dhabi Company for Onshore Operations (Adco), Mr ‘Abd al-Mun’im al-Kindi, told de...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
IEA Rolls Up Sleeves In Run-Up To Climate Conference
...bsidies were around $490bn in 2014, but would have been around $610bn without reforms enacted since 2009,” the IEA says. On the flip side, a prolonged period of lower oil prices could also discourage $800bn of energy efficiency investments between now and 2040. “In a world where the oil price is $50/B fo...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Iraq Oil Revenue Collapses Amid ‘Perfect Storm’
...IRAQ Baghdad is on track to pocket just $49bn in crude export revenue this year, down by 42% from 2014’s $84bn and by almost half from 2012’s record $94bn. This is despite crude export volumes having risen from 2.4mn b/d to 2.8mn b/d over the same period (see graph 1). These numbers ex...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Iraqi Provinces Push Local Oil Agenda
...e same pressures that led to the collapse of the December 2014 agreement. ‘Ammar al-Hakim, head of the Islamic Supreme Council of Iraq (ISCI), to which Mr ‘Abd al-Mahdi also belongs, visited Erbil on 3 November, for talks with the KRG. However, this was arguably about portraying ISCI as a party th...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
DNO: KRG Payments Not Enough
...so prompted protests over the summer in KRG’s second city of Sulaimaniyah, which is controlled by the rival PUK. Moreover, the December 2014 revenue sharing agreement with Baghdad under which the KRG received 17% of the budget in return for exporting 555,000 b/d through the federal export system (25...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Netanyahu Bends The Law In Bid To Advance Leviathan
...viathan gas field. Mr Netanyahu stepped in, in seeming exasperation after former Economy Minister Aryeh Deri’s proved unwilling to reverse former Antitrust Commissioner David Gilo’s December 2014 ruling that US firm Noble and its partner offshore Israel, Tel-Aviv based Delek Group, formed a monopoly wh...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Saudi Talks Up Ccs Ahead Of Paris Meet, Other Opec Members Lag
...O Carbon Tracker notes. Three other Opec members – Algeria, Ecuador and the UAE – have also submitted INDCs. The UAE committed to “limit” emissions and increase the share of “clean energy” in its primary energy mix to 24% by 2021, from just 0.2% in 2014. Saudi Arabia is likely to come up with eq...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
IEA Chief Warns Against Aggressive Capex Cuts
...essure since 2014, amid growing LNG supplies, slower economic growth and competition with cheaper coal, causing the differential between regional gas prices to narrow sharply. Just this week, the US’ Henry Hub gas benchmark fell below $2/mn BTU for the first time in three years. “One should think ab...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Kuwait Oil Revenue Hit By Double Whammy Of Prices, Neutral Zone Outage
...nthly takings and the lowest such figure since 2009. Kuwait’s monthly crude export revenues peaked at $6.9bn for 2012 and averaged $6.3bn as recently as the first half of 2014, MEES calculations indicate. Of course the collapse in oil prices in the second half of 2014 is responsible for the lion’s sh...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Dow To Raise $3bn From Cutting Kuwait Petchem Stakes
...rough a divestment of a portion of the Company’s interests,” as part of a larger scheme to divest between $7bn and $8.5bn of assets by mid-2016 (MEES, 21 November 2014). Though Dow and PIC cooperate on several JVs, the two have a rocky history that may explain Dow’s desire to reduce its exposure to Ku...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
South Sudan Mortgages Future Oil Output
...afigura has signed up to pre-finance crude in South Sudan. In early 2013, the firm signed a pre-financing deal on crude shipments from the government that was revised in early 2014. Under the revised agreement, the trader agreed to pay up front for eight 1mn-barrel cargoes, which would be lifted over a 16...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Climate Change And The Oil & Gas Sector: More Risks Than Opportunities?
...in September 2014, the CEOs of 10 of the world’s largest oil and gas companies, including Saudi Aramco, last week issued a statement in which they committed to play their part to reduce greenhouse gas (GHG) emissions and reach the world’s long-term goal of limiting global average temperature in...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015