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Iraq Hopes Major Interest Will Spur Capacity Growth
...strictions. Since 2014, Iraq has announced numerous capacity targets, but most have failed to materialize. Officials this year signaled plans to increase capacity to 6-7mn b/d by the end of the decade. This would keep Iraq ahead of the UAE as Opec’s second largest producer, though the UAE could overtake it as it...
Volume: 68Issue: 43Published at Fri, 24 Oct 2025 -
Libya Exploration Picks up as Sonatrach Resumes Drilling After 10 Years
...p). The firm this month resumed exploration activity at well 1A-96/2 in Areas 95-96, where Sonatrach had made several gas discoveries in 2013 (MEES, 13 September 2013). Sonatrach began drilling at well 1A-96/2 in April 2014, reaching a depth of 8,090 feet (2,465 meters), only to halt operations an...
Volume: 68Issue: 43Published at Fri, 24 Oct 2025 -
Egyptians Wary Rushed Elections Spell Tougher Times Ahead
...e National Elections Authority (NEA) is set to announce the results of the first – and likely only – round on 18 December, but Sisi is already widely expected to win, with virtually no real competition (MEES, 19 April 2019). The 68-year-old former general won both the 2014 and 2018 elections wi...
Volume: 66Issue: 43Published at Fri, 27 Oct 2023 -
Houthi Terminal Attacks Risk Regional Escalation
...rlier this year. Marking the 8th anniversary of capturing former capital San’a (MEES, 19 December 2014), Houthi leader Abdul-Malik al-Houthi launched on 21 September an attack on “foreign companies” that “plunder national wealth” in collusion with “the coalition of aggressors [Saudi Arabia and UA...
Volume: 65Issue: 43Published at Fri, 28 Oct 2022 -
Jordan Aims To Supply Iraq With Power In 2023
...habilitating damaged power infrastructure in the western Anbar province. Transmission infrastructure in Anbar underwent extensive damage with the rise of ISIS in 2014. Work includes rehabilitating the key Qaim 400kV substation needed for interconnecting to Jordan (MEES, 26 August). GE will eventually bring the li...
Volume: 65Issue: 43Published at Fri, 28 Oct 2022 -
Kuwait Sets Out Plan To Reverse Capacity Losses
...e long-overdue facility is one of a trio of identical plants which were originally intended to boost North Kuwait conventional output up to 1mn b/d (MEES, 11 July 2014). Instead, North Kuwait capacity last year was just 563,000 b/d. Looking ahead, Mr Hashem says that a central plank of KOC’s pu...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
Services Firms Eye ‘Exceptional’ 2022 Upstream Growth With Gulf NOCs In The Vanguard
...s the highest since Q1 2020, but for all three, revenue remains well down on 2018 and 2019, never mind the boom years to 2014 (see charts) Cost-cutting efforts mean that profits have rebounded by more than revenue. Whilst collective ‘big 3’ revenues of $12.1bn (OFS only for Baker Hughes) are so...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
Five Years On From Khafji Shut-In, Is The Neutral Zone Poised For Restart?
...wait Partitioned Neutral Zone (PNZ) burst to the surface with the shut-in of the offshore Khafji field in October 2014 (MEES, 24 October 2014). And in just six months’ time, it will be half a decade since the 500,000 b/d capacity PNZ last produced a drop of oil (MEES, 15 May 2015). There is growing op...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Shell Shifts Egypt Focus To ‘Integrated Gas’
...e start the firm would – like fellow majors BP and Eni, the other key players off Egypt – have taken more of a long-term view rather than downing tools in response to payment delays. Indeed, whilst BG (and subsequently Shell) blamed EGPC for the collapse in output and the halting from 2014 of LNG ex...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Iraq: New Government, Old Problems
...Adil Abd al-Mahdi was confirmed as Iraqi Prime Minister late on 24 October as he managed to secure parliamentary approval for the bulk of his cabinet nominees. His predecessor Haidar al-Abadi is undeniably bequeathing Mr Abd al-Mahdi a more stable situation than the one he inherited in 2014 (ME...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Services Firms: Mideast Growth Picks Up, But US Slows
...-track to have mobilized 25 rigs by the end of the year.” This is certainly a boost for the kingdom as its rig count has averaged 115 during the first nine months of 2018, the lowest since 2014. Mideast revenue gains were “partially offset by lower hydraulic fracturing activity as a major contract wa...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Upstream Costs: Can Services Firms Get Majors To Split The ‘Rent’?
...Global oilfield services firms say their margins have to rise. Majors are adamant they will keep down costs. Can the circle be squared? The collapse in oil prices from the second half of 2014 led majors to take an ax to what they acknowledge had been bloated capex budgets. From $196bn in 20...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Suez Canal Trade Hits Records But Trade War Threatens
...uthbound shipments of both crude and LNG. Revenues, up 10% year-on-year, are on track to smash 2014’s record $5.465bn. But a dip in container shipments hints at the global trade headwinds. The Suez Canal saw oil shipments of 4.70mn b/d in the first nine months of 2018, up over 9% year-on-year and on tr...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Will Saudi Geopolitical Crisis Derail PIF Plans, 2030 Vision?
...sinesses do ultimately retrench from doing business with Saudi Arabia, who could fill the void? Russia and Saudi Arabia, the world’s two largest oil exporters, have been forming closer ties since the collapse of the oil price in 2014; they now coordinate production under the ‘Opec+’ format. The Russian Di...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Libya Oil Output Boosted By Sirte Basin Rebound
...oss output of 122,000 boe/d, comprising 116,000 b/d of crude and 40mn cfd of gas – levels that were last seen (if only briefly) in late 2014. These and the latest figures suggest that Waha is not far behind NOC targets set at the beginning of the year, which envisaged Waha output hitting 130,000 b/d in...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Medco Announces $180mn Impairment On Libya’s Area 47
...early 2013, and in March that year said that first production would be delayed by two years to 2016. Three wells were drilled in 2014, all yielding discoveries. The government approved the declaration of commerciality of three more structures on Area 47–B, C and J in September 2014. This added 2P re...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Kuwait Urges Gulf Unity as Qatar Exports Rise Despite Embargo
...August to 739,000 b/d it was still the second highest figure on record. Exports of key products are booming, with naphtha exports on track to average 150,000 b/d (see chart 3). This enabled Qatar to realize $1.2bn from products sales in Q3, the highest revenue figure since Q3 2014. CRUDE RE...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Oman Eyes Crude, Condensate Revenue Boost As Refinery Undergoes Maintenance
...gure since April 2014. Absent further production cuts, Mina al-Fahal’s closure could propel exports back towards 850,000 b/d this month for the first time since January. Unlike other participants to the output cuts, Oman has been diligent in ensuring that the axe also falls on exports (MEES, 6 Oc...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Divergent Saudi-Emirati Aims Further Complicate Yemen Conflict
...yadh. The alliance seized Yemen’s capital San’a in September 2014. Saudi Arabia’s strategy has been to divide the Houthis and Mr Salih’s General People’s Congress (GPC) and return President ‘Abd Rabbu Mansur Hadi to power; he has largely been in exile in Riyadh since 2015, returning only sp...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Middle East Remains Important Segment In Services Firms’ Portfolio
...rth America operations and Q3 saw its share of overall revenue hit 58.1%, posting revenue of $3.16bn. Middle East and Asia revenue rose to $1.03bn from $1bn in the previous quarter, but its share dropped from 20.2% to 18.9%, the lowest since the fourth quarter of 2014. The Middle East remains Ha...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017