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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 -
Qatar Gets Flexible In Bid To Adapt To Brave New LNG World
...uto 2012 4.3 Woodside Curtis Island - T1 2014 4.3 BG/CN...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
The Iraqi State Faces A Perilous 2017
...e councils and modified the seat allocation formula to disadvantage small parties - as was done in the 2014 parliamentary law. Parliament’s Legal Committee has said that a special law is needed for Kirkuk to hold new elections; its current council was elected in January 2005. If the provincial el...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
BP Back in Business With Abu Dhabi Deal
...1,000 b/d. Both Japan and South Korea have a presence at Adco, while Chinese firms have more overseas experience than those from numbers two and three – Thailand and India. BP FINANCES RENEWED SPENDING SPREE When Total signed up to the renewed Adco concession, which expired in 2014, it paid a $2....
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Qatar Slashes 2017 Budget Deficit But Maintains Spending At High Levels
....5bn) from QR203bn in 2016, with revenue up 14.5% to QR170bn ($46.7bn) from QR143bn ($39.3bn). Minister of Finance Ali al-EImadi emphasized the importance of maximizing efficiency in current spending, as oil, and crucially LNG, prices are set to remain well below 2014 levels next year. But Qatar re...
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 -
Qatar Readies For LNG Dogfight With Rasgas/Qatargas Merger
...clear accident sent Japan’s LNG imports to record levels) until the late-2014 collapse in oil prices. Typical LNG sales contracts are heavily oil-linked, though this linkage is eroding (see p7). But flagging demand and some LNG global supply growth since 2014 has weighed on prices, and reduced sellers’ ma...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Eni Forces Sonatrach Gas Sales Concessions
...2014 when it agreed to include spot market gas prices rather than oil indexation in contracts with the Italian company. This took place in the context of changing patterns in the European market, caused by increased liquidity and competition and reduced demand following the 2008 financial crisis. Eu...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Sonatrach ‘In Talks’ For Gas-Based Petchems
...tput often ends up doing little more than making up for declines at the country’s aging workhorse fields – the IEA’s latest WEO pegs Algeria’s 2020 gas output at 84bcm/year, up only marginally on 2014’s 83bcm. First among these aging fields is Hassi R’Mel, where the award to JGC is just the latest in...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Coal: Dubai Starts Work On 2.4GW Plant, Part Of 21GW Mena Expansion
...these and other western-dominated multilateral institutions which now refuse to fund coal-fired power (MEES, 11 July 2014), leaving funding increasingly in the hands of Asian state lenders, above all China. Acwa and Harbin are required to secure coal supplies for Hassyan 1. Besides the power pl...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Libya: Output Boost Imminent?
...the Murzuq basin in the southwest, operated more-or-less consistently from late-2011 to November 2014 but since then have been shut in by protestors blocking the pipeline at Rayayina in Zintan region, the site of a pumping station en route to Zawiya port. The fields are operated by Spain’s Repsol, wh...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
KRG Output Highest This Year, But Revenues Sink Further
...vernment receipts. The key dampener remains Kurdistan’s huge debt to oil buyers for prepayments in 2014 and 2015. Ashti Hawrami, KRG Minister of Natural Resources, puts the debt accrued to buyers in 2014-15 at $2.3bn, of which MEES estimates around $350mn has been paid off this year, leaving almost $2bn ou...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Should I Stay Or Should I Go? Majors In The KRG
...at exploration is continuing, but progress has been minimal to date. However, the KRG lists Pirmam as “under appraisal” and it carried out drilling at the site in 2014. GAZPROM NEFT • Russia’s Gazprom Neft is the largest IOC to have a producing asset in the KRG. It took over from Ca...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Iraq Budgets For Higher Revenue In 2017 As Oil Prices Rise
...vernment salaries. But this is contingent on the resuscitation of a December 2014 agreement, under which the KRG is supposed to provide state oil marketer Somo with 300,000 b/d from the KRG-controlled Kirkuk fields and 250,000 b/d from fields in the ‘KRG proper’, or the creation of a new agreement. Neither ap...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Gulf Finance: Rise Of The Renminbi
...counted for 74% of direct payments to China and Hong Kong by value, an increase of 52% compared to 2014, according to data provided by international transactions network Swift. Meanwhile, in Qatar, the RMB was used for 60% of all payments, a huge rise of 247% compared to 2014. In absolute terms, the US...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Economic Reform In The GCC: Is Privatization A Panacea?
...By - Paul Stevens* The collapse in oil prices since 2014 has presented serious economic challenges for the countries of the Gulf Cooperation Council (GCC), underscoring the need to diversify their economies away from oil and, above all, develop their private sectors. Brent fell from $11...
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 -
US Hikes 2017 Output Forecast As Firms Prepare To Raise Spending
...ude, having risen above 9mn b/d for the first time in 28 years in September 2014, fell back below this level in April this year on the back of a more than halving in oil prices. While the 9.63mn b/d April 2015 peak is set to stand for some time yet, by the same token it looks increasingly likely th...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Iran Inks Petchems Investment Deals With Japan & China, Shell Adds Upstream MoU
...d of ethane and 100,000 b/d of NGLs (MEES, 10 October 2014). Whether 3.7bn cfd of extra methane and ethane feedstock is available depends on Iran’s completion of further phases of South Pars, on gas burning in power plants and on gas exports. However, Total and Shell appear to be planning to si...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016