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Iraq Breaks From The Past In Fifth Bid Round
...mama formation (38-40° API) – a deeper structure key to Baghdad’s longer-term light oil aspirations. Reserves have been estimated much higher than Huwaiza at 7bn barrels of oil in place (MEES, 17 October 2014). If revenue-sharing terms are any indication of prospective value, these two oil plays we...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
IMF Highlights Kuwait’s Economic Troubles
...gher. On the expenditure side, after two-consecutive years of cuts from 2015-16, the figure has once again risen sharply. The 2014-15 figure of $74.3bn remains the highest on record, but that record is budgeted to be equaled this year and next. The IMF is particularly concerned that spending rises in...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Trade: Surplus Dips In 2019 As LNG Pricing Pressure Augurs Worse To Come
...rms around two-thirds of the ‘Natural Gas, LPG & Condensates’ segment which in turn accounted for 62% of Qatar’s overall 2019 export revenue of $73.1bn (see chart 2). The uptick in hydrocarbon prices in 2018 benefited Qatar greatly, with exports breaking past $80bn for the first time since 2014 (ME...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Economy Outperforms Budget
...arter’s bumper $1.87bn, which was the highest quarterly figure since 4Q15’s $2.1bn. A budget surplus for 2019 would mark back-to-back surpluses for the first time since oil prices fell in the second-half of 2014. A third consecutive surplus is budgeted for 2020, albeit a mere $100mn (MEES, 20 December 20...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Morocco Extends Coal Deal
...d were developed under a 30-year power purchase agreement signed in 1997. Taqa added a further 700MW of coal-fired capacity at the plant in 2014, taking total capacity to 2.056GW (MEES, 26 September 2014). The deal extends Rabat’s commitment to coal, which provided over 50% of Morocco’s el...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Oman: Blocks 3 & 4 Finish 2019 In Style
...w the partners were not overproducing. Official Omani figures showed the sultanate broadly compliant each month, implying falls elsewhere. The CCED-operated assets have performed strongly in recent years, nearly doubling from 25,000 b/d in 2014. They now account for a sizeable chunk of Oman’s 97...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Oilfield Services Firms Boosted By Rising Middle East Revenues
...Oil services firms continue to feel the squeeze from low oil prices. Despite concerns over regional upheaval, they are looking to Middle East gas as a key source of revenue going forwards. Industry investment has remained at a low ebb ever since oil prices collapsed in the second half of 2014...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Suez Canal Rides Us Shale Boom With 2019 Traffic & Revenue Records
...crementally risen from $5.5bn in 2014. Suez Canal revenues are one of Egypt’s key foreign exchange earners. The $5.7bn they brought in for the 2018-19 financial year was second only to tourism ($12.6bn) as the key elements of a $13bn surplus on the services element of Egypt’s balance of payments (MEES, 6 De...
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 -
Adnoc CEO Confident On 2020 Vision
...0,000 b/d of spare capacity, and if the Opec+ deal is extended to the end of the year at current levels, this could exit 2020 at 1mn b/d – a whopping 25% of total capacity. Opec’s leadership frequently bemoans the lack of industry investment since the 2014 oil-price downturn, warning that this could yet le...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
2019 Sees Middle East Drilling Records
...e key faller in the GCC was Kuwait where political holdups have stymied attempts to advance upstream projects (see p20 and MEES, 20 December 2019). Kuwait’s rig count fell by five to an average of 46 for 2019, with oil rigs falling to 34, the lowest since 2014 and gas rigs down to 11, a three-year lo...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Oman At The Crossroads As New Sultan Takes The Reins
...owing to a record $39.4bn in 2014. At the time, all was well and good: $100/B+ oil filled state coffers, covering additional spending and keeping Oman’s public debt in check (see chart). But once implemented, government handouts are politically difficult to stop. And when oil prices crashed in la...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Kuwait Budgets For Mega Deficit In 2020-21
...w debt law. It has therefore had to tap the General Reserve Fund to fund the deficit Kuwaiti debt rose significantly prior to 2017, up from 3.4% of GDP in 2014 to 20.7% of GDP in 2017 according to the IMF. It has since dropped due to the inability to issue debt, with the IMF projecting it was 17...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Kuwait Parliament Debates Neutral Zone Deal
...ES, 21 July 2008) – offshore output halted in October 2014, with the onshore portion following suit in May 2015 (MEES, 15 May 2015). The most likely outcome is that SAC will relocate its offices to the town of Khafji around 40km down the coast in the Saudi half of the PNZ. This is where offshore vo...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Taqa Completes $3.5bn Refinancing
...ter oil prices collapsed in 2014. This focused on cutting capital expenditure and reducing debt (MEES, 17 November 2017). Taqa’s main business segments are power and water, mainly in the UAE but also internationally, as well as upstream oil and gas. Upstream Taqa has producing operations in Iraqi Ku...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Neutral Zone Set For 2020 Rebound After Saudi-Kuwait Agreement
...More than five years since the first shut-in at the Partitioned Neutral Zone (PNZ: MEES, 24 October 2014), Saudi Arabia and Kuwait have reached an agreement on resuming production. The partners have ambitious plans to boost output to over 500,000 b/d by end-2020. Kuwait Foreign Minister Sh...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Iraq Books Record Exports In 2019, Plans To Advance Jordan Pipeline In 2020
...,000 b/d year-on-year. 2019 was also notable for being the first full year since 2013 of ‘federal’ exports from northern Iraq via the KRG’s export pipeline to Ceyhan, Turkey. Pipeline damage and disputes allowed for inconsistent northern exports from 2014 to 2018. But the volumes, in line with the 2018 Ba...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Libya: Output At Seven-Year High; Can It Last?
...velopment in the country’s southwest (MEES, 20 September 2019), and started work in July. Russian firm Tatneft also returned to Libya in December to carry out seismic it was forced to abandon in 2014 (MEES, 13 December 2019). And perhaps most importantly, NOC received a major boost in December having re...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Oman Budgets For Further Deficit Reduction In 2020
...so set to decline. Current spending in set to remain in line with 2019. All told, Oman expects a $6.5bn deficit in 2020, down from $6.8bn in 2019 and $6.9bn in 2018. And if IMF GDP growth forecasts are to be believed, Oman is poised to drop its deficit-to-GDP ratio below 9% for the first time since 2014...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020