Dana Plays Hardball With The KRG

...escent Petroleum, its largest shareholder, and maintain payments till the case runs its course. The ruling sets a precedent for foreign contractors in the Kurdish region, many of whom are yet to be paid their costs after Baghdad cut off federal funds. With Iraq’s 2014 federal budget still to be approved (se...

East Med Gas Development: Pipeline Politics Drive Floating Solutions

...peline to Greece -1,536 Fail *5tcf Gas, Mar 2014 Lng Prices. ^Net Present Value.    Source: Sapienta Economics. The industry consensus is that with a slew of LNG projects set to come onstream in the coming years – in Australia, Mozambique and po...

Leviathan Go-Ahead Awaits Egypt Deal

...al:               DEFA (Natural Gas Public Company)^ Cyprus n/a^ 10-Jul 4.2-10 0.15-0.35 0.6-1 58-97 *Implied Average Volumes.  ^Tender Closes November 2014...

China Seeks Bigger Role In Oil Pricing

...formation Agency (EIA) said in a March 2014 report that China overtook the US to become the largest net importer of crude oil and other liquids in the world in September 2013. It also pointed out the 31% rise in US indigenous oil production, mainly from tight oil plays, between 2011 and 2014, compared with ex...

Iraq’s Cash-Strapped Kurds Gear Up For Kirkuk Export Boost

...the 2014 federal budget, which has yet to be presented to parliament and is being delayed further by the ongoing dispute and is likely to see a wider deficit than forecast when it was first drafted. ...

US Shale A Threat To Mideast Condensate, Despite Oil Price Slide

...duce the firm’s exposure to political instability. Japan’s Gulf^ Condensate Imports (‘000 B/D)   2011 2012 2013 *2014 Qatar 15...

US Shale Vulnerability To Falling Oil Prices

...0 B/D)   2012 2014 2016 2018 2020 Eagle Ford 300 875 1048 1058 1201 Fi...

UAE Sees Balanced 2015 Budget Despite Oil Price Fall

...UAE The UAE on 12 October approved its 2015 federal budget. The budget is balanced, with both spending and revenue projected to increase by 6.3% to Dh49.1bn ($13.4bn at the fixed $1=Dh3.6725 exchange rate) from Dh46.2bn in 2014. With inflation projected at 2.5% in 2015 by the IMF, the net in...

Iraq Running Out Of Time To Implement Gas Strategy

...vernment but that are now in limbo along with the 2014 state budget. Iraq*: Gas Output Rises With Oil But Infrastructure Fails To Keep Pace   ISIS Impedes Gas Projects While Iraq estimates its natural gas reserves at 112 tcf, much of the country is still unexplored, particularly in the we...

Lebanon Bid Round Stuck In Neutral

...LEBANON Lebanon’s first offshore oil and gas bid round will eventually proceed, though the country’s deadlocked politics will force further delays – likely deep into 2015. Lebanon’s Ministry of Energy and Water has postponed its flagship event of 2014, the Lebanon International Pe...

MENA Active Drilling Rigs, September 2014.*

Payment Problems, And Solutions

...tstanding debt in December 2013 but despite this its debt pile grew by $1.4bn in the first half of 2014. LNG exporters BG Group and Eni-led Union Fenosa have seen their profitability in Egypt collapse as the government forced them to divert their gas output to the domestic market. However, according to...

Algeria Bid Round Flatters To Deceive

...at is to say 34.3% overall) and be operator at Tinhert Nord, with Enel taking up the rest; the stakes are reversed at Msari Akabli. Algeria: Blocks On Offer In 2014 Bid Round No Progress The bid round was launched with much fanfare in January, and Alnaft reached out to IOCs with a se...

Iran Gas Balance To Get Worse Before It (Hopefully) Gets Better

...lumes to Iran,” he said. Mr Araqi added that current imports from Turkmenistan are running at 12mn cmd. This figure implies 4.4 bcm/year, a figure slightly down on actual 2013 imports of 4.7 bcm, although factoring in the upcoming pre-winter hike likely means that overall 2014 volumes will exceed those fo...

Libya’s Fragile Oil Recovery Continues

...ort of budgeted expectations. Revenues for the first eight months of 2014 were a mere $11bn, only 22.7% of the budgeted figure for the whole of 2014. Libya Refinery Runs (Mn B/D)   Libya: Key Oil And Gas Infrastructure...

Fresh Fighting Threatens Remaining South Sudan Oil Output

...pears to be their second major assault on the Palogue and the Upper Nile fields since early 2014. SPLA-IO forces made their first push to capture Palogue in March, but were forced to retreat after suffering a series of setbacks elsewhere in the state. Palogue and a number of nearby fields in Upper Ni...

Egypt Steps Up Block Awards

...low domestic demand. The fall in gas output and the rise in domestic demand have forced the government to put an end to exports, and enter into negotiations over LNG imports. Mr ’Abd al-Badi’ says he expects 10 new projects to come online in the 2014-15 fiscal year, with investments totaling ab...

South Sudan Oil Shutdown Leaves Indian Firm Reeling

...tronas have each lost just over half their output since 2011, with the bulk of this since the start of the current conflict, ONGC has seen its output reduced to zero (see table). For the year to 31 March 2014, ONGC’s South Sudan output was just below 6,000 b/d, according to the company’s latest annual re...

Qatar Hires Rigs In Boost To Crude Output Plans

...ur wells of a 51-well program aimed at plateauing production at 300,000 b/d, and the firm is currently discussing with QP further development plans. As of the end of the second quarter, Maersk had completed just 10 wells of the $1.5bn, 51-well program that was expected to be completed by the end of 2014...

MENA Active Drilling Rigs, August 2014: New Saudi, Kuwait Record; Iraq Drilling Slump*

...MENA Active Drilling Rigs, August 2014: New Saudi, Kuwait Record; Iraq Drilling Slump*                 Au...