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Iraq’s Upstream Expansion Plans Recede Over The Horizon
...an revenues have collapsed regardless. And yet under Iraq’s technical service contracts payments to IOCs actually rose $1bn last year to $14bn. Payments to IOCs as a percentage of oil revenue soared from 15.5% in 2014 to 28.6% last year. And 2016 could be more bitter yet. Based on export revenues fo...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Egypt’s Debts To IOCs Soar Above $5bn
...ving each been owed $200-240mn at end-2012 the three firms have seen their fortunes diverge sharply. The two gas-focused companies saw their receivables soar in 2013 and 2014 and then fall in late 2015; their dues are now almost exactly in line with the end-2012 figures (see table). DIRECT MA...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Leviathan Advances
...e sure to face political opposition. The same is the case in Jordan, which in the face of parliamentary opposition (as well as the relative attractiveness of LNG at currently-depressed prices) has yet to firm up a September 2014 MoU to import 45 bcm of leviathan gas over 15 years. ...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Algeria Plans For Lower Revenue By Slashing Upstream Investment
...vestment to $73bn (officially “more than $73bn”) for 2016-20, down from $90bn for 2015-19, which in itself was down from its $100bn 2014-18 plans (MEES, 11 July 2014). While Sonatrach managed to spin last year’s cuts as a maintenance of its investment plans combined with a stronger dollar and falling co...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Saudi Asian Market Share Under Threat: Mees Data Analysis
...0 B/D): RUSSIA TOPS SAUDI AS leading SUPPLIER IN FOUR OF LAST SIX MONTHS. IS THIS A PERMANENT SHIFT? FOR SOUTH KOREA SAUDI ARABIA HAS HAD ITS SHARE SQUEEZED BY IRAQ (UP 220,000 B/D SINCE 2014) AND IRAN (UP 120,000 B/D) FOR TAIWAN KUWAIT MADE SERIOUS INROADS INTO THE SAUDI MA...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
GE Backs Saudi Vision 2030 In $3bn Investment Program With SAIIC
...vestments Company (SAIIC) – established in 2014 by Saudi Arabia’s Public Investment Fund (PIF, 50%), Saudi Aramco (25%) and petchems firm Sabic (25%) to advance industrialization in Saudi Arabia – has signed a memorandum of understanding with US industrial giant General Electric to develop and localize in...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
IMF $5.4bn Loan To Iraq Offers Relief For IOCs
...eling by the plunge in oil prices since mid-2014. Oil sales constitute more than 90% of government revenue and in 2014 amounted to $84.3bn from production of 3.3mn b/d. Yet despite output surging to 3.98mn b/d last year, the largest rise in Opec, oil takings collapsed to just 42.7mn b/d (see chart, p2...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
KRG Hit By Economic Strains And Falling Output At Key Field
...st 72,000 b/d. Taq Taq remains a key export field for the KRG, the largest producer after just Tawke and output from “Khurmala” – a grouping operated by Kurdish firm KAR that includes fields in federal Iraq taken over by the KRG in 2014. Its poor performance is therefore a significant blow to the re...
Volume: 59Issue: 21Published at Fri, 27 May 2016