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GCC Countries Keep Middle East Drilling At Near-Record Levels
...th the rig count in September going above 500 for the first time since February, reaching 524 in the first week of October, according to weekly data. But this is still more than 70% down on October 2014 when it hit a record 1,929. • Drilling in Egypt has yet to see an uptick from the recent mo...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
UAE Goes LNG Import Crazy: Sharjah Follows Dubai And Abu Dhabi
...though it is unclear whether this will continue following last week’s deal. Gas-to-power demand in the northern Emirates has been growing at a rapid pace. Power consumption increased by 80% since 2004, hitting 20.4TWh in 2014, 18% of the UAE’s total. Sewa and the Federal Water and Electricity Au...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Oman Announces New Bid Round As Record Output Continues
...Oman’s Ministry of Oil and Gas (MOG) announced details of a new oil and gas bidding round on 12 October. Four blocks are on offer in Oman’s first bid round since 2014. It opens on 23 October and extends to 15 February. When the bid round was initially proposed earlier this year, Oman had su...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Opec Cut Plans: Will They Happen? Will They Work?
...proach, Mr Falih said that the divergence that existed between supply and demand in 2014 when prices began to slump was now being reversed. “Opec made its decision not to intervene because it was a long term strategy of divergence. And in June I said that the divergence is being reversed and now we are se...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Algeria Gets Real With $50/B 2017 Budget Oil Price
...the same period a year earlier which in turn was 40% below 2014 levels. An indication of just how dependent Algeria is on hydrocarbons is that even with the revenue collapse oil and gas still provided 94% of export revenue: the figure was 97% in 2014. Algeria recorded a trade deficit of $14bn in...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Gulf Equity Markets: Change Is Afoot
...itical mass. But UAE markets are now much more developed than in 2008. The investor base is more sophisticated, including an openness to international investors, especially after the country’s inclusion into the MSCI and FTSE emerging markets indexes. IN FROM THE FRONTIER In May 2014, global in...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016