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Has Egypt’s Economy Turned The Corner? Time Will Tell
...sition but with very few good news stories coming out of North Africa of late, the recent positivity is a welcome change for Cairo which has had to endure many difficulties since 2011’s Arab Spring. SUEZ CANAL 2017 TRAFFIC (MN TONS): CARGO INCREASES BUT REVENUE STILL BELOW 2014 LEVELS *EX...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Japan Expands Role In Abu Dhabi Upstream
...s target of 750,000 b/d by 2018 (MEES, 11 November 2016). Here Inpex (12%) and Adnoc (60%) are joined by US major ExxonMobil (28%). The contract for Upper Zakum runs until 2041 after being extended in 2014. Crude oil from the three fields is blended to produce the 34° API Upper Zakum grade, wh...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Suez Canal Handles Record Gulf Crude, Diesel But Revenues Down In 2016
...RGETING EUROPE 4: NORTHBOUND DIESEL VOLUMES BROKE ALL FOUR QUARTERLY RECORDS IN 2016 (‘000 B/D) SOURCE: SUEZ CANAL AUTHORITY, MEES. 5: SUEZ CANAL MONTHLY REVENUE ($MN): DOWN 8% ON 2014 DESPITE 2015’s EXPANSION SOURCE: SUEZ CANAL AUTHORITY, REUTERS, ME...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Jordan Keeps Up Renewables Momentum With Solar Award & New Tender
...eld, but these were dashed when UK major BP withdrew from the project after spending $240mn on exploration. BP said further development of Risha was unfeasible due to “very poor reservoir quality” (MEES, 24 January 2014). PROJECT FINANCE Acwa will finance, build, own and operate the Risha PV pl...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Gemsa Up For Circle As Egypt Minnow Shakeout Continues
...sets assumed for zero payment by activist investor Worldview Capital (MEES, 8 April 2016). Like Circle, Petroceltic was partly undone by a reserves-backed lending facility: the collapse in oil prices from the second half of 2014 left a loan (from HSBC in the case of Petroceltic) worth more than the re...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years
...ve severely struggled since the 2011 revolution and despite the more than halving of oil prices since mid-2014, the firm has still been unable to balance its books. Receivables peaked at over $6bn in 2014. “EGPC revenues from sale of fuel products continue to fall short of its costs resulting in th...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Algeria Deficit Tops $17bn; Is Reserve Fund Finished?
...om 2011 to mid-2014 the fund pocketed large surpluses from Algeria’s understatement of oil revenues. The IMF estimates that Algeria’s foreign reserves fell to $113bn at end-2016, down from $143bn in 2015, $177bn in 2014 and $192bn in 2013. This roundabout way of booking oil revenues has been cr...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
GCC Sovereigns Set Out Plans To Boost Their Balance Sheets
...venues – MEES calculations show that 2016 Opec oil export revenues were less than half 2014 levels and down 16.5% on 2015 – led cash-strapped governments to post record-high budget deficits as they grappled with a sudden reversal in fortunes. The deal to cut 1.2mn b/d came into effect on 1 January this ye...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Shell Heading Towards UAE Door Over Bab Exit?
...tober that the production capacity had been reached. KEY ABU DHABI OIL AND GAS ASSETS ADVANCES AT SHAH BUT GAS SHORTFALL TO STAY The UAE has been unable to meet domestic gas demand through local production. According to BP figures, production totalled 57.8 bcm in 2014, while co...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Japan Fires Opening Shot In Battle For Adma-Opco Renewal
...lied to the 12% Adma-Opco concession, Jodco also has a 12% stake in the offshore Zadco concession, which in 2014 was extended to 2041 (MEES, 24 January 2014). Security of supply is likely also a prominent consideration. The UAE supplied 870,000 b/d of crude oil and condensate to Japan in the first 10...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
BP Major Contributor To Egypt Five Year Strategy
...cember and has become increasingly reliant on Gulf benefactors to keep its head above water: since President Abdel Fatah al-Sisi came to power in June 2014 it has received around $30bn in aid from Saudi Arabia, the UAE and Kuwait. But the 75% fall in oil prices since mid-2015 and subsequent collapse in th...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Oman’s Record Annual Output Can’t Mask Revenue Declines
...l exports levels of 844,000 b/d, revenues have nosedived: the $17.41bn figure for 2015 is down by more than 42% on 2014’s $30.1bn (see chart). Oman is therefore slashing government expenditure in the 2016 budget by 11%, including slicing 56% off of its subsidies bill (MEES, 8 January). It has al...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Saudi Oil Trade Hits New Records – Imports As Well As Exports
...vember – both records – boosting overall products imports to 821,000 b/d, also a record (see graph 2). Refined products demand data suggests 2015 figures will show a new peak. This year’s demand to end-November averages 1.97mn b/d, up on a record 1.86mn b/d for 2014, including a new record of 2.14mn b/d in Ma...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Korea Crude Imports Hit Record As Iraqi Volumes Double
...sewhere, Iraq, whose exports of sour medium-to-heavy crude are of similar quality to Iranian grades, has been the key country to pick up the slack (see graph 3). Iraqi volumes hit a record 357,000 b/d in 2015, up by a whopping 84% on 2014 and more than double 2010 volumes. Of the 392,000 b/d 2015 in...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
South Korean LNG Appetite Thins Out, Prices Remain Under Pressure
...ns of LNG to EDF’s trading arm over eight years from 2017. The agreement follows a previous deal formalized in 2014 with France’s Total regarding capacity at the US’ Sabine Pass project that is expected to start up by March. Kogas, which had agreed to take 3.5mn tons/year from the Louisiana pl...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Oman Refining Output Up 5% In 2015, But Set To Fall In 2016 As New CDU Hooked Up
...lletin, for January 2016, shows increased output of most light fuels and in particular gasoil, whose output rose 12.5% from 2014. However, 90 RON regular gasoline declined by over 42% while production of 95 RON super gasoline was increased by 7%. Increasing light fuels output over the last fuel ye...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Saudi Generator Secures $2bn Credit As Part Of Broader Saudi Funding Drive
...generation Regulatory Authority (ECRA) says that SEC collected an average SR0.138/kWh ($0.04/kWh) from consumers in 2014, more than 10% below the average generating cost of SR0.154kWh. ECRA says SEC’s finances are boosted by “soft loans” from government. In 2015 SEC secured $3bn from Korea’s Kexim to help fu...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Iran Return Sends Prices, Revenue Into The Deep Freeze
...mped up estimates of by how much and how quickly Iran can ramp up production and exports. MEES estimates that Iran produced 2.89mn b/d in December, little changed from average 2014 and 2015 levels but 700,000 b/d down on 3.6mn b/d 2011 volumes. Exports last year remained rangebound at 1....
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Libya: IS Attacks Continue, As Does Uncertainty Over Unity Government
...nflicts, a peace deal has been signed between Jebel Nafusa and Zintan in the west of Libya after 15 months of fighting. Zintani forces, affiliated to the official government in Baida (which in turn is affiliated with the HOR in nearby Tobruk), seized the town in October 2014, causing more than 4,000 people to...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Genel Highlights Kurdistan’s Declining Crude Production
...e becoming increasingly evident. Hardest hit is the Genel-operated Taq Taq. Genel figures show that production averaged 116,000 b/d in 2015, but has fallen back to 83,000 b/d in January so far, a 28% fall that pushes it below 2014 output figures. At the DNO-operated Tawke, in which Genel ha...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016