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Saudi Electricity Seeks Outside Funds For 5.4GW Capacity Hike
...nce 2007, including a $13.3bn ‘soft loan’ from the Ministry of Finance in March 2014 (see table). OUTSIDE FINANCE SEC’s most recent loan is a SR5bn (S1.33bn) sukuk arranged through local banks. This took the total raised so far this year to a record $5.1bn, which was 38% higher than the pr...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Record Opec Output Puts Onus On Saudi To Cut
...TD15 YTD15 2015 2014 S Arabia* 10.53 -0.04 10.57 10...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Shell Restarts LNG Exports From Gas-Strapped & Cash-Strapped Egypt
...ell, says ELNG exports all but ground to a halt in early 2014 with output from its offshore West Delta Deep Marine (WDDM) fields to the domestic market amid a growing gas shortage (MEES, 31 January 2014). This left a gaping hole in ELNG’s finances. Shell and its partners remain on the hook for $20...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
IMF Praises Iran’s Planned Reforms, But Implementation Is Questionable
...) 2013 January 42 July 54 2014 June 62 2016 Ju...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Russian Oil Output Breaks 11mn B/D In September, On Track For Annual Record
...around RUB65 per $1 in recent months, up from a low of RUB80=$1 in January, but around half its value in the first half of 2014 before oil prices collapsed. Russian producers thus get more bang for their oil export buck from local contractors. • Finance minister Anton Siluanov has yet to be co...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Libya Output Nears 500,000 B/D; Can The Gains Continue?
...ieste, Italy, linked by pipeline to OMV’s Schwechat refinery near Vienna (MEES, 23 September). The Ras Lanuf and Es Sider terminals have been shut in since the declaration of force majeure on 14 December 2014. The Es Sider terminal will take additional time before it is ready to come back on stream due to...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Israel Struggles To Attract Interest In Offshore Acreage
...ble and Delek’s fanfare surrounding the deal and how it could pave the way to the sanctioning of Leviathan, it is worth recalling that a letter of intent with almost identical terms was signed in September 2014, before being canned just over a year later, when Jordan’s Energy Minister, Ibrahim Saif, un...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Abu Dhabi: Has It A Future As An LNG Exporter?
...Tepco reducing its offtake from Adgas to minimum contracted levels, as it has new supply sources at its disposal. Tepco has been taking new volumes from ExxonMobil’s Papua New Guinea LNG project that started in 2014, and has signed up to a number of Australian projects scheduled to start from next ye...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Iraq Looks To Breathe Life Into Nasiriya Refinery Project
...thin Iraq. The oil ministry’s Petroleum Contracts and Licensing Directorate (PCLD) “indefinitely” postponed bidding for the Nasiriya integrated project in June 2014 when Islamic State (IS) was making rapid advances across northern Iraq. The fighting never neared Nasiriya in the southern Dhi Qar pr...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
OPEC Agrees To Cut, Now The Hard Work Starts
...EC^ 2016 OIL EXPORT REVENUES ON COURSE FOR $750BN FALL FROM 2012 PEAK ($BN) 2010 2011 2012 2013 2014...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Kurdish Political Unity Fragments As Barzani Reaches Out To Baghdad
...om its agreement just two months previously to extend Mr Barzani’s term by two years, following its expiry, and it has subsequently taken a harder line with the KDP as a result. Provincial-level elections within Kurdistan, which coincided with federal parliamentary elections in 2014, had a more ev...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
IOCs Stall KRG Investment On Renewed Payment Concerns
...15 2015 2014 2013 Kurdistan 5.1 -40.3 45.4 46...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Saudi Takes First Steps To Rein In Bloated Public Sector
...blic Investment Fund (PIF) which in turn is expected to spend money in the economy and boost domestic liquidity. Although the plunge in oil prices has seen government revenues collapse from $279bn in 2014 to just $137bn under the 2016 budget, spending has fallen by much less. It has fallen just $69...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Iraq Plans For $42/B In 2017, Exports At 3.75mn b/d
...y the capital investment budget, the government will borrow ID6.5 trillion ($5.6bn) in order to make loans to businesses in agriculture, industry and housing. The government exhausted its own cash reserves in 2014, and has been able to continue paying public sector salaries – unlike in the KRG – on...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Abu Dhabi Ramps Up Offshore Drilling But Targets Remain Elusive
...Abu Dhabi’s offshore drilling is set to hit a new record in 2016 as it continues to invest despite the slump in oil prices since the second half of 2014. Despite this, offshore development plans are running behind schedule and there is a high likelihood of further delays. Abu Dhabi aims fo...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Egypt’s Gas Output: Has It Turned A Corner?
...2009 and remained thereabouts until mid-2012. Since then new fields have been unable to offset the country’s declining aging acreage. The rate of decline peaked at almost 100mn cfd per month in 2014: though it has since fallen, September’s output figure, if sustained, would mark the first year-on-ye...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
South Sudan Crude Output Plumbs New Lows
...0,000 b/d in September amid ongoing political uncertainty and insecurity. Output, which was running at 350,000 b/d at independence in July 2011, averaged just 169,000 b/d in 2014 and 148,000 b/d in 2015. It has fallen further since the start of 2016 with the latest figures a fresh drop from 117,000 b/d in...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Saudi ‘Low Cost’ Market Share Policy Remains Unfinished Business
...ile its foreign reserves were down 16% year-on-year in July, the rate at which it’s drawing on them is falling (MEES, 2 September). The kingdom knew it was likely to face such a period of economic pain when it embarked on its market share over price strategy in 2014 and shows no sign of changing tack no...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Libya Output Jump On Export Restart
...oducing. But Hamada is in the west of the country. Output is normally blended with much larger volumes of crude from the Repsol-operated Murzuq fields for export as Sharara crude from the port of Zawiya west of Tripoli. No crude has been exported from Zawiya since late 2014. However the port is open in th...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Aramco Output Policy Under Scrutiny Ahead Of Algiers
...ne 2014, when the Opec basket crude price was still comfortably above $100/B: it averaged just $38/B in the first eight months of the year. Saudi refiners have been pushing their plants slightly harder than the industry norm this year – averaging 86.4% capacity utilization, compared with the gl...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016