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Libya Devalues Currency
...18 in a bid to narrow the gap, effectively creating a third rate (MEES, 29 March 2019). Reflecting Libya’s political division, the CBL’s eastern and western branches have operated independently since October 2014. The board’s meeting comes on the back of a recent UN-led peace effort aimed at en...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Jordan Gas Boost
...d ‘well-49’ brought online last December (MEES, 29 December 2019). Results from three other exploration wells are expected soon – but given the relatively small size of the field, which BP abandoned in 2014 (MEES, 24 January 2014), the country’s growing renewables sector remains its best hope of ac...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Saudi Arabia Moves Towards 50:50 Oil, Non-Oil Revenue Split
...so drawing down heavily on its reserves at the central bank (SAMA). Having peaked at $354bn in 2014, these dropped to just $125bn in 2019 and are projected to fall to just $92bn by the end of this year (see chart 3). That implies a substantial Q4 drawdown given that the latest SAMA statistics show go...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Saudi Crude Burn Tumbles In October
...cord 10.7bn cfd on 6 August 2020 (MEES, 6 November). When it comes to crude burn in particular, Saudi levels have remained well below record highs. While they did soar well above recent levels over summer, at 702,000 b/d in August the annual peak remained well below 2014-15 levels (see ch...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Iraq’s Northern Oil Infrastructure Under Attack From Islamic State
...ll as their proximity to major assets. The small topping plant at Sainia lies just a few kilometers from the Baiji refining complex, which before its total destruction in 2014, was Iraq’s biggest producing 310,000 b/d. Rebuilding Baiji – which previously consisted of two 70,000 b/d crude distillation un...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Opec, IEA Counter Market Euphoria With Demand Downgrades
...e price decline that started in 2014.” The authors assume a further 20% reduction in investment in 2021 and warn that “industry investment will have to rise over the next three years by at least 25% yearly from 2020 levels to stave off a crisis.” OPEC PRODUCTION BEGINS THE JOURNEY BACK FROM ITS CO...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Sudan Looks To Reverse Upstream Decline With 2021 Bidding
...Sudan’s crude output is running at 64,000 b/d, down 44% on 2014 levels and some 86% below the 457,000 b/d produced before South Sudan seceded in July 2011, taking with it 75% of Sudan’s production. Acting Energy Minister Kheiri Abdelrahman says Sudan hopes to add 20,000 b/d next year. But he...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Can The KRG Keep Up Its Monthly Oil Payments?
...leased by the MNR on 1 December highlights the financial challenges facing the KRG. Oil export revenues averaged just $574mn/month for July-September, far below the $1bn monthly payments the KRG had been expecting to receive from the Iraqi federal government under a lapsed December 2014 agreement. Th...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Aramco Management Revamp
...ggaf is now Senior Vice President, Operations & Business Services. He had been acting service line head of operations and business services since 2014....
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Leviathan: Stranded Between Low Prices And Anti-Netanyahu Backlash?
...te 2017,” Mr Davidson said (MEES, 2 May 2014). Mr Fisher now says the “timeframe from sanction to production” will be “anywhere from three to four years” – that is to say early next decade at best. Currently Tamar is Israel’s only producer with first phase capacity of 1.2bn cfd – production hit a re...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Aramco Seeks $5bn Yasref Funds Taking Total Over $20bn
...me of the financial pain felt by other oil companies with crude prices down 65% since June 2014, it has major project expansions under way, not only in the upstream, but also in refining and – in a strategic extension of its operating ‘territory’ – into petrochemicals. Aramco has not publicly es...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Bahrain Signals Start Of Sitra Refinery Expansion, Targets 2020 Start-Up
...ouping the US major with compatriot contractor CB&I, for technology licenses and engineering design for the residue and vacuum gasoil hydrocrackers (MEES, 24 October 2014). FEED work was initially scheduled for completion by the end of 2015, with a view to EPC contract awards in 2016 and completion in...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Prices Hit 11-Year Lows With No Sign Of A Reprieve
....49/B on 17 December, the lowest level since April 2004. The basket of 12 crudes – one from each member country – has averaged below $40/B every day this month. The average price of $35.16/B for December to date is down $5/B on November, $27/B on May, and a whopping $73/B, or 67.5%, on June 2014. On a mo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Libya: Fragile Peace Leaves Many Questions Unanswered
...jected by the HOR. The US Secretary of State, John Kerry, says that majorities in both the HOR and the GNC are ready to sign the agreement. But since it began mediating negotiations in September 2014, the UN has found it impossible to please both sides, and it is unlikely that this has changed. Th...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
China, UAE Deepen Strategic Oil Partnership
...fectively been in control of the country since his brother President Khalifa bin Zayid suffered a stroke in January 2014. This highlights the likelihood that the underlying rationales are as much political as economic. The announcement is the second such large tie-in between Emirati and Chinese firms in...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Iraq Trims Budget, But Not By Enough
...ving fallen below $30/B. Iraq’s economy has been hammered by the twin shocks of the ongoing conflict with Islamic State and the oil-price crash. Oil revenues constitute the majority of government income, and MEES figures show these crashing to $50.4bn in 2015, down from $84.3bn in 2014 and the lo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Egypt Secures $1bn Funding For Gas-Fired power, $500mn For Energy Reforms
...rn natural gas normally and fuel oil during gas shortages. Egypt currently has 20.5GW of mainly gas-fired capacity under development, as EEHC looks to keep ahead of surging electricity demand. This year’s peak load reached 29.1GW, while installed generating capacity at the end of 2014 was 31...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Egypt Scraps Plan To End Energy Subsidies
...e time of last year’s announcement – says that the government now plans to keep subsidies at 30% of their July 2014 values indefinitely. Speaking in Cairo this week, Mr Isma’il said that circumstances have changed with lower global oil prices and the discovery by Eni of the massive 30 tcf Zohr of...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Petchem Firms Face Saudi Ethane Supply Restrictions
...oject is a dual‐feed cracker which will produce 1.5mn t/y of ethylene and 400,000 t/y of propylene. Sadara, however, scheduled for a 2014 startup, is unlikely to be on stream before 2016 – it has not yet started building the cracker, which will take three years. Saudi Aramco CEO Khalid al-Fa...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012 -
SABIC Strategy Tracks Demographic Trends
...heduled to be completed in the fourth quarter of 2014. It will produce a variety of ABS grades for the automotive and electrical appliance industries (MEES, 18 June). Outside the kingdom, SABIC is focusing on joint projects in China. A joint venture between SABIC and Chinese state firm Si...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012