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Middle East Upstream Spending Faces Trying 2016
...wn from 51 for December, 60 for January 2015, and a whopping 90 for January 2014 before the mid-2014 advance of Islamic State when the exploration boom in Iraqi Kurdistan was in full swing. International oil services firms all saw their revenues dive in the fourth quarter 2015, though their Mi...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Iran Eyes Growing Gas Shipments To Armenia, Turkey
...ighbor with which Iran gets on best. Iran exported 9.6 bcm of gas in 2014, with Turkey (8.9 bcm) the key market; Iran also imported 6.9 bcm, with over 90% coming from northern neighbor Turkmenistan. Alireza Kameli, head of the National Iranian Gas Exports Company puts current Iran-Armenia sh...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Qatar Signs Long Awaited LNG Deal With Pakistan But Belt Tightening Continues
...creasing competition. Global capacity rose from 270.9mn t/y in 2010 to 301.2mn t/y in 2014 according to the International Gas Union (IGU). With more new capacity set to come online in Australia, the US and elsewhere, this competition is set to grow increasingly fierce. CHANGING REALITIES FOR QATAR Th...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Iran Inks First Post-Sanctions Petchems Deal: Will It Catalyze Sector Revival?
...ickly by rising supply from South Pars. NPC production control director Ali Bossaqzadeh says NPC output is expected reach 47mn tons in the current Iranian year (ending 20 March 2016) and 52mn tons for 2016-17 up from 44mn tons for 2014-15. Iran’s Oil Minister Bijan Zanganeh this week projected NPC wo...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Saudi Power Sector Needs $130bn Over 10 Years, Efficiency Targeted
...vel. Mr Husain told a conference in Riyadh this week that Saudi electricity demand reached a new high of 62.26GW in summer 2015, which was 10% up on 56.55GW recorded in 2014. While a 45% demand hike over eight years is high in global terms, it is still modest compared with a 64% increase over 2008-15 (se...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Global Oil Overhang To Persist Throughout 2016
...17, down 1.17mn b/d from the Q2 2015 peak of 9.50mn b/d, but still level with 1H 2014 volumes. Opec has left its global demand projections unchanged in its latest monthly oil market report (10 February) and has revised up its forecast for the fall in non-Opec supply in 2016 by 50,000 b/d to 71...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Algeria Reaches Critical Crossroads
...meframe remains vague, perhaps reflecting the government’s cautiousness. Protests for social issues have taken place in past years – although localized and relatively small in size – and the effect of last year’s anti-shale protests that started in December 2014 were largely unexpected. These events re...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Iraq: Baghdad, Erbil, Struggle To Correct Economic Course
...pointed him as acting CBI governor just before leaving office in September 2014. Since then, he has worked closely with Mr Abadi, who has appointed several of his relatives to key positions. His brother, Mahdi al-Allaq, plays a vital role in executive administration, currently heading both Mr Abadi’s own of...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Morocco: QP Boost
...major’s share to 45%. Moroccan state Onhym retains 25%. Chevron signed up to explore the three virgin blocks in early 2013 (MEES, 1 February 2013). It undertook 2D seismic in 2014 and 3D last year. Chevron’s entry – the first major in the Moroccan offshore – was followed by BP (MEES, 18 Oc...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Egypt: Is Gulf Cash Enough To Counter Gas Collapse?
...ough since the first half of last year, standing at $1.1bn, with $900mn overdue at the end of 2015. The number has risen since the end of 2014, when it stood at $920mn. Total receivables were $3bn at end-2015, according to official Egyptian figures, up from $2.7bn at the end of October. The firm ha...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
The $100bn-Plus Cost Of Syria’s Civil War
...bn. This is almost as large as Syria’s pre-war GDP, the Bank notes in its latest Mena Quarterly Economic Brief. In addition, damage caused by the war to the “capital stock” in Syria between 2011 and 2014 was estimated at $72bn, the World Bank said, quoting a report by the local Syria Center for Po...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Saudi Deficit Financing ‘Straightforward,’ For Now
...x). Indeed, if SAMA’s reserves continue to be drawn down at the $120bn rate they were in 2014 they will be exhausted by the end of 2020. According to the 2016 budget decree, foreign borrowing options are also considered in order to avoid crowding out credit to the private sector. The in...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Palestinian Economic Growth Stalls
...PALESTINE Palestinian Economic Growth Stalls Economic activity in Palestine contracted by nearly 1% in real terms in 2014, the IMF says, on the back of mounting political tensions in the West Bank, and the war in Gaza. This represents the first year-on-year contraction since 2006, and co...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
BG Slashes Egyptian Spending As Production Plummets
...s overall capital expenditure (capex) budget to around $6bn, almost half that of 2013’s $11.2bn and down some 30% from 2014’s figure of $9.2bn. The firm has faced a double whammy of reduced reservoir performance, meaning lower wellhead volumes, and increased diversions of its gas output to the do...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Iran Oil Shipments Up 15% In 2014 As China, India Overlook Limits
...IRAN Iran Oil Shipments Up 15% In 2014 As China, India Overlook Limits Intakes of Iran’s crude oil and condensate rose around 15% year-on-year in 2014, despite still being under sanctions, as its two biggest customers China and India looked to take advantage of an improved diplomatic at...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Morocco Looking To Boost Gas Output
...lfsands last November entered into a strategic partnership with Arawak “to jointly acquire projects in the MENA region,” which Gulfsands would operate with 30%, while Arawak would hold a 70% stake and will provide financing (MEES, 28 November, 2014). Through this, Gulfsands could pursue “projects that mi...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Bapco, Aramco Invite Sitra Pipeline Proposals
...finery currently processes around 45,000 b/d of crude from Bahrain’s Awali field and crude arriving via a 230,000 b/d capacity 54km pipeline from Dhahran in Saudi Arabia to Sitra. Bapco aims to complete the new pipeline well ahead of commissioning of the refinery expansion (MEES, 24 October 2014)....
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
South Korean LNG Imports: Qatar Cements Top Position In 2014
...South Korean LNG Imports: Qatar Cements Top Position In 2014 2014 2014 vs 2013 2013 2012 2011 ‘00...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Suez Canal Record Revenue And Volumes For 2014 (‘000 Tons)
...Suez Canal Record Revenue And Volumes For 2014 (‘000 Tons) 2014 vs 2013 vs2010 2013 2012 20...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Sadara Nears Completion, Recruiting Processors For PlasChem Park
...lowing the production of specialty chemicals not previously available within the region. Among these will be 600,000 t/y of isocyanates, which can be combined with polyols (Sadara will produce 390,000 t/y of polyether polyols) to produce polyurethanes (MEES, 21 March 2014). Polyurethanes are one of th...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015