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Iran Signs Basra Gas Supply Deal
...eatly reduced crude export revenues, which MEES estimates are on track to total just $49bn this year – despite the hike in volumes – down 42% from 2014’s $84bn. NIGC chief Hamid Reza Araqi told Shana that the proposed pipeline will be supplied with gas from Iran’s IGAT-6 trunkline, which carries So...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Cash-Strapped Iraq Turns To IMF
...n-oil primary deficit by 4% of non-oil GDP between 2014 and 2016,” IMF mission chief Christian Josz says. The SMP includes measures to strengthen public financial management while countering money laundering and the financing of terrorism, as well as financial sector stability, Mr Josz says. The SM...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Adipec Delegates Push For Gas To Be ‘Part Of The Solution On Emissions’
...ter the completion of a pilot scheme, the UAE is forging ahead with plans to inject up to 800,000 tons/year of CO2 recovered from the Emirates Steel plant into Adnoc oil fields (MEES, 14 November 2014). The CEO of the Abu Dhabi Company for Onshore Operations (Adco), Mr ‘Abd al-Mun’im al-Kindi, told de...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
IEA Rolls Up Sleeves In Run-Up To Climate Conference
...bsidies were around $490bn in 2014, but would have been around $610bn without reforms enacted since 2009,” the IEA says. On the flip side, a prolonged period of lower oil prices could also discourage $800bn of energy efficiency investments between now and 2040. “In a world where the oil price is $50/B fo...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Mideast Buying Offers Support For Weak Global LNG Market
...commissioning a second FSRU with a third to follow next year. Cargoes are now set to arrive at a rate of four a month – a not insubstantial 3.1mn t/year on an annualized basis. This leaves Egypt neck-and-neck with Kuwait as the region’s biggest importer. Kuwait took a record 2.7mn tons in 2014, up fr...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
China LNG Imports To Q3 2015 (‘000 Tons)*
...13 2014 2015^ 3Q14 4Q14 1Q15 2Q15 3Q15 Jan Feb Mar Apr Ma...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Japanese LNG Imports 3Q15
...-Jul 15-Jun 15-May 15-Apr 2014 2013 2012 2011 2010 2009 Australia 5....
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Iraq Awards Technology Contracts For Karbala Refinery, Plans Basra Boost
...nuary-August this year: 46,000 b/d gasoline, 28,000 b/d diesel and 9,000 b/d LPG. Iraq’s products supply has been hit badly by closure of its largest refinery at Baiji since June 2014, due to damage sustained in fighting between government forces and Islamic State (IS) jihadists for control of the si...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
IEA: Mideast Staying Reliant On Gas For Electricity, Despite Renewables
...Gas-fired plants accounted for 65% of Middle East power generating capacity in 2013, and the International Energy Agency (IEA) predicts their share will fall to 56% by 2014. Yet the contribution of gas-fired plants to electricity generated will actually increase, from 64% in 2013 to 67% in 20...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
More Pain To Come As Iea Sees $80/B ‘Rebalance’ But Not Till 2020
...mand at 95.9mn b/d, up 5.3mn b/d on 2014) it will take an oil price of $80/B by 2020 to incentivize sufficient shale output to balance the market. “We think that the market will gradually recover and we see an $80/B oil price around 2020. This price is needed for the market to be balanced,” IEA Ex...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Israel Looks To Drum Up Major Interest In Gas Riches
...rrently producing field, as well as Leviathan, had come to an agreement with the antitrust authority (ATA) in March last year to sell off two of its smaller fields, Karish and Tanin, in order to receive consent to develop Leviathan (MEES, 2 May 2014). Problems came to a head in December when ATA co...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Egypt To Develop 250MW Wind Farm
...oject developers in the wake of a development conference in March, aimed at attracting foreign investment in new electricity capacity in a bid to prevent a repeat of last year’s frequent blackouts. Egyptian generating capacity was 31.45GW at the end of 2014, but the Ministry of Electricity and En...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Apache Hits Egypt Output Record Despite Capex Cuts
...US independent Apache boosted its gross Egyptian output to 362,000 boe/d in Q3, the highest level in more than three years. Gains came despite swingeing capex cuts. Apache’s gross oil production hit 216,500 b/d in Q3, up 5% on Q2, with the boost coming from the firm’s late 2014 Ptah and Be...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Anadarko Bids For Apache, Steps Back
...13). Apache, together with Shell, is pioneering shale exploration in Egypt: the firms late last year finalized a deal with Egypt to drill the first horizontal wells into shale rock on the Western Desert’s Northeast Abu al-Gharadig Block (MEES, 19 December 2014). The gas price agreed with both firms is...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Sonatrach Names New VPs
...stream and downstream projects. Changes at the management level of Alnaft, the regulatory body responsible for overseeing tender procedures, are also under way, MEES understands. Only four blocks out of 31 were awarded in Algeria’s latest round in late 2014, with sources citing the usual lack of fi...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
EBRD New Energy Funds
...s first proposed last year, at a time when the World Bank had announced backing for Morocco’s 350MW Noor 2 and 3 concentrated solar projects ($519mn) and 100MW Tafilalt solar PV plant ($26mn), and Jordan’s 117MW Tafila wind farm ($221mn – MEES, 24 October 2014). The Khalladi wind farm is to be bu...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Jordan Budgets For Ambitious 2016 Spending, Revenue Hike
...nefited from project aid from the $5bn GCC development fund set up in December 2011 by Saudi Arabia, Kuwait, Qatar and the UAE following the eruption of the Arab Spring, with each country pledging $1.25bn for the kingdom (MEES, 10 May 2013). He notes that this fund has already disbursed JD456mn in 2014...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 41.75 45.97 45.13 46.32 45.44 46.62 58...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Egypt Tourism Receipts (% Of Current Account )*
...Egypt Tourism Receipts (% Of Current Account )* *ANNUAL NUMBERS ARE FOR FINANCIAL YEARS FROM 1 APRIL. SOURCE EGYPT FINANCE MINISTRY, MEES. > Tourism’s share of Egypt’s current account receipts had rebounded to just shy of 12% during the 2014/15 financial year, after dropping to ju...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Iraq Oil Revenue Collapses Amid ‘Perfect Storm’
...IRAQ Baghdad is on track to pocket just $49bn in crude export revenue this year, down by 42% from 2014’s $84bn and by almost half from 2012’s record $94bn. This is despite crude export volumes having risen from 2.4mn b/d to 2.8mn b/d over the same period (see graph 1). These numbers ex...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015