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Companies Scale Back Libya Expectations
...rst quarter results statement on 28 April, although it has not decided to write down the value of the assets. The move was part of a $1.1bn impairment that also included the company’s producing assets in Yemen. Total’s production in Libya dropped to an average of 27,000 boe/d in 2014, its lowest level si...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Chinese State Firm Secures Abu Dhabi Field Contract
...ina National Petroleum Corp (CNPC), which is bidding for a stake in the new Adco concession, the largest producing asset in the Opec member state. The former Adco concession, in which Total, ExxonMobil, BP and Shell held 9.5% stakes, expired at the start of 2014 and the Abu Dhabi National Oil Company (Ad...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Gulfsands Cash Crunch
...vember 2014 ‘Strategic Cooperation Agreement’ with Vitol subsidiary Arawak Energy turned sour, with Arawak calling in the $10mn it fronted Gulfsands as part of the deal. “The Group is in discussions with Arawak over the repayment of the monies owing,” Gulfsands says. Interest accrues at 10%/year. Gu...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
IMF Warns Of Precarious Fiscal Outlook For Oman
...th the sultanate. Increased spending, particularly in response to social demands over the four years to 2014, has pushed the country’s breakeven oil price to $108/B in 2014, the IMF says. Based on an average oil price of $58.1/B for the year, the IMF has forecast Oman’s overall fiscal de...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Orpic Seals $0.9bn Financing For $7bn Projects Program
...ternational and national lenders (MEES, 9 May 2014). Orpic held a groundbreaking ceremony for the SRIP project last June, at which Orpic chief Musab al-Mahruqi said the aim of the project – which will add 81,000 b/d to Sohar’s current 116,000 b/d crude processing capacity and more upgrading capacity – is to...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Benchmark Crude Prices ($/B)
...OIL PRICES 21-May 11-15 May 4-8 May Apr-15 Mar-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Chevron Advances Maintenance Shutdown At Neutral Zone Field In Bid To Aid Talks
...aph). The US major said in its annual report for 2014 that it may not be able to sustain production from Wafra at current levels. Failure to resolve the problems might force the company to wind down its operations, a senior Saudi source told MEES recently (MEES, 3 April). Chevron’s onshore fields in the Ne...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Noble Comes Out On Top In Israeli Antitrust Dispute
...raeli Prime Minister Benyamin Netanyahu’s ruling Likud party but left to form his own Kulanu party in November 2014. He served as Communications Minister from 2009 until 2013 and campaigned on a platform of lowering the cost of living. Mr Steinitz, who is a member of the Likud party was Finance Mi...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Saudi Aramco Oil, Gas Reserves At All-Time High
...SAUDI ARABIA Saudi Aramco Oil, Gas Reserves At All-Time High Saudi Aramco has just published its Annual Review for 2014, the last in which Oil Minister Ali Naimi will grace its pages as Chairman of the Board. Based on the numbers, last year’s achievements are impressive, especially if th...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Saudi Ramp-Ups Boost Mideast Naphtha Exports, Despite Petchems Rise
...rkets. “By 2025, Middle East naphtha production will increase by 25mn tons/year of light and 35mn t/y of heavy reforming naphtha, respectively. Light naphtha exports in 2014 were 42mn tons and due to a large increase in domestic consumption will increase by a relatively modest 5mn t/y by 2025,” says Mr Ra...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Morocco’s $4.6bn LNG Scheme Continues To Drum Up Interest
...rocco’s favor. With more LNG projects starting up in the coming years in Australia, the US and other regions, it is increasingly a buyers’ market – especially in terms of price. Morocco is an additional target for producers and portfolios looking to sell future or flexible LNG. As per its December 2014...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Egypt Boosts LNG Import Plans
...llant FSRU at Ain Sukhna. The vessel has been leased to state gas firm EGAS for five years under a deal signed in November last year (MEES, 7 November 2014). Mr Molla tells MEES that he expects four cargoes to arrive per month and once the second FSRU arrives, eight. With eight LNG cargoes ar...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Egypt’s Deficit Up
...EGYPT Egypt’s Deficit Up Egypt posted a budget deficit of E£218.3bn ($28.7bn), or 9.4% of GDP, for first nine months of fiscal year 2014-15 (July 2014 to March 2015), up from E£145bn, or 7.3% of GDP, in the corresponding period of 2013-14, Egypt’s Ministry of Finance said in its Ap...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Oman LNG Faces Further Revenue Downside
...OMAN Oman LNG Faces Further Revenue Downside State-owned Oman LNG recorded an annual drop in revenue of around 9% to $4.074bn in 2014, as export volumes fell from 8.9mn tons/year in 2013 to 7.95mn t/y last year, the company said in its Annual Report last week. The 2014 export volume pu...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Aramco Boosting Refining Capacity, Plans ‘Value-Maximizing’ Integration
...lue along the processing chain. Saudi Aramco says the kingdom’s refineries delivered an average 2.18mn b/d of products in 2014, compared with 1.84mn b/d in 2013. Much of this 18.3% rise is attributable to Aramco and joint venture partner France’s Total, bringing their Satorp refinery at Jubail to fu...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Saudi Power Expansions: Not Only More Capacity, But More Efficient
...velopment in Saudi Arabia with a combined generating capacity of 23.85GW. These plants are scheduled to add almost 40% to Saudi Arabia’s current generating capacity – estimated by MEES at 61.87GW at the end of 2014 – by the end of 2018. But these are not the only capacity expansions under way. Saudi ge...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
OPEC Vs NON-OPEC: IT’S JUST THE BEGINNING…
...above $65/B, has given rise to suggestions Opec’s November 2014 decision not to intervene in oil markets has been vindicated and the struggle for market share between Opec and its high-cost rivals has, in effect, been won by OPEC. Not so says the International Energy Agency (IEA). If anything, the ba...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Algeria’s Youcef Yousfi Ousted In Cabinet Reshuffle
...ries of protests in the Sahara Desert between December 2014 and March this year, raising renewed fears about security and stability in a country that had seen its fair share of militancy during the 1990s. The intensity of the anti-shale protests at In Salah highlighted an ill-conceived approach in de...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
He Ain’t Heavy, He’s My (OPEC) Brother
...e US has not imported a single barrel of Algerian crude since July 2014 (see graph). That’s not to say that the heavier grades are not feeling the impact of the US shale oil boom though to a lesser degree because US refineries, depending on their location, are not all configured to run the ultra-li...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
US Tries To Soothe Gulf Arab Fears Over Iran At Camp David Summit
...ANIAN NUCLEAR PUZZLE, JUNE 2014....
Volume: 58Issue: 20Published at Fri, 15 May 2015