- Sort by:
- Score
- Published ▼
-
DNO Losses Mount On Scant KRG Revenue; More Firms Look To Quit
...erating loss of $69.2mn and says it has cut its capex budget to $100mn for 2015, roughly a third of 2014’s figure. A third of the budget allocated for this year has been spent but DNO is targeting savings of $20mn by cutting costs starting middle of the year, Mr Mossavar-Rahmani said in presenting pr...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iraq Seeks IMF Help
...rears for 2014, and for 2015 an additional $18bn are needed to pay these IOCs (MEES, 24 April). This is happening at a time when Iraq’s international reserves are being run down as oil revenue falls due to low oil prices and the cost of fighting the Islamic State (IS) insurgency mounts. Iraq has an...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Saudi Oil Leadership Changes Raise More Questions Than Answers
...oducers, he has said. He must, however, be concerned that a further recovery in oil prices, which are still far below the 2014 high of $115/B, will scupper his policy before it has had a chance to succeed. It’s a tricky balancing act for the minister, who has proven himself adept at managing the often st...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Saudi Reserves Down $50Bn Amid Bonus Payouts
...esent low levels in the mid-term. Total Saudi reserves, $732bn at the end of 2014, rose slightly to $734bn a month later before falling to $714bn at end-February and $698bn in March, according to SAMA’s Monthly Statistical Bulletin for March 2015. Reserves peaked in September 2014 at $746bn. Af...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Benchmark Crude Prices ($/B)
... 7-May 27 Apr-1 May 20-24 Apr Apr-15 Mar-15 Q1 2015 Q4 2014 2014 20...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Iran Readies Upstream Opening In Anticipation Of Nuclear Deal
...an’s oil ministry is bent on raising crude oil output back to pre-sanctions levels of around 3.7mn b/d from just 2.8mn b/d in 2014, and in turn reclaiming Iran’s spot at Opec’s second largest producer – a title it lost to Iraq in 2012, after sanctions on Iran’s crude exports were implemented, forcing it...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Japan’s Inpex Adds Onshore Abu Dhabi Stake To UAE Portfolio
...hind Saudi Arabia as a supplier to the land of the rising sun. All but 20,000 b/d of this (Dubai crude) comes from Abu Dhabi, with Murban (320,000 b/d) the largest single grade for 2014, though Murban was just edged out by the new DAS blend, formed from the comingling of former Umm Shaif and Lower Za...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Eni Ramps Up Western Desert Output As Cairo Looks To Cut Through Red Tape
...phisticated drilling techniques including hydraulic fracturing (MEES, 30 January). On 9 January, Eni announced it had been awarded the South-West Melehia block in the Western Desert, following the EGPC 2013 bid round (MEES, 3 January 2014). The field borders the firm’s Melehia block to the southwest and US...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Petroceltic Upbeat On Ain Tsila As Sonatrach Calls For Cost Cuts
...rst 12 drilling locations – all in the northern part of the field – already selected and approved. The agreement with Sinopec follows the front-end engineering and design (FEED) award to Chicago Bridge and Iron of the US in September 2014. The next key step in the project’s implementation will be...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Italy Ups Algerian Gas Imports As Lower Oil Prices Feed Through Into Contracts
...ALGERIA Italy Ups Algerian Gas Imports As Lower Oil Prices Feed Through Into Contracts Exports of Algerian gas to Italy averaged 22.6mn m³/day for April (800mn cfd), twice 4Q 2014 levels. Volumes are set to keep increasing this summer, as the impact of lower crude prices gradually fi...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Jihadists Take Iraq’s Baiji Refinery; Shell Delays Majnoon
...ll come much later than expected. IS began an assault on Baiji on 29 April, pounding the refinery with mortars, rockets and rocket-propelled grenades, as it made yet another concerted effort to capture the 360,000 b/d refinery, which has been in the Jihadists’ sights since their June 2014 in...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Iraq’s Battered Refining Sector Gets Rare Boost From Basra Upgrade Award
...ocessing around 400,000 b/d since Islamic State (IS) fighters first seized control of the Baiji refinery in June 2014, and news it has allegedly fallen under the Jihadist group’s control again this week could mean it will be out of action now indefinitely (see page 8). The refinery has been severely da...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
DEWA Urges Consumers To ‘Think Smart’ Under New Electricity Strategy
...an doubled from 2004 to 2014, from 3.23GW to 7.23GW. In 2014 peak demand was 9.7% higher than the 6.86GW in 2013. DEWA’s current generating capacity is 9.66GW, but peak demand could exceed this level in four years’ time at last year’s growth rate, if no capacity is added. Hence DEWA will build 2....
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Saudi Top Oil Brass On China Charm Offensive
...inese imports have continued to rise, meaning that the Saudi market share has fallen from a peak of 21% in 2009 to 16% for 2014 and Q1 2015. China is Saudi Arabia’s second largest customer, after Japan which took 1.22mn b/d in Q1 (see table p18 and graph p19). The US, in top position until mid-2014, ha...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Damascus Cash Crunch As Crude Below 10,000 B/D
...oduction of 385,000 b/d before the start of the uprising in March 2011. However, if the government figures are to be believed, output is actually up slightly on the 2014 average of 9,330 b/d, while the average for the first quarter of 2014 stood at 13,000 b/d (MEES, 9 May 2014). Gas production has fa...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Gaza Aid Falters
...construction has barely started at the besieged coastal enclave. At the Cairo conference a total of $5.6bn was pledged (MEES, 17 October 2014): of this $3.5bn was earmarked for Gaza (the rest was for general Palestinian government support), and a mere $945mn has been delivered. The report notes that while so...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Chevron ‘On Verge Of Quitting’ Neutral Zone
...port 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 Neutral Zone are the US company’s on...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Medco Gets Another 25 Years At Oman’s Karim Fields
...e back of more than 12 months of negotiations (MEES, 7 March 2014), and will kick in at the conclusion of the original agreement next year. Under the terms of the deal, Medco commits to investing $120mn/year for the first five years of the contract period (2016-2021). This could then rise to $13...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Iranian Officials Highlight Scourge Of Corruption
...2014 to 12.3% in 2015 and 13.2% in 2016, according to the IMF’s April 2015 World Economic Outlook. The speaker of the Iranian parliament Ali Larijani said this week that 42% of Iranian university graduates are unemployed. ...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Jordan Taps IMF Funds
...versification efforts, will ease pressure on Jordan’s public finances and help contain the current account deficit. Also lower oil prices will help to boost Jordan’s growth prospects. But the switch to imported oil from cheaper Egyptian gas (disrupted since 2012, and reduced to a trickle of only 30mn cfd in 2014...
Volume: 58Issue: 18Published at Fri, 01 May 2015