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Wintershall Dispute Takes Gloss Off Libya Production Peak
...Libyan output has topped 800,000 b/d for the first time since 2014. Output would be even higher were it not for a dispute with Germany’s Wintershall, says NOC. Crude production on 10 May was at least 800,000 b/d, according to officials from Tripoli-based National Oil Corporation (NOC), th...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Libya Wins $1bn From SocGen, But Cases Highlight Shambolic Economic Governance
...ADERSHIP DISPUTES The issue over who heads the LIA has been long drawn out. Mr Breish was deposed as LIA head in June 2014 under Law 13, a measure passed by parliament in May 2013 that excluded those associated with the previous regime from participating in state functions. But he continued to be re...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Libya Investment Authority: A History Of Legal Wrangles
...The LIA lodged a lawsuit against French Investment bank Societe Generale in 2014. In this it claimed the relationship between it and SocGen through which the latter executed $2.1bn of trades on behalf of the LIA in the 2007-09 period was based on a “fraudulent and corrupt” scheme involving a $58...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Gulf Banking Ripe For Takeover Spree
...venues fell from a six-year high of $97.2bn in 2014 to just $44.3bn in 2016, a collapse of 54% (see chart). They are projected to rise back above $50bn this year but will still remain well short of 2014 levels. It’s a similar story elsewhere in the GCC, with Saudi crude revenues falling a staggering $15...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Oil Boost Raises Hopes In Libya, Perhaps Falsely
...Libya’s oil production ended April at about 760,000 b/d, up 50% from just over 500,000 b/d at the end of March, and the highest output since early December 2014. But such is the volatility of crude output in Libya that average production for the month of April as a whole, at 565,000 b/d, was th...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Iran: Condi Splitter Launch Promises Gasoline Self-Sufficiency – But When?
...January 2016. State refiner NIORDC expanded gasoline units at existing refineries with the aid of Chinese contractors and bulked out the fuel with additives from petchems plants – a practice that was halted because of growing pollution concerns (MEES, 25 April 2014). Gasoline imports fell to al...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Mena Renewables: Capacity Growing But At Half The Global Pace
... 2016 MW % MW % 2015 2014 20...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
OPEC, Will It Have To Cut Deeper For Longer?
...15 2014 S Arabia* 9.98 -0.08 10.06 +0.02 -0.42 9....
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
South Sudan Looks Beyond Total For Block B
...me to nothing (MEES, 22 August 2014). Reports have suggested that the UK’s Tullow Oil, heavily involved in exploration in neighboring Uganda, was the latest candidate for the empty stake in the block. PRODUCTION CHALLENGE Whatever happens with the blocks, it will not affect South Sudan’s pr...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Algeria Charts New Economic Direction. Is It Battling Against The Tide?
...blic debt increased,” said the IMF following the conclusion of its Article IV mission to Algeria on 20 March. Algeria’s trade deficit was a record $17.84bn in 2016 up from $17.01bn in 2015 and a surplus of $2.4bn in 2014. Of course the key variable here is the oil price (see chart, and table p5 for fu...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Iraq’s Upstream Expansion Plans Recede Over The Horizon
...an revenues have collapsed regardless. And yet under Iraq’s technical service contracts payments to IOCs actually rose $1bn last year to $14bn. Payments to IOCs as a percentage of oil revenue soared from 15.5% in 2014 to 28.6% last year. And 2016 could be more bitter yet. Based on export revenues fo...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Egypt’s Debts To IOCs Soar Above $5bn
...ving each been owed $200-240mn at end-2012 the three firms have seen their fortunes diverge sharply. The two gas-focused companies saw their receivables soar in 2013 and 2014 and then fall in late 2015; their dues are now almost exactly in line with the end-2012 figures (see table). DIRECT MA...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Leviathan Advances
...e sure to face political opposition. The same is the case in Jordan, which in the face of parliamentary opposition (as well as the relative attractiveness of LNG at currently-depressed prices) has yet to firm up a September 2014 MoU to import 45 bcm of leviathan gas over 15 years. ...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Algeria Plans For Lower Revenue By Slashing Upstream Investment
...vestment to $73bn (officially “more than $73bn”) for 2016-20, down from $90bn for 2015-19, which in itself was down from its $100bn 2014-18 plans (MEES, 11 July 2014). While Sonatrach managed to spin last year’s cuts as a maintenance of its investment plans combined with a stronger dollar and falling co...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Saudi Asian Market Share Under Threat: Mees Data Analysis
...0 B/D): RUSSIA TOPS SAUDI AS leading SUPPLIER IN FOUR OF LAST SIX MONTHS. IS THIS A PERMANENT SHIFT? FOR SOUTH KOREA SAUDI ARABIA HAS HAD ITS SHARE SQUEEZED BY IRAQ (UP 220,000 B/D SINCE 2014) AND IRAN (UP 120,000 B/D) FOR TAIWAN KUWAIT MADE SERIOUS INROADS INTO THE SAUDI MA...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
GE Backs Saudi Vision 2030 In $3bn Investment Program With SAIIC
...vestments Company (SAIIC) – established in 2014 by Saudi Arabia’s Public Investment Fund (PIF, 50%), Saudi Aramco (25%) and petchems firm Sabic (25%) to advance industrialization in Saudi Arabia – has signed a memorandum of understanding with US industrial giant General Electric to develop and localize in...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
IMF $5.4bn Loan To Iraq Offers Relief For IOCs
...eling by the plunge in oil prices since mid-2014. Oil sales constitute more than 90% of government revenue and in 2014 amounted to $84.3bn from production of 3.3mn b/d. Yet despite output surging to 3.98mn b/d last year, the largest rise in Opec, oil takings collapsed to just 42.7mn b/d (see chart, p2...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
KRG Hit By Economic Strains And Falling Output At Key Field
...st 72,000 b/d. Taq Taq remains a key export field for the KRG, the largest producer after just Tawke and output from “Khurmala” – a grouping operated by Kurdish firm KAR that includes fields in federal Iraq taken over by the KRG in 2014. Its poor performance is therefore a significant blow to the re...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Cairo Hopes To Garner New Interest In Old Acreage
...rata – so they may yet see promise in seemingly well-worn acreage. Eni’s key Western Desert output comes from the 54,000 b/d Melehia permit where output has ramped up rapidly since mid-2012 when Eni first tapped the field’s deep formations. Apache produces around 30,000 b/d from the 2014 Ptah and Be...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
Saudi Products Records Tumble With Europe The Target Market
...fineries since 2014 – both now running at full capacity – and crude output remaining at near-record highs of over 10.2mn b/d, records for the country’s products output and exports continue to tumble. Crude throughputs at the country’s refineries hit a record 2.571mn b/d in the first quarter, with 2....
Volume: 59Issue: 20Published at Fri, 20 May 2016