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Algeria Prepares Oil & Gas Bid Round
...Algeria plans to launch its first oil and gas bid round since 2014 early next year as it seeks to kickstart foreign investment into its upstream sector. Algeria is preparing to launch an oil and gas bid round under its new oil law by the first quarter of 2023 as it seeks to reinvigorate it...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Services Firms Eye Gulf Revenue Bonanza
...was desired.” MARGINS OVER REVENUE Having seen their revenues collapse with oil prices in 2014 and again in 2020, the ‘big three’ now claim to be much leaner operators. As such, though their collective revenues remain little more than half 2014 levels, all three have notched up healthy pr...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
‘Invest, Invest, Invest’ In Oil: Mees Interview With Opec Secretary General Haitham Al-Ghais
...wnstream and $1 trillion for the midstream. It’s a huge amount of money, but it’s vital as we have been hit hard twice in recent times. First with the 2014-2016 industry downturn, and then in 2020 with the Covid downturn. In addition, with every downturn there is market instability and with that you lose in...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Algeria Set To Squander Energy Windfall
...cording to Finance Minister Brahim Djamel Kassali. He expects this to further rise to $60bn in 2023 (see chart 1). And having last year notched up its first trade surplus since 2014, Algeria is set to repeat the trick this year with a more substantial surplus of $17.7bn according to the latest of...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Libya: Total/Conoco Waha Deal Confusion Highlights Control Vacuum
...oject and the restart of the Dahra-Bahi field (MEES, 6 November 2020). Beyond Waha, Total wants to restart its Mabruk field which saw its surface facilities trashed by Islamic State in 2014. Mr Pouyanné says the target here is to restore output to 40,000 b/d. A Total source told MEES that this was cu...
Volume: 64Issue: 47Published at Fri, 26 Nov 2021 -
Iraq Lowers Rumaila Output Target
...Iraq appears to have significantly reduced the production plateau target (PPT) of its largest field, Rumaila, from 2.1mn b/d to 1.7mn b/d. This is another marked reduction, after operator BP negotiated a downwards revision from 2.85mn b/d to 2.1mn b/d back in 2014 (MEES, 5 September 2014). Ca...
Volume: 64Issue: 47Published at Fri, 26 Nov 2021 -
Spain Crude Imports: Mideast Share Down Again
...18. For 2020 Mideast volumes of 181,000 b/d were the lowest on record but volumes have since fallen further to just 150,000 b/d for 9M2021, whilst the region’s 13.5% market share is on track to come in below 2014’s record annual low of 15.4%. Key Gulf supplier Saudi Arabia, at 81,200 b/d for 9M 2021, is...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Egypt’s Midsize Gas Producers: Output Down But Receivables Down Too
...om the KRG and $125mn in Egypt where Dana’s receivables bill fell to $65mn as of end-September, the lowest level in over a decade and down $17mn versus the figure three months earlier. Energean, likewise, saw its receivables fall in Q3, to $145mn, the lowest level since 2014 though down only sl...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Asian LNG: Spot Prices Still At Record Levels, Term Prices Continue To Climb
...ese are also edging higher. Korean importers paid an average of $13.31/mn BTU for October imports, the highest since March 2015, whilst the $12.36/mn BTU paid by Taiwan was the highest since December 2014. *The key element in Asian LNG pricing formulas is crude prices, and back in 2014 crude pr...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Qatar Quarterly Export Revenues At 7-Year High
...The gradual increase in the price of Qatari LNG is much less dramatic than spot market gains, but it is lifting the emirate’s revenues to their highest level since late 2014. Qatari export revenues are running at seven-year highs as the LNG superpower benefits from the energy price cr...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Iraq Oil Export Revenues Hit Three Year High
...s soaring oil prices. The average price of Iraqi crude exports surged to $79.38/B for October, the highest figure since October 2014. With oil prices staying high in early November and Iraqi output set to rise further as Opec+ production cuts ease further (see p8), Baghdad can look forward to si...
Volume: 64Issue: 44Published at Fri, 05 Nov 2021 -
Saudi Petchems Firms Post Strong Results Despite Pricy Feedstock
...e first nine months of 2021 are already up to $18.09bn. This is likely to lead to the highest full year profits since 2014, even if there is further slippage in Q4. CEO Yousef al-Benyan says the results “marked a continuation of our recovery from the impact of Covid-19, albeit at a lower level th...
Volume: 64Issue: 44Published at Fri, 05 Nov 2021 -
Iraq Plans Oil Prepayments To Alleviate Financial Meltdown
...epayment contract with Vitol and local firm Matrix Energy in July. But governments walk a fine line when leveraging long-term revenues for an immediate cash injection. And Baghdad needn’t look far for examples. When oil prices collapsed in 2014-2015, Iraq’s Kurdistan Regional Government (KRG) turned to pr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Covid To Cost Opec $250bn In Lost Revenues
...at would be bad enough, but it will merely be the low point of a lackluster run of earnings in recent years (see chart). Oil prices dropped below $100/B back in late 2014 and over the subsequent six-year period of 2015-2020, Opec’s export revenues are on course to come in at a combined $3.0 tr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Libya: Oil Still Flowing But Revenues In Limbo
...vision of Libya since 2014 between rival eastern and western administrations has devastated the country’s finances and fostered a severe liquidity crisis which can only be addressed through the unification of the parallel administrations. A UN-led political process aimed at ending Libya’s nine-year ‘tr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Kuwait Starts Up CDU In Delayed ‘Clean Fuels’ Expansion
...though work on 19 new units at MAB is ongoing. The CFP contracts were awarded in 2014, with KNPC expecting at the time that construction work would be finished completed in late-2017 (MEES, 21 August). Meanwhile state firm Kipic, formed to develop downstream projects in the Neutral Zone between Ku...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
The Curious Case Of Algeria’s Hassi R’Mel
...S IS LESS THAN HALF GROSS OUTPUT (BCM) *JODI FIGURES USED FROM 2014. SOURCE: ALGERIA’S ENERGY MINISTRY, OPEC ASB, JODI, GCEF, IMF, MEES. ALGERIA’S BEATING HEART: HASSI R’MEL SACRIFICING GAS FOR OIL The massive use of reinjection means that Algeria’s sales gas output de...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Kuwait Oil Company Looks To Heavy Oil To Offset Capacity Declines
...nventional fields in North Kuwait. There, capacity has dropped by 130,000 b/d since 2017-18 to just 640,000 b/d. As with Burgan, capacity at North Kuwait has been hindered by project delays. Kuwait awarded contracts for three gathering centers (GC-29, 30 and 31) in 2014: at the time start-up was slated fo...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Gulf Offshore Drilling At 10-Year Low As Saudi, Abu Dhabi Stall On Contracts
...abia, also the lowest figure in almost 10 years (see chart). The UAE also had 10 rigs for October, the lowest since August 2014, whilst Qatar accounted for the remaining five. Recent earnings calls of offshore drilling firms add some color to the factors behind this slump in activity. They also su...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Opec+ Looks Ahead To Crunch Meeting
...t more than 500,000 b/d beyond its allocation in order to comply – a highly unlikely move that would necessitate producing below 3.3mn b/d for the first time since 2014. Iraq undeniably faces severe economic challenges (MEES, 16 October), but failure to comply risks fomenting divisions within Op...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020