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Qatar Sidesteps Trade Embargo With 20% Export Revenue Gain In 2017
...ar’s gains, with hydrocarbon exports amounting to 84% of total sales – the highest figure since 2014’s 87% when oil prices averaged almost $100/B. Hydrocarbon revenues rose 21% year-on-year thanks to a combination of rising oil prices and the start of commercial operations at the 146,000 b/d Ras La...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Japan Big Winner As Saudi Arabia Cuts Crude Exports
...uth Korea’s thirst for crude increased last year to 2.984mn b/d from 2.880mn b/d in 2016, while it too has diversified its suppliers. The Saudi share of total Korean imports fell to 28.9% last year, almost five percentage points less than 2014 (MEES, 12 January). Japan is the only market where Sa...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Iraq Hypes Over-Ambitious Refining, Export Capacity Targets
...ve more luck with the Fao plant given that products output is slated for the export market. The only one of Iraq’s new refineries to progress is a 140,000 b/d plant at Karbala for which a $6bn EPC contract was awarded in 2014 to a Korean consortium led by Hyundai E&C. But work here has been sporadic, wi...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Iraq’s Crude Burn Falls From Peak As Generators Exploit Alternative Fuels
...NERATION (MW) Plant type 2014 2015 2016 2017 Steam turbine 3,...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Saudi-Russia Relations Mean Opec+ ‘Deal’ Will Continue. At What Price?
...al. Crude prices at their highest level since late 2014 also point in this direction. But the interests of both core participants, Saudi Arabia and Russia, make a formal wind-down unlikely. Venezuela’s output collapse enabled Opec and the 10 non-Opec countries party to the December 2016 output de...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Sabic Profits Boost From Rising Oil Prices As Horizons Expand With Clariant Buy
...s SR18.40bn ($4.9bn) for 2017, up 4.5% on SR17.61bn ($4.7bn) for 2016. This was the first annual net profits upswing since the crude oil price collapse of 2014 undermined the petrochemicals sector, whose products prices are index-linked to crude. Mr Binyan attributes last year’s increase in net pr...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Kuwait Budget Deficit Set To Shrink In 2018-19 As Oil Prices Recover
...d already grown frosty and the nine months 2016 awards were well down on the same period in 2014 ($24bn) and 2015 ($30bn). Of 2017 awards, around $2.2bn (25%) is related to the oil and gas sector, including $850mn to Italy’s Saipem for a 450km feeder crude pipeline to the planned Al Zour re...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Saudi Aramco IPO Plans Progressing But Key Challenges Lie Ahead
...$2-3 trillion, implying that a 5% listing could raise $100-150bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014 (MEES, 11 November 2016). NEW YORK, RIYADH &… Key to the IPO’s success will be the location of the listing, and there have be...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Abu Dhabi Finalizes Onshore Concession With Chinese Partnership
...anayel, along with one field under development - Jumaylah. Projects are underway to increase NEB output to around 230,000 b/d. In 2014, Italy’s Maire Tecnimont was awarded a $2.25bn EPC contract to boost Al Dabb’iya output to 145,000 b/d by 2018 and the project is still underway. South Korea’s GS En...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Kuwait: Subsidy Row Presages Return To Disruption As Usual
...s poor performance on another project. This is the construction of a 100,000 b/d gathering center (GC-31) for Kuwait’s northern fields. The KD250mn ($810mn) contract was awarded in July 2014 – Petrofac and India’s Larsen and Toubro were awarded two other gathering centers – with a planned completion of...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
LNG: Growing Mideast Demand Key To Absorbing Rising Global Supply
...T) *ALL FROM TRINIDAD & TOBAGO SINCE 2014. SOURCE: CEDIGAZ LNG SERVICE, GIIGNL, SHELL, MEES CALCULATIONS. EGYPT IS TOP MENA BUYER: VOLUMES MORE THAN DOUBLED TO 6.3MN TONS, 60% FROM QATAR KUWAIT IMPORTS: QATAR SUPPLIED JUST OVER HALF 2016 VOLUMES BY SUPPLIER: QA...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Algeria Eyes Refinery Bidders As Gasoline, Diesel Consumption Dips
...7,000 b/d of crude in 2016, according to official data provided to Jodi. This is the same volume as for 2015 and 2.7% down from peak throughput of 593,000 b/d in 2014. While Algeria’s total products consumption – which fell 2.2% to 403,000 b/d in 2016 from a record 412,000 b/d in 2015 – is significantly be...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Baghdad-Erbil Refining Deal Signals Pragmatism Winning Out
...G). Mr Luaibi says the agreement will allow the production of badly needed fuels for the Nineveh, Kirkuk and Diyala provinces. These include areas liberated from Islamic State (IS) jihadists. Iraq has suffered acute products shortages since IS badly damaged the 310,000 b/d Baiji refinery in June 2014. Ba...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
KRG Gas Plans: The Rollercoaster Continues
...xt step of concluding negotiations with potential partners, and moving the gas project towards the FID.” ...BUT IS DEVELOPMENT ANY CLOSER? When Genel signed the initial agreement for development of Miran and Bina Bawi in November 2014, the firm said it “expects that a final investment de...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Algeria Looks To Build On Modest Output Gains But Investors Remain Wary
...end bucks a pattern of flat or declining output established over the past decade. Combined production of crude oil and natural gas liquids (NGLs) hit a low of 1.49mn b/d before edging up to 1.59mn b/d in 2014 and 2015, according to BP’s most recent Statistical Review, published in June. But that is st...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Tunisia: Oil & Gas Slump, Tourism Collapse – Bonds To The Rescue?
...e economy. 2014 revenue of $2.14bn equated to 7% of GDP but that was before a precipitous 54% fall in 2015 with terrorist attacks at Sousse and on Tunis’ Bardo museum. Sky-high youth unemployment of 35%, rising to 67% for recent graduates according to IMF stats, has helped fuel the labor unrest (ma...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Majors Look To Permian For 2017 Rebound
...oductivity Report, released 13 February. Much-touted efficiency gains are not chimeric. Unlike other US shale regions, and the country’s overall output, Permian oil production continued to rise, albeit more slowly, throughout the 2015-16 ‘lean years.’ The latest rig count is less than half the November 2014...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Spanish 2016 Crude Imports (‘000 B/D): Mexico Top Supplier As Opec Share Drops Below 50%
...*EX VENEZUELA, ECUADOR, MEXICO, COLOMBIA. ** CHANGES EXPRESSED ON A PERCENTAGE BASIS ^EX NIGERIA, ANGOLA. SOURCE: CORES, MEES. SPAIN IMPORTS BY REGION (%): N AFRICA SHARE HALVED OVER LAST 15 YEARS *ALL OPEC SINCE 2014. INCLUDES SMALL VOLUMES FROM OMAN & SYRIA PRIOR TO TH...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Egypt Secures 2017 LNG Needs
...additional 12 cargoes put the total number of cargoes signed up since November at 117. TRADERS TO THE FORE Egypt’s state gas firm EGAS has launched a slew of LNG import tenders since 2014, with trading houses and large oil firms signing up to supply 301 LNG cargoes - including 245 cu...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
LNG: Australia Soars Past Qatar As #1 In East Asia
...ina for cargoes imported in December, the most recent month for which comprehensive data are available, averaged a fraction over $7/mn BTU, less than half 2014 levels. MORE AUSSIE LNG COMING With substantial additional Australian volumes now set to hit the market over the coming months the ex...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017