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Iran: Rohani Slams Legacy
...mmitments this figure rises to some $133bn, he says. The country had entered a state of “stagflation” with year-to-year inflation in late September 2013 at 43%, but falling to 36% in the year to late October 2013. Mr Rohani is targeting a fall in the inflation rate to 35% by March 2014 and 25% by March 20...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
China Consolidates Its Position In The Iraqi Oil Sector
....33%. Production from the field is expected to average 1.45mn b/d in 2013, rising to 1.55mn b/d in 2014. The production plateau in the Rumaila contract is 2.85mn b/d sustainable for seven years. BP and CNPC have proposed three lower plateaus and longer periods, but negotiations have been in...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Kuwait Withdraws From Key Neutral Zone Project
...e second quarter of 2014. Kuwait Crude Production (‘000 b/d)* ...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
KRG Set For Independent Exports Despite Iraq-Turkey Thaw
...at output was heading towards a targeted 200,000 b/d by the end of 2014. DNO Executive Board Chairman Bijan Mossavar-Rahmani says, however, that DNO is awaiting guidance from the KRG as to when exports through the independent export route through Turkey could begin from Tawke, which he said cu...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
DNO Touts 1bn Barrel Tawke: ‘Why Stop At 200,000 B/D’
...es a potential to take production beyond an initially targeted 200,000 b/d by the end of 2014 (from 100,000 b/d now) as it taps into the upper and lower reservoirs of the structure. Announcing third quarter results last week, executive chairman Bijan Mossavar-Rahmani told analysts that the company ha...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Mideast Condensate To Increasingly Feed Gulf Petchems
...ed As Petrochemical Feedstock (‘000 B/D) Direct Use Splitters (40% of below numbers)* 2012 2014 2016 2012 2014...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
OPEC Holds Firm On 2013-14 Call On Its Crude
...13 oil demand in non-OECD countries was revised downward versus the previous month’s estimate on weaker demand growth data from the Asian economies of Japan, South Korea and India. For 2014, world oil demand is projected to increase by around 1.04mn b/d relative to this year, hitting 90.78mn b/d (un...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Services Firms Bullish On Saudi, Wary Of Iraq Security
...sts, each resulting from delays under Zubair early production facility construction project. This project was approximately 60% complete at the end of Q3 with an anticipated project completion date of Q3 2014.” “As the Zubair contract is accounted for on a percentage of completion basis all known an...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Jordan Approves 2014 Budget, Spending Up 13%
...JORDAN Jordan Approves 2014 Budget, Spending Up 13% Jordan plans to raise its 2014 budget expenditure by 12.8% to JD8.096bn ($11.41bn at the fixed exchange rate of 1JD=$1.41) from the 2013 budget, according to the draft budget approved on 13 November. Revenue is slated to ri...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Dubai Set To Launch Plastics Futures
...UAE Dubai Set To Launch Plastics Futures Dubai Gold and Commodities Exchange (DGCX) announced early this week that it will launch the MENA region’s first plastics futures contract on 28 February 2014. The product to be traded is polypropylene, for which the exchange says gl...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Gulf Producers Face Increased Competition In Asia Condensate Markets
...e gap. East of Suez Segregated Condensate Supply Outlook - Base Case (MN B/D) 2012 2013 2014 2015 2016 2017 2018 20...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Abu Dhabi Ups The Ante As Oil Acreage Race Heats Up
...Abu al-Bukhoosh – which is a small field, but for the last 30-40 years – we have been trying technologies, employing technologies which we are going to be able to transfer to the other fields. This will allow us to maximize recovery from the other fields. In the beginning of 2014, Total will be...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
Abu Dhabi Turns To CO2 To Enhance Oil Recovery
...dan 0.3 Lebanon 4.9 S Sudan <0.05 Source: World Bank, 2014 World Development Report (WDR) except *US DoE. The 2014 WDR lists data for 135 countries of which the UAE is highest. All data for 2009....
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
ADNOC Creates New Crude Blend To Go On Sale From Next July
...UAE ADNOC Creates New Crude Blend To Go On Sale From Next July Abu Dhabi National Oil Company (ADNOC) is combining its Umm Shaif and Lower Zakum streams to create a new ‘Das Crude,’ with sales of the new blend to start from July 2014, company officials said on 12 No...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
Bahrain: Question Mark Hangs Over Oil and Gas Projects
...ES learns that Oxy, which operates Bahrain’s deep gas project, has run into trouble. An official told MEES that costs are expected to run “very high,” which could prompt Oxy to postpone plans to drill a $90mn test well in July 2014. Oxy will have to sell future gas production into Bahrain’s domestic ma...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
Morocco Spuds First Ever Deepwater Well
...Morocco Spuds First Ever Deepwater Well Morocco has barely registered in recent years’ MENA drilling statistics. But that is about to change. Some 31 exploration wells – including seven offshore – are slated to be drilled by the end of 2014 according to state oil firm ONHYM. Two have al...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
OPEC To Ride Out ‘Shale’ Storm And Reemerge Stronger
...12 2013 2014 2015 2016 2017 2018 2020 2025 2030 2035 US & Ca...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
Abu Dhabi Moves Towards Integration Of State Oil Firms
...actors, which will come online from 2017, and by tapping its sour gas reserves. The Shah gas project – a joint venture between ADNOC and US firm Occidental – will deliver 500mn cfd of usable gas once it comes online in 2014. A stake in a second sour gas project at the Bab oilfield was awarded to Shell ea...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
Egypt Targets Lower Energy Subsidies
...lal, speaking to London-based daily Asharq al-Awsat on 9 November, stressed that cuts to energy subsidies – which total a whopping E£130bn ($18.8bn) in the budget for the current year ending June 2014 – will be introduced gradually over a number of years to avoid a shock to consumers. Food subsidies (E£30...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
IMF Downgrades MENA Growth Projections To 2.3% For 2013
...ypt,” which weigh on confidence in the region’s oil importing countries. (For details of IMF separate growth forecasts for oil exporters and importers see MEES, 11 October.) Real GDP growth is expected to pick up in 2014 to 3.6% as global conditions improve and oil production recovers. The IMF also sa...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013