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Iraq Rushes To Jumpstart Projects Ahead Of May Election
...hlumberger has contracts to carry out work at multiple fields, and Russian state firm Zarubezhneft is poised to enter the Middle East as a leading contender at Iran’s Shadegan field. The final firm is Chinese private company Geo-Jade Petroleum which entered the upstream business in 2014 when it acquired Ka...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Key Middle East Producers Ease Off Drilling Going Into 2018
...ngpin Saudi Arabia has seen both drilling and production ease off going into 2018. Its latest oil rig count of 58 is at the lowest level since February 2014 and down 32% from the record figure of 85 hit in April 2015. This fall has been somewhat offset by an increase in drilling for gas, with the nu...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Aramco Ramps Up Domestic Petchems Supply Slate, Boosts Saudi Manufacturing
...d superabsorbent polymer from the original plan (MEES, 30 May 2014). Nevertheless, Aramco and partners Dow (at the Sadara complex) and Sumitomo will offer customers a range of products unprecedented in the kingdom, enabling the manufacturing of goods for global industries including automotives, pa...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Saudi Shortlists Two In Solar Tender – But Not The Cheapest
...ant, which was inaugurated in 2014 after being built as a pilot project by state petroleum firm Bapco to supply some electricity to its Awali refinery. Iran is the largest renewables operator in the region, with 11.64GW of end-2016 capacity. However, 11.49GW (99%) of this is hydropower. Iran’s en...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Opec’s 2017 Output The Second Highest On Record; What Does 2018 Hold?
...another “full year” of cuts in accordance with November’s agreement (MEES, 1 December 2017). For sure, Opec last year secured its first annual output fall since 2014: production averaged 32.49mn b/d. However, the big caveat is that this was just 130,000 b/d shy of 2016’s record 32.62mn b/d and th...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Algeria Bans Imports In Latest Move To Curb Deficit
...15 2014 2013 REVENUE (AD BN) 6,714 +19.1 +14.1 +41...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Iran Prepares To Boost Gas Exports
...is was a significant fall from 2014 when Turkey imported 8.9bcm of Iranian gas out of 9.6bcm total exports. 2016 exports to Turkey look to have fallen slightly to 7.7bcm, presuming the last two months’ numbers are in line with normal seasonal trends. Turkey and Iran have a 10 bcm/year gas sales ag...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
KRG Set For Modest Oil Output Gains After Painful 2016
...December 2013) but a series of flops have kept output at an average of around 2,500 b/d since June 2014 start-up. Production did edge up to 3,100 b/d in the fourth quarter 2016 but it has since fallen back to 3,000 b/d. Production from Zeg-1 is “currently constrained” to 1,500 b/d of 35.5° API cr...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Aramco Awards Ras Tanura Clean Fuels, Seals Indonesia Deal
...0,000 t/y - Toluene 70,000 t/y RAS TANURA REFINERY OUTPUT ('000 B/D) 2015 2014 2013 20...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Saudi Cuts Deep To Boost Prices, But Will US Shale Pocket The Gains?
...is has supported crude prices, with Brent trading at around $56/B as MEES went to press. With their revenue streams in tatters and mounting budget deficits – MEES calculations show that 2016 Opec oil export revenues were less than half 2014 levels and down 17% on 2015 (MEES, 6 January) – the cl...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Dubai Edges Up Spending
...20. Upcoming events like Expo 2020 and the expected increase in infrastructure spending could help reverse Dubai’s recent economic slowdown, which saw the real estate market in summer drop by around a quarter since the most recent peak reached in 2014 (MEES, 29 July 2016). “The greater diversification of...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Iran Inaugurates New South Pars Phases, But Ambitious Targets Look Unrealistic
...reement: actual supplies through the Tabriz-Ankara pipeline were lower at 8.9 bcm in 2014 (MEES, 11 December 2015). Prospects for increased volumes appear slim due to an ongoing pricing dispute, which is currently being considered by the International Court of Arbitration. Iran has an agreement to export 70...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Oman, Bahrain, Qatar Follow Saudi In Hiking Fuel Prices
...3.7bn ($12.18bn) in 2014, of which oil products accounted for 35% (MEES, 11 December 2015). However, Commerce Minister Yusuf al-‘Ali has said the plan is to rationalize subsidies to improve targeting of needy people. While the political rationale for maintaining high subsidies to placate the po...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Aramco Clarifies Downstream Divestment Plans After IPO Announcement
...id. SAUDI ARAMCO DOWNSTREAM ASSETS *EXCHANGE-LISTED. SOURCE: ARAMCO, PARTNERS. SAUDI ARAMCO UPSTREAM, 2014 SOURCE: ARAMCO....
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Jordan Steps Up Power Diversity Efforts, Eyes More LNG Imports
...2014 to receive gas from Israel’s Leviathan field, but Jordan has since said the agreement no longer holds (MEES, 18 December 2015). Though Egypt’s recent discovery of the giant Zohr gas field has reopened the possibility of future gas exports, a resumption of shipments through the Arab Gas Pi...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
US Crude Defies Expectations, Thwarts Saudi Strategy
...d the country’s 16-year low rig count numbers (see p19), posting an average of 9.4mn b/d in 2015 – up a further 100,000 b/d on the figure the US government’s Energy Information Administration (EIA) was predicting even a month ago – versus 8.7mn b/d in 2014. It does however estimate a larger fall in cr...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
IS Attacks Again As Baida-Aligned Guards Block Tripoli Crude Shipment
...mpeting authorities. Tripoli-based state oil company National Oil Corporation (NOC) has attempted to ship its first cargo from the Ras Lanuf export terminal since force majeure was declared at the facility in December 2014. Following attacks against the Ras Lanuf and Es Sider terminals by Is...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
KRG Falling Oil Revenue Exacerbates Economic Crisis
...vering the backlog in the salaries, and pay international oil companies (IOCs). There are currently no indications that a resumption of the December 2014 agreement is imminent. Indeed, in the KRG Ministry of Natural Resources Monthly Export report for December 2015, the section detailing de...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Gulf Keystone Cash Position Slowly Improves on KRG Payments
...mn gross, with Gulf Keystone receiving net payments of $12mn. The previous payment had been received on 2 December. In the interim period, the company’s cash balance increased slightly from $54.6mn to $58.4mn. This is considerably down on the firm’s position at the end of 2014. Its cash re...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
IMF Approves Iraq Monitoring Program
...frastructure and assets, disruptions in trade, and deterioration of investor confidence.” Under the SMP, the authorities will cut spending in line with revenue. They will also aim to reduce the non-oil primary deficit by $20bn, or 12% of non-oil GDP between 2014 and 2016, according to the IMF. Ac...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016