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KRG Pushed To Breaking Point As Oil Deal With Baghdad Falters
...bil as well as a contribution to the salaries of the Kurdish Peshmerga forces, which have taken on the dual role of defending an extended border and pushing back IS fighters from adjacent territories. “This comes as the Kurdistan Region endures a heavy financial burden due to its 2014 budget being wi...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Dark Horse GS Energy Makes It To Adco Finish Line
...e 75-year concession in which Shell, Total, ExxonMobil and BP each had a 9.5% stake, expired in January 2014. It operates the integrated asset groups of Bab, Bu Hasa, South East (Sahil, Asab, Shah, Qusahwira, Mender) and the Northeast Bab (Al Dabb’iya, Rumaitha, Shanayel) cluster, accounting for ro...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Libya Could Run Out Of Cash Sooner Rather Than Later
...stitutions. Libya foreign exchange reserves plunged by a quarter in 2014. Without an upturn in oil earnings the country could run out of reserves in two years, according to a report by the Libyan Audit Bureau (LAB). And if oil production fails to increase in the coming months, even this could be optimistic, ac...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Bahrain 2015-16 Budget Deficit Soars
...nsolidation and to focus on gradually “retargeting subsidies to the lower income segments of the population,” the IMF said last year (MEES, 27 June 2014). The Bahraini authorities earlier in 2015 announced an increase of 11% in natural gas prices for industrial users and employee medical insurance fees, th...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Saudi Arabia Rigcount Continues To Rise And Hits New Record 126 In April
...oduction to near-record levels in 2014 of 9.5mn b/d crude and 11.3bn cfd gas, from 9.4mn b/d and 11bn cfd respectively. And with state-energy giant Aramco set to focus the bulk of its spending on upstream activities over the coming decade, this is a figure that is likely to rise going forward (see p6). UA...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 14-May 1-8 May 27 Apr-1 May Apr-15 Mar-15 Q1 2015 YTD 2015 Q4 2014...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Saudi Refinery Output 2014 (‘000 B/D)
...SAUDI REFINERY OUTPUT 2014 (‘000 B/D) LPG Naphtha Gasoline 2014 2013 %chg 2012 2014...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Iran Selects 49 Oil, Gas Projects Open For Foreign Investment
...ar in early 2014 to 330 bcm/year by 2017. The list, revealed on the ministry news service by Abdol-Mohammad Delparish, director of consolidated planning at the state-run National Iranian Oil Company (NIOC), comprises a host of projects that are at various stages of exploration and development. 28 of...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Oman Planning for Spot Power
...pire in 2017, with five more finishing by the end of 2020. While some PPAs will continue beyond the introduction of the spot market, the new rules will provide “an alternative way for producers to sell power to OPWP” (MEES, 7 February 2014). NERA has already advised the GCC Interconnection Au...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Mauritania Dreams Of Gas Riches As Kosmos Touts 8 Tcf Find
...uritania, which in recent years has looked like a country with a hydrocarbons past, rather than a future. Output from the one producing oil field, Chinguetti, (Mauritania has no gas output) dwindled to a mere 5,400 b/d for 2014. With operating costs rising to $52/B, and an estimated $59/B for 2015, only ju...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Libya: Industrial Unrest Highlights Fragility Of Output
...ve been up and running since the end of 2014, following a shut down in early November (MEES, 13 March). The field had been offline for much of the second quarter of 2014, but had resumed production in June 2014 (MEES, 25 July 2014). The closure of El Feel takes Eni’s total liquids production from ar...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Qatar Seeks New IOC Partners To Develop Al-Shaheen Oilfield
...serves and attaining its ambition of becoming the world’s largest LNG producer and exporter (see p8). The emirate also took significant steps to diversify its downstream sector. Crude production averaged 660,000 b/d in the first quarter of this year from an average 710,000 b/d in 2014, according to MEES es...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Qatar Launches $1bn LNG Boil-Off Facility
...erations at JBOG date back to October 2014, with jetty boil-off gas recovered from over 500 ships since then. Emissions were not helped by the previously-routine flaring of boil-off gas at Ras Laffan. More common global practice has long been to either use boil-off gas for power generation, or to re-li...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Oman Eyes Liwa Close, Prepares Duqm
...ckages: cracker; polymer units; NGL extraction plant; and 300km NGL pipeline. CB&I is supplying process technology for the 800,000 t/y cracker, the NGL extraction unit and the MTBE unit (MEES, 18 July 2014). It is also among bidders, with consortium partners Saipem of Italy and CTCI of Taiwan, for the cr...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Grace Catalyzes UAE
...ptember 2014). The FCC catalysts plant was originally scheduled for start-up in 2015 (MEES, 24 May 2013). Among delaying factors has been Grace’s major reorganization in 2014 “under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware to resolve thousands of as...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Egypt Adds Power Ship To Short-Term Plan, Lines Up Loans For EEHC
...at declining natural gas production in Egypt has meant that many power plants have suffered fuel shortages since 2013. Cairo is currently planning how to prevent power blackouts during peak summer demand. Generating capacity is 31.45GW, but peak demand reached 28.25GW in summer 2014. Peak demand co...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
OPEC Output At Highest Level Since Late-2012
...nds yet another signal that Riyadh – and by association Opec – is sticking firmly to what many saw as a controversial November 2014 decision not to cut production, even though global oil prices were on a sharp downward trajectory. Just weeks after the decision, Saudi Oil Minister Ali Naimi told ME...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Zanganeh: six months for full Iran return to markets
...vels at the start of 2015, before recovering somewhat in recent weeks. Front month Brent futures were trading at around $66/B, down over 40% on their June 2014 peak of $115/B, as MEES went to press. With Saudi Arabia currently showing little willingness to reduce output, and Iraq forging ahead with it...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iran 1Q15 Oil Shipments Take India Hit
...ld intakes from Iran to approximately 2013 levels, 2014 saw Indian imports increase a massive 45% year-on-year, theoretically making it the biggest ‘violator’ of US sanctions among Iran’s remaining five regular customers: China, India, Japan, South Korea and Turkey. This move saw Indian imports fr...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iraq, KRG Oil Export Deal Holds Despite Discrepancies
...tential earnings from oil exports that generate nearly all of the state’s revenues. The Iraqi oil ministry has admitted to difficulties in paying the companies, which it says were owed $9bn in arrears for 2014. It owes an additional $18bn this year to pay the international oil companies (IOCs), of which it...
Volume: 58Issue: 19Published at Fri, 08 May 2015