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Oman Puts Oil Assets On The Block Amid Budget Squeeze
...0,000 t/y of HDPE, 215,000 t/y of polypropylene and 40,000 t/y of MTBE. Orpic’s expansion of Sohar is already under way following the award of a $2.1bn engineering, procurement and construction contract (MEES, 6 June 2014). Orpic is also building a 93,000 b/d products pipeline network linking the re...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Oman Adding Musandam Gas-Fired Capacity
...veloping Musandam. MPC will deliver electricity to Oman’s Rural Areas Electrical Company (Raeco) under a 15-year power purchase agreement. MPC was established in 2014 by Oman Oil and Korea’s LG. It will burn gas supplied by Oman Oil’s adjacent Musandam Gas Processing Plant. Raeco oversees a total 29...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Kuwait Development Plan Based On $45/B Oil
...il project linking the GCC states; a media city; construction of the Al-Zour-2 power generation project and Al-Zour refinery, a refinery and petrochemical complex in China, and a petrochemical complex in Vietnam (MEES, 22 August 2014). Kuwait has not been successful with the implementation of its KD...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Iran Mulls $40/B Oil
...rliament the draft budget law is sent to the Council of Guardians for the final green light. Iran is burdened by international sanctions which have restricted the export of oil to around 1.2mn b/d (including condensate) since mid-2014 (MEES, 12 December 2014). Earlier in the week President Hassan Ro...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Iraq’s Budget Debate Stalls Over Oil Price
...endments before a vote in parliament due on 20 January. However, given the Iraqi assembly’s history, a further delay cannot be ruled out. The calculations are also complicated by the absence of a 2014 budget, which was never passed largely because of a dispute with the KRG at the time over revenue-sharing an...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Algeria Ignores Storm Clouds With 2015 Budget
...4,685bn ($59.3bn), with a resulting deficit of AD4,173bn ($52.8bn), or 22.1% of GDP, an increase of 17.8% on the 2014 deficit (see table). The budget law projects an overall GDP growth rate of 3.4% to AD18,191bn ($230.2bn) in 2015, with the non-oil GDP rising by 4.25%, compared to an overall growth rate of 4....
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Saudi Growth Slashed
...SAUDI ARABIA Saudi Growth Slashed Saudi GDP growth is expected to fall to 2.5% in 2015 from 3.7% in 2014, mainly due to an anticipated contraction in the oil sector by 0.6%, Jadwa Investment said in its latest update on the Saudi economy. Oil revenue will decline in 2015, but the re...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
South Korean Crude Imports: OPEC Maintains 85% Share For 2014 (‘000 B/D)
...South Korean Crude Imports: OPEC Maintains 85% Share For 2014 (‘000 B/D) 2014 2014vs2013 2014vs2008 2013 2012 2011 20...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
US Oil Output Rises 15% To Hit Record 12.7mn B/D In 2014 But Growth Slows In Q4
...US Oil Output Rises 15% To Hit Record 12.7mn B/D In 2014 But Growth Slows In Q4 vs 20...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Benchmark Crude Prices ($/B)
...Benchmark Crude Prices ($/B) 15-Jan 5-9 Jan 29 Dec - 2 Jan Dec-14 Nov-14 Q4 2014 Q3 2014 2014...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
US Posts Record Year In 2014 - Data Special*
...OPEC US OIL OUTPUT GROWS BY RECORD 1.58MN B/D IN 2014 BUT GROWTH SLOWS IN SECOND HALF (mn B/D YEAR-ON-YEAR GROWTH)* US CRUDE IMPORTS (mn B/D): OPEC VOLUMES FALL TO LOWEST LEVEL SINCE 1988 US CRUDE OIL IMPORTS FROM SAUDI ARABIA (MN B/D) ...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Iraq December Oil Exports Hit Record But At What Price?
...sh-strapped Iraqi government from enjoying the full benefit of its export surge. Including Kurdish production, total Iraqi oil output for December rose to 3.72mn b/d, the highest level since 1979, according to MEES estimates. For 2014 as a whole, output of 3.32mn b/d is also close to record hi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
KRG Gas: Payments Dispute Stymies Progress
...ergy agreed a sales price for the Miran gas field. The Chemchemal gas field was awarded to Dana Gas and Crescent Petroleum in 2007. But the project is on hold pending resolution of a dispute over contractual terms and ongoing arbitration proceedings (MEES, 31 October 2014). The London Court of In...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Iraqi Kurdistan: Oil Output Up And Rising
...hieved the Company’s record daily production and crude oil export sales rates from the Shaikan field. 2014 was not without its challenges for the Kurdistan Region and we are proud of what has been achieved against this backdrop, in particular a nearly 300% increase in Shaikan production and export sales si...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
KRG Expects 2014 Refinery Deliveries To Top 108,000 BOE/D
...IRAQ KRG Expects 2014 Refinery Deliveries To Top 108,000 BOE/D Iraq’s Kurdistan Regional Government (KRG) expects total deliveries of oil and gas produced within the region to “main” refineries within Iraqi Kurdistan to average just over 108,000 boe/d for 2014 (almost all of this is oi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Oil Price Slide Exposes Flaws In Juba-Khartoum Transit Fee Deal
...ports, and Brent minus $10/B for Dar Blend, implying revenues of $75/B and $84/B for its exports of Dar and Nile Blends respectively. And while the plan did not cover 2014, trades in Dar Blend over the past year suggest a typical discount of $10/B to Brent still holds. Dar Blend is a heavy, acidic cr...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Kuwait Petchems Expansion Moves Slowly Despite Equate PE Boost
...on which most regional capacity is based. Saudi Arabia is already developing mixed feed plants as a route into specialty chemicals (MEES, 17 October 2014). MEES estimates that Equate’s polyethylene capacity expansion will require an additional 15mn cfd of ethane feedstock, while building Ol...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi Arabia In 550MW Turbines Award; 2014’s 8.2GW Start-Ups Hike Output
...SAUDI ARABIA Saudi Arabia In 550MW Turbines Award; 2014’s 8.2GW Start-Ups Hike Output Gas output delays mean oil burning is likely to stay high. Saudi Electricity Company (SEC) has selected turbines from US giant General Electric (GE) for the Dhuba-1 power plant, which will be the ki...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
OPEC Maintains Output In December; Riyadh Maintains Hardball Stance
...e $50/B mark as MEES went to press – a massive 56% down from the 2014 peak of $115.06/B on 19 June (see p20). With oil prices slipping to their lowest level in more than five years, this showdown between the producer group and non-OPEC producers is fast turning into a game of chicken, leaving ma...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Egypt Taps Gulf, China To Fund Power Expansion Plans
...rly as August. They will add to 3.35GW of projects sanctioned recently: 1.95GW South Helwan; 650MW Suez; and 750MW from conversion of Damietta West and El-Shahab to combined cycle (MEES, 19 December 2014). State generator EEHC recently started up a 650MW gas/fuel oil plant at Ain Sukhna. While Eg...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015