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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 -
Sonatrach And Gazprom Revive LNG Supply Talks
...reements with Italian importers such as Eni to slash shipments through the Trans-Mediterranean pipeline linking Algeria and Italy in order to cut costs until the end of 2014 (MEES, 10 October 2014). Shipments have edged higher so far this year but remain at only 30% of 2010 levels (see graph). However, th...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt Inks More LNG Import Deals
...AS for five years under a deal signed in November last year (MEES, 7 November 2014). A second FSRU will also be moored at Ain Sukhna in July but as yet no announcement has been made regarding the firm which will supply it. EGYPT LNG IMPORT DEALS Company Si...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Qatar Looks To Adapt Amid Shifting Global LNG Landscape
...en as an alternative to imports of pipeline gas from Iran (MEES, 28 February 2014). With a potential easing of international relations with Tehran, Qatar also seems to be preparing the ground for potential competition with its neighbor in the longer term. LOWER FIXED PRICES; A SIGN OF THINGS TO CO...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Qatar Hydrocarbons Sector In Temporary Lull
...ctor will account for more than half of nominal GDP, with its share rising further in 2016,” it says in its recently-released economic outlook report for 2014-16. The ministry predicts that Qatar’s GDP growth will top 7% for both 2015 and 2016, after posting 6.3% growth for 2014. Hydrocarbon ou...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Arabia Aims For Key Role In Global Products Supply With $20Bn Jazan Plans
...ans for the region’s development, that the idea is to create value from the country’s oil and gas reserves, to serve as the engine for growth in the industrial sector rather than rely solely on crude oil exports. Latest official data submitted to the Joint Organizations Data Initiative (JODI) for 2014...
Volume: 55Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Refiners End Record-Breaking 2014 On A Crude Processing High
...SAUDI ARABIA Saudi Refiners End Record-Breaking 2014 On A Crude Processing High Saudi refineries processed a record 2.22mn b/d of crude oil in December, buoyed by the ramp-up of production at the 400,000 b/d Satorp refinery in Jubail (see p12). Further records will follow this year wi...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Runs, Product Exports Hit Record As Downstream Push Continues
...e Yasref start-up takes overall Saudi CDU capacity to a record 2.9mn b/d. But with December’s throughputs only 76% of this, more records can be expected in the coming months. > Saudi Arabian crude output edged up to 9.71mn b/d in 2014, the second highest (after 2012) since production briefly to...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Arabia 2014 Official Crude & Oil Products Output, Trade & Balance (‘000 B/D)
...Saudi Arabia 2014 Official Crude & Oil Products Output, Trade & Balance (‘000 B/D) 2014 14vs13 2013 2012 2011 2010 De...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
MENA Nuclear Program Expanding, But Some Preliminary Schedules Sliding
...rst nuclear reactor before 2029. Saudi Arabia, meanwhile, with plans for 16 reactors with combined capacity of 18GW to be brought online during 2022-32, has only recently announced its progress in preparing the required legislation for nuclear development (MEES, 10 October 2014). MENA NUCLEAR PO...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Saudi Arabia’s Naimi Sees Market Calm
...0,000 b/d increase in oil output from Arab Gulf heavyweights Saudi Arabia, Kuwait and the UAE, in yet another sign that they will not cut back production to prop up oil markets. The latest data from the Riyadh-based Joint Data Initiative JODI shows that Saudi output edged up to 9.71mn b/d in 2014, the se...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Warring South Sudan Factions In Last-Chance Saloon
...e twin threats of the falling oil output and the sharp decline in global oil prices. Oil accounted for 99% of South Sudan’s 2014 exports, 95% of state revenues and about one half of GDP, according to IMF figures. Brent crude, against which South Sudan oil exports are priced, is currently trading at...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Gulf Keystone ‘For Sale’ Amid Kurdish Cash-Flow Woes
...s no guarantee that any offers would be received or any transaction concluded. LOAN REPAYMENT DUE Perhaps critical to the timing of the ‘for sale’ announcement is that the first tranche of repayment of a $250mn loan secured in April 2014 is due in April this year. The financing is intended to...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Atlantic Drilling
...MAURITANIA/MOROCCO Atlantic Drilling US firm Kosmos is pressing on with plans to spend $300mn drilling four 2014 wells deepwater Morocco and Mauritania. CEO Andy Inglis, speaking on the firm’s 23 February results conference call, says that drilling of the Al Khayr prospect (1bn boe 2P...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Syria’s Economic Hardships Intensify With Fuel Shortage
...ude production from the government-controlled areas slumped to 9,325 b/d in 2014, or a mere 2.4% of 385,000 b/d output before the start of uprising in March 2011. Syria’s imports of crude oil in the first nine months of 2014 were estimated at 124,600 b/d, according to The Syria Report. The tiny oi...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt’s Qalaa Raises Capital
...th majority stakes in its core infrastructure and industrial investments. In 2014 Qalaa raised its capital to E£8bn ($1.05bn) from E£3.64bn ($478mn). According to Qalaa’s chairman Ahmad Heikal, the time is right to complete the company’s transformation through the acquisition of additional stakes in...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Lebanon Launches ‘Largest Ever’ $2.2Bn Eurobond
...a low cost, given that a 10-year bond in local currency would be priced at 7.46%. DEBT BURDEN TO EASE According to the minister, total debt stood at $66.5bn at the end of 2014, 62% of which is denominated in Lebanese Pounds, and the remaining 38% in foreign currency. He forecasts that the de...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015