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US Blocks Gunvor-Lukoil Transaction
...nnady Timchenko exited in 2014 just ahead of being sanctioned by the US for links to Putin (MEES, 25 April 2014). Gunvor says the Treasury Department statement “is fundamentally misinformed and false,” adding that it “has for more than a decade actively distanced itself from Russia, stopped trading in...
Volume: 68Issue: 45Published at Fri, 07 Nov 2025 -
Egypt Oil Recovery Slow To Arrive: Will 2023 Be The Year?
...sert. It’s not only Apache’s rig count that has risen, the Western Desert’s overall rig count averaged 74 for Q3, the highest since Q1 2015, whilst the national total of 115 was the highest since Q4 2014. 1: APACHE'S EGYPT SPENDING AND ACTIVITY IS AT A 7-YEAR HIGH.... *INCLUDES 1/3 SINOPEC ST...
Volume: 65Issue: 45Published at Fri, 11 Nov 2022 -
Qatar’s 2022 Export Revenues Top $100bn With Three Months To Spare
...0bn. Not since 2014 have the emirate’s exports achieved this level over the course of a year. With an entire quarter of strong exports yet to come, the question now is simply how high will the end-year figure be? Driven by booming LNG export revenues, Qatar has put together back-to-back monthly ex...
Volume: 65Issue: 45Published at Fri, 11 Nov 2022 -
Qatar Quarterly Export Revenues At 7-Year High
...The gradual increase in the price of Qatari LNG is much less dramatic than spot market gains, but it is lifting the emirate’s revenues to their highest level since late 2014. Qatari export revenues are running at seven-year highs as the LNG superpower benefits from the energy price cr...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Petrofac Seeks $530mn From Bp/Equinor Algeria Gas Project As Finances Stretches By Continued Saudi Boycott
...four southern fields to “maintain production at 9 bcm/year [870mn cfd] … for years to come” (MEES, 19 February 2016). Recent output has been just a third of this level (see box). Petrofac fully remobilised in early 2014, but the firm has since issued “multiple Variation Order Requests (VoRs) re...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Aramco Kickstarts IPO Process
...pact of Opec+ cuts is being felt on export volumes which are on track to fall to their lowest levels since 2014 (see chart). Turning to Q3, Aramco posted revenues of $70.2bn and profits of $21.1bn. Unsurprisingly, despite the annual decline, these numbers dwarfed those of the largest IOCs, with Ex...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Egypt May Ax Coal Plans On Back Of Major Gas, Solar Expansion
...eliminary agreement. The latter is among projects earlier reported as likely to be postponed, along with gas-fired expansions at Damanhour and Mahmoudia (MEES, 16 August). Though final awards were only made last year they are the culmination of a now-outdated strategy set out in 2014 and 2015 as dw...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Algeria’s Renewables Plans Struggle To Advance
...en much better since, with a number of plants coming online. Although it has taken some time, of the big eight CCGT projects awarded in 2012 and 2014, at least two have started up (see map & table). The 1.016GW Ain Arnat CCGT plant in the northeastern Setif province first started up in open-cycle mo...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Saudi Arabia Expects Large Budget Deficits Until 2022
...With Saudi Arabia planning to run budget deficits until 2022, the kingdom’s own figures point to a cumulative deficit since 2014 of more than $450bn. Efforts to kick-start private sector development are essential if the government is to succeed in its critical efforts to reduce the economic de...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Abu Dhabi Pledges Mammoth $132bn Investment With 5mn b/d Output Plan
...ly Saudi Arabia have long bemoaned the lack of global upstream investment since oil prices collapsed in the second half of 2014. Their take, alongside that of many key industry figures, is that the post-2014 collapse in final investment decisions (FIDs) on major upstream projects presages a shortfall in...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Repsol, BP & Eni Eye Algeria/Libya Border Bonus
...untry, one of just four awarded in Algeria’s most recent bid round in 2014. Boughezoul appears to have been the location of an Algerian exploration well drilled by Repsol in the first nine months of 2018 which produced a “negative result.” Repsol and Shell committed to drill two wells here: the fi...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
KRG Tempts Baghdad With Pipeline Expansion
...s successor Adil Abd al-Mahdi (MEES, 26 October). Indeed, the new PM has track record of negotiating access to the KRG pipeline having done exactly that as oil minister in 2014 (MEES, 2 November). Oil minister Thamir Ghadhban has also expressed a desire to bury the hatchet since taking office. Wh...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Qatar Petroleum Chief Consolidates Energy Sector Grip With Cabinet Seat
...sponsibility for all energy issues” according to the government. The industry portfolio previously held by Mr Sada has been removed and merged with commerce to create the new Commerce and Industry Ministry. KAABI’S RISE The new energy minister was appointed, president and CEO of QP in September 2014, su...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Bumper Nine Months For Saudi Petchems As Sabic Prepares For Aramco Buy-In
...cent weeks – small firm Alujain is again expected to report late – disclosed total net profits of $7.66bn for the first three quarters of 2018, up 33% on the $5.74bn for the same period in 2017 and up 2.7% on the $7.46bn previous periodic high in 2014. Yet quarterly earnings fell by 12% from $2.89bn in 2Q...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Saudi 9M Stats Show Kingdom Almost In The Black: Too Good To Be True?
...e nine-month figure suggests that Saudi Arabia is on track to post a full year deficit of just $17.5bn, not only by far the lowest since oil prices headed south in late 2014, but actually level with 2014 as a whole – when oil prices averaged $97/B, some 37% above the $71.1/B average for January-Se...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Reality Sets In As KRG Imagines Life With Less Oil
...ongside other disputed territories which had been held by the KRG since 2014. Crucially, Kirkuk oil fields provided the KRG with around 280,000 b/d of its 610,000 b/d crude production. Kirkuk volumes also represented around 50% of the KRG’s 560,000 b/d crude exports on which government coffers de...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Mauritania Gas: Torturous Timeframe, Exploration Optimism Despite Drilling Flop
...plorer until 2014, is now close to leaving. The company then had ten Mauritania exploration blocks and operated seven, but slashed its exploration budget in response to the late-2014 oil price crash (MEES, 13 February 2015). Its number of blocks will now fall to just two, with Tullow relinquishing Bl...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Abu Dhabi Completes 1.6GW Gas-Fired Plant
...d Construction and Hyundai Engineering, and Italy’s Ansaldo Energia (MEES, 11 July 2014). DASH FROM GAS The additional 1.24GW of combined cycle gas turbine (CCGT) capacity will add up to 170mn cfd of fuel to Adwea’s gas requirement. The project is the last large gas-fired power plant in Abu Dh...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Abu Dhabi Oil Shake-Up: Hold On To Your Hats
...1.4mn t/y of paraxylene and 500,000 t/y of benzene, for which Adnoc’s petrochemicals subsidiary Chemaweyaat and Thailand’s Indorama signed a joint venture agreement in late 2013 (MEES, 3 January 2014). Indorama reportedly pulled out of the project in March 2016, and Chemaweyaat has not announced an...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Oman Power: Foot Off The Gas Despite Khazzan Progress
...readbare international project pipeline. When asked on the firm’s 1 November Q3 earnings call “Given the [cost] deflation you have seen, is it time to step up the FIDs [final investment decisions]?” CFO Brian Gilvary says “we rebuilt the company over 2011 to 2014 [with a massive sell-off of assets to fund ‘De...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016