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Oil Services Firms See Mideast Driving Growth, For 2023 And Beyond
...iven by massive capacity expansion programs in the UAE (see p2), Saudi Arabia and Qatar. “We are poised to certainly have record revenue in Middle East during this cycle, and eclipse the previous 2014 peak [of $11.9bn] by a margin,” SLB CEO Olivier Le Peuch told his firm’s 20 January earnings call. Al...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Iraq’s Trembling Currency Poses Fresh Budgeting Challenge
...od and basic goods prompted Iraqis to take their dissatisfaction to the streets, and the new government is wary of further such destabilizing protests. While having no legal remit over the CBI, the PM has replaced governor Mustafa Ghalib, bringing back his predecessor Ali al-‘Alak (2014-2020) on 23...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Libya’s Waha: Hess Confirms Total, Conoco Each Paid $75mn For Stakes...
...d restored three wells to production that had been offline since 2014, adding a total of 2,500 b/d to production....
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Slimmed Down Services Firms Eye Bumper 2022 Profits
...l three are now comfortably in the black. *With increased demand for their services they are confident of further growth in margins, and profits, for 2022 and beyond; this is despite predictions that the overall market will remain “structurally smaller” than in their halcyon days to 2014...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Opec 2021 Revenues Rise At Highest Rate Since 1973-74 Oil Crisis
...llowing the 1973 Arab oil embargo. Despite last year’s extraordinary growth, revenues effectively just recovered to pre-Covid levels. And those are barely 50% of pre-2014 revenues of more than $1tn. But with Brent breaking above $90/B during intraday trading for the first time since 2014 on 26 Ja...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Libya Oil Revenues Skyrocket To $30bn In 2021
...l products, MEES estimates that Libya’s total 2021 oil exports were worth $29.8bn, the highest figure since 2014. Of course, most oil exporting countries had a good year in 2021. Opec – of which Libya is a member – has seen its revenues recover to pre-covid levels on the back of a sharp recovery in...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Libya Central Banks Agree Reunification Plan
...anches on 20 January agreed a four-point roadmap for reunification of the bank which has been divided on western and eastern lines since Libya split into two parallel governments in 2014. London-based auditing firm Deloitte has been hired to assist the process. The division of the bank has co...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Kuwait Set For 2022-23 Budget Surplus?
...the highest Kuwait has budgeted for since the 2014-15 budget’s $75/B. It is a huge increase on the $45/B assumption that Kuwait used for its 2021-22 budget. That $45/B assumption has proven to be a hugely conservative one, with Kuwait Export Blend (KEB) averaging $73.65/B over April-December 20...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Baker Hughes Finally Inks Gas Processing Contract in Southern Iraq
...Oil, amounting to a huge 51.3% of wellhead output (see chart). Yet for Iraq, these poor figures count as something of a success. Total gas flared last year was the lowest since 2014, while the proportion flared is similar to that of 2010. Since then, crude output grew rapidly following contract aw...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Gas Plant Inauguration Boosts Iran’s Petchems Outlook
...an’s demand for gas feedstock (MEES, 10 October 2014). Much of this has been sourced from the giant South Pars gas field which Iran shares with Qatar, but Iran’s routine flaring of associated gas has long offered another source. Iran’s wasteful flaring puts it behind only Iraq (see p4) in the re...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Jordan Nears 20% Renewables Generation, Oil Shale In Limbo
...e start of imports from Israel’s giant Leviathan field under a 15-year, 45bcm supply deal signed in 2014 (MEES, 5 September 2014). The US-backed deal faced significant opposition on the Jordanian street, but its prompt 1 January startup last year saw Israel emerge as the biggest supplier to Jo...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Oman: Blocks 3 & 4 Finish 2019 In Style
...w the partners were not overproducing. Official Omani figures showed the sultanate broadly compliant each month, implying falls elsewhere. The CCED-operated assets have performed strongly in recent years, nearly doubling from 25,000 b/d in 2014. They now account for a sizeable chunk of Oman’s 97...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Oilfield Services Firms Boosted By Rising Middle East Revenues
...Oil services firms continue to feel the squeeze from low oil prices. Despite concerns over regional upheaval, they are looking to Middle East gas as a key source of revenue going forwards. Industry investment has remained at a low ebb ever since oil prices collapsed in the second half of 2014...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Suez Canal Rides Us Shale Boom With 2019 Traffic & Revenue Records
...crementally risen from $5.5bn in 2014. Suez Canal revenues are one of Egypt’s key foreign exchange earners. The $5.7bn they brought in for the 2018-19 financial year was second only to tourism ($12.6bn) as the key elements of a $13bn surplus on the services element of Egypt’s balance of payments (MEES, 6 De...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Egypt Gas Back On The Rise
...e global market amid suppressed prices (MEES, 20 December 2019). The lion’s share of output comes from the Mediterranean, where output rose to 4.281bn cfd for November. At 64.3% of overall output, this was the highest since March 2014, and nearly double the January 2017 nadir of 37%. The key co...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Genel Farm-In Boosts Development Prospects At Chevron KRG Blocks
...uple of months before the first well was spudded. Sarta-1 tested at 1,000 b/d of heavy crude from the Jurassic reservoir. A second promising well, Sarta-2 was spudded in July 2013, but it was not enough to keep OMV onboard as the firm relinquished in early 2014 (MEES, 28 February 2014). Chevron was fo...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Thailand Crude Imports: Abu Dhabi Cements Top Spot
...lumes were their highest since 2014. An indication that Thailand is casting its net wider for crude is that both supplies from North Africa as a whole and from Libya in particular (15,900 b/d) hit record highs in 2018. There are ‘push’ as well as ‘pull’ factors at play here. One particular to Libya is th...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Libya Halves 2018 Budget Deficit But Remains Hostage To Oil And Conflict
...ipoli-government’s performance. LIBYA PUBLIC FINANCES (LD BN): DEFICIT AT SIX-YEAR LOW IN 2018 AS OIL REVENUES LEAP 76%* *DATA IS FROM TRIPOLI BASED CENTRAL BANK OF LIBYA. EXCLUDES REVENUE RAISED AND SPENDING BY RIVAL BAIDA-BASED GOVERNMENT WHICH SPENT LD36BN SINCE ITS INCEPTION IN 2014 AN...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Kuwait 2019-20 Budget Envisages Bumper Deficit Amid Faltering Oil Prices
....6bn, 93.7% of total income. This would be the highest oil revenue since 2014-15, and the greatest share of the total since 2012-13. Efforts at economic diversification remain as stubbornly distant as ever. Mr Hajraf estimated the breakeven oil price at $75/B before allocation of the mandatory 10% of...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Oman Rounds Out 2017 With Solid Export Revenue Gains
...ound $61/B. If exports remain at 2017 levels, $61/B would bring in about $18bn in 2018 for oil exports alone versus $15.1bn for 2017. Meanwhile, a $70/B oil price would push oil export revenues north of $20bn for the first time since 2014 and could drive the budget deficit down as low as $750mn (MEES, 5 Ja...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018