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East Med Deepwater Exploration: In Search Of ‘More Zohr’
...mpatriot Edison. A detailed map in Eni’s latest annual report also shows the field itself rubbing up against the Edison block, whilst other maps – including ones produced by Eni – have shown the field actually crossing the line. Although Edison was awarded North Port Fouad in September 2014, the same ye...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Aramco IPO Valuation: The Devil Is In The Detail
...lman, who is the key driver behind the much-vaunted Vision 2030 economic diversification plan, has estimated Aramco’s value at $2 trillion. This means its IPO would raise around $100bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014. Fu...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Iran LNG Plans Hamstrung By Domestic Demand, Lack Of Foreign Cash
...located 32bcm to reinjection in 2014. Of course in 2014 (and 2011, 2012 and 2015) demand for sanctions-hit Iran’s crude was low enough that Iran could afford to slash reinjection and still have enough oil to meet demand. The corollary is that last year as post-sanctions Iran sought to ramp up crude output to...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Rosneft: Russia Mixes Business With Politics In Mena Expansion
...rdish oil since 2014 to $3bn, implying Rosneft has coughed up around $1bn. There are indications that Rosneft is using this as leverage over the cash-strapped government. Reuters reports that Rosneft is after light crude for its German refineries, which dovetails with Rosneft’s statements. Two days af...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Majors In The Middle East: 2016, A Year Of Consolidation
...on. TOTAL: GULF OUTPUT TO RISE Total’s pursuit of low cost barrels has seen it increase its presence in the Gulf states in recent years. Regional output fell in 2014 when Abu Dhabi was reshaping its onshore Adco concession, but got back on track in 2015 when Total became the first legacy partner to...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...ting of ‘AA’ in March 2014 it took until April 2016, over 18months after oil prices started to fall, for this to be reversed. FITCH SAUDI SOVEREIGN RATING HISTORY LONG-TERM ISSUER DEFAULT RATING. SOURCE: FITCH, MEES....
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Eni Greenlights Egypt’s Zohr
...ducing its average breakeven price of new projects to $27/boe from $45/boe in its previous plan. The firm’s baseline price assumption is somewhat higher at above $60/B for 2018-19. With prices at this level no divestments will be needed, it says. Between 2012 and 2014, Eni “completed divestments” of €17...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
KRG Production Set To Fall In 2016
...timates at its key Taq Taq field earlier this month was a hammer blow to the region. Rather than being at the forefront of efforts to ramp up production, Genel’s latest projections have the field producing below 2014 levels this year (MEES, 4 March). And even those projections depend on investments that co...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran, Saudi Arabia Main Drivers Of Opec NGLs Outlook
...ency notes that the 275,000 b/d Shaybah NGL development, which will supply feedstock to the domestic market, was originally scheduled for 2014, but is “running more than a year behind schedule due to technical issues.” The differential between the 165,000 b/d forecast increase in Saudi NGLs and the 27...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Kuwait Boosts Gas-Fired Power Capacity, Prepares Further LNG Imports
...to develop power and water projects on its own, under engineering, procurement and construction contracts (MEES, 13 June 2014). Al-Abdaliyah will be an integrated solar combined cycle (ISCC) power project, with total capacity of 280MW, including a 60MW solar unit to improve the efficiency of th...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran, Iraq & Saudi Step Up Battle For Market Share In Asia And Europe
...2015, up 854,000 b/d on 2014, whilst November and December 2015 and January 2016 were the three highest months on record with average volumes just shy of 3.9mn b/d (MEES, 11 March). With the key gains coming from the south of the country (see graph 1) it should be no surprise that the bulk of the ex...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
MEES Special Report: Jihadist Instability In North Africa And Beyond
...the city is imminent. That same day, IS also engaged in small arms fire against Firebase Bell, a US artillery outpost in northern Iraq. US forces returned to Iraq in 2014, but Firebase Bell is the first independent US base of its kind, having only been staffed two weeks earlier, and came under fi...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Total: Adco Boosts Oil Output But Gas Lower On Yemen conflict
...s net UAE output rising from 115,000 b/d in 2014 to 274,000 b/d in 2015. This 159,000 b/d increment equates to 78% of the firm’s overall output gains. Even more indicative of the importance of Adco is that for 2014 – between the end-2013 expiry of the previous concession and Total taking the renewed st...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Majors Have Another Year To Forget In The Middle East
...oduction for ExxonMobil in 2014, overtaking the Middle East. The gap widened further last year (see graph 4). Production growth from the UAE’s offshore Upper Zakum field led incremental overall regional growth of 18,000 b/d, to 398,000 b/d, well down on 2013’s 545,000 b/d. However, both the US and Middle Ea...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iraq Oil Revenue Falls To New 7-Year Low
...TO THOSE OF THE CBI DURING 2014 (MEES, 20 MARCH 2015). SOURCE: IMF, CBI....
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Jordan Strains Under Demographic, Fiscal Pressure
...pulation is increasing, the freshly-released results of Jordan’s first national census in 11 years were still startling. The census included not only citizens but also foreign residents, and reported that Jordan’s total resident population is now 9,531,712, compared to the World Bank’s 2014 estimate of 6,...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Jordan’s Fiscal Situation Grim, Debt Nears 100% Of GDP
...dgeted for foreign grants of JD 1.13bn (which in turn was down on the 2014 actual figure) only for actual 2015 grants to come in JD 240mn lower. Jordan has blamed the shortfall on Qatar’s failure to stump up previously-pledged funds (MEES, 13 November 2015). Jordan is currently hosting around 1.5mn Sy...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran Boosting Exports Of Products As Well As Crude; Gasoline Exports To Follow?
...low this (see p24), but there is no doubt that export volumes are on the rise. • Iran’s January refinery runs were 1.79mn b/d, the highest since January 2014, but still 170,000 b/d short of the July 2013 record 1.96mn b/d (see graph 1). • Gross crude plus products exports averaged almost 1....
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Libya: Competing Power Bases Threaten To Tear NOC Apart
...e interest of the state and the Libyan people,” it said, and it reserved the right to hold those in breach as “criminally liable.” It is the third warning issued by NOC in Tripoli against illegal oil trades, the most recent being on 27 November 2014 (MEES, 28 November 2014). UNOFFICIAL TR...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
New Israeli Government Tasked To Revive Israel’s Offshore Activities
...lek on 18 March firmed up an earlier LOI which will see 5 bcm of gas delivered to private Egyptian firm Dolphinus over three years, via the unused East Mediterranean Gas (EMG) pipeline (MEES, 24 October, 2014). The partners estimate the deal “could amount to $1.2bn, based on the buyer consuming th...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015