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Syria: Gas Output At 75% Pre-War Levels, Oil Recovery Lags
...agnation but also the exodus of some seven million Syrians abroad. OIL: FROM BAD TO WORSE Syria’s oil outlook was precarious even before the conflict broke out, and then government-controlled output fell to 9,000 b/d by 2014. Natural declines had nearly halved output and poor contract conditions al...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Iraq Sends Record Volumes To Its Refineries
...finery – once the country’s largest at 310,000 b/d capacity prior to being overrun by the Islamic State in 2014 (MEES, 26 September 2014). Oil Minister Jabbar al-Luaibi announced the rehabilitation of the refinery’s 70,000 b/d Salahuddin-2 unit on 9 September, although it is unlikely that it is capable of op...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Iraq: Aging Infrastructure To Hinder Basra Gains?
...nistry to improve the terms of its technical services contract (TSC) at the supergiant field. BP’s initial plateau production target (PPT) was 2.85mn b/d but the British firm negotiated it down to 2.1mn b/d in 2014 (MEES, 12 September 2014). BP was rumored to be in talks to lower the PPT to 1.8mn b/d ea...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Omani Oil Output Nears 1mn B/D Mark, Revenues Soar
...lumes coupled with rising prices. MEES estimates that crude and condensate export revenues brought in $1.98bn in September – the highest figure since December 2014. 3Q’s sum of $5.63bn is up $2.09bn year-on-year - nearly 60%. Year-to-date revenues are up 35% on the same period in 2017, which will he...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Total Signs Up For Algeria Expansion
...ovisionally slated for 2019 will be keenly watched to see if the reforms have been enough to attract new investors. The previous bid round, from more than four years ago, was an almost-total flop (MEES, 3 October 2014). Sonatrach’s exploration model tends to consist of racking up the discoveries first and wo...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Can A New Government Salvage Iraq’s Economy?
...idar al-Abadi did in 2014 when Islamic State (IS) was running rampant (MEES, 26 September 2014). The next PM will, however, have to deal with the reconstruction following the devastating conflict with the group, and that is going to cost a lot of money. As much as $88bn. The next government wi...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Baghdad Poised For Northern Boost
...e end of the year. The field is also producing 100mn cfd of associated gas. The field produced 28,000 b/d prior to the Islamic State takeover (MEES, 25 July 2014). As MEES reported last month, Iraq is also pumping 30,000 b/d of heavy oil from Qayara field located 75km north of Ajeel, with “am...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Egypt Gas Hub Ambitions Gather Pace
...the end of June 2014, and institutional bureaucracy which kept them away. Prior to 2015, oil firms operating in Egypt were paid $2.65/mn BTU for the gas they sold the state. This pricing failed to take into consideration deeper offshore and more complex discoveries. BP held-off on sanctioning WN...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Iraqi Government Formation Gathers Pace
...al with his counterpart Ashti Hawrami in 2014 giving Iraq access to the KRG’s 700,000 b/d export pipeline to Ceyhan, Turkey (MEES, 5 December 2014). Baghdad would have otherwise had to shut-in the bulk of its production from Kirkuk following the Islamic State’s 2014 advance in which they damaged Ir...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Houthis Eye Tempting Target
...Since Aramco began building the Jazan refinery and associated oil terminal in 2014, the local geopolitical situation has deteriorated sharply, with Riyadh supporting the Yemeni government in its campaign to quell Houthi rebels, whose area of operation is just south of Jazan in northern Ye...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Saudi-Kuwait Neutral Zone: No Deal
...d is the only such foreign firm in either country’s upstream. PNZ output was around 440,000 b/d in the first half of 2014 before the 240,000 b/d offshore output was halted in October 2014, with the onshore portion’s 200,000 b/d stopped in May 2015 (MEES, 31 July 2015). ...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Saudi Steps Up Spending In Bid To Boost Economy
...e 2014 oil price collapse, the Saudi government has more recently turned to debt markets. This enabled foreign reserves to rise to an 18-month high of $510bn at end-August, though this is still well down on its August 2014 peak of $746bn (see chart MEES, 5 October). Having raised $21.5bn in 20...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Aramco Ready To Fire Up Power Plant As Key Jazan Projects Near Completion
...C First phase 1mn t/y steel billets, second phase 1mn t/y Steefco (2014) 0.04 Within JEC Forming, coating 180,000 t/y of steel rebar and mesh U/C: Jazan refinery (2019) 7.00 Within JEC 400kb/d CDU. Output in...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Abu Dhabi Field Startup Paves Way For New Crude Grade Launch
...me since 2014. The Joint Ministerial Monitoring Committee (JMMC) of the Opec+ agreement met in Algiers on 23 September and opted against increasing production limits. But apart from marginalized Iran, any UAE production increases are unlikely to prompt complaints. Umm Lulu output had been ex...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Iraq’s 200,000 b/d Halfaya Boost: Is There An Outlet?
...July 2014 from 535,000 b/d to 400,000 b/d alongside similar adjustments to Iraq’s other major foreign-operated fields (MEES, 5 September 2014). Once Halfaya production hits full capacity – likely by early 2019 – it will become the first of Iraq’s main foreign-operated fields to do so, although it...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Qayara Production Resumes
...eld was captured in 2014 and subsequently operated by IS (MEES, 17 October 2014). It suffered extensive damage to its wells and infrastructure as IS retreated following Iraq’s operations to retake the area in August 2016. Given the extent of the damage and the fact that Qayara previously peaked at 20...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
LNG Prices At Four-Year High Amid Soaring Demand
...port record of 88.45mn tons set in 2014 will ever be surpassed. Japan’s record years for LNG imports came in the wake of the 2011 Fukushima nuclear disaster. The continued, albeit extremely gradual, restart of the country’s nuclear fleet combined with overall stagnant-to-falling Japanese energy de...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Libya Drilling: Schlumberger Boost
...eld, where Phase-2 output started up in July (MEES, 6 July). LIBYA: NUMBER OF ACTIVE ONSHORE RIGS HITS 7 IN AUGUST-HIGHEST SINCE 2014 SOURCE: BAKER HUGHES....
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
SEC Closes $2bn Sukuk
...nk. SEC chief executive Ziyad al-Shiha says the sukuk is “part of the company’s strategy to diversify its sources of funding and to attract investors from international markets.” It takes the amount SEC has raised to finance capital projects to $40.8bn, including a $13.3bn government ‘soft loan’ in 2014...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Iraq: Soaring Domestic Oil Demand Will Test Next Government
...cords. Prior to the IS advances, Iraq’s products consumption averaged 521,000 b/d in the first half of 2014 before slumping to 429,000 b/d for 1H 2015 – a direct result of the IS occupation. Not just is Baghdad now having to supply more products to its populace than pre-IS, but it is having to do so wh...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018