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Cash-Rich Gulf State Refiners Seek Overseas Capacity, Integration
...d return of international sanctions over Tehran’s nuclear program. Iraq has 600,000 b/d of refining capacity, with the 310,000 b/d Baiji refinery still offline after being badly damaged by Islamic State jihadists in 2014. Government funds are overstretched, so that the Ministry of Oil has of...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Qatar Export Revenues Hit Three-Year High Despite Continued Embargo
...gh of more than $80bn for 2018 as a whole (see chart 1). Still well down on the years to 2014 where Qatar racked up $130bn+ revenue. Provisional trade data show that Qatar’s export revenue rose to $20.8bn in 2Q 2018, the highest since the first quarter in 2015 (see chart 2). But these gains also sh...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Kuwait Fiscal Deficit Falls By 19% To $16bn For 2017-18
...y fall below $10bn. After recording successive budget surpluses since 2000, Kuwait in 2014-15 posted its first budget deficit of $8.9bn following the collapse in oil prices in mid-2014, and has yet to emerge from the red. CATCH 22 Total revenue in 2017-18 jumped by 20% in real te...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Iraq Exports Record In July
...Federal Iraq exported a record 3.543mn b/d in July – all from its southern Basra infrastructure. Even with the average export price dipping slightly to $69.16/B in May, Baghdad nonetheless pulled in $7.597bn. This was the highest monthly revenue figure since July 2014 when the selling price wa...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Zohr Almost There As Egypt Plots Further Gas Gains
...velopment. To that end it has managed to reduce the money it owes the Italians in receivables from a whopping $1.64bn at the end of the first half of 2014 to just $354mn at the end of June this year. Egypt has even managed to pay off completely, receivables which were considered overdue. “The overdue am...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Libya: Cautious Optimism With Output At 3-Year High
...Libya’s crude output hit 1mn b/d in July for the first time since 2014. IOCs hope for further gains – but continued instability means they aren’t banking on them. Most of the larger IOCs active in Libya continue to report headline production numbers ‘excluding Libya,’ even when, as has be...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
US Drilling: Schlumberger Chief Calls For Caution - Has He Got His Wish?
...the 40% upstream cost reductions achieved since 2013 to ‘stick’. But others are more skeptical. The IEA estimates that global upstream costs were 35% lower in 2016 than 2014 and that around half of these savings (50-55%) are “structural” rather than “cyclical” (45-50%). Of the 45% fall in US shale co...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Gulf NOCs Target IPOs, Other Routes To Foreign Funding
...n Salman (MbS) has estimated Aramco’s value at $2-3 trillion, implying that a 5% listing could raise $100-150bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014 (MEES, 11 November 2016). And it would appear that Aramco’s bold IPO plans have en...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
2016 Global Energy Investment: Electricity Powers Ahead
...wn 13% on 2015. • World number two, the USA, spent $268bn, 16% of the global total. US spending was sharply down on 2015 with cuts to upstream oil and gas spending ($81bn for 2016, down 40%) the key reason. US independents saw their upstream spend collapse from $125bn in 2014 to $39bn in 20...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...atoil, BG and Total respectively. All were handed back to Sonatrach during 2014 and 2015 after a failure to agree terms. Sonatrach indicated that it intended to press on with all three projects by including them in its 2015-19 development plan (MEES, 29 May 2015). Though its latest five-year plan se...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Egypt Puts New Acreage On Offer
...rapped Ukrainian state firm Naftogaz are among those active. The closing date is 30 November and Ganope will be hoping to mirror the success of its previous 2014 bid round with five of the 10 blocks awarded last August (MEES, 7 August 2015). Of those five blocks, last week, the Egyptian Oil Ministry fi...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Aussie LNG Boom Squeezes Qatar In Core Asian Markets Amid Lackluster Demand
...ar (from around 5% last year) and against around 5% for Qatar. The growth in Chinese LNG imports slowed down over the past couple of years, settling at around 19.60mn tons in 2015, following the dramatic increases in recent years and compared with 19.85mn tons in 2014. Qatari sales to China, at 2....
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Algeria Brings Combined Capacity To 17.68GW Despite $10bn Funding Deficit
...dustry. State petroleum firm Sonatrach has seen its five-year investment budget cut to $73bn for 2016-20, from $90bn for 2015-19 and $100bn for 2014-18. And it is not only cashflow that may be a problem for Sonelgaz beyond 2018. At the end of 2015, Algeria’s 17.24GW of generating capacity comprised ro...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Opec Output Hits New Record In July As Prices Tumble
...y16 Jul16 v15 YTD 16 v YTD 15 YTD 15 2015 2014 S Ar...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Iraq Crude Revenues Head For 10-Year Low
...vember 2015 and April this year – the average of 3.25mn b/d for the first seven months of 2016 is up 300,000 b/d on the same period a year earlier, and almost 800,000 b/d on January-July 2014. But monthly revenues have averaged $3.16bn so far this year, the lowest since 2006, and if replicated over th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Saudi Reserves Down Again But Deficit Narrows
...Saudi foreign exchange reserves fell to $570bn in June, down 22% from their peak level of $732bn at the end of 2014, as the kingdom continues to raid its savings to maintain investment in its oil and non-oil economies, along with the expense of military operations in neighboring Yemen and in Sy...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
IMF Approves Morocco PLL
...ternal conditions. Morocco’s first PLL arrangement for about $6.21bn was approved in August 2012, while the second one for about $5bn was passed in July 2014 (MEES, 1 August 2014). Commenting on the latest facility, the IMF Deputy Managing Director Mitsuhiro Furusawa said that despite the di...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Kuwait, Saudi Spat Over Neutral Zone Heats Up
...ould be borne by the Saudi government.” The Kuwaiti minister also argues that under the March 2014 order by the Saudi environmental authority to shut down Khafji, the joint operating company has five years to deal with gas emissions. The decision to halt operations with immediate effect was a vi...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Kuwait Awards $11.5Bn Contracts For 615,000 b/d Al-Zour Refinery
...yond early 2019” (MEES, 26 June). Once complete, the refinery will process heavy crude from the country’s new fields, KNPC Chief Muhammad Ghazi al-Mutairi said in 2014. The fuel oil produced at Al-Zour will be used at the country’s power plants, he added. While KNPC can now award contracts, the pr...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Iran Gets The Show On The Road For Contract Launch
...er since the IPC’s soft launch in Tehran in February 2014. The latest available information on the proposed terms were published by MEES last month (MEES, 19 June). Foreign oil companies have even been sending executives to the Iranian capital in recent weeks to learn more about the new te...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015