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China LNG Buying At Record Levels, Prices At 3-Year High
...ns seen in 2013 and 2014. • Each of the top three importers stepped up buying in December, with a continuing period of sub-zero temperatures across much of Korea and Japan combining with the record Chinese buying. • Spot prices rose to $11.20/mn BTU in late December and early January, ac...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Saudi Hikes Gasoline Prices, Hard On Heels Of Electricity Tariffs Rise
...erage household consumed 2,000kWh/month in 2014. Until this year such users paid just SR100 ($27)/month given that the first 2,000kWh/month of consumption was charged at SR0.05/kWh. From 1 January they will pay SR360 ($96)/month, a more than threefold increase. But with the price for usage above 6,...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
The USA: The Global Oil Trade Titan
...e charts, p16). The provisional December crude output figure of 9.77mn b/d is up almost exactly 1mn b/d year-on-year; add in NGLs and output gains during calendar 2017 are 1.4mn b/d, second only to 2014’s record 2mn b/d growth. The vast bulk of these gains are light oil: of course NGLs, largely th...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Qatar Petroleum Presses Ahead With Shakeup
...7bn thanks to the startup of the 146,000 b/d Ras Laffan 2 condensate splitter. If it wasn’t for technical problems forcing a temporary shutdown at Ras Laffan 1 in April, the revenue gains would have been higher. November’s $630mn products’ revenue was the highest since July 2014. IOCS IN QATAR’S CR...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
KRG Prioritizes Investor Confidence Over Stability: Will It Lose Both?
...anslate into lower pay. And salary payments are already well behind schedule. Cuts to Peshmerga salaries would further threaten political stability. The Kurdish military force has been fighting the Islamic State since 2014, though its reputation took a severe knock from October’s loss of Kirkuk (MEES, 20...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Libya: Oil Output Doubles In 2017 But Peace Dividend In The Balance
...ability rests largely on whether the new UN plan can be more successful than its predecessor, and the nature of the outcomes that it delivers. In the context of the intensified conflict that developed in Libya with the administrative division of the country in 2014, there have been some notable su...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria To Retain Gas Focus In 2018 As New Fields Start Up
...ternational investment, but suggestions that this would take place in 2017 have come to nothing (MEES, 20 October). Another upstream licensing round has also been on the agenda since late 2014, but this is unlikely to come to fruition before legislative changes are made. BUILDING BRIDGES In the me...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Morocco: Eni Expansion
...lls in 2014. Eni’s new acreage includes all of Portuguese part-state Galp’s former Tarfaya Offshore block, relinquished in 2016, and most of UK firm Cairn’s Juby Maritime block (late 2015). Galp drilled one dry well, TAO-1, in mid-2014 to a depth of 3,518ms. This targeted the Trident oil prospect in...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria: Could 2018 See An End To Deficits?
...nths of 2017, the first time this has happened for any two-month period since 2014. Algerian gas exports have rebounded strongly since September as domestic demand has eased whilst the country has looked to maximize gas output (MEES, 15 September). The start-up of new gas fields – output from the Re...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Iraq Refining Revamp Gathers Pace, But New Capacity Some Time Away
...inia and Kasak plants. Baiji was Iraq’s largest refinery, with 310,000 b/d crude processing capacity, before it was damaged in fighting between Iraqi forces and Islamic State (IS) jihadists in June 2014. NRC is now rebuilding the Salahuddin-1 and -2 units at Baiji, which before IS overran the site ea...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Riyadh Set To Push For Saudi Power Privatization In 2018
...rkets to fund capital programs. Most recently SEC secured a $1.75bn international syndicated loan, taking to $36.2bn the total of outside funding raised since 2007 – including a $13.2bn ‘soft loan’ from the Ministry of Finance. SEC’s lending was highest during 2014-16, with $3.7bn raised in both 2014 an...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Opec In 2018: More Revenue Less Market Share?
...13 2014 2015 2016 2017^ vs 2016 2018^ vs 20...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Saudi 2018 Budget Delays Austerity To Jump-Start Flat Economy
...ending set to hit the highest level since 2014, in a bid to revive its sluggish economy. Despite running up consecutive multi-billion-dollar deficits since 2014, the kingdom still has relatively low levels of debt, and is prioritizing ending its recession over balancing the budget in the near term. Th...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
New Kuwaiti Oil Minister Faces Critical Year; Will He Last Longer?
...ES, 4 August), requiring a further 422,000 b/d. KPI signed an MoU with Indonesia for a 160,000 b/d refinery in 2010, and with China’s Sinopec for a 300,000 b/d project in 2014 (MEES, 13 June 2014), but both projects have stalled. KPI has spoken of potential projects in India and Philippines. KUWAIT GA...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
World Bank Oil Funding Ban To Hit Egypt Hard
...x blocks, a further two in the Gulf of Suez and the South Disouq block in the onshore Nile Delta. Its most recent awards came in 2014, with the North and South El Baraka blocks on the western shore of the Nile following state oil firm EGPC’s Upper (southern) Egypt arm Ganope’s bid round. EF...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
KRG: IOCs Nervously Eye Calendar As Payment Wait Drags On
...16 2015 2014 Tawke 110.0 +2.7 107.3 135.2 91...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Saudi Powers Ahead With Reform Plans
...oks set to hit many Saudi households hard in the pocket and could be sufficient to make many think more carefully about electricity use. According to UK consultant Enerdata, Saudi household electricity consumption averaged 24,030kWh (2,002kWh/month) in 2014. This is roughly double US consumption, wh...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Qatar Petroleum Targets Transformation, Embargo Or No Embargo
...rth Dome gas field (MEES, 7 April) – Mr Kaabi’s moniker was earned for his role in the moratorium on development of the field enacted in 2005 (MEES, 19 September 2014). He then in July, less than a month into the embargo, unveiled a plan to double the size of the planned expansion, boosting Qa...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Qatar Revives Plan For New Petchems Capacity
...The revelation by QP chief executive Saad Sherida al-Kaabi of plans for a new “world scale” petrochemicals project in Qatar (see p14) represents an about-turn after the company ditched plans for a major polyolefins project in 3Q 2014 and a large ethylene glycol project in early 2015. Mr Ka...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Israel Gas: Will Relaxing Regulations Spur Development?
...sues are hardly a new thing for Israel’s gas industry. The writing has been on the wall since 2014 when Australian LNG experts Woodside pulled out of a $2bn deal to take a 25% stake in Leviathan citing regulatory uncertainty (MEES, 23 May 2014). Israel’s offshore was subsequently closed for bu...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017