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KRG Goes Quiet On Oil Export Plans As Storage Tanks Fill Up
...certainty in the timing of revenue recognition and guidance for 2014,” GK adds. Spring Break The company gave a net revenue guidance for the year of $150-180mn, which was below analysts’ expectations. This is the second blow to GK, which also took a hit in April after a third party evaluation re...
Volume: 57Issue: 20Published at Fri, 16 May 2014 -
Libya: Production Resumes In East And West
...rmany’s Wintershall, France’s Total and Norway’s Statoil. OMV has already factored in continued interruptions to its Libyan operations to its 2014 outlook. The company trimmed its production guidance to 310,000 – 330,000 b/d, down from the 320,000 – 340,000 b/d target it stated as recently as last month....
Volume: 57Issue: 20Published at Fri, 16 May 2014 -
Syria: Subsidies Hit $1Bn; ‘Losses’ At $22bn
...vernment spent S£40bn ($268mn at the official exchange rate of $1=S£149) on energy subsidies in the first quarter of 2014; over $1bn on an annualized basis. The minister estimates total losses in the hydrocarbons sector since the beginning of the uprising in March 2011 at S£3,202bn ($21.5bn) – S£2,...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
KPC 100KBD India Deal
...e first quarter 2014, the US upped volumes substantially, taking 405,000 b/d for January and February (March data are not yet available). Japan is Kuwait's third largest customer taking 311,000 b/d for the first quarter, up 12% on a year earlier. The Indian market is of growing importance to Ku...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
MENA Active Drilling Rigs, April 2014*
...MENA Active Drilling Rigs, April 2014* April Br...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
Noble Bullish On Leviathan Plans
...s a dominant position offshore Israel). 2014 Leviathan Sales, Sanction The next stage for Noble is to secure sales deals for Leviathan. “Over the next 6 months, we will enter into a number of major long-term agreements for Leviathan gas,” Mr Davidson says. This would enable the firm to sa...
Volume: 57Issue: 18Published at Fri, 02 May 2014 -
Iran’s New Generation Of Oil Contract ‘Finalized’
...November 2014. A ‘first draft’ of the IPC was unveiled at a conference in Tehran in February, with the aim of getting feedback from both local and foreign experts and companies (MEES, 28 February). Though Iran’s Deputy Oil Minister for International Affairs Ali Majedi recently said “some fe...
Volume: 57Issue: 17Published at Fri, 25 Apr 2014 -
Rebels ‘Close In’ On South Sudan Oil Fields
...her ‘producing’ state – Unity – has been offline since the first week of 2014, after rebel forces took control of the fields, and damaged key oil infrastructure. Pre-conflict production was running at around 240,000 b/d. The rebel spokesman said forces were also nearing the Jonglei state capital Bo...
Volume: 57Issue: 17Published at Fri, 25 Apr 2014 -
Tunisia: Oil Output Down On Political Delays
...January 2014, we have been in close dialogue with ministers… In the last couple of weeks we have seen the first indications of any barrier to progress by a negative vote in the Energy Committee, a subcommittee to the Tunisian parliament. PA Resources is not alone in this, and other operators are ex...
Volume: 57Issue: 17Published at Fri, 25 Apr 2014 -
Kuwait’s Unstable Politics Slow Oil Sector Advances
...its, secondary units, and offsite and utilities – for the much-delayed $14.2bn, 615,000 b/d al-Zour refinery. State-refiner KNPC expects to choose winning bids by the end of 2014 and to sign contracts in early 2015. Al-Zour will yield about 215,000 b/d of fuel oil, allowing KNPC to replace volumes ph...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Baghdad, KRG Talks Stumble; Pipeline Still Out
...manding that the draft budget delete reference to the volume of crude oil that the Kurdish region is committed to export in 2014. Erbil says the budget should refer only to total Iraqi exports. The draft budget assumes oil exports of 3.4mn b/d for 2014 and commits the KRG to 400,000 b/d of the total. Bu...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Gulf Keystone Secures Funding For Shaikan Development
...r general corporate purposes. The increase in Shaikan capacity from a second production facility is running behind schedule. GK had expected to reach its target in early 2014 after commencing commercial production in July last year at 10,000 b/d. The UK company has been marketing its share of...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Total Raises KRG Stakes
...IRAQ Total Raises KRG Stakes France’s Total is planning to drill its first exploration well in its operated Baranan block in Iraqi Kurdistan at the end of 2014, the first update it has given since acquiring an 80% stake in the production-sharing license in early 2013. It al...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Focus Turns Back To Oil In Southern Sudanese Conflict
...ms, for misusing it… you know.” Production At 160,000 B/D South Sudan’s oil output is running at close to 160,000 b/d, all from its fields in Upper Nile state. Production from the fields in its only other ‘producing’ state – Unity – has been offline since the first week of 2014, after rebel fo...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
MENA Active Drilling Rigs March 2014*
...MENA Active Drilling Rigs March 2014* March 2014 br...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Kurdish Export Initiative Stalled By Pipeline Sabotage
...mi-autonomous region, to Iraqi oil exports to give the talks the maximum chance of success. The 2014 Iraqi draft budget, still stalled in parliament because of the dispute between the two sides, had factored in 400,000 b/d of Kurdish crude oil exports for the current year. Iraq’s Deputy Prime Mi...
Volume: 57Issue: 14Published at Fri, 04 Apr 2014 -
Egypt: No Short-Term Boost To Gas Supplies
...e second half of 2014, according to the Ministry of Petroleum, even as gas shortages are already causing blackouts in the North African country. Power cuts are common in Egypt during the summer, when state utilities are overburdened by the increased use of air conditioning. But this year, the co...
Volume: 57Issue: 14Published at Fri, 04 Apr 2014 -
Lukoil’s West Qurna-2 Start Will Add To Iraq Oil Output Gains
...ght crude to market independently in 2014 with the figure rising to 88mn barrels (240,000 b/d) in 2015. The company has said previously that it planned to sell crude from West Qurna-2 to customers in China and more widely in the Asia-Pacific region through its Geneva-based marketing arm Litasco. Lu...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
IMF Predicts 2014 Boost For Iraqi Economy
...IRAQ IMF Predicts 2014 Boost For Iraqi Economy The IMF said in a statement on 25 March at the conclusion of discussions with Iraqi officials in ‘Amman that while Iraq had managed to maintain macro-economic stability in 2013, lower-than-expected oil export revenues and hi...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Petrofac $1B Oman Deal
...d of sweet sales gas and 61,000 b/d of condensate, as well as 565mn cfd of sour gas to be used for oil field reinjection at Harweel. Harweel production hit close to 30,000 b/d in 2013, and is expected to boost throughout 2014 and 2015 to hit peak production of 38,000 b/d. This award is the co...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014