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Kurdistan Oil Sector Outperforming Expectations in 2018
...likely, but the 10,000 b/d production facilities are relatively close to a light oil discovery by Total and US firm Marathon that lies within the same current block (Block 11). The 43°API discovery at the Jisik-1 well in the now-defunct Harir block flowed at 6,100 b/d according to Total in 2014 (MEES, 5 De...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Turkey Mixes Business & Politics As Qatar LNG Surges
...13 2014 2015 2016 2017 Russia (P) 12.57 -1.71 -12.0 14.27 19.47 17.58 25.41 26.49 26.21 26.98 26.78 24...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Sinai Insecurity: Sisi’s Achilles’ Heel
...litants in the region were made up of disaffected Bedouin tribesmen but since 2014, a local group called Ansar Bait al-Maqdis pledged its allegiance to IS, rebranding as the latter’s ‘Sinai Province’. This group claimed responsibility for the downing of a Russian passenger jet over the Sinai in Oc...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Iraq Readies Baiji Unit
...Iraq is ready to restart one of three units at the Baiji refinery in Salahuddin province, which was badly damaged by Islamic State jihadists in June 2014. A unit which had 70,000 b/d crude distillation capacity before the destruction is now expected to process 60,000 b/d. “The re...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Israel Refiners Pump At Record Levels
...17). 2018 should see a reverse of that trend. First half gasoline output of 88,500 b/d puts Israel on track to top the previous annual output record of 84,500 b/d set in 2014 (MEES, 25 March 2015), whilst Bazan in its first half report says that national consumption of transport fuels gasoline, diesel an...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Algeria Halves Trade Deficit, Thanks To Higher Oil Prices
...tal exports, though this would be the lowest share since the turn of the millennium. Based on year to date figures and the current oil futures price, MEES estimates that for 2018 as a whole Algeria will earn $42.2bn in export revenues, up 17% on 2017’s $35.2bn and the highest figure since 2014 wh...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Key Syria Oil Field Restarts
....3%, India’s ONGC 9.4%) until fighting halted output in 2013 (MEES, 5 April 2013). Islamic State militants subsequently resumed production after seizing the fields in 2014. The Financial Times in 2016 estimated output from the field at 10-12,000 b/d under IS-operation. One report puts current Tanak ou...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Libya: Fractured Institutions Fail To Distribute Oil Revenue Gains
...anches of Libya’s key economic institutions in Tripoli and the east of the country to cooperate (see box): a trick that since the 2014 split in the country’s government neither the UN Libya mission nor the institutions that it has backed have managed to pull off. ...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Libya’s Ongoing Institutional Splits
...Tripoli. But following the split in the government in 2014, a rival branch was set up in Baida. Baida’s current ‘governor’ is Mohamed Shukri, sworn in by the House of Representatives (HOR), the official parliament, on 29 January but rejected by the upper house, the High Council of State. • The tw...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Record Products Sales And VAT Bolster Saudi Economy
...tting it on track for a full year figure of $22.2bn. This would be barely one third of last year’s deficit, the lowest since 2014’s $17.5bn and $30bn less than budgeted for. And this is despite spending being on track to come in just $4bn below the budgeted figure of $260.8bn, the highest since 2015 (se...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Aramco Advances Jazan Plans With $8bn Gas-To-Power Deal
...e IGCC. INDUSTRIAL HEART Aramco began building the Jazan refinery and terminal in 2014 as the “industrial heart” of government’s Jazan Economic City (JEC) project. JEC’s purpose is to “stimulate manufacturing and industry in the kingdom’s southwest” and “place Jazan as a commercial and in...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Oman: Oil Prices Bolster Economy, For Now
...ternational observers are nonetheless troubled by the underlying economics—a fact reflected in rating agencies’ decision to downgrade Oman’s economic outlook several times following the 2014 oil price crash (MEES, 24 November 2017). S&P rates Oman as ‘junk’ status. Unlike fellow GCC members, Oman’s more mo...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
US Scales Back Output Growth Projections
...2018 import volumes are level with 2017 and well up on 2014’s 29-year low of 7.34mn b/d. Opec’s share of US crude imports did, however, fall to a record low of 31.6% in May Having slid to a 30-year low of 706,000 b/d in the second half of 2017 volumes from Saudi Arabia have recovered somewhat si...
Volume: 61Issue: 32Published at Fri, 10 Aug 2018 -
Saudi Petchems Firms Report Best Profits Since Crude Price Collapse
...Sabic attributes best quarterly earnings since 2014 to improved volumes and higher selling prices, whilst Aramco’s petchems JVs begin to pay back huge investments. The 14 petrochemicals companies traded on the Saudi stock Exchange (Tadawul) reported combined net profits of SR10.79bn ($2....
Volume: 61Issue: 32Published at Fri, 10 Aug 2018 -
Iraq Takes On Mansuriya
...nders in early 2014 (MEES, 28 February 2014), whilst later that year Islamic State attacks across Diyala province forced TPAO to halt operations (MEES, 10 October 2014). Despite a relatively high remuneration fee of $7/boe in the technical service contract, the stakeholders fell out with Baghdad ov...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Egypt Goes West And Digs Deep In Quest For Oil Output Boost
...creases in Apache’s Western Desert output have come from the 2014 Ptah and Berenice discoveries on the Shushan and Faghur basins respectively, which were hailed as the firm’s largest finds in Egypt in 13 years (MEES, 3 April 2015 ). The fields now produce around 30,000 b/d. Italy’s Eni, on the back of...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Cash-Rich Gulf State Refiners Seek Overseas Capacity, Integration
...d return of international sanctions over Tehran’s nuclear program. Iraq has 600,000 b/d of refining capacity, with the 310,000 b/d Baiji refinery still offline after being badly damaged by Islamic State jihadists in 2014. Government funds are overstretched, so that the Ministry of Oil has of...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Qatar Export Revenues Hit Three-Year High Despite Continued Embargo
...gh of more than $80bn for 2018 as a whole (see chart 1). Still well down on the years to 2014 where Qatar racked up $130bn+ revenue. Provisional trade data show that Qatar’s export revenue rose to $20.8bn in 2Q 2018, the highest since the first quarter in 2015 (see chart 2). But these gains also sh...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Kuwait Fiscal Deficit Falls By 19% To $16bn For 2017-18
...y fall below $10bn. After recording successive budget surpluses since 2000, Kuwait in 2014-15 posted its first budget deficit of $8.9bn following the collapse in oil prices in mid-2014, and has yet to emerge from the red. CATCH 22 Total revenue in 2017-18 jumped by 20% in real te...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Iraq Exports Record In July
...Federal Iraq exported a record 3.543mn b/d in July – all from its southern Basra infrastructure. Even with the average export price dipping slightly to $69.16/B in May, Baghdad nonetheless pulled in $7.597bn. This was the highest monthly revenue figure since July 2014 when the selling price wa...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018