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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