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Opec’s Falling Production Capacity Strengthens Saudi Control
....49 32.47 32.48 -0.13 32.62 *INCLUDES SHARE OF NEUTRAL ZONE. SOURCE: IEA, MEES. PRODUCTION: LOWER FOR LONGER The decline in oil prices since late 2014 has taken it...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Iraq’s Politicized 2018 Budget Aims To Slash Deficit
...ached this would likely only be implemented in the second half of the year (MEES, 2 March). Iraq is banking on an $8.1bn revenue gain (9.5% in real terms) over 2017’s revised budget expectation as it struggles to rein in the double digit deficits it has routinely posted since 2014’s oil price crash. Oi...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Saudi: Major 2017 Oil Revenue Gains, But Non-Oil Disappoints
...vernment coffers? The kingdom’s latest trade statistics shed light on the issue, showing that oil exports rose in value to a three-year high of $170bn last year. This was a 25% year-on-year gain, although it was still 40% below 2014’s $285bn (not to mention the record $110/B years of 2012 and 20...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Abadi Claims KRG Pipeline Deal As Trucking Plans Fade
...tting first pick of depleted Kurdish volumes. Iraq plans to build its own pipeline to Fishkabur on the Turkish border to replace its 1.5mn b/d link destroyed by Islamic State in 2014. But this would not be operable until 2020 at best. Abdul Mahdy, head of the oil ministry’s contracts division, said on...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Algeria Gas Set For Record 2018 With Start-Up Of Key Southwest Fields
...msung Engineering was the lead construction contractor, having won an $800mn lump sum turn-key engineering, procurement, construction and pre-commissioning contract in February 2014. Total last month doubled down on its commitment to Algeria in the wake of its recent acquisitions of Maersk (planned fo...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Global LNG Trade Hits New Records. More To Come?
...ated to enter service. This reflects the lagged impact of a collapse in investment in liquefaction capacity from a peak of $30bn in 2014 to a mere $3bn for 2017. Shell sees a “potential… supply shortage developing in mid-2020s, unless new LNG production project commitments are made soon…Without new in...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Noble East Med Plans Gather Pace
...d on target for late-2019 start-up, the company says. The sanctioning of the deal in February last year was a “major milestone” for the company after Israel’s upstream remained in stasis for over two years from late 2014 awaiting the result of an antitrust case (MEES, 2 January 2015). The fi...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Middle East Adjusts To Trump’s Foreign Aid Game
...e 1978 Camp David accords, the US has given Egypt an average of $1.6bn/year in foreign aid, with the lion’s share, an average of $1.3bn going to the Egyptian military. The US slashed aid to Egypt by $1.4bn in 2014 following the coup d’état carried out against Muhammad Mursi’s democratically elected go...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Growing Saudi’s Non-Oil Economy: A Mirage In The Desert?
...onomy contracted 0.7% in 2017. Riyadh heeded this advice. Its 2018 budget projected a $52bn deficit, the largest since 2014, with plans to balance the budget pushed back to 2023. The idea now is that the resultant economic stimulus, alongside continued reforms, will facilitate non-oil sector gr...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Egypt: Key West Nile Delta Project Set For Start-Up
...r field (see box) and the rapid ramp-up in output at Eni/BP’s Nooros in the shallow waters of the Nile Delta to 875mn cfd within six months of July 2016 start up, should boost Egyptian gas production over 5bn cfd by Q3 for the first time since January 2014. February output was 4.41bn cfd (MEES, 24 Ma...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Algeria Keeps Oil Spending Flat, Extends Exploration Search Offshore
...wnstream are added in, the total spending program comes out at about $75bn. Sonatrach’s headline figure for its 2016-20 five-year plan was $73bn, but for 2015-19 it was $90bn and for 2014-18 it was $100bn (MEES, 17 February). Sonatrach upstream VP Salah Meknouche made the most of what was essentially a sp...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Ta-Ta Taq Taq: Demise of Key Kurdish Field Weighs On KRG Exports
...15 2014 Tawke 110.0 2.7 107.3 135.2 91 Taq Ta...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Kuwait Refinery Shuts, New Capacity Delayed, Crude Exports To Rise
...na Abdullah EPC contract it is undertaking with Samsung Engineering and CB&I (MEES, 14 February 2014) will not be complete until the very end of 2018. Both the CFP and Al-Zour projects were held back for many years by disputes between government and parliament. The award of construction contracts ca...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Rosatom Starts Work On New Iran Nuclear Plant, Cementing Russia’s Mena Presence
...Construction at Bushehr began just before Iran’s president visited Moscow where he signed several deals including one for Russian nuclear fuel. Russian state nuclear firm Rosatom has begun building its second reactor at Bushehr on Iran’s Gulf coast under a 2014 agreement. Both parties ap...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Libyan Oil Output Gains Go Into Reverse Amid Growing Instability
...rce. The Third Force wrested control of the Sharara oil fields from Tebu and Zintani members of the local Petroleum Facilities Guard in November 2014. There were reports in March that the Third Force had withdrawn from the region, but an LNA spokesman said in late March that negotiations over control of...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Petrofac Becomes Yet More Dominant In Kuwait
...d-2020. GC-32 will “have the capacity to produce around 120,000 b/d of oil per day together with associated water, gas and condensate” according to Petrofac. The initial Feed contract was completed in December 2014 by Amec Foster Wheeler, but Kuwait delayed putting the key EPC contract to tender. Ac...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Hungary’s Mol - Mena Profile: No More Chasing Barrels
...Hungarian integrated oil firm Mol has had to reshape its upstream operations in light of the 2014 oil price crash. Upstream Executive Vice-President Dr Berislav Gaso tells MEES how it has slashed production costs and that despite setbacks, Mol still sees the Middle East as important. Hu...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
East Med Deepwater Exploration: In Search Of ‘More Zohr’
...mpatriot Edison. A detailed map in Eni’s latest annual report also shows the field itself rubbing up against the Edison block, whilst other maps – including ones produced by Eni – have shown the field actually crossing the line. Although Edison was awarded North Port Fouad in September 2014, the same ye...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Aramco IPO Valuation: The Devil Is In The Detail
...lman, who is the key driver behind the much-vaunted Vision 2030 economic diversification plan, has estimated Aramco’s value at $2 trillion. This means its IPO would raise around $100bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014. Fu...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Iran LNG Plans Hamstrung By Domestic Demand, Lack Of Foreign Cash
...located 32bcm to reinjection in 2014. Of course in 2014 (and 2011, 2012 and 2015) demand for sanctions-hit Iran’s crude was low enough that Iran could afford to slash reinjection and still have enough oil to meet demand. The corollary is that last year as post-sanctions Iran sought to ramp up crude output to...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017