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Kuwait Budgets For Lower Deficit In 2017-18
...99-2000, Kuwait in 2014-15 posted its first budget deficit of KD2.72bn with the start of the collapse in oil prices in mid-2014, following which the deficit began to grew in the following two years. Mr Salih notes that the projected budget deficit in 2017-18 will be covered from reserves and issues of bo...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Qatar’s Sovereign Wealth Fund Shifts Focus And Gear
...e US has been the favorable changes to tax laws for sovereign investors buying property. Furthermore, in early 2016 ‘qualified foreign pension funds’ were exempted from the Foreign Investment in Real Property Tax Act (1980). Under Shaikh ‘Abd Allah who was appointed CEO in 2014, the fund has de...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
East Asian Importers Take Less LNG In 2015; Little Sign Of An Upturn In 2016
...ticeable change, albeit largely anticipated. Japan imported a record amount from Malaysia in 2015, or 15.57mn tons, helping it overtake Qatar as the second largest supplier in 2014 (behind Australia at the time). LNG shipments from Qatar to Japan fell by 9.6% annually to 14.64mn tons (see graph 3). In...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Kuwait Refining Earnings Undermined By Weak Product Export Prices
...eraged 277,000 b/d for Q1-3 2015, up 55% on 2014’s 178,000 b/d. KNPC’s earnings from domestic sales are fixed at heavily subsidized prices. With pressure rising on Kuwait to cut subsidies, Mr Mutairi tells official news agency KUNA that the cost of refining oil in KNPC’s refineries is in the range $4-...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Iran And Saudi Arabia Drive Opec Output Rise As Indonesia Returns
...2mn b/d to 3.5mn b/d by 2017, Iran looks set to pull away. Kuwait has fallen behind since October 2014, when a dispute with Saudi Arabia over management of the Partitioned Neutral Zone (PNZ) led to production falling there, and halting altogether in 2015. Chevron said in its Q4 2015 conference call on 29 Ja...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
More Trouble For Algeria As Hess Walks Away
...2000 to 50,000 b/d in 2005 with completion of Phase 1 water injection, but plans to raise this further with miscible gas flooding were never finalized. Output subsequently tanked, bottoming out at just over 10,000 b/d (5,000 b/d net to Hess) in 2013. Hess’ net figure rose to 7,000 b/d for 2014 (9,...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Oxy Sees Yemen Exit Looming, Continues To Streamline MENA Operations
...perience in Yemen.” Given the exodus of firms from Yemen since 2014 following the outbreak of conflict between Houthi rebels and the Saudi-backed government, this looks highly optimistic, unless it sells to a state-owned company. Oxy is less optimistic that its efforts to pull out of the similarly-co...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
DEA Appoints New Egypt Chief
...dwitz was previously managing director of DEA’s Suez Oil Company (SUCO) JV with Egypt’s state oil firm EGPC from 2006 to 2008. Between 2008 and 2014 he headed DEA’s Libya operations before a brief stint in Turkmenistan and the UK. The firm’s most recent success story is the 200mn cfd Disouq field in th...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Kuwait’s Budget Deficit Set To Soar As Spending Continues Despite Subsidy Cuts
...venue (KD740mn for 2016-17) which is allocated to Kuwait’s ‘Reserve Fund for Future Generations’. For the 2014-15 fiscal year Kuwait posted a deficit of KD2.31bn, the first deficit since 1999-2000. Mr Salih says that as Kuwait has large financial reserves it has yet to feel the full force of the co...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
GCC: More Debt Planned
...With oil prices 70% down on their 2014 peak, GCC member states Saudi Arabia and Bahrain are reported to be considering tapping global markets to make up for loss of oil revenue. Saudi Arabia, which currently enjoys adequate fiscal buffers, is not in a great hurry to hit the bond market. Th...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Accusations Fly Over South Sudan Oil Field Attack
...rrent oil output was left unaffected, as the fields in Pariang – along with the remaining fields in Unity state – have been offline since coming under sustained attack by rebel forces in December 2013 (MEES, 3 January 2014). Operating consortia Greater Pioneer Operating Company (GPOC - Blocks 1 and 4) an...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Oman Bid Round Results By End-February
...ltanate. Both Blocks 18 and 59 were offered as part of an earlier round in November 2012 without attracting any serious interest. But following some recent discoveries in nearby acreage, the MOG decided to rebid them once again in July 2014, but to no avail. “Offshore there isn’t much promise. We di...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Is Morocco’s Offshore Boom Over Before It Began?
...penditure plans. Pricey frontier exploration is typically the first thing to go, given that at current oil prices even a big deepwater discovery could prove uneconomic to develop. 2014 DRILLING 2014 was billed as a key year for the country’s hopes of becoming a major oil and gas player, however of th...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Shell LNG To Jordan Expected In July
...lumes of as high as 590mn cfd (MEES, 19 December 2014). The FSRU receiving terminal is being built by the Bermuda-registered Golar LNG, which had previously said that the Golar Eskimo FSRU would be completed by the end of 2014 and enter into service in early 2015. Golar was awarded the $445mn co...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Oman Awards Ras Markaz Crude Terminal FEED
...ES, 12 July 2013). The Ministry of Oil and Gas (MOG) expects crude and condensate production to average 965,000 b/d this year, an increase of 22,000 b/d over 2013 output, which was itself a 13-year high (MEES, 23 January). Oman’s crude oil exports averaged 800,000 b/d in 2014, according to latest MO...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
EGPC Outlay On Refinery Upgrades To Top $17Bn
...raight-run Cairo Oil Refining Company (CORC) refinery, will process 107,200 b/d of residue from CORC to give lighter products including 46,300 b/d of diesel, 12,800 b/d of jet fuel, 7,600 b/d of naphtha and 2,500 b/d of LPG (MEES, 25 April 2014). Deliveries of equipment are due to begin in August. Tw...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Dubai Picks ACWA For Solar Expansion, Plans 200MW
...October 2013). The ACWA-led consortium was one of 10 selected by DEWA to bid for the project (MEES, 28 November 2014). Mr Tayir says the selection of ACWA and TSK was based on their “lowest recorded bid received for a solar PV IPP project” – 200MW capacity with a levelized cost of energy of $0....
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
No Shift In Saudi Oil Policy, But A Slight Change In Tone
...mp up to full capacity of the Satorp and Yasref refineries, which together have a combined capacity of 800,000 b/d. At the same time, non-OPEC supply, which grew by 1.5mn b/d on an annualized basis in the fourth quarter of 2014, will continue to rise, Jadwa says, with an expected year-on-year in...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Aramco Doubles S-Oil Equity As Part of Asian Push
...trochemicals capacity – 1.7mn ton/year of paraxylene and 450,000 t/y of benzene produced from naphtha feedstock – matches Aramco’s increasing overlapping of refining and petrochemicals business (MEES, 4 July 2014). The Saudi state energy giant is developing 6mn t/y of specialty petrochemicals capacity at tw...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Total Snags Stake In New UAE Onshore Concession
...t timelines have lagged largely because of a shortage of offshore rigs. The former 75-year concession, in which Total, Shell, BP and ExxonMobil each had a 9.5% stake, expired in January 2014. All four were among nine foreign oil companies qualified to bid for a new concession. ExxonMobil, loath to...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015