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Egypt Refining Sector Start-Ups Will Reduce Imports, But Bill Will Keep Rising
...further slippage. Updates from Enppi suggest that the start-up schedules may be further delayed. Enppi is also building an asphalt unit for Suez Oil Processing Co (SOPC). When awarded the project in late 2014, Enppi anticipated completion in 2017, which suggests that 2018 is still achievable. Ho...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Saudi Electricity Borrows $2.6bn To Fund Capital Projects As Debts Soar
...test loan is the firm’s largest from the international finance sector, it is dwarfed by a $13.2bn government ‘soft loan’ provided in 2014 (see table). The firm’s total stock of finance market lending is now almost double that sourced from the government. Nevertheless, money owed to the Ministry of Fi...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Services Firms Are Looking Up In 2018: US The Key Driver, Mideast Solid
...lliburton both posted an increase in revenue in 2017 bolstered by increased activity in North America. Schlumberger saw revenue increase from $27.81bn in 2016 to $30.44bn in 2017 although that is still some way shy of 2014’s record $48.58bn. Schlumberger was the only firm of the three that managed to po...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Algeria Notches Up $11bn 2017 Trade Deficit; Total Since 2015 Hits $45bn
...end crude hit $64.74/B, the highest since November 2014. December’s monthly deficit, at $490mn, was below $500bn for only the second time this year. ‘Import cover’ (the value of exports as a percentage of imports) rose to 88%, well up on the 2017 average of 75%. Revenues will have continued to rise wi...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Output At Key Kurdistan Oil Field Could Fall 60% in 2017
...nel 75% op, KRG 25%) and Bina Bawi (Genel 80% op, KRG 20%) gas fields are also suffering further. The operations update strikes a pessimistic stance regarding progress at the fields in 2017. TAQ TAQ RELEGATED TO SECOND TIER In 2014, Taq Taq was the largest producing field in Iraqi Kurdistan – ou...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Libya’s NOC To Lift Investment Moratorium; But Divisions Remain
...TAGE Crude output of 715,000 b/d on 22 January was the highest level since November 2014, according to MEES figures. But this level, up from December’s average figure of 600,000 b/d, didn’t last for long. Output subsequently dropped by about 60,000 b/d due to a fire at a substation supplying power to...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Oman’s Reliance On Chinese Crude Export Markets Deepens
...13 2014 Oil Output 1004 +23 981 1007 -2 +18...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Saudi Ups Power Profits Ahead Of Planned Sell-Off
...s not clear how SEC would fare, given that average customer payments were lower than generating costs. The results for 2016, however, suggest that the company’s finances are now better balanced. SEC’s 57.3% fall in net profits from 2014 to 2015 underlines another problem facing the company, be...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
GE $1.4b Iraq Power Deal
...tual generating capacity. However, the ministry says that Iraqi electricity supply reached a peak of 13.4GW in 2015, up from 12.3GW in 2014. ...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
GCC Drilling Remains Strong Despite Upstream Capex Cuts
...d 48 respectively, according to Baker Hughes figures. The national oil companies (NOCs) in the GCC have capitalized on costs plunging alongside oil prices since the second half of 2014. Contracts have been signed at well below the previous market rate. According to the IEA’s World Energy In...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Iraq: Mosul Offensive Gains Momentum Amid Lingering Failures
...wly-trained army units or those existing prior to 2014 performed well. The bulk of the fighting was performed by the special forces Counter-Terrorism Service (CTS) and Interior Ministry federal police. One new problem, as noted by Yahya al-Kubaysi of the Iraqi Center for Strategic Studies in an in...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Politics Prioritized As Lebanon Advances Bidding Plans
...ismic over its whole offshore, drawing up prospective blocks (though not deciding which to offer), and pre-qualifying firms. But then politics got in the way. In the absence of a president, bidding was repeatedly pushed back (MEES, 4 October 2013) and in the end quietly shelved (MEES, 6 June 2014). Re...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Saudi Petchem Profits Up 8% In 2016, But Sabic Under Pressure
...SR22.95bn ($6.12bn) for 2016, an increase of 8% from 2015’s SR21.25bn ($5.67bn). Nevertheless, their combined net profits were still 33% lower than for 2014, when high crude oil prices supported linked petrochemicals prices until their late-year crash (see table 1 & chart). Likewise, while th...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Sabic Buys Out Shell From Sadaf JV For $820mn
...andoned the plan after the results of a feasibility study “were not encouraging” (MEES, 31 October 2014). They had been considering adding polyol and styrene monomer propylene oxide (SMPO) units to the complex. Shell says the deal marks an early termination of a joint venture agreement that was due to ex...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Jordan Slashes Planned Deficit By 25% For 2017
...lculus. In 2016 the value of Jordan’s energy imports represented 10% of GDP, down from 18% in 2014, according to Energy Minister Ibrahim Saif. Up till 2011, Jordan mostly relied on imported gas from Egypt. But it has since moved to replace Egyptian gas supplies by LNG imports via a floating storage an...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Post-Sanctions Iran Courts Admirers
...lling to just 1.1mn b/d in 2014, prospects for a major resumption of Iranian imports look slim. However, Mr Rohani met with Eni CEO Claudio Descalzi in Rome on 26 January, and discussions will doubtless have covered resuming purchases of Iranian crude. Eni figures show that the company purchased $74...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Iran Gas Production Set To Rise While Exports Remain Low
...an’s producing oil fields have decline rates of between 5-8%. Iran therefore needs to utilise enhanced oil recovery (EOR) techniques involving reinjecting natural gas to achieve its oil production targets. Iran injected 31.75 bcm of gas into oil reserves in 2014, down from 35.37 bcm in 2012 and well be...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Suez Canal Oil Transit Hits 2015 Peak But Revenues Fall
...sult of last years’ low oil prices compared with 2014, which improved refining margins and encouraged European refiners to export to Asia. Hence gasoline transit leapt 66.2% to a record 9.86mn tons (230,000 b/d) and naphtha rose 18.7% to a record 18.25mn tons (410,000 b/d). Southbound LNG transit am...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Can Climate Change Catalyze Middle East Economic Reform?
...otovoltaic (PV) and wind technologies have become a greater incentive for investors. According to IRENA, onshore wind costs have been declining over the past years, with the best projects delivering electricity at $0.05cents/kWh without financial support. The price of solar PV modules fell by around 75% in 2014...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Egypt’s $3.7bn ERC Project On Schedule
...mpany (CORC) refinery, for upgrading into 75,000 b/d of mainly lighter products (MEES, 25 April 2014). However, Mr Sa’d told Egypt Daily News that ERC will need to import 1.2mn tons/year (24,000 b/d) of crude oil feedstock, as CORC’s fuel oil production will not meet the cracking unit’s needs. He sa...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016