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US Exports & Global Trade – MEES Special Report
...king itself felt in data for NGLs – exports of which had been tolerated from late 2014 as long as cargoes were lightly processed (MEES, 17 October, 2014). NGLs exports are also on target for a record 2016, having averaged 1.2mn b/d in the first nine months. CRUDE: EXPONENTIAL GROWTH… While US cr...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Bahrain: Ambitious Gas Plans Boosted By LNG Import Go-Ahead
...ow to the seemingly shelved plan to build a 9mn tons/year (1.3bn cfd) onshore LNG import terminal at Fujairah. DOMESTIC GAS EXPANSION SLOWS Bahrain has been considering LNG imports for some time and initially intended them to have begun in late 2014. In 2012, then-Minister of Energy and Ch...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Kuwait: New Oil Minister Eyes Neutral Zone Restart
...wait plan to resume production from the offshore Khafji field in the PNZ shortly. The 300,000 b/d Khafji is operated by Khafji Joint Operations, a joint venture between the Kuwait Gulf Oil Company (KGOC) and Aramco Gulf Operations Company (AGOC). Production has been halted since October 2014, when Sa...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Kuwait Targets Heavy Oil Reserves With Eye On Future
...arted up a second pilot plant a month ago to test the same techniques in the south of the field; its initial pilot facility remains operational. KOC plans to ramp up Ratqa production here to 270,000 b/d by 2030. The Lower Fars reservoir of Umm Niqa was only discovered in 2014, but production began th...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Iraq’s Unattractive Contracts Claim Fresh Victim As Shell Eyes The Exit
...newing its stake in Abu Dhabi’s onshore Adco concession following its 2014 expiry, this would leave it with just Oman, where it has a 34% ‘leading’ stake in dominant 600,000 b/d producer PDO, a source of currently producing Mena oil. On the gas front, Shell’s Mena gas exposure is also evolving. In Ja...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Leviathan Partners Line Up Funding But Still Short On Sales
...o most likely options – before sanctioning the project. This is clearly not now going to happen. The partners signed a letter of intent with BG (subsequently taken over by Shell) in June 2014 for the supply of 105bcm of gas over 15 years, an implied 685mn cfd, to the firm’s Egypt LNG liquefaction pl...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Total Aims To Become Mena’s Dominant IOC
...eld takes over in June 2017 and could provide Total with around 90,000 b/d, potentially seeing it overtake ExxonMobil to claim top spot in the region for liquids. 1: TOTAL CLAIMS 40% UPSTREAM COST CUTS SINCE 2014 SOURCE: TOTAL, MEES. 2: TOTAL'S RENEWED ADCO SHARE SEES IT OV...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Abu Dhabi Oil Shake-Up: Hold On To Your Hats
...1.4mn t/y of paraxylene and 500,000 t/y of benzene, for which Adnoc’s petrochemicals subsidiary Chemaweyaat and Thailand’s Indorama signed a joint venture agreement in late 2013 (MEES, 3 January 2014). Indorama reportedly pulled out of the project in March 2016, and Chemaweyaat has not announced an...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Algeria Raises Oil Output On Merk Record, Ourhoud Rebound
...mpression project involves two gas turbine driven compressors and expansion of the inlet liquid handling and associated utilities. BP first announced the investment in 2009, for 2014 start-up (MEES, 10 August 2009): it was already running behind schedule before the January 2013 attack knocked it further off co...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Jordan: Opposition To Israel Gas Deal Strong But Ineffectual
...rged Egyptian gas was cut-off in 2011, its deficits were close to this $700mn figure, reflecting a state subsidy through debt. Despite the economic necessity, domestic politics weigh heavy and a letter of intent with almost identical terms that was signed in September 2014, was canned just over a ye...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Libya Output Continues To Rise In Wake Of Renewed Sirte Basin Production
...scribed in its 2014 annual report as a “significantly reduced rate” (MEES, 24 April 2015). 4Q14 output averaged just 129,000 b/d, and the full year average was 50,000 b/d. Production capacity at the fields has declined in the meantime. In its 2014 report Hess said a lack of regular maintenance had im...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Libya Loses $1.2bn Goldman Sachs Court Case
...led in 2014 (MEES 2 September). The LIA claimed compensation of $1.2bn from Goldman Sachs over allegations relating to nine trades executed for the fund in the first four months of 2008 in which the bank earned more than $200mn but the LIA lost the bulk of its investment. The LIA alleged that Go...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
In Search Of An Equilibrium Oil Price
...recent IEA figures –broadly in line with those presented by companies themselves – of the 43% fall in global upstream capex between 2014 and 2016 “two thirds is due to cost reductions.” Costs fell by 15% on average in 2015 and are set to fall by a further 17% this year according to the IEA’s re...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
GCC Countries Keep Middle East Drilling At Near-Record Levels
...th the rig count in September going above 500 for the first time since February, reaching 524 in the first week of October, according to weekly data. But this is still more than 70% down on October 2014 when it hit a record 1,929. • Drilling in Egypt has yet to see an uptick from the recent mo...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Iraq’s Falling Crude Burn Bolsters Exports
...dget’s 3.25mn b/d, then revenues will rise for the first time since 2012. Moreover, they will rise above 2014 levels, hitting $55bn ($4.55bn/month – see chart). Baghdad exported 31,000 b/d from storage in the Turkish port in Ceyhan last month, the first such exports since September 2015. All federal ex...
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
...U). …SECOND TIME LUCKY Despite Noble 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 Jo...
Published 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 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