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BP-Baghdad: Kirkuk Deal Close?
...story at Kirkuk, but earlier talks fell apart in 2020 following a three-year study initially commissioned in 2013, which was interrupted by the rise of the Islamic State in 2014. In August last year, both parties re-engaged in negotiations to develop the field’s Baba and Avanah domes, as well as the ne...
Volume: 68Issue: 02Published at Fri, 10 Jan 2025 -
Kufpec Eyes Portfolio Optimization After Exiting Norway & China
...ina, after picking up assets there a decade ago as part of its ambitious plans to become a mid-sized “international National Oil Company” (MEES, 25 April 2014). While some assets acquired at the time have succeeded, many have flopped, and Kufpec now appears intent on debloating its portfolio starting wi...
Volume: 67Issue: 02Published at Fri, 12 Jan 2024 -
Can Iraq Use Gulf Football Tournament To Score GCC Investment Hike?
...urnament comes as the culmination of Washington-backed efforts to improve Iraq’s relations with its Arab neighbors, especially Saudi Arabia, something that is hoped to counterbalance Iran’s influence in the country. This process began in 2014 when former PM Nouri al-Maliki, an ally of Tehran, departed of...
Volume: 66Issue: 02Published at Fri, 13 Jan 2023 -
Qatar Takes FID On Huge Petrochemicals Complex
...at Qatar had axed its previous planned facilities in late 2014 and 2015 amid a reappraisal of its petrochemical strategy (MEES, 16 January 2015). Back in 2017, Mr Kaabi suggested the facility would have around 1.6mn t/y capacity. But by the time Chevron Phillips was awarded a 30% stake in June 20...
Volume: 66Issue: 02Published at Fri, 13 Jan 2023 -
Neutral Zone Exports Jump To Highest Level Since 2020 Output Restart
...erated by Khafji Joint Operations (KJO) which is a 50:50 venture between Kuwait’s state owned KGOC and Saudi Arabia’s state owned AGOC. KJO halted operations in late 2014 (MEES, 24 October 2014) before restarting in February 2020. Meanwhile the onshore operations are conducted by the 50:50 Wafra Joint Op...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
‘The Opportunities Are Massive’: The Risks & Rewards Of Operating In Libya
...talEnergies-operated Mabruk field has been offline since being badly damaged by Islamist militants in 2014 (MEES, 10 December 2021); North Gialo is a potential 100,000 b/d expansion project for the Waha consortium which groups Total, ConocoPhillips and Hess with NOC. Wazen’s Mr Mejerissi says “There could be...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Oman Approves Cautious 2022 Budget
...s first surplus since 2008 this year. Oman has seen cumulative deficits of $69.3bn for the 13 years since its last surplus. Oman’s annual deficits were at least modest until oil prices crashed in 2014. In 2013, the last full year of high oil prices, Oman’s debt stood at 4.9% of GDP, but it has si...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Libya’s 2021 Finances Boosted By Oil Revenues, Skewed By Dinar Devaluation
...r the first time since 2014, one unified Libyan government was responsible for spending and revenues. Rival parallel administrations in the east and west of the country were replaced by a Government of National Unity (GNU) in March as part of Libya’s peace process (MEES, 12 March 2021). But a bu...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Saudi Crude Exports To Take Fresh Hit Amid Voluntary Cuts
...fining runs at the height of lockdown. Jodi data up to October shows Saudi refining runs averaging 2.14mn b/d over the first ten months of the year, putting throughputs on course for their lowest year since 2014. Nevertheless, refining runs had recovered to pre-Covid levels by the end of 2020 and so th...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
The US Oil Rig Count’s 2020 Rollercoaster Ride
...FROM 670 AT THE START OF 2020 THE US RIG COUNT SLUMPED TO 172 BY MID AUGUST BUT HAS SINCE ADDED 103 RIGS, 60% OF THESE IN THE PERMIAN... ...DESPITE THIS, THE US END-YEAR OIL RIG COUNT FOR 2020 WAS THE LOWEST IN 14 YEARS AND LESS THAN A FIFTH OF THE 2014 PEAK SOURCE: BA...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Opec Keeps Demand Forecast Stable Amid Cloudy Outlook
...ventories in OECD countries. Saudi Energy Minister Prince Abdulaziz bin Salman announced after last week’s Opec+ ministerial meeting that inventories will be judged against the 2014-2019 five-year average, rather than 2015-2020 so as to not be affected by last year’s bloating of global stocks. The la...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
...port volumes in the more recent monthly data. The last three quarters of 2020 were the three lowest quarterly figures since 2014, with Q4 2020 at 2.54mn b/d the lowest of the lot. 1: KOREA CRUDE IMPORTS ('000 B/D): OVERALL VOLUMES SLUMP BUT MIDEAST DOWN MUCH FURTHER.... 2: ...TO...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Yemen: 2020 Oil Exports Up, But Conflict Remains
...nflict. OIL EXPORTS RISE Given the dire situation, the slow but steady progress of the country’s oil sector remains an anomaly. Current production and exports remain at just a fraction of pre-2011 days when production averaged 300,000-400,000 b/d, and even short of the 127,000 b/d produced in 2014...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Iraq Baiji Refinery Sees Restart Of Second CDU
...,000 b/d Salahuddin-2 unit at the Baiji refining complex in northern Iraq, boosting the country’s effective refining capacity by around 10%. The once-310,000 b/d Baiji complex – also called al-Samoud – was completely destroyed in 2014 by Islamic State militants leading to a sizeable drop in the co...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Kuwait Parliament Debates Neutral Zone Deal
...ES, 21 July 2008) – offshore output halted in October 2014, with the onshore portion following suit in May 2015 (MEES, 15 May 2015). The most likely outcome is that SAC will relocate its offices to the town of Khafji around 40km down the coast in the Saudi half of the PNZ. This is where offshore vo...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Taqa Completes $3.5bn Refinancing
...ter oil prices collapsed in 2014. This focused on cutting capital expenditure and reducing debt (MEES, 17 November 2017). Taqa’s main business segments are power and water, mainly in the UAE but also internationally, as well as upstream oil and gas. Upstream Taqa has producing operations in Iraqi Ku...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Saudi Kicks Off 2019 Fundraising With $7.5bn Bond Issue
...test bond issue will partially cover 2019’s projected deficit of $35bn. According to the Saudi Finance Ministry, debt in 2019 will rise by $31.5bn to $180.8bn (21.7% of GDP), implying that considerably more debt would be raised this year. Following the collapse in oil prices in 2014, the kingdom be...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Qatar Petchems To Benefit From QP’s Upstream Ambition
...January 2018 (MEES, 5 January 2018). Driving through such efficiency-boosting measures has been a hallmark of Mr Kaabi since he took over as CEO in 2014. But he also opted to cancel Qatar’s two petchems projects amid falling oil prices. The $6bn 1.4mn t/y Al-Sejeel polymers project (QP 80%, Qa...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Egypt Delays Subsidy Reform With Economy On The Mend
...ntribution to GDP during 2017-18 was a record, but once that is converted to dollars, the $5.95bn was the highest since 2014-15. Tourism receipts for the first half of 2018 rose to $4.8bn, with full year numbers estimated to reach $9.1bn, the highest since 2012. The sector has been rocked by a series of se...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Algeria Set For 11th Straight Deficit In 2019
...ICES WERE OVER $100/B AS SPENDING MUSHROOMED TO HEAD OFF ‘ARAB SPRING’ CONTAGion; DEFICITS BALlOONED AS OIL PRICES SLUMPED FROM 2014 2: BREAKEVEN VS ACTUAL saharan blend* PRICES ($/B): EVEN BASED ON OPTIMISTIC 2019 BUDGET ASSUMPTIONS ALGERIA WILL NEED $88/B TO BALANCE THE BOOKS; FOR 2018 IT...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019