- Sort by:
- Score
- Published ▼
-
OPEC Risks Becoming An Irrelevance As Revenue Again Tanks
...at Opec says would require a massive $10 trillion in investment. PROBLEM, WHOSE PROBLEM? Mr Badri pulled out a slide showing that all of the net global supply growth – some 6mn b/d of it – between 2008 and 2014 came from non-Opec countries. The inference is: ‘They caused the problem, it’s th...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
OPEC Revenue Lowest For 11 Years; Markets Indicate Further Slide In 2016
...alyst notes. They can’t afford to maintain social spending. But they can’t afford not to. OPEC 2016 OIL EXPORT REVENUE WOULD BE 70% DOWN ON 2014 BASED ON CURRENT FUTURES PRICES ($BN) SOURCE: OPEC, DME, *MEES CALCULATIONS. FOR 2016 'A' USES AVERAGE BRENT FUTURES FOR 1-21 JAN; 'B' USES AV...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Oilfield Services Firms Face More Cuts: Middle East Activity Remains Resilient
...hlumberger, the world’s largest oilfield service firm, saw its overall profit more than halve, falling by 60% to $2.14bn in 2015 from $5.35bn in 2014. The fourth quarter of 2015 saw the firm post a loss of $989mn after managing to remain in the black throughout the rest of the year. Speaking on the firm’s 22 Ja...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Energy Reverses Production Decline With Iraqi Start-up
...versed two consecutive months of falling overall output for the firm, which remains well down on Q4 2014 production of 26,780 b/d. Block 9 is located in Iraq’s oil heartland of Basra. KEC spudded the Faihaa-2 Well at the block on 3 January and estimates that gross output will rise above 5,000 b/d in mi...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Strikes Overly Optimistic Stance On PNZ
.... The 300,000 b/d offshore Khafji field has been closed since October 2014. Kuwait has lost around 250,000 b/d of output from the PNZ and has been unable to compensate for reduced output. It produced 2.88mn b/d in September 2014, but just 2.75mn b/d in December. While renewed PNZ production wo...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Algeria’s Oil & Gas Revenues Plunge 41% In 2015
...Algeria’s oil and gas export revenues, which account for around 95% of the total, have fallen by a whopping 41% in 2015 to $35.72bn from $60.3bn in 2014, as a result of the crash in oil prices, according to statistics published by the Algerian Ministry of Finance. MEES number-crunching in...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
IMF: Saudi Fiscal Reforms A Positive Step, More Needed
...pressing economic growth in the private sector and curtailing non-oil economic activity, as many companies in this sector depend on public sector spending. The IMF therefore expects growth in 2016 to average 1.2% and rise to 2% in 2017, down from 2015’s 2.8% and 2014’s 3.5% (MEES, 22 January). Ad...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Iraq Pledges Higher Oil Exports Despite Market Pressure
...l prices, virtually the country’s only source of revenues. With the economy burdened by excessive spending in 2014, when the government operated without a budget, and given the more than $60/B slide in oil prices since June last year, the Iraqi minister has his work cut out. In addition to tr...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Iraq, Shell Sign For $11Bn Nebras
...bsequently to 7mn t/y. Baghdad’s later Integrated National Energy Strategy envisages 15.6mn t/y by 2030. However, Nebras faces major hurdles besides Iraq’s perilous security situation: BGC’s work is behind schedule (MEES, 10 December 2014); and tumbling oil prices are undermining investment. Shell an...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Oman Targeting Record Oil Output In 2015
...tput from 2014, which at 943,000 b/d was already at a 13-year high. Oman has since mid-2013 been talking up its potential to boost domestic oil production to 1mn b/d, having achieved year-on-year increases in output every year since 2007 (see graph), primarily driven by majority state-owned Pe...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Oman’s Abu Tabul Gas Starts Up
...salination and petrochemicals sectors. Project operator, state-owned Oman Oil Company Exploration and Production (OOCEP), officially inaugurated the field late last week, though production has been running since November 2014. Output, currently at 27mn cfd of gas and 2,500 b/d of condensate, is expected to...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
India Scrambles To ‘Correct’ Iran Crude Imports Ahead Of Obama Visit
...the first three quarters of this fiscal year (April 2014 – March 2015) versus last, violating in theory, the terms of the Joint Plan of Action (JPA) – the interim nuclear deal struck between Iran and world powers in late 2013, which required Iran’s oil customers to maintain purchases at what was th...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Unrest Threatens Yemen Oil, LNG Operations As President Quits
...tput offline. Operations at Blocks 18 and 5 in the nearby Marib province – operated by state-owned Safer Petroleum and Kuwait Energy respectively – are also hit. Here violence has escalated as the Houthi movement pushes further east (MEES, 19 December 2014). These stoppages have dragged output in th...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi Capacity Tops 2.9mn B/D As Yasref Ships First Products
...erations began in June 2014 – will receive crude from the 900,000 b/d Manifa offshore oil field, which had been due to reach full capacity at end-2014 (MEES, 28 November 2014). SAUDI ARABIAN REFINERIES Refinery ‘000 B/D Start-Up...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi, UAE Refinery Throughputs Down
...e Takreer Expansion plant, with a view to full start-up in early 2015. Meanwhile, analysis of the JODI numbers shows that Saudi refinery outputs exceeded crude inputs by an average 138,000 b/d over the 12 months to November 2014. While monthly differentials will rise and fall because of products st...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt Plans 20GW Of Extra Coal Plants, 4.3GW Renewables
...nerating capacity reached 31.45GW at the end of 2014, according to MEES estimates. This includes 14.46GW of steam turbine capacity, configured to burn either oil or gas, as well as 13.51GW of gas-fired (combined cycle plus open cycle gas turbines) and a total 3.49GW of hydro and renewables. Mr Shakir sa...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
OPEC Puts Russia On The Spot, Again
...ntribution, OPEC is unlikely to act alone. Saudi Arabia and Russia are the top two producers of oil and liquids in the world after the US, which has now overtaken the two oil giants as the world’s leading oil producer. Not only did US crude output soar by 1.2mn b/d to 8.66mn b/d for 2014, but NGLs output ro...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Algeria Shelves Shale In Face Of Protests, Economics
...ale (MEES, 3 October 2014). CONVENTIONAL CHALLENGE Algeria’s keenness for shale always appeared somewhat ill thought out. The country would do better to first focus on more general improvements to the country’s business environment that would facilitate conventional oil and gas exploration and pr...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt: Shale Advances
...ES, 7 February, 2014), but Egypt has been keen to tout a deal signed last month with Shell and US firm Apache which will see Egypt’s first fracking and horizontal drilling into shale rock. Cairo also plans to offer shale gas-prone acreage in an upcoming bid round and says it will boost remuneration to fi...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Service Firms Retrench Despite Record Mideast Takings
...urth quarter of 2014. This was mainly “driven by record revenue in Saudi Arabia and Bahrain and robust activity in Kuwait and the UAE,” the firm says. The region accounts for just under a quarter of Schlumberger’s overall revenue. Drilling in Saudi Arabia hit all-time record levels in 2014, with a mo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015