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Shell Egypt Output At 15-Year High Ahead Of BG Takeover
...e Western Desert’s Northeast Abu al-Gharadig block located within Bapetco’s main license area (MEES, 19 December 2014). The gas price agreed with both firms is $5.45/mn BTU, but Shell is now believed to be asking for more. State firm EGAS pays a maximum of $5.88mn BTU for gas output but has so far on...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Oman’s 2015 Budget Deficit Soars
...rther – to around $40/B for Oman crude – in recent weeks (see p18). Taking these factors into account the deficit for 2015 as a whole could well top OR5bn (see graphs). Oman had a small surplus of OR136mn ($354bn) in the first nine months of 2014 but this fell to a deficit of OR360 for the year as a wh...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
GCC Countries Set For Record Bond Issues To Plug Funding Gap
...With oil prices 60% down on their 2014 peak, GCC member countries are increasingly turning to borrowing to make up for their revenue loss. Bahrain and Qatar are now launching new bonds, and Oman is considering following suit, all three following Saudi Arabia’s lead in July to resort to bo...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Algeria Ratifies 2016 Budget Despite Opposition
...s export earnings are set to bring in just $35bn this year, down from $60bn for 2014 and $70bn in 2012 (MEES, 27 November). Finance Minister ‘Abd al-Rahman Benkhalfa says the fuel price increase is inevitable as Algiers needs to take an axe to subsidies – which cover everything from energy and ga...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
US Oil Output, Imports, Exports, Demand: Q3 Oct & Nov 2015 (‘000 B/D)
...15 1Q15 4Q14 2014 2013 2012 2011 CRUDE OIL IMPORTS 7,355 7,188 7,222 -41...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Crude Official Selling Prices ($/B)
...15 1Q15 4Q14 2014 2013 2012 2011 CRUDE OIL IMPORTS 7,355 7,188 7,222 -41...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Benchmark Crude Prices ($/B)
... 3-Dec 23-27 Nov 16-20 Nov 15-Nov 15-Oct Q3 2015 Q2 2015 YTD 2015 2014...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Saudi Stance Wins Out At Opec Meeting
...ying to secretly broker an output cut. In truth any ‘deal’ that would rest on cuts from not only Iran but also other, non-Opec, countries like Russia was never going to fly. Unlike in November 2014, no non-Opec countries were even present, although Saudi Oil Minister Ali Naimi says he is “always ready to...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Kuwait Seeks Silver Lining In Price Downturn
...oviders – in order to ensure that “when this recovery does happen, and it takes time but it will happen, that we are in a position to supply.” Indeed, Kuwait posted its first budget deficit since 1999-2000 for 2014-2015. The deficit was KD2.31bn ($8.0bn) for the year that ended in March 2015, whilst the bu...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Kufpec Charged With Bringing Technology Back Home
...rget, Kufpec has been expanding aggressively under the auspices of Shaikh Nawaf, following former CEO Nizar al-‘Adsani’s appointment as KPC chief in 2013. Although there was no production increase in 2014, Shaikh Nawaf attributes this to a focus on buying assets in the development stage. Some of Ku...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Libya: Could ‘Peace Deal’ Double Oil Output To 800,000 B/D?
...cent years, which culminated in an armed incursion into the Sharara field in November 2014. Unlike several fields in the Sirte basin, no major damage has been reported to field infrastructure at Sharara and El Feel. Field managers at Sharara said in December 2014 that the field was being kept ready to...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Repsol On Libya: Bad News Only
...erating income and €42mn off adjusted net income in the third quarter. The company operates the Sharara field, which has been shut in since November 2014 (see main story). The lack of exports from Libya cost the company $0.3bn year on year during the first nine months of the year, it said. Adjusted ne...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
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 -
A New Vision: Kurdistan, A Major Gas Province?
...itial 4 bcm/year of natural gas to Turkey from 2017, rising to 10 bcm/year by 2020 and with the option of increasing to 20 bcm/year thereafter (MEES, 11 April 2014). However, Mr Hawrami acknowledged that the KRG’s financial strains mean that the timeline would likely “slip by six to twelve months, to 2019 pe...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Oman Invites Bids For Building Duqm Refinery, Awards Liwa Cracker
...ocessing capacity of 222,000 b/d. The latest Jodi data show that state refiner Orpic processed an average 191,000 b/d of Oman crude in the first nine months of 2015, which was 2.6% lower than 196,000 b/d for the same period in 2014. Throughput for the first three quarters of 2015 was equal to the av...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Joins MENA Nuclear Club Through 4.8gw Deal With Russia
...actors at Bushehr, under a four-plant deal. However, the deal envisages Iran making its own fuel rods, which may prove a sticking point as the deadline for lifting international sanctions against Iran draws close (MEES, 21 November 2014). Meanwhile, Jordan has signed an agreement with Rosatom for two 1G...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Opec’s 4 December Meeting: Can Output Policy Deal Be Preserved?
...VEMBER 2014 (MN B/D) ...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Venezuelan Oil In Four Charts
...CREASE SHARE BUT US STILL DOMINANT VENEZUELA 2014 CRUDE EXPORT SPLIT (‘000 B/D)...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Iraq Reform Efforts Sputter, Budget Battle Heats Up
...thorities will implement a fiscal consolidation that will contain public expenditure in line with available revenue and financing” with the aim of “reduc[ing] the non-oil primary deficit by 4% of non-oil GDP between 2014 and 2016.” It took a couple of days for this to fully hit the Iraqi media, wi...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015