Iraq Unveils Optimistic Production Capacity Targets

...e planned production targets (PPT) at key fields were being revised down. For instance Iraq’s biggest field – the 1.45mn b/d capacity Rumaila (BECL: BP 47.63%, CNPC 46.37%, Somo 5%) – has had its PPT revised down from 2.85mn b/d to 2.1mn b/d in 2014 and then down to just 1.7mn b/d last year (ME...

Tight LNG Market Drives $2bn Revenue Boost For Qatar

...ices work their way through the system. Already, April revenues were the highest since March 2014’s $12.46bn and were among the highest monthly figures ever (see chart 1). Hydrocarbon revenues of $10.5bn accounted for 88% of the April total, significantly above the 2021 average of 84%. High re...

Saudi Foreign Reserves Edge Up Over April

...art).   *Nevertheless, sizeable increases are on the cards, with Minister of Finance Muhammad al-Jadaan telling the Financial Times last month that surplus oil revenues will be used to replenish reserves.   *After peaking at $737bn in August 2014, foreign reserves tumbled when oil prices crashed in th...

Eni In Algeria: Looking For Growth

...Eni’s net Algeria output has steadily fallen since a peak in 2014, but recent moves by the Italian major look set to reverse this trend. The potential acquisition of sizeable BP assets would nearly double Eni’s net Algeria gas output. As many international oil companies have shunned Al...

Libya’s Oil Revenues Surge

...nthly numbers of Libya’s crude oil production have been pretty much non-existent for the past six years. But with the arrival of a new unity government in March, which includes an oil minister for the first time since 2014, Libya has begun to submit monthly production stats to Opec. Official figures pu...

Western Zagros Gets Green Light To Develop Kurdistan’s ‘Crown Jewels’

...rdamir partners had for years been seeking to secure approval from the KRG’s Ministry of Natural Resources (MNR) for a Kurdamir FDP, but progress proved frustratingly slow as the regional government struggled to deal with a series of crises. First came the advance of the so-called Islamic State in 2014, fo...

Iraq Targets 22GW Peak Supply This Summer

...rporation (CMEC) is now nearing completion. CMEC restarted work on the site in mid-2018 after leaving the project when large swaths of the country’s western and northern provinces fell to ISIS in 2014. On 17 May, the first 630MW unit was inaugurated, with the second 630MW unit due to enter service by Ju...

Bahrain Takes $300mn Oil Revenue Hit From Abu Safah Outage

...oduction edged up to a record 2.08bn cfd in 2017, beating 2015’s previous high of 2.06bn cfd. However, gas re-injection rose 6% to a new high of 600mn cfd, reducing the volumes of sales gas to 1.47bn cfd – below 2014’s 1.50bn cfd record. That gas reinjection levels rose to a new high despite a no...

Egypt Inches Towards Paying Off Receivables Bill

...ll in late 2014 when it halved dues to $3.1bn on the back of borrowed cash (MEES, 5 December 2014). EGPC has pledged to pay off receivables by mid-2019. VICIOUS CIRCLE EGPC can point to the sums it is owed by other ministries as a reason it has fallen so far behind with payments. As of late 20...

Mena Remittances Up 10% In 2017

...Remittances are a crucial lifeline to the region’s cash-strapped oil importing economies. Thanks largely to Cairo’s floatation of the Egyptian Pound in late 2016, Mena remittance inflows topped $56bn in 2017 after having fallen year-on-year since 2014. Egyptian inflows hit $20bn ac...

Tunisia Looks To The Sun To Cut Dependence On Algerian Gas

...ongside seven straight years of falling output since the 2010 peak of 310mn cfd. Initially this fall was due to instability and bureaucratic inertia in the wake of the country’s 2011 revolution, with the slump in oil prices since late 2014 providing a second blow to investment as IOCs slashed capex (MEES, 23...

Iran’s Banking Sector: Dark Days Loom

...sperately trying to repair their books after offering deposit rates as high as 22% back in 2014 before the oil price crashed later that year. (A substantial premium over inflation which was around 15%.) Oil revenue collapsed from $57.3bn in 2014 to $27.3bn in 2015. But the real damage was done after the ti...

Sama Net Foreign Assets ($Bn)

...SAUDI FOREIGN RESERVES ROSE ABOVE $500BN FOR FIRST TIME IN A YEAR AT END OF APRIL...   ...WITH THE RECENT REBOUND COMING AS PRiCES FOR ARAB LIGHT HIT $69/B, the HIGHEST SINCE 2014 SOURCE: SAMA, MEES....

Suez Canal Revenues Rise To $479mn In April, Highest Since 2014, As Gross Tonnage Hits Record 86.3mn

Tunisia Output Collapses: Southern Fields Shut In, No End In Sight To Protests

...in the wake of Tunisia's 2011 uprising. The lack of perceived benefits to locals from oil and gas output has been a recurrent theme. The Nawara project, previously known as the ‘South Tunisia Gas Project’ gave rise to protests in the south of the country even before it was sanctioned in 2014...

Qatar: Oil & Gas Revenues Edge Up But Hit By Ratings Downgrade

...phtha exports surged to a record high in Q1, while Jet-Kero exports hit their highest level since Q2 2014 and Qatar exported diesel for the first time since January 2015. All this happened despite major problems at the 140,000 b/d capacity Pearl gas-to-liquids (GTL) plant which saw operator Shell run it at...

Gulf Opec Maintains Asia Volumes But Loses Market Share

...r the first four months of 2017, down from 48.0% a year earlier and over 52% for 2013 and 2014. Opec’s core Gulf members are increasingly coming up against an upstart newcomer in the lucrative Asian markets – the US. The growing volumes of US liquids turning up in Asia are indicative of the on...

Iraq Oil Takings Up

...Iraqi crude export revenues totaled $4.66bn in May, the sixth successive month in which they exceeded $4.5bn. This is the first time Federal Iraq has achieved this since December 2014 as the collapse in oil prices since mid-2014 has offset a 35% increase in export volumes. But it looks as if th...

Egypt’s Med Gas Output Collapse: Can Even Zohr Make Up The Losses?

...tes ranging from 14% to an eye-watering 28% last year alone (see table). Collective output of 1.24bn cfd for 2015 (29% of Egypt’s total gas output) is down by 290mn cfd on 2014 and by a massive 765mn cfd (38%) on 2012’s peak 2.00bn cfd output. These four blocks alone account for a full 49% of Egypt’s ov...

Iraqi Monthly Export Revenues Up 50% From February’s Seven-Year-Low But Less Than Half 2014 Levels