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Slimmed Down Services Firms Eye Bumper 2022 Profits
...l three are now comfortably in the black. *With increased demand for their services they are confident of further growth in margins, and profits, for 2022 and beyond; this is despite predictions that the overall market will remain “structurally smaller” than in their halcyon days to 2014...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Opec 2021 Revenues Rise At Highest Rate Since 1973-74 Oil Crisis
...llowing the 1973 Arab oil embargo. Despite last year’s extraordinary growth, revenues effectively just recovered to pre-Covid levels. And those are barely 50% of pre-2014 revenues of more than $1tn. But with Brent breaking above $90/B during intraday trading for the first time since 2014 on 26 Ja...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Libya Oil Revenues Skyrocket To $30bn In 2021
...l products, MEES estimates that Libya’s total 2021 oil exports were worth $29.8bn, the highest figure since 2014. Of course, most oil exporting countries had a good year in 2021. Opec – of which Libya is a member – has seen its revenues recover to pre-covid levels on the back of a sharp recovery in...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Libya Central Banks Agree Reunification Plan
...anches on 20 January agreed a four-point roadmap for reunification of the bank which has been divided on western and eastern lines since Libya split into two parallel governments in 2014. London-based auditing firm Deloitte has been hired to assist the process. The division of the bank has co...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Kuwait Set For 2022-23 Budget Surplus?
...the highest Kuwait has budgeted for since the 2014-15 budget’s $75/B. It is a huge increase on the $45/B assumption that Kuwait used for its 2021-22 budget. That $45/B assumption has proven to be a hugely conservative one, with Kuwait Export Blend (KEB) averaging $73.65/B over April-December 20...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Neutral Zone Exports Jump To Highest Level Since 2020 Output Restart
...erated by Khafji Joint Operations (KJO) which is a 50:50 venture between Kuwait’s state owned KGOC and Saudi Arabia’s state owned AGOC. KJO halted operations in late 2014 (MEES, 24 October 2014) before restarting in February 2020. Meanwhile the onshore operations are conducted by the 50:50 Wafra Joint Op...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
‘The Opportunities Are Massive’: The Risks & Rewards Of Operating In Libya
...talEnergies-operated Mabruk field has been offline since being badly damaged by Islamist militants in 2014 (MEES, 10 December 2021); North Gialo is a potential 100,000 b/d expansion project for the Waha consortium which groups Total, ConocoPhillips and Hess with NOC. Wazen’s Mr Mejerissi says “There could be...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Oman Approves Cautious 2022 Budget
...s first surplus since 2008 this year. Oman has seen cumulative deficits of $69.3bn for the 13 years since its last surplus. Oman’s annual deficits were at least modest until oil prices crashed in 2014. In 2013, the last full year of high oil prices, Oman’s debt stood at 4.9% of GDP, but it has si...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Libya’s 2021 Finances Boosted By Oil Revenues, Skewed By Dinar Devaluation
...r the first time since 2014, one unified Libyan government was responsible for spending and revenues. Rival parallel administrations in the east and west of the country were replaced by a Government of National Unity (GNU) in March as part of Libya’s peace process (MEES, 12 March 2021). But a bu...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Apache Looks To Egypt Growth Following Contract Modernization
...ases out to 20 years (see map). The deal marks the culmination of two years of negotiations which were precipitated when it became clear to Apache that the fall in oil prices – precipitously in 2H 2014 and modestly in 2019 – had rendered new investment, especially in the more mature, eastern po...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Apache’s PSC Terms: Why Modernize?
...oduction. Until 2014 “rising oil prices masked eroding underlying economics,” Apache says. But with oil prices slumping from 2H 2014, “leakage points” were exposed. “Many concessions were in backlog and not recovering their historical costs. Concessions with less attractive fiscal terms were di...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Algeria Launches 1GW Solar PV Tender
...hers, these projects are massively delayed. The contractor for Naama, Korea’s Samsung C&T is also working on the 1.45GW Mostaganem CCGT which has now been further pushed back to 2025. When the plant was awarded in 2014 the target for completion was 2017. Spanish contractor Duro Felguera’s 1.26GW Dj...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
EBRD: $54mn For Morocco Wind
...March 2014). Morocco together with Egypt leads the Mena region in terms of wind with 1.4GW of installed capacity (MEES, 2 April 2021)....
Volume: 65Issue: 01Published at Fri, 07 Jan 2022