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Iraq: Baghdad, Erbil, Struggle To Correct Economic Course
...pointed him as acting CBI governor just before leaving office in September 2014. Since then, he has worked closely with Mr Abadi, who has appointed several of his relatives to key positions. His brother, Mahdi al-Allaq, plays a vital role in executive administration, currently heading both Mr Abadi’s own of...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Morocco: QP Boost
...major’s share to 45%. Moroccan state Onhym retains 25%. Chevron signed up to explore the three virgin blocks in early 2013 (MEES, 1 February 2013). It undertook 2D seismic in 2014 and 3D last year. Chevron’s entry – the first major in the Moroccan offshore – was followed by BP (MEES, 18 Oc...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Egypt: Is Gulf Cash Enough To Counter Gas Collapse?
...ough since the first half of last year, standing at $1.1bn, with $900mn overdue at the end of 2015. The number has risen since the end of 2014, when it stood at $920mn. Total receivables were $3bn at end-2015, according to official Egyptian figures, up from $2.7bn at the end of October. The firm ha...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
The $100bn-Plus Cost Of Syria’s Civil War
...bn. This is almost as large as Syria’s pre-war GDP, the Bank notes in its latest Mena Quarterly Economic Brief. In addition, damage caused by the war to the “capital stock” in Syria between 2011 and 2014 was estimated at $72bn, the World Bank said, quoting a report by the local Syria Center for Po...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Saudi Deficit Financing ‘Straightforward,’ For Now
...x). Indeed, if SAMA’s reserves continue to be drawn down at the $120bn rate they were in 2014 they will be exhausted by the end of 2020. According to the 2016 budget decree, foreign borrowing options are also considered in order to avoid crowding out credit to the private sector. The in...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
East Asian Importers Take Less LNG In 2015; Little Sign Of An Upturn In 2016
...ticeable change, albeit largely anticipated. Japan imported a record amount from Malaysia in 2015, or 15.57mn tons, helping it overtake Qatar as the second largest supplier in 2014 (behind Australia at the time). LNG shipments from Qatar to Japan fell by 9.6% annually to 14.64mn tons (see graph 3). In...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Kuwait Refining Earnings Undermined By Weak Product Export Prices
...eraged 277,000 b/d for Q1-3 2015, up 55% on 2014’s 178,000 b/d. KNPC’s earnings from domestic sales are fixed at heavily subsidized prices. With pressure rising on Kuwait to cut subsidies, Mr Mutairi tells official news agency KUNA that the cost of refining oil in KNPC’s refineries is in the range $4-...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Iran And Saudi Arabia Drive Opec Output Rise As Indonesia Returns
...2mn b/d to 3.5mn b/d by 2017, Iran looks set to pull away. Kuwait has fallen behind since October 2014, when a dispute with Saudi Arabia over management of the Partitioned Neutral Zone (PNZ) led to production falling there, and halting altogether in 2015. Chevron said in its Q4 2015 conference call on 29 Ja...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
More Trouble For Algeria As Hess Walks Away
...2000 to 50,000 b/d in 2005 with completion of Phase 1 water injection, but plans to raise this further with miscible gas flooding were never finalized. Output subsequently tanked, bottoming out at just over 10,000 b/d (5,000 b/d net to Hess) in 2013. Hess’ net figure rose to 7,000 b/d for 2014 (9,...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Oxy Sees Yemen Exit Looming, Continues To Streamline MENA Operations
...perience in Yemen.” Given the exodus of firms from Yemen since 2014 following the outbreak of conflict between Houthi rebels and the Saudi-backed government, this looks highly optimistic, unless it sells to a state-owned company. Oxy is less optimistic that its efforts to pull out of the similarly-co...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
DEA Appoints New Egypt Chief
...dwitz was previously managing director of DEA’s Suez Oil Company (SUCO) JV with Egypt’s state oil firm EGPC from 2006 to 2008. Between 2008 and 2014 he headed DEA’s Libya operations before a brief stint in Turkmenistan and the UK. The firm’s most recent success story is the 200mn cfd Disouq field in th...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Kuwait’s Budget Deficit Set To Soar As Spending Continues Despite Subsidy Cuts
...venue (KD740mn for 2016-17) which is allocated to Kuwait’s ‘Reserve Fund for Future Generations’. For the 2014-15 fiscal year Kuwait posted a deficit of KD2.31bn, the first deficit since 1999-2000. Mr Salih says that as Kuwait has large financial reserves it has yet to feel the full force of the co...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
GCC: More Debt Planned
...With oil prices 70% down on their 2014 peak, GCC member states Saudi Arabia and Bahrain are reported to be considering tapping global markets to make up for loss of oil revenue. Saudi Arabia, which currently enjoys adequate fiscal buffers, is not in a great hurry to hit the bond market. Th...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Iran Taps SWF For $4.8Bn Oil Project Funds
...e oil and gas fields Iran shares with its neighbors, one of his administration’s top priorities. Iranian officials have long complained that Iran is falling well behind its Arab neighbors – primarily Iraq, Oman and Qatar – in the exploitation of these shared reserves (MEES, 9 May 2014). This de...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Iraq Adds Southern Storage Capacity In Bid To Ease Export Bottlenecks
...4mn b/d, but is often shut down when there is a backlog in loadings from the Basra and Khor al-’Amaya terminals. Iraq’s oil production capacity rose by 400,000 b/d in 2014, exclusively from the southern fields being developed by foreign consortia under long-term service contracts awarded in 2009 and 20...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt: Tahrir Petchems Advance
...19 (MEES, 4 April 2014). The Tahrir complex will rely on imported naphtha, making it immune from the feedstock supply problems affecting other Egyptian petrochemicals projects that rely on dwindling local gas supplies (see p7). Meanwhile, Egypt’s cabinet has announced plans for a number of pe...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Options Narrow As Libya Peace Talks Collapse
...e Libyan army. Haftar, the nominal leader of a major part of the Libyan National Army, launched the Operation Dignity campaign against Islamist groups in May 2014, and he has gradually come to be seen as the de facto head of fighting forces loosely representing the HoR. Saqr al-Jurushi, who is lo...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Noble Suspends Israel Investment Amid Anti-Trust Stasis
...d Delek in March 2014. This would have allowed the two firms to keep their interests in Leviathan and Tamar as long as they sold off two smaller fields, Karish and Tanin. Following this Noble and Delek last year advanced plans to develop the Leviathan field, the East Mediterranean’s biggest gas di...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt Plots Gas Renaissance
...EGYPT Egypt Plots Gas Renaissance Egyptian gas output fell to a nine-year low in 2014. But confidence that the decline can be reversed is increasing. The latest bid round, offering eight large gas-prone Mediterranean blocks, will be a key part of any renaissance. Egyptian state ga...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt Appoints New Chiefs To Key Oil Joint Ventures
...fzaf, the former assistant chairman at the Shell JV Bapetco, taking his place (see table). Almost all of Egypt’s oil and gas production (671,500 b/d and 4.7bn cfd for 2014) comes via joint ventures that group EGPC and foreign oil firms. This means that many of the senior appointments to these jo...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015