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IMF Highlights Kuwait’s Economic Troubles
...ve turned to borrowing in order to fill the budget blackholes, Kuwait’s fractious politics have made this impossible. Unable to get a new debt law through parliament, Kuwait has instead resorted to drawing from its General Reserves Fund since 2017 – a clearly unsustainable strategy. The IMF says th...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Trade: Surplus Dips In 2019 As LNG Pricing Pressure Augurs Worse To Come
...Lower energy prices caused Qatar’s trade surplus to dip in 2019. An increasingly well-supplied LNG market points towards a further slide in 2020. Qatar’s economy has proven resilient ever since the onset of the regional blockade in June 2017 (MEES, 9 June 2017) as its hydrocarbon-driven ex...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Saudi City Of The Future Signs Up For Solar Desal
...Arguably the most ambitious, and certainly the most headline grabbing, element of Prince Mohammad bin Salman’s plans to shakeup Saudi Arabia’s economy is Neom. The futuristic “robot city” on the kingdom’s Red Sea coast comes with a $500bn price tag and was first announced in 2017 (MEES, 27 Oc...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
SEC: Sales Down, Profits Down
...2016 (MEES, 8 January 2016). The utility’s net profits peaked at SR6.91bn ($1.84bn) in 2017, but have since fallen due to changing consumer behavior (see chart). SEC NET PROFITS ($BN) ...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Saudi PIF Eyes Premier League
...gnate Mike Ashley. The UAE’s Sheikh Khaled bin Zayed al Nahyan failed last year in a bid to purchase the club from Mr Ashley, who put the club up for sale in 2017 (MEES, 31 May 2019). Riyadh has been accused of trying to ‘sportswash’ its human rights record. In December Riyadh hosted the heavyweight bo...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
KRG: Key Fields Set For 2020 Gains
...ate firm Taqa 47.4%op, Canada’s Shamaran 27.6%, KRG 25%) and the Sarsang license (HKN 62%, Total 18%, KRG 20%). Atrush is the newest producing field in Kurdistan, with production only beginning in 2017. It has swiftly become a key producer, and output rose to a record 32,000 b/d last year. This wa...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Oman: Blocks 3 & 4 Finish 2019 In Style
...ocks’ partners, it has to be noted that this comes while Omani output was capped at 970,000 b/d under the Opec+ agreement. Under the initial round of cuts in 2017-18, the blocks’ output was capped at 41,000 b/d (MEES, 20 January 2017), and while the cap was increased minimally in 2019, it is hard to see ho...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Lebanon’s Gas Hopes Kicked Further Down The Road
...other extended political vacuum, the likes of which have had devastating consequences in recent years. Dysfunctional politics was a key reason why the country’s inaugural bid round-launched to considerable IOC fanfare in 2013 (MEES, 17 May 2013) – didn’t see contracts awarded until late 2017 (see ti...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Oilfield Services Firms Boosted By Rising Middle East Revenues
...llion dollar awards for work in expanding capacity offshore Saudi Arabia (MEES, 12 July 2019). SERVICES FIRMS REVENUE ($BN): BIG THREE SEE COMBINED REVENUES EDGE UP TO 5-YEAR HIGH $80BN IN 2019 *GE SUBSIDIARY SINCE JULY 2017. SOURCE: COMPANY FILINGS, MEES. MENA BRIGHTSPOT Si...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Suez Canal Rides Us Shale Boom With 2019 Traffic & Revenue Records
...rminal of Ain Sukhna in 2019 (see p6). Southbound oil products shipments of 1.33mn b/d were up on 2018’s 1.28mn b/d and second only to 2017’s all-time high of 1.38mn b/d. Southbound products volume includes a record 94,000 b/d of LPG, with Q4 seeing a quarterly record of 126,000 b/d. But the st...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Saudi Arabia Key Oil Data ('000 B/D): Saudi Crude And Products Exports Fell 1mn B/D Annual In 2019
...CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL FIGURES ARE PERCENTAGES. *EXCLUDES FIELD LPG (650-700,000 B/D). **NAPHTHA REFINERY OUTPUT INCLUDED IN 'OTHER PRODUCTS TO DEC 2017 (479,000 B/D FOR 2017). ^PRESUMES ALL FUEL OIL CONSUMPTION IS BURNT IN POWER PLANTS. SOURCE: JO...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Turkey Planning More Drilling Off Southern Cyprus
...ports, and the government spokesman, implied that Ankara had used nefarious tactics to obtain the data, going as far as also claiming that Eni had colluded with Turkey. Ultimately, the data had been published in 2017 on a government website, then subsequently removed. ...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Qatar Awards First Utility-Scale Solar Project
...0MW (MEES, 29 September 2017), then 700MW (MEES, 10 January), before Doha settled on its current configuration. Qatar did not initially reveal a levelized cost of electricity (LCOE) for Al Kharsaah – a value thought not to reflect true solar project costs (MEES, 22 November 2019) – saying instead the pr...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Mena Cross-Border Power Grid Links: More Theory Than Practice
...ectricity between GCC countries as well as enabling alternative supplies to reduce power outages. But volumes remain puny. GCC countries see use of the grid as an emergency backstop more than a routine occurrence: non-emergency transfers only accounted for more than 50% of transfers for the first time in 2017...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Egypt Tests Sudan Grid Link As Saudi Plans Stall
...velopment as part of Crown Prince Muhammad bin Salman’s ‘Neom’ project (MEES, 27 October 2017). Saudi Arabia was expected to launch an adjusted tender for its side of the link last year, according to local media reports in March 2019, but this has not yet occurred. Of Egypt’s current cross-border li...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Egypt Gas Back On The Rise
...e global market amid suppressed prices (MEES, 20 December 2019). The lion’s share of output comes from the Mediterranean, where output rose to 4.281bn cfd for November. At 64.3% of overall output, this was the highest since March 2014, and nearly double the January 2017 nadir of 37%. The key co...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Borealis To Buy Nova Out Of US Petchems JV
...hylene to feed an existing 400,000 t/y polyethylene plant 120km westward at Bayport and a new 625,000 t/y PE plant alongside the cracker. The cracker is scheduled for start-up in late 2020 (MEES, 31 March 2017). ...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
KRG: Key Firms DNO & Genel Expect Lower Output in 2020
...ck to around 500,000 b/d. But it isn’t always plain sailing. Whilst the region’s first new field startup since 2017 may be just months away, two of the region’s biggest foreign players appear set for output to dip over 2020. Operations reports from Norway’s DNO and Anglo-Turkish firm Genel, which pa...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Chevron To Bag Egypt West Med Blocks As Bidding Canned
...reage. In its 2017-18 annual report, Egypt’s state gas firm EGAS flagged up that the objective of the western Mediterranean offshore region was “to attract major international companies to operate in the region such as ExxonMobil, Statoil [now Equinor] and Chevron.” Two out of three ain’t bad, and begs th...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Crescent Petroleum Focused On Iraq Expansion, Keeps One Eye On Diversification
...escent-KRG relationship has been turbulent, with a long running legal dispute only resolved in late-2017 (MEES, 1 September 2017). Still, Crescent is not deterred. “Even though there are risks, we have been through a lot – whether it is the rise of ISIS, or local issues that all got resolved – and so we...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020