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Iraq’s Tentative Gas Gains Insufficient To Stem Oil Burn Growth
...cent years. Oil production has risen from 3.30mn b/d in 2014 to average 4.35mn b/d in January-September this year. Gross gas output has averaged 2.7bn cfd in the first eight months of 2016, up 628mn cfd from the same period last year. But output gains have not been matched by development of the ne...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Iraq Invites Bids for 12 Fields in First Offering Since 2012
...AQ ANNUAL CRUDE EXPORTS BY REGION ('000 B/D) 2011 2012 2013 2014 2015 Eu...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Green Shoots Begin To Emerge As Oilfield Service Firms See Signs Of Revival
...15 3Q16 $bn % $bn % 2Q16 3Q15 2014...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Riyadh Stays Positive
...Saudi Finance Minister Ibrahim al-‘Assaf painted a positive picture of the kingdom’s financial position during a seminar in Riyadh on 25 October. Despite oil prices remaining around $50/B, less than half 2014’s levels, the minister said “we have managed to maintain our public finances in a go...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Libya Output Continues To Rise In Wake Of Renewed Sirte Basin Production
...scribed in its 2014 annual report as a “significantly reduced rate” (MEES, 24 April 2015). 4Q14 output averaged just 129,000 b/d, and the full year average was 50,000 b/d. Production capacity at the fields has declined in the meantime. In its 2014 report Hess said a lack of regular maintenance had im...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Libya Loses $1.2bn Goldman Sachs Court Case
...led in 2014 (MEES 2 September). The LIA claimed compensation of $1.2bn from Goldman Sachs over allegations relating to nine trades executed for the fund in the first four months of 2008 in which the bank earned more than $200mn but the LIA lost the bulk of its investment. The LIA alleged that Go...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
In Search Of An Equilibrium Oil Price
...recent IEA figures –broadly in line with those presented by companies themselves – of the 43% fall in global upstream capex between 2014 and 2016 “two thirds is due to cost reductions.” Costs fell by 15% on average in 2015 and are set to fall by a further 17% this year according to the IEA’s re...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Korea LNG Buying Falls To Seven-Year Low In Q3
...lumes are down by a more modest 1.3% on January-September 2015, but 12% down on 2014’s record levels of 27.20mn tons. • Low Q2 and Q3 buying came after a mild 2015-16 winter left stocks unusually high. However a late-summer heatwave in August led to a surge in aircon use, diminishing stocks. This ha...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
SEC Tackles Pricey Fuel With ‘Improved Efficiency’, Falih Firms Up Nuclear Plans
...16, but the 2015 peak of 62.26GW was 10.1% higher than the 56.55GW recorded for 2014. Before the tariffs hike, government’s Electricity and Cogeneration Regulatory Authority (Ecra) was warning that peak load could reach 75GW in 2020 if consumption continued unchecked, a massive 20% increase (MEES, 9 Se...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Saudi Oil Exports Fall Amid Record Products Demand & Oil Burn
...el oil consumption to 624,000 b/d, its highest level since the 635,000 b/d record fuel oil consumption for December 2014. Fuel oil imports also rose to 204,000 b/d for August – another record. While monthly crude oil burn continues to be lower year-on-year, the new total oil burn record calls into qu...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Iraq’s Mosul Offensive Begins Amid Patchwork Coalition
...lice personnel would enter Mosul proper. The point was to emphasize that neither Shia militias nor the Kurdish Peshmerga would be entering Sunni Arab-populated urban areas. IS has held Mosul since June 2014, when Iraqi army divisions in the north, weakened by corruption and politicization under the fo...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Kuwait Dissolves Parliament Amidst Subsidy Reform Uproar
...ril). The relative détente of the past three years has provided sufficient political stability for Kuwait to award important contracts to foreign firms to develop its oil and gas sector. The impact of this is beginning to be felt, with September’s 2.86mn b/d crude output the highest since September 2014...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Iran Opens Pre-Qualification For Upstream Tenders
...mpanies from France, Japan, China and Russia have said they will bid according to the state-owned Fars News Agency (FNA). This will include Total, which has an MoU to appraise the field. State-owned China National Petroleum Corporation (CNPC) had been awarded the field in 2009, but was removed in 2014 ow...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
GCC Countries Keep Middle East Drilling At Near-Record Levels
...th the rig count in September going above 500 for the first time since February, reaching 524 in the first week of October, according to weekly data. But this is still more than 70% down on October 2014 when it hit a record 1,929. • Drilling in Egypt has yet to see an uptick from the recent mo...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
UAE Goes LNG Import Crazy: Sharjah Follows Dubai And Abu Dhabi
...though it is unclear whether this will continue following last week’s deal. Gas-to-power demand in the northern Emirates has been growing at a rapid pace. Power consumption increased by 80% since 2004, hitting 20.4TWh in 2014, 18% of the UAE’s total. Sewa and the Federal Water and Electricity Au...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Oman Announces New Bid Round As Record Output Continues
...Oman’s Ministry of Oil and Gas (MOG) announced details of a new oil and gas bidding round on 12 October. Four blocks are on offer in Oman’s first bid round since 2014. It opens on 23 October and extends to 15 February. When the bid round was initially proposed earlier this year, Oman had su...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Opec Cut Plans: Will They Happen? Will They Work?
...proach, Mr Falih said that the divergence that existed between supply and demand in 2014 when prices began to slump was now being reversed. “Opec made its decision not to intervene because it was a long term strategy of divergence. And in June I said that the divergence is being reversed and now we are se...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Algeria Gets Real With $50/B 2017 Budget Oil Price
...the same period a year earlier which in turn was 40% below 2014 levels. An indication of just how dependent Algeria is on hydrocarbons is that even with the revenue collapse oil and gas still provided 94% of export revenue: the figure was 97% in 2014. Algeria recorded a trade deficit of $14bn in...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Gulf Equity Markets: Change Is Afoot
...itical mass. But UAE markets are now much more developed than in 2008. The investor base is more sophisticated, including an openness to international investors, especially after the country’s inclusion into the MSCI and FTSE emerging markets indexes. IN FROM THE FRONTIER In May 2014, global in...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Iraq’s Falling Crude Burn Bolsters Exports
...dget’s 3.25mn b/d, then revenues will rise for the first time since 2012. Moreover, they will rise above 2014 levels, hitting $55bn ($4.55bn/month – see chart). Baghdad exported 31,000 b/d from storage in the Turkish port in Ceyhan last month, the first such exports since September 2015. All federal ex...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016