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Troubled Waters: GCC Internal Schisms In The Spotlight Again
...milar accusations leveled at it from multiple fronts. Saudi Arabia appears motivated to try to clamp down on its smaller neighbor’s highly vocal independent foreign policies that refuse to adhere to Riyadh’s line. This was also the case in 2014 when Saudi Arabia, UAE and Bahrain withdrew their am...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
UAE Gas Supplies: Qatar Dependence Remains Despite LNG Diversification
...eater LNG supply diversification As Dubai’s LNG buying picks up with the start of summer the emirate faces no shortage of supply options. Australian volumes more than quadrupled since 2014, hitting 265,000 tons last year, and while the UAE hasn’t bought any yet this year, this could change in the su...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Rig Count: Iraq Drilling Resurgent, Saudi Offshore Growth Slow To Materialize
...gs in Iraq (all are onshore oil rigs) hit a 17-month high of 51 in May. Drilling is still well down on 2014’s highs, but has been steadily increasing since the second half of 2016. How much further it will rise in 2017 is unclear as IOCs are still cautious on investment in Iraq. Shell has mo...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Sadara Starts First Saudi PMDI, BGE Plants; Targets Polyurethane, Solvent Markets
...ll as 700,000 t/y of paraxylene and 200,000 t/y of propylene (MEES, 15 August 2014). Aramco is mulling further petchems capacity at Jubail, where besides Sadara and Satorp it has equity in the 300,000 b/d Sasref refinery joint venture with Anglo-Dutch major Shell. Aramco’s website says the co...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Dubai Claims New Solar Pricing Record, This Time For CSP
...cording to an authoritative 2014 Baker Institute paper citing an Abu Dhabi energy official. Since then LCOEs for both CSP and PV solar capacity plunged (see charts), driven in particular by tumbling solar technology costs. However, there is some concern in the industry that developers are making di...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Libya, Nigeria Gains Expose Opec Deal’s Limitations
...nce November 2016, while Libya’s 770,000 b/d was its highest monthly output since October 2014. Both countries have flattered to deceive in the recent past, securing production gains that they have been unable to maintain and this may again be the case. This has especially been the case in Libya wh...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Algeria: Government Reshuffled But Course Unchanged
...o have become increasingly desperate for new policies in the wake of the oil price crash in 2014, are likely to be sorely disappointed. On the face of it, major changes have been made. Abdelmalek Sellal finally comes to the end of his tenure as prime minister, a post he held for almost five ye...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Egypt Seeks Virtuous Output Circle: Reserves Up, Dues Down, More Output
...e official receivables total at just $2.3bn, down from $3.4bn at end-March, $3.5bn at end-2016 and a high of $6.3bn in 2014. These official figures are substantially lower than MEES estimates based on company filings ($4.35bn at end-Q1), although however you look at it the trend is clearly down. Th...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Bahrain: New Minister Challenged By Oxy/Mubadala Withdrawal
...0,942 b/d of Arab Medium crude in 2015. Bahrain gave up its territorial claim to the area surrounding the field in the 1950s in return for half of the field’s output. Meanwhile, imports from Saudi Arabia averaged 216,000 b/d last year, up from 208,000 b/d in 2014. These are through an ageing 230,000 b/d pi...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iran Taps Koreans For Tabriz Refinery, Eyes $3.3bn Siraf Funding
...esel output from Tabriz at the expense of fuel oil. No schedule was announced, but the study is expected to take six months, according to Mehr News Agency. Latest data available from NIORDC show Tabriz refinery producing 21,000 b/d of gasoline and 42,000 b/d of gasoline in 2014, when fuel oil ou...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
OPEC May Production Drops Despite Saudi And Iran Increases
...rt. OPEC WELLHEAD PRODUCTION, May 2016 (MN B/D, MEES ESTIMATES) May '16 chg Apr '16 Mar '16 May 16 v 15 Jan-May'16 v J-M15 Jan-May'15 2015 2014 S Arabia* 10.2 0....
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
US Imports More Gulf Opec Crude As Production Continues To Fall
...lumes from Iraq in May. Iraq supplied the US with 506,000 b/d of crude according to weekly data from the US government’s Energy Information Administration (EIA), the highest amount since August 2014. Iraq exported a record-equaling 3.36mn b/d of Basra Light crude in April with not just the US, but also In...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Israel: Leviathan Plan Approved But Sales Still Needed
...port it to. Israel’s Zemach committee put a 540 bcm cap on the gas reserved for the domestic market and not on what it exports (MEES, 5 December 2014). So whether Leviathan produces 500 bcm, as the government estimates, or 620 bcm according to the partners, will not make a huge difference as it was no...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Saudi Arabia’s Transformation Plan Already Running Out of Time
...netary Agency (SAMA) 2015 Annual Report put the private sector contribution at 41.1% of GDP in 2014. Growing the private sector is key to the government’s aims of reducing unemployment among Saudis and reducing the public sector wage bill. But key obstacles to previous efforts to increase employment of...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iran Struggles To Attract Investment Amid Continued Sanctions, Both Real & Perceived
...clear capability, has had a crippling impact on its economy. After these sanctions were tightened further in 2011, Iran’s roughly $420bn economy shrank by about 9% in the following two-year period that ended in March 2014, according to the IMF. Crude oil exports fell from 2.48mn b/d in 2011 to ju...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Iraq Plans Eurobond By End-2016
...onomy out of recession despite low oil prices, with real GDP estimated to have risen to 2.4% in 2015 from a contraction of 2.1% in 2014. The bank’s forecast for 2016 is GDP growth of 7.2%. DESPITE RECORD VOLUMES, JAN-MAY IRAQI CRUDE EXPORT REVENUES WERE way BELOW BUDGET *IMPLIED BUDGET TA...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Delek Looks To Increase Aphrodite Stake
...vor of Noble. Noble gave the first indication it was looking to divest part of its Block 12 stake in its 2014 annual report, “There is also potential for a farm-out arrangement of our working interest,” the firm said (MEES, 10 April). FUNDING EFFORTS Delek has been working hard to gather fu...
Volume: 58Issue: 23Published at Sat, 06 Jun 2015 -
Bijan Namdar Zanganeh: A Star Is Born At OPEC
...untries. “On the supply side, non-OPEC growth in 2015 is expected to be just below 700,000 b/d, which is only around one-third of the growth witnessed in 2014,” it said. IRAN PREPARES ITS RETURN For Iran, boosting production post-sanctions – and in turn reclaiming the market share it lost as a re...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Egypt Awards Siemens €8bn, 16.4GW Powergen Deal
...st of Cairo (MEES, 20 March). Each plant will incorporate eight H-Class turbines, whose specification maximizes fuel efficiency at the expense of fuel flexibility. “The plants will add power to the grid in stages,” says Siemens. “Plans call for an initial 4.4GW to go online before summer 2014 an...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Total Sees Sunshine Amid Gulf Turbulence-Interview With CEO Patrick Pouyanne
...rmoil. Total suffered a double shock last year, which ended with the tragic death of Christophe de Margerie, the charismatic former CEO who died in a plane crash in Moscow in October. The first shock was the collapse in oil prices, which fell from a high of $115/B in June 2014 to $45/B in January be...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015