- Sort by:
- Score
- Published ▼
-
Iraqi Oil Sector Loses Its Appeal As Debts Mount
...velopment costs. It owes IOCs $9bn for 2014 and will need to find $18bn more for 2015. Iraq’s official crude exports rose to 2.60mn b/d in February, the second highest figure in two years after December’s post-1979 record of 2.94mn b/d. The rise came despite a more than 100,000 b/d decline in sh...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Iran Taps SWF For $4.8Bn Oil Project Funds
...e oil and gas fields Iran shares with its neighbors, one of his administration’s top priorities. Iranian officials have long complained that Iran is falling well behind its Arab neighbors – primarily Iraq, Oman and Qatar – in the exploitation of these shared reserves (MEES, 9 May 2014). This de...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Iraq Adds Southern Storage Capacity In Bid To Ease Export Bottlenecks
...4mn b/d, but is often shut down when there is a backlog in loadings from the Basra and Khor al-’Amaya terminals. Iraq’s oil production capacity rose by 400,000 b/d in 2014, exclusively from the southern fields being developed by foreign consortia under long-term service contracts awarded in 2009 and 20...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt: Tahrir Petchems Advance
...19 (MEES, 4 April 2014). The Tahrir complex will rely on imported naphtha, making it immune from the feedstock supply problems affecting other Egyptian petrochemicals projects that rely on dwindling local gas supplies (see p7). Meanwhile, Egypt’s cabinet has announced plans for a number of pe...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Options Narrow As Libya Peace Talks Collapse
...e Libyan army. Haftar, the nominal leader of a major part of the Libyan National Army, launched the Operation Dignity campaign against Islamist groups in May 2014, and he has gradually come to be seen as the de facto head of fighting forces loosely representing the HoR. Saqr al-Jurushi, who is lo...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Noble Suspends Israel Investment Amid Anti-Trust Stasis
...d Delek in March 2014. This would have allowed the two firms to keep their interests in Leviathan and Tamar as long as they sold off two smaller fields, Karish and Tanin. Following this Noble and Delek last year advanced plans to develop the Leviathan field, the East Mediterranean’s biggest gas di...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt Plots Gas Renaissance
...EGYPT Egypt Plots Gas Renaissance Egyptian gas output fell to a nine-year low in 2014. But confidence that the decline can be reversed is increasing. The latest bid round, offering eight large gas-prone Mediterranean blocks, will be a key part of any renaissance. Egyptian state ga...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt Appoints New Chiefs To Key Oil Joint Ventures
...fzaf, the former assistant chairman at the Shell JV Bapetco, taking his place (see table). Almost all of Egypt’s oil and gas production (671,500 b/d and 4.7bn cfd for 2014) comes via joint ventures that group EGPC and foreign oil firms. This means that many of the senior appointments to these jo...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Iraq Considers Production-Sharing For New Acreage
...at the state cannot take on at this time. Foreign investors need incentives to enter into exploration contracts that offer higher rewards, he says. Iraq, which according to BP’s 2014 Statistical Review of Energy has the world’s fifth largest oil reserves –some 150bn barrels – has since the fall of...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
KRG Slams Agreement With ‘Bankrupt’ Iraq
...d the Bai Hasan field, within what is disputed territory. Mr Barzani says the Iraqi side had told him they could spare $300mn at the present time, which he said was half of the amount agreed. The collapse in oil prices since June 2014 and the additional cost of the battle against Islamic St...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Algeria: Mixed Shale Signals Highlight Deeper Economic, Political Disarray
...licy reversal came in response to public protests which started in In Salah province, site of the shale drilling program, in December 2014 before spreading to other cities in the Sahara and in the north, including Algiers, Oran and Bejaia. ENVIRONMENTAL RISKS? Campaigners are calling for a mo...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
ENI Sanguine On Libya
...LIBYA Claudio Descalzi, CEO of Italy’s Eni says the company’s Libya output has not been affected by the massive and growing instability affecting the country. Speaking on an 18 February conference call marking the company’s 2014 results he said that though “the environment [in Libya] is...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Cash Crunch Suffocates Iran’s Oil Sector
...salaries to its staff. The front month Brent crude contract fell to $47/B in mid-January, from a 2014 peak of $115/B in mid-June, though this has since rebounded by more than $10/B to just shy of $60/B, as MEES went to press. MINISTRY REVENUES SLASHED “When the oil price was at $100/B and we...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Baghdad, Erbil Face IOC Revolt As Cash-Crunch Stalls Payments
...sources and severe budgetary pressure to maximize production,” it says. Since the Jihadists swept through northern Iraq in June 2014 and the start of the price plunge, Iraqi output has shown impressive growth, the IEA says. Iraq’s oil output, including production from the KRG, surged to a 34-year high of...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Libya Peace Talks Begin But Economy Slides Towards Ruin
...llen to $100bn in August 2014, 20% lower than at the beginning of the year, according to the World Bank. The fall in oil prices is accelerating the erosion of these reserves. The country is now running a budget deficit of $3bn a month, according to the analyst. At that rate, foreign currency reserves wo...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Egypt: Apache Hopes Major Finds Will Stem Falling Output
...EGYPT Egypt: Apache Hopes Major Finds Will Stem Falling Output Apache, Egypt’s largest oil producer, says output will fall this year, but hopes major recent finds mean better times ahead. Egypt’s 2014 gas output was the lowest since 2005. US-firm Apache forecasts that the firm’s gr...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Egypt Looks To LNG Deals To Ease Gas Shortage
...EGYPT Egypt Looks To LNG Deals To Ease Gas Shortage Egypt’s gas output fell to a nine-year low of 4.7bn cfd in 2014, with 4.6bn cfd for December. Long-term, Cairo is looking to reverse the decline by spurring deepwater exploration with improved terms but in the meantime it is looking to...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Palestinian Economic Growth Stalls
...PALESTINE Palestinian Economic Growth Stalls Economic activity in Palestine contracted by nearly 1% in real terms in 2014, the IMF says, on the back of mounting political tensions in the West Bank, and the war in Gaza. This represents the first year-on-year contraction since 2006, and co...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
BG Slashes Egyptian Spending As Production Plummets
...s overall capital expenditure (capex) budget to around $6bn, almost half that of 2013’s $11.2bn and down some 30% from 2014’s figure of $9.2bn. The firm has faced a double whammy of reduced reservoir performance, meaning lower wellhead volumes, and increased diversions of its gas output to the do...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Iran Oil Shipments Up 15% In 2014 As China, India Overlook Limits
...IRAN Iran Oil Shipments Up 15% In 2014 As China, India Overlook Limits Intakes of Iran’s crude oil and condensate rose around 15% year-on-year in 2014, despite still being under sanctions, as its two biggest customers China and India looked to take advantage of an improved diplomatic at...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015