- Sort by:
- Score
- Published ▼
-
BP Eyes Kirkuk Deal By February
...der the auspices of a 2013 MoU which was disrupted by the Islamic State’s 2014 takeover of much of northern Iraq, with the major restarting work in 2018. BP has decided to give Kirkuk a second chance due to Iraq’s willingness to offer improved contract terms under its ‘profit sharing’ Development an...
Volume: 67Issue: 48Published at Fri, 29 Nov 2024 -
Saudi Oil Export Revenues On Course For 25% Annual Drop
...ole, MEES estimates that oil revenues are on course to total $245-250bn. Although this is down significantly from last year’s bumper $327bn, it remains a historically high figure. With the exception of 2022, this would be the highest annual figure since 2014 (see chart 2). 2024: SUBJECT TO MA...
Volume: 66Issue: 48Published at Wed, 01 Nov 2023 -
Iraq Plans Oil Prepayments To Alleviate Financial Meltdown
...epayment contract with Vitol and local firm Matrix Energy in July. But governments walk a fine line when leveraging long-term revenues for an immediate cash injection. And Baghdad needn’t look far for examples. When oil prices collapsed in 2014-2015, Iraq’s Kurdistan Regional Government (KRG) turned to pr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Covid To Cost Opec $250bn In Lost Revenues
...at would be bad enough, but it will merely be the low point of a lackluster run of earnings in recent years (see chart). Oil prices dropped below $100/B back in late 2014 and over the subsequent six-year period of 2015-2020, Opec’s export revenues are on course to come in at a combined $3.0 tr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Libya: Oil Still Flowing But Revenues In Limbo
...vision of Libya since 2014 between rival eastern and western administrations has devastated the country’s finances and fostered a severe liquidity crisis which can only be addressed through the unification of the parallel administrations. A UN-led political process aimed at ending Libya’s nine-year ‘tr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Kuwait Starts Up CDU In Delayed ‘Clean Fuels’ Expansion
...though work on 19 new units at MAB is ongoing. The CFP contracts were awarded in 2014, with KNPC expecting at the time that construction work would be finished completed in late-2017 (MEES, 21 August). Meanwhile state firm Kipic, formed to develop downstream projects in the Neutral Zone between Ku...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
China Takes Record Saudi Crude, Iran At Record Low
...spite diversification efforts that had seen the region’s Middle Kingdom market share fall from a 2014 peak of 52% (MEES, 27 September). *In a 26 November research note, Michal Meidan of the Oxford Institute for Energy Studies reckons that this year’s setback to China’s diversification efforts ha...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Baghdad And KRG Sign Preliminary Oil Sharing, Budget Deal
...ude-for-revenues agreement in 2014, which fell apart as Baghdad never made full payment (MEES, 5 December 2014). A year ago, Mr Abd al-Mahdi and his deputy PM (and Oil Minister) Thamir al-Ghadhban reached an agreement with the KRG to export 100,000 b/d via Iraqi Kurdistan’s export pipeline to Ceyhan, an...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Oman Set For Lowest Deficit Since 2014, But Investment Lacking
...what would be the lowest figure since 2014 offers a rare piece of good news as assessments of Oman’s long-term economic health continue to sour. Of course, the second half of 2014 saw oil prices collapse from the $100/B-plus average of the preceding four years. Oman is not the only oil pr...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
OPEC Faces $200bn+ Question Next Week In Vienna
...nual revenues by around $210bn to $790bn this year. This would be the highest since 2014’s $964bn. But prospects for a further increase next year are slim, especially as Iranian exports will fall year-on-year. Setting out two simple scenarios for 2019 helps clarify what is at stake for the or...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Jordan Energy Goals Remain Hostage To Geography
...x has consequently risen from 4% in 2014 to 35% in 2016 and 2017 (see chart). Even with its FSRU contract running into the mid-2020s, Amman is nonetheless keen to increase natural gas imports and diversify sources. Jordan signed two controversial deals—one in 2014 and one in 2016—to import Is...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Kuwait Launches Refining Expansion Plan, Readies For Clean Fuels Commissioning
...te 2017 completion, the project has been heaviliy delayed and it now appears that commissioning of some units could begin by the end of 2018. The CFP engineering, procurement and construction (EPC) contracts were awarded in three packages in early 2014 – two packages for the Mina Abdullah revamp an...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Saudi Arabia Bags $118bn Trade Surplus In 9M 2018
...16’s annual record (MEES, 23 November). Quarterly oil (and total) revenues were the highest since oil prices collapsed in late 2014/early 2015, but this looks to prove the high-water mark for the immediate future. Oil prices collapsed through October and November, to stand at the lowest levels this ye...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Iran: CNPC Takes Over Total Stake
...is reason in 2014 (MEES, 9 May 2014). The field’s operator Pars Oil and Gas Company (POGC) says output is currently at 580mn cmd (20.5bn cfd). ...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Kuwait Seeks Silver Lining In Price Downturn
...oviders – in order to ensure that “when this recovery does happen, and it takes time but it will happen, that we are in a position to supply.” Indeed, Kuwait posted its first budget deficit since 1999-2000 for 2014-2015. The deficit was KD2.31bn ($8.0bn) for the year that ended in March 2015, whilst the bu...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Kufpec Charged With Bringing Technology Back Home
...rget, Kufpec has been expanding aggressively under the auspices of Shaikh Nawaf, following former CEO Nizar al-‘Adsani’s appointment as KPC chief in 2013. Although there was no production increase in 2014, Shaikh Nawaf attributes this to a focus on buying assets in the development stage. Some of Ku...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Libya: Could ‘Peace Deal’ Double Oil Output To 800,000 B/D?
...cent years, which culminated in an armed incursion into the Sharara field in November 2014. Unlike several fields in the Sirte basin, no major damage has been reported to field infrastructure at Sharara and El Feel. Field managers at Sharara said in December 2014 that the field was being kept ready to...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Repsol On Libya: Bad News Only
...erating income and €42mn off adjusted net income in the third quarter. The company operates the Sharara field, which has been shut in since November 2014 (see main story). The lack of exports from Libya cost the company $0.3bn year on year during the first nine months of the year, it said. Adjusted ne...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Looks Beyond Current Storms To Gas-Fueled Upland
...rrency reserve issue will be resolved within the next twelve months. Tourism, a pillar of Egypt’s economy, making up 12% of GDP in the 2014-15 financial year (ending 31 June), is also an important source of foreign reserves (MEES, 13 November). But with the 31 October downing of a Russian passenger pl...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Edison Hopes For More Zohr
...e south. Both are split 50:50 with Irish independent Petroceltic, with Edison operator, and abut the maritime border with Israel (see map above). North Port Fouad was awarded in EGAS’ 2014 bid round and North Thekah in 2013 bidding, while the firm snapped up the neighboring Northeast Hapy li...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015