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Kuwait’s Economy: Major Surgery Needed
...ntral to Kuwait’s travails is a dependence on oil revenues that is high even by regional standards. Oil revenues account for nearly 90% of government revenues, and Kuwait has failed to increase non-oil revenues even since oil prices dropped in 2014. The amended 2020-21 budget (year ending 31 March 2021) en...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
India Crude Imports: Long Covid
...r the first 11 months of 2020 as a whole crude imports averaged 3.81mn b/d, down 13.6% year-on-year, and the lowest figure since 2014. *The latest official data for November shows India’s top suppliers continuing to turn in lacklustre performances. Number one Iraq with 821,000 b/d and nu...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
Algeria: Sonatrach Re-Engages With IOCs In Race Against Upstream Decline
...llapse, production problems and multi-year project delays. But new Sonatrach CEO Amine Mazouzi and his team have injected something of a sense of urgency with a more pragmatic approach. Algeria’s most recent bidround in late 2014 flopped with only four of 31 blocks awarded amid unattractive fiscal and in...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
What Does 2016 Hold For The Eastern Mediterranean?
...ich all parties hope will see the Leviathan field receive the go-ahead (MEES, 18 December). Israel’s gas sector was mired in stasis after the country’s antitrust chief in December 2014 labeled Noble and Delek a monopoly, essentially freezing both firms’ plans to develop Leviathan and further develop th...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Petchems To Dominate MENA 2016 Downstream After 2013-14 CDU Boost
...0,000 b/d Satorp and Yasref joint venture refineries started up in 2013 and 2014, respectively, with both now at full capacity. Abu Dhabi’s Takreer has also reached full capacity at its 417,000 b/d Ruwais Expansion refinery. Much of their output is destined for export – and greater income than for heavily su...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
OPEC Taps To Stay Open In 2016
...tput in 2016, but there is considerably greater uncertainty over whether it can achieve this. The biggest loser over the past 12 months, the north African country has lost 340,000 b/d of output since November 2014, plummeting to 370,000 b/d as a result of conflict between two rival governments, co...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Iraq’s Domestic, Regional Challenges Increase for 2016
...aq’s Sunni Arab region. Turkey’s most important proxy was the Nineveh-based faction led by Usama al-Nujaifi (parliamentary speaker 2010-2014 and vice-president 2014- August 2015) and his brother Uthil al-Nujaifi (Ninawa governor 2009-May 2015). Despite the former governor’s removal by parliament – in...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
The MENA Region’s Vulnerability: A Geo-Economic Outlook
...jority of countries worldwide continue to struggle with the consequences of 2008. Concurrently, the interaction of global oil supply and demand produced a continuous rise in the price of oil from less than $40/B in 2009 to a peak of $112/B in June 2014, before falling by the end of 2014 to $60/B. Co...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Libya: No More Than A Glimmer Of Hope
...rward in the post-Qadhafi era. In all other respects, though, the situation in the country has either deteriorated, or at best failed to improve. In December 2014, force majeure was declared at two of the country’s main oil export terminals – Es Sider and Ras Lanuf. Both remain shut-in. In the first qu...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
NOCs To Drive Gulf 2016 Output Gains Despite Further Belt Tightening
...aching its target of 980,000 b/d average liquids production in 2015: January-November output averaged 978,000 b/d. Output averaged 943,000 b/d for 2014. With state-led Petroleum Development Oman (PDO) announcing plans in April to reach a sustainable production plateau of 600,000 b/d by 2019, up from 2014...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Crunch Time For GCC Fiscal Reforms
...e fiscal balance swung into deficit of 2.3% of GDP in 2014 and is expected to worsen to an estimated 22.9% of GDP in 2015, piling extra pressure on the monetary authorities to curb future increases. KUWAIT The pressure on Kuwait’s fiscal and external positions remains contained and ma...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Qatar 2016 Budget: $13bn Deficit, The First In 15 Years
...dget law on 16 December. It projects total revenue at QR156bn in 2016, compared to QR226bn in the previous budget, which was based on $65/B (the previous budget, which originally ran from 1 April 2014 to March 2015, was extended pro-rata to end-2015 as Qatar switched to using calendar years in bu...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Baghdad Offers Guarantees For Export Pipeline Mega-Project
...ncedes it “is a very challenging schedule,” but he argues “if we get [financial completion] sometime in the first half of 2014, it will be still effective.” Given a 36-month construction project, this should see start-up in mid-2017. He declined to comment on any investment costs or fee arrangements with Jo...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Abu Dhabi’s 3.5Mn B/D Target Slips To 2019
...l Operations (ADCO) consortium – ADNOC 60%, BP 9.5%, ExxonMobil 9.5%, Total 9.5%, Shell 9.5% and Partex 2% – whose concession to run the emirate’s major onshore oil fields expires on 11 January 2014, will continue after this date. ADNOC senior management has made contradictory public statements and ha...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
KRG Investors Plough On Despite Rising Tensions
...[the Chevron-operated giant] Tengiz.” The KRG is pinning its hopes on opening up an independent export route, which will need support from Turkey. There are two potential pipeline projects that could impact developments by early 2014. Firstly Anglo-Turkish Genel Energy is planning an in...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Northern Morocco Joins Farm-Out Fever
...rmit from early 2013 to be followed by the anticipated drilling of “at least three” exploration wells from early 2014. Seismic is also planned for the neighboring Taounate permits in 2013. Gulfsands notes that the acreage immediately to the west of the Fes permit, now operated by Triangle Energy (see be...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
UAE Signs Nuclear Deal With Russia
...ntract between Emirates Nuclear Energy Corporation (ENEC) and Russia’s Tenex for the UAE’s first nuclear power plant at Barakah. In August ENEC awarded nuclear fuel contracts worth a combined $3bn to six international firms. Beginning in 2014-15, Canada’s Uranium One and UK’s Rio Tinto will provide na...
Volume: 55Issue: 52Published at Fri, 21 Dec 2012 -
Outlook Hazy For MENA Project Financing
...velopment following its achieving of a targeted 77mn tons/year LNG production capacity. Until the moratorium is lifted, which will not be until at least 2014, further projects will be concentrated downstream. Qatar Vinyl Company is seeking an adviser on its expansion project. Qatar has embarked on an un...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Uzbekneftegaz Signs Agreement With PetroChina For Gas Supply
...bekistan’s state firm Uzbekneftegaz for the export of 25 bcm/year of gas to China through a planned third branch of the system. The third line is scheduled to be commissioned in 2014. Construction will be funded through direct investment by PetroChina’s parent firm China National Petroleum Corporation (CN...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011 -
Jordan Announces Austerity Draft Budget For 2012
...5bn of this aid, which could be very timely in helping the kingdom’s growth in the next few years. The deficit (after grants) in 2012 will represent 4.6% of GDP, down from 6.2% in 2011, the minister pointed out. It is expected to fall further to 4% in 2013 and 3.5% in 2014. The kingdom’s pu...
Volume: 54Issue: 52Published at Mon, 26 Dec 2011