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Tunisia’s Net Energy Imports Hit Record In 2018
...ovisional data) are far outweighed by 78,000 b/d of net products imports (see chart 5). When combined with fluctuations in oil prices this means the country’s net energy import bill hit a record $2.35bn for 2018, beating the previous record of $2.14bn set in 2014 (see chart 6). The $670mn (40%) in...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Algeria: Gazprom Stalls On El Assel
...January, Russian energy minister Alexander Novak said Gazprom is preparing a commercial offer for development of the 2010 Rhourde Sayah (RSH) and 2014 Rhourde Sayah North (RSHN) discoveries but does not plan to participate in development of the Zemlet er Rekkeb (ZER) or Zemlet er Rekkeb North (ZE...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
LNG: A Record Year As Qatar & Oman Both Hike Sales
...nthly basis for the first time in October, may well snatch the overall spot for 2019. *The one key market which is stagnant is the world’s largest, Japan. Japan imported a total of 82.9mn tons in 2018, down 0.9% on 2017 and over 6% lower than the record of 88.5mn tons set in 2014. Here Australia is th...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Qatar 2018 Revenue Surge Finances Renewed Checkbook Diplomacy
...ntinued largely without hiccup. With prices at multi-year highs last year, Doha raked in bumper revenues. Total export revenues surged 25% year-on-year to a four-year high of $84.3bn in 2018 (see chart). This was, however, still substantially down on 2014’s $130.7bn. Hydrocarbons accounted for 88.5% of...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Sabic Reports Higher Profits As It Prepares For Aramco Buy-In
...nference that the results reflect the “success of the company’s transformation initiative, which was designed to make Sabic even more competitive globally.” The 2018 net profit was the biggest since 2014’s $6.23bn, though short of 2013’s record $6.74bn. Mr Benyan says Sabic’s business transformation in...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Iraq Northern Refining Boost At Baiji
...ptember although Oil Ministry statements suggest current capacity may be as low as 47,000 b/d. The refinery had been offline since it was ransacked by Islamic State (IS) in 2014 (MEES, 26 September 2014). Because of the extensive damage to all three Baiji units (the two 70,000 b/d older Salahuddin un...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Aramco Advances Crude-To-Petchems Plans
...arted up in 2014. ...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Iraq Looks To Turkey For Support Up North
...rkuk after abandoning its commitment to conduct a technical study of the fields when the Islamic State threatened operations in 2014 (MEES, 19 January). Mr Luaibi characterized BP’s return as part of an “ambitious plan” to raise output to 750,000 b/d but at present a dearth of export options will st...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018 -
India Makes Splash Offshore Abu Dhabi With First Post-Adma Contract
...ate firms – which typically group up in their overseas forays – previously submitted an ultimately unsuccessful bid in 2016 for a stake in Abu Dhabi’s giant onshore concession (formerly known as Adco), which expired in 2014. The latest consortium is headed by state giant ONGC Videsh, alongside fellow st...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Iraq Reboots Downstream Development Drive
...imacy of rehabilitating the Baiji refinery, formerly Iraq’s largest at 310,000 b/d but now offline after being gutted by the Islamic State in 2014. Achieving “some level of operations” at the Baiji refinery is “the most urgent requirement within the petroleum sector,” the document says, adding that “it...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Dewa Awards Gas-Fired Power Project
...tensive LNG export commitments – around 90% goes to Japan, which took 4.68mn tons in 2017 down from 4.99mn t in 2016 and a record 5.70mn t in 2014 (see chart, MEES, 16 February). This means that the UAE only achieves gas balance by importing 1.7bn cfd via the Dolphin pipeline from Qatar to Abu Dhabi as...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Russia, Saudi Arabia Commit To Enforcing Production Discipline
...cember’s inventory levels stand in terms of forward cover? Using their respective 2018 average OECD demand figures, the IEA data shows 60.1 days coverage and Opec 60.5 days, and December’s stocks represented 62-63 days cover at 2014 demand levels. HOW CAN I RESIST YOU? Abu Dhabi newspaper The Na...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Will 2018 Be A Boon Year For Middle Eastern IPOs?
...The Middle East IPO market dried up after oil prices fell in H2 2014. But the urgent need to generate new revenue means the sustained oil price slump is now the key driver of energy sector privatization plans across the region. After several torrid years, the Middle East IPO market st...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Iraq Seeks To Reboot Northern Oil Sector
...chnically challenging development required (MEES, 8 February 2010). Sonangol declared force majeure in 2014 when Islamic State stormed the northern Nineveh Governorate and seized the two fields. It was already eying the exit, citing escalating sectarian violence in 2013 (MEES, 25 October 2013). Mr Lu...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iraq Drilling Hits 3-Year High, Abu Dhabi Sets New Record
...rrying about any commitments to Opec to limit output (see p9). However, Iraq’s rig count remains at little more than half of the record 96 seen in the first half of 2014 before Islamic State overran large swathes of the country. The UAE is another country where Total, in its 2017 results and 2018 ou...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iranian Oil Exports Hit Pre-Sanctions Levels As European Share Grows
...indled from 185,000 b/d in 2011 to a low-point of 104,000 b/d in 2014 and then stayed relatively flat at 111,000 b/d in 2015. 2016 saw a noticeable 24% gain to 138,000 b/d, but latest data to November implies volumes soared 75% to around 240,000 b/d in 2017. This would put Turkey as the fourth largest bu...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Egypt: Increased Gas Availability Boosts Petchems Producers
...stallations were not directly affected, instability deterred investment, as did the cash-strapped Islamist government of Muhammad Mursi’s inability to pay IOCs for their oil and gas production. Gas output collapsed from 6bn cfd in 2011 to 4.7bn cfd in 2014 and a 12-year low of 3.9bn cfd in H1 2016. At le...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Opec Steadies Production In January
...cember 2017), especially when pointing to the instability that has plagued output in recent years. Should either be accused of producing too much, they could argue that this would be to offset the risk of near-term drop-offs. January’s combined output of 2.82mn b/d was the highest since September 2014...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Major Threat For Opec With Offshore Exploration Boom
...hlumberger CEO Paal Kibsgaard told his 19 January earnings call. LONG TERM: DEEPWATER FOCUS Mexico’s latest bid round last week was by far the most successful since the country opened up its upstream to international investment in 2014. Total investment commitments were $93bn with 19 of 29 de...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
KRG To Struggle For Minor 2018 Production Gains
...ree new wells planned and re-entry at a 2014 well. Two wells are also planned at Zey Gawra. Russian state-backed firm Rosneft finalized a deal for five blocks in October 2017. While the blocks were not specified, registered company names suggest they are Blocks 8,9,10,11 and 13 (see map & table). Ro...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018