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Services Firms: Margins Remain Squeezed Despite Higher Oil Prices
...Global oil services giants saw revenues slump in Q1, reversing some of last year’s rebound from their annus horribilis of 2016. The bumper years to 2014 remain ancient history: economy mode is the new normal. Earnings from the Middle East, a key source of 2015-16 resilience, are down whilst US...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Kuwait Energy Reaps Reward From Iraq Investments
...April). EGYPT OUTPUT DECLINES FURTHER KEC’s Egyptian output has fallen 3,470 b/d year-on-year and is now below 17,000 b/d for the first time since Q1 2014. Output averaged just 16,340 b/d last quarter as it declined for the seventh successive quarter. The majority of KEC’s Egyptian ou...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Jordan Pushes Ahead With Oil Shale-Fired Power Plant, Lining Up More Solar
...so signed an agreement with Sacos, owned by a Saudi investor, which official news agency Petra said in March 2014 plans to deploy oil shale technology developed in Russia. Besides these potential oil extraction projects, Jordan’s energy ministry has a second power generation agreement, with Jo...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Algiers Aims For The Sun; Is Its Head In The Clouds?
...diterranean, but there has been no concrete progress. Desertec was one such scheme to bring power to Europe from the desert, but it has been considered defunct since 2012 (MEES, 3 April 2014). Although Algeria briefly flirted with the Desertec scheme, it has been reluctant to let go of its monopoly on el...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Services Firms See US Activity Boost, But Profits Remain Elusive
...venue. The three largest listed oilfield services firms have struggled to turn a profit since the beginning of 2015. They managed a collective profit of $190mn in Q1 2017, but this compares to a whopping $3.53bn in Q3 2014 just before oil prices tanked. The key ‘good news’ in the first three months of...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Iran, South Africa In GTL Deal, Zanganeh Eyes Oil Sales
...e NIOC research arm will cooperate with PetroSA in developing slurry reactors. These are used in the Fischer Tropsch process for GTL production. RIPI has continued its GTL research during the sanctions period (MEES, 29 August 2014). The two companies will also work together on methods to achieve bl...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Kuwait: Shell Deal Boost For IOCs
...aching 4mn b/d by 2020, but has moved the goalposts by including condensate in the calculation (MEES, 15 April). Despite the 60% fall in oil prices since 2014, Kuwait remains committed to attracting IOCs and investing in its oil sector. Jamal Jaafar, CEO of the Kuwait Oil Company (KOC) said on 11 Ap...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Aramco Sees Petchems SMEs As Key To Vision 2030 Transformation
...e Saudi petchems pipeline, Sabic – which produced 64mn tons of petrochemicals in 2014, and is therefore by a long way the main Saudi chemicals player – is involved in a number of smaller, but significant, projects (see table). Despite its size, Sabic is not mentioned in the prince’s Vision 2030 do...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
King Salman Fires Saudi Electricity & Water Minister After Price Hike Complaints
...e whole of 2015. While this was 59% down on the SR3.61bn net profits for 2014, the results for Q1 2016 suggest that SEC’s profits may receive a boost from increased tariffs for 2016 as a whole. ...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Upstream Investment Slump Presages Output Crunch, Oil Chiefs Warn
...A lack of investment in energy projects due to the sustained drop in oil prices since 2014 means the market is storing up an oil price shock for the future, according to speakers at the 17th International Oil summit in Paris on 21 April. The natural decline in oil reserves and the drop in in...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Prince Muhammad’s Vision 2030: Far Sighted Or Over-Ambitious?
...ars designed to end the kingdom’s “addiction to oil.” With a large dose of optimism the prince envisages that the kingdom will be able to survive without oil by 2020. Given that oil represented 87% of the kingdom’s export revenue in 2014, and even after oil prices collapsed, was still 73% last ye...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Services Firms: Get Mideast Tonic As Revenue Whacked
...all three firms continues to rise. Revenues for the three largest quoted services firms took another pounding in the first quarter of 2016. Schlumberger, Halliburton and Baker Hughes’ revenues were just $6.52bn, $4.20bn and $2.67bn respectively; a mere 52%, 48% and 40% respectively of peak Q4 2014...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Total, Eni, Shell Downgraded; BP Escapes
...Moody’s downgraded its credit ratings on four of the seven international oil majors in late March and early April following a review started 22 January in the light of the 60%-plus oil price collapse since mid 2014. France’s Total had its rating cut by two notches to Aa3 with the co...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Japanese Banks Plug The Financing Gap Amid Tightening Gulf Liquidity
...ring 2014 to around 3% during 2015 and we expect liquidity to remain tight over 2016,” it adds. GULF BANKS LOSS, ASIAN BANKS GAIN But this change in fortune for GCC banks is creating the opportunity for foreign banks to regain lost ground in the region’s financial sector where Gulf lenders had do...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Saudi Wraps Up $10bn Loan
...s aimed at countering its dwindling oil revenues which has led Saudi Arabia to draw on roughly $150bn in financial reserves since late 2014, with reserves standing at $593bn as of end-February (see chart). According to the FT, bankers close to the deal said it had priced at around 120 basis points ov...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Egypt: UAE Joins Saudi In Bolstering Sisi With $4bn In Aid
...om E£37.7bn in the current year 2015-16. The cut in energy subsidies will be resented by consumers as was the case in July 2014, when petroleum product prices where hiked by up to 78%. The 2016-17 budget is based on an oil price assumption of $40/B and an official exchange rate of $1=E£9. But the va...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Iraq Out Of Pocket As It Boosts Oil Payments To IOCs
...d a larger stake for BP and its partner, Chinese state firm CNPC. The Iraqi oil ministry has admitted to difficulties in paying the companies, which it says are still owed $9bn in arrears for 2014. It has to raise an additional $18bn this year to pay the IOCs at a time when its own revenues are fa...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
UAE: South Koreans Hope To Expand Presence Through Adco
...e so-called legacy partners. Total, BP, Shell and ExxonMobil each held a 9.5% stake in the former Adco concession, which expired at the start of 2014. Adnoc decided to open the playing field to a wider selection of potential players in an effort to bring in more of its main crude oil buyers, pa...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
BP: Khazzan Unaffected By Oil Price Slump
...cade (bar 2014, when output fell 1% versus 2013), Oman continues to face a gas shortage as demand growth, driven by the country’s numerous gas-hungry enhanced oil recovery projects, continues to outstrip supply, also having implications for LNG exports (see p10 and MEES, 17 April). PHASE 1: EN...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Italy’s Enel May Exit Algeria’s Upstream
...€2bn and already in execution, and another €2bn worth of assets already identified. The remaining €1bn will consist of extra assets that will be pinned down in the next years. Enel is a key Italian importer of Algerian gas. However volumes have slumped from 25 bcm for 2010 to a mere 6.7 bcm for 2014...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015