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Saudi Arabia Prioritizes Investment Despite Budget Deficits
...rging by $34.5bn to a five-year high of $65.3bn, preliminary Ministry of Finance figures show (see table). This is more than double the originally budgeted figure of $26.9bn. Having run just one budget surplus since 2014, government debt levels have been on the rise in recent years. From just $38bn in...
Volume: 68Issue: 49Published at Fri, 05 Dec 2025 -
Iran Plans Major Gas Storage Expansion To Face Winter Shortages
...orasan Razavi. The latter province borders Turkmenistan and Afghanistan (see map). Fully commissioned in 2014, the two facilities receive gas via pipeline from processing plants in summer, when demand is relatively low, injecting volumes into their reservoirs. Gas is then withdrawn in winter and sent vi...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Jordan Looks To Climb On The Green Hydrogen Bandwagon
...ovided 27% of Jordan’s 2022 power, up from just 1% in 2014. But the ambitious plans face many challenges, including a severe water shortage. A 2019 Jordanian-German Energy Partnership said that despite Jordan’s “promising” potential for green hydrogen, including a “mature chemical industry” and ex...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Saudi Arabia Increases 2023 Budget Expectations
....3bn, and to rise further to $41.9bn in 2023. These capex figures remain well below historic levels. Saudi capex peaked at $85.2bn in 2014 before being cut as oil prices dropped. But it was still running at $45.9bn in 2019 before the Covid-19 pandemic. The low planned capex figure for this year wa...
Volume: 65Issue: 49Published at Fri, 09 Dec 2022 -
Delek & Mubadala Complete ‘Historic’ Tamar Deal
...nin and were found to be operating as monopoly by a late 2014 antitrust ruling (MEES, 2 January 2015). They remain the key partners at Leviathan with 45.34% and 39.66% respectively, whilst Chevron remains operator at Tamar with a 25% stake. “This step of the transfer of rights and the exit of De...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Opec Production Growth Picks Up In November, But Still Remains Well Under Output Ceiling
...awed” at the World Petroleum Congress in Houston this week. “It does not help when the pressure is mounting to stop all new investments in oil and gas. Across the industry, upstream capex fell by more than 50% between 2014 and last year, from $700bn to $300bn,” he says. TotalEnergies CEO Patrick Po...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Qatar Unveils Overly Conservative 2022 Budget
...tari monthly export revenues exceeded $8bn for the first time since December 2014 and with pricing for Qatar’s term LNG sales incorporating a lagging oil-price linkage, Doha can look forward to strong early-2022 revenues. WORLD CUP SPENDING BOOST On the expenditure side of the ledger, Qa...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Libya’s Mabruk Field To Restart In Early 2023
...Libya’s Mabruk Oil Operations says its eponymous field will restart production in the first quarter of 2023 at a rate of 25,000 b/d using Early Production Facilities. Mabruk has been shut in since 2014 when an Islamic State (IS) attack severely damaged its surface infrastructure (MEES, 6 Ma...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Chevron’s Emerging Mena Portfolio
...tions.” While Chevron’s presence in Mena does indeed go back decades, recent years haven’t been bountiful. In 2014 the firm looked to the Middle East to play a pivotal role in planned upstream expansion, with a $3.2bn exploration and appraisal plan focusing on Iraqi Kurdistan, Morocco and Australia (MEES, 18...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Japan Imports: Still Rock Bottom
...utral Zone, the first such volumes since 2014. Kuwait volumes (excluding the PNZ) are down 9% at 233,000 b/d for 10M 2020 but may be set to rise next year with state firm KPC this week inking a deal to lease 3.14mn barrels of Japan storage capacity (see p17). JAPAN CRUDE IMPORTS REMAIN AT MULTI-DE...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Opec Output On Track For Eight-Year Low
...om falling further. With output down 560,000 b/d this year, it is on track to come in at 9.76mn b/d, the lowest annual figure since 2014. Arguably the biggest question oil markets have regarding Opec now is, for how long will Saudi Arabia continue bearing the brunt of the cuts? The kingdom plans to...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Aramco Prices IPO
...ibaba’s $25bn 2014 listing in nominal terms at least. Aramco confirms that Stabilizing Manager Goldman Sachs may yet increase the share issuance by 15% (450mn shares) to stabilize the market price. The stabilization period is 30 days from the date at which shares begin trading, and if implemented the move wo...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Egypt: Current Account Deficit Widens Despite Strengthening Growth
...ficit fell in dollar terms in 2016-17, as share of GDP the deficit peaked at 6.1% that year. Whilst Egypt’s current account notched up successive record deficits of $12.1bn and $19.8bn in 2014-15 and 2015-16, President Sisi’s first two full years in power, the country’s finances were bailed out by re...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Qatar Shines Spotlight On OPEC Divisions As It Ends 57-Year Membership
...is week and the numbers make good reading for Doha. Oil and gas revenues of $6.8bn were the highest since December 2014, and as these account for 86% of total export revenues, these were also the highest since December 2014 at $7.9bn. Revenues are on track to be the highest since 2014, exceeding $80...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Adnoc Adds To Gulf LNG Bunkering Plans With Inpex Tie-Up
...thorities have previously considered adding LNG bunkering to their capabilities (MEES, 4 July 2014). As a major established hub, it makes sense to add a new string to Fujairah’s bow with LNG bunkering rather than seek to create an alternative location. Fujairah currently receives gas from Qatar via the Do...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Algeria Set For $5bn 2018 Trade Deficit: As Good As It Gets?
...RTHER RISE IN OIL PRICES WILL BE NEEDED FOR 2019 TO SEE THE FIRST SURPLUS SINCE 2014 *2018 FIGURES ARE JAN-OCT PRO-RATED EXCEPT OIL PRICE WHICH PRESUMES LOWER NOV-DEC VALUES IN LINE WITH LATEST BRENT FUTURES. SOURCE: ALGERIA CUSTOMS, OPEC, MEES CALCULATIONS. PRAYING FOR HIGHER PR...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Sipchem & Sahara To Merge
...mplete by 30 June 2019. Sipchem and Sahara signed an MoU for the merger in October, reviving a plan that was shelved in 2014 as plummeting crude prices slashed petchems revenues (MEES, 9 November). SAUDI PETCHEMS FIRMS BY MARKET CAP ($BN, END Q3): POST-MERGER SIPCHEM CLIMBS TO SIXTH PLACE...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Qatar Petroleum Targets Transformation, Embargo Or No Embargo
...rth Dome gas field (MEES, 7 April) – Mr Kaabi’s moniker was earned for his role in the moratorium on development of the field enacted in 2005 (MEES, 19 September 2014). He then in July, less than a month into the embargo, unveiled a plan to double the size of the planned expansion, boosting Qa...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Qatar Revives Plan For New Petchems Capacity
...The revelation by QP chief executive Saad Sherida al-Kaabi of plans for a new “world scale” petrochemicals project in Qatar (see p14) represents an about-turn after the company ditched plans for a major polyolefins project in 3Q 2014 and a large ethylene glycol project in early 2015. Mr Ka...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Israel Gas: Will Relaxing Regulations Spur Development?
...sues are hardly a new thing for Israel’s gas industry. The writing has been on the wall since 2014 when Australian LNG experts Woodside pulled out of a $2bn deal to take a 25% stake in Leviathan citing regulatory uncertainty (MEES, 23 May 2014). Israel’s offshore was subsequently closed for bu...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017