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KRG-Baghdad Deal Needed To Unlock Northern Potential
...fore the recapture of Kirkuk: federal Iraq stopped exporting via its own Kirkuk-Ceyhan pipeline in April 2014 when Islamic State fighters entered the region, which forced Baghdad to strike a deal to export via the KRG pipeline in late 2014, facilitated by now-PM Mr. Abd al-Mahdi (MEES, 21 November 2014...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Eni Grows North African Presence
...natrach CEO Abdelmoumen Ould Kaddour, Algeria has made a flurry of deals with IOCs in recent months although crippling red tape often means projects are subject to major delays. Firms are wary of this, resulting in underwhelming interest in the country’s most recent 2014 bid round which saw a meagre fo...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Qatar’s Export Revenues Hit A Four-Year High Despite Ongoing Embargo
...19. These increases contributed to Qatar achieving its first quarterly budget surplus since 4Q 2015 in 1Q 2018, albeit a modest $260mn (MEES, 3 August). Latest figures show it backed this up with a $1.67bn Q2 surplus, putting the emirate on track to secure its first annual budget surplus since 2014’s $25...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
IMO Tightening Sulfur Limits In Bunker Fuels: Will Mena Refiners Cope?
...ovide IMO-compliant fuels is unclear. Libya has three refineries, but these have mainly been shut in by security concerns of late. Libya’s last data submission to Jodi was in March 2014, when the plants processed 116,000 b/d of crude. Output included 33,000 b/d of fuel oil, of which 4,000 b/d was ex...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Egypt Economy Marches Upwards, But Higher Oil Prices Hit Subsidy Reforms
...th May’s $503.1mn the highest since August 2014 (MEES, 26 October). Its share of state revenue has also risen from 11% in 2016-17 to 12% in 2017-18. After a sluggish start, Egypt is now reaping the rewards of its $8.5bn August 2015 canal expansion. Revenues fell in 2015 and 2016 but rose in 2017 an...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Iran Reshuffles Cabinet Ahead Of US Sanctions
...change was in April 2014 at the height of US and EU sanctions, but this failed with just one very small lot of crude oil sold. Exporting oil by the private sector also risks encouraging corruption in countries under sanctions, as witnessed in Iran with the notorious case of Babak Zanjani, the Iranian bu...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Algeria: In Amenas Hits Record Production As In Salah Output Halves
...arter results nor the earnings call that followed made any mention of the firm’s Algeria acreage, while the only mention in the firm’s quarterly IFRS report for Q2 was of a $524mn write-off against its share in the Bourarhat licence area in the Illizi basin dating back to Q4 2014. AIN TSILA DUE BY MI...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iraq’s Giant Rumaila Field: BP-Baghdad Talks Loom Large
...ateau Target (PPT) for West Qurna-2 – down from 1.2mn b/d to 800,000 b/d suggests Baghdad could be amenable to such an offer. BP’s Rumaila PPT is set at 2.1mn b/d, downgraded already from 2.85mn b/d (MEES, 5 September 2014). BP is far from alone in being well off the pace, as Iraq called on IOCs to cu...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iraq Boosts Export Capacity, Eyes Alternative Routes
...peline. The Iraqi section of Baghdad’s 1.6mn b/d Kirkuk-Ceyhan pipeline was damaged by IS in 2014 and requires extensive work to become operational (MEES, 13 October). As a result, Iraq is eyeing up alternative routes to offer improved flexibility and alternative outlets when adverse weather closes Ba...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iraq Export Revenues Soar
...Baghdad has received a much-needed boost from the rebound in Brent to over $60/B. The Iraqi government took in $5.45bn in crude export revenues in October, the highest level since October 2014, when oil prices were only just beginning their slump from $100/B. Revenues crashed with the pr...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Saudi Petchems Gets Oil Price Boost; Sabic Chief Warns On Cheap Feedstock Addiction
...ported a bumper third quarter, with combined net profits of SR8.81bn ($2.35bn), up 61% on Q2 to record their highest collective quarterly profit since Q3 2014 (see table). At that time crude oil prices were just beginning their plunge from all-time highs, with Arab Light crude selling for more than $10...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Kuwaiti Government Resigns As Political Dysfunction Grows
...16 1Q17 2Q16 2016 vs 15 2015 2014 2013 Ex...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Algeria Raises Oil Output On Merk Record, Ourhoud Rebound
...mpression project involves two gas turbine driven compressors and expansion of the inlet liquid handling and associated utilities. BP first announced the investment in 2009, for 2014 start-up (MEES, 10 August 2009): it was already running behind schedule before the January 2013 attack knocked it further off co...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
LNG: Asian Buying Rises, But Output Up By More
...stralian output means any support to prices will likely prove transient. Imports by top global importer Japan, at 62.0mn tons in the first nine months of 2016, are down 2.2mn tons (3.4%) on the same period a year earlier and by 4.4mn tons on 2014’s record volumes. But for China 2016 is set to be a re...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Tightening Bunker Sulfur Specs To Boost Regional Diesel Demand
...most triple in 2015 compared with 2014, from 12,000 b/d to 31,000 b/d. In 2015 Rotterdam provided 180,000 b/d of marine bunker fuel, roughly the same as in 2014. SCRUBBER VS FUEL-SWITCH In theory vessels will be able to continue burning fuel oil with more than 0.5% sulfur, but only if they in...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Egypt Devalues Currency In Bid To Calm Forex Market
...reign grants have fallen sharply to E£3.5bn in 2015-16, from E£25bn in 2014-15 and E£95bn in 2013-14. Spending on energy subsidies is not going according to plan as projected in the 2016-17 budget at E£35bn. In the first quarter alone of the current year the energy subsidy rose to E£14bn, which on an...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
US Firms Pull Back From The World
...ise production in 2017 whilst further cutting capital spending (capex) which is already, at just over $5bn for Q3 2016, 50% down on 2014 levels. Chevron’s 2014 capex spend was $40.4bn, it was $33.8bn for 2015 and “we will likely end [2016] below $25bn in capital outlays, in fact potentially coming in cl...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
UAE Plans 3% Spending Cut For 2017
...er a five-year period with the aim of fulfilling the objectives of the UAE Vision 2021. Previously the UAE had issued a three-year budget for 2014-16, also intended as a planning tool to implement longer term policies (MEES, 17 October 2014). More than half of the 2017 budget outlay some Dh 25...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Algeria: Forex Down Again, On Track For $20bn Deficit
...ES CALCULATIONS. ALGERIA’S FOREIGN CURRENCY RESERVES ($BN, END PERIOD) *FORECAST BY PRIME MINISTER SELLAL, JULY 2016.SOURCE: ALGERIAN CENTRAL BANK, IMF, APS. ALGERIA: LATEST TRADE FIGURES INDICATE 2016 OIL & GAS EXPORT EARNINGS DOWN 58% FROM 2014...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
IEA Chief Warns Against Aggressive Capex Cuts
...essure since 2014, amid growing LNG supplies, slower economic growth and competition with cheaper coal, causing the differential between regional gas prices to narrow sharply. Just this week, the US’ Henry Hub gas benchmark fell below $2/mn BTU for the first time in three years. “One should think ab...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015