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Oman To Introduce Income Tax: Will Rest Of GCC Follow?
...er $100/B prior to late 2014, Oman was still unable to balance the budget as Muscat looked to avoid contagion from the 2011 ‘Arab Spring’ with 2012-14 spending blowouts. While the government is seemingly unable to reduce spending on salaries, the looming implementation of 5% VAT will have a si...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
India Crude: Saudi Squeezed
...India’s crude imports remain well down on year-ago levels as Covid-19 infection rates and the impact on the country’s economy remain high. September’s crude imports of 3.14mn b/d were the third lowest since 2014; only May and July, at the height of lockdown, were lower. Average 9M 2020 im...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Petrofac Seeks $530mn From Bp/Equinor Algeria Gas Project As Finances Stretches By Continued Saudi Boycott
...four southern fields to “maintain production at 9 bcm/year [870mn cfd] … for years to come” (MEES, 19 February 2016). Recent output has been just a third of this level (see box). Petrofac fully remobilised in early 2014, but the firm has since issued “multiple Variation Order Requests (VoRs) re...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
China Takes Record Saudi Crude, Iran At Record Low
...spite diversification efforts that had seen the region’s Middle Kingdom market share fall from a 2014 peak of 52% (MEES, 27 September). *In a 26 November research note, Michal Meidan of the Oxford Institute for Energy Studies reckons that this year’s setback to China’s diversification efforts ha...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Baghdad And KRG Sign Preliminary Oil Sharing, Budget Deal
...ude-for-revenues agreement in 2014, which fell apart as Baghdad never made full payment (MEES, 5 December 2014). A year ago, Mr Abd al-Mahdi and his deputy PM (and Oil Minister) Thamir al-Ghadhban reached an agreement with the KRG to export 100,000 b/d via Iraqi Kurdistan’s export pipeline to Ceyhan, an...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Oman Set For Lowest Deficit Since 2014, But Investment Lacking
...what would be the lowest figure since 2014 offers a rare piece of good news as assessments of Oman’s long-term economic health continue to sour. Of course, the second half of 2014 saw oil prices collapse from the $100/B-plus average of the preceding four years. Oman is not the only oil pr...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Algerian Gas Exports Set For Quarter-Century Low
...e first nine months of 2019 is down 9% year on year: having received a boost from key field start-ups in 2016-18 production has fallen back to 2014 levels. And while the third quarter has historically seen output drops, 3Q 2019’s 18.89bcm (7.25bn cfd) was the lowest in years and down 5% year on ye...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Saudi Aramco: The $1.7 Trillion Company
...arter of the $100bn that Crown Prince Muhammad bin Salman (MBS) has been eying since he first floated the idea of the IPO in 2016 (MEES, 8 January 2016). It also means that it’s going to be a close-run thing as to whether Aramco can overhaul the 2014 $25bn flotation of Chinese e-commerce giant Ali Baba as...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Not So Rapid: Aramco Malaysia Downstream JV Delayed
...e Refinery and Petrochemical Integrated Development (Rapid) project (MEES, 3 March 2017). The main construction contracts for PrefChem were awarded in 2014. PrefChem is being built close to Singapore at the southern tip of peninsular Malaysia. The refinery will have capacity to process 30...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
KRG Eyes Major Boost As Exxon/DNO Firm Up Baeshiqa Light Oil Find
...rrent holdings are DNO (32%op), ExxonMobil (32%), and Turkish state partner TEC (16%), while the KRG holds the remaining 20%. Based on earlier drilling, Exxon and TEC previously estimated oil-in-place at 580mn barrels, before operations were halted in 2014 amid the Islamic State’s offensive. DNO’s la...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Kuwait Emir’s Son Unleashes Political Upheaval
...sponded by strenuously denying the allegations and slamming his accuser for going public. The Emir dismissed both men following their public spat. This is the most controversial public feuding within Kuwait’s royal family since 2014 when former deputy PM Sheikh Ahmed Fahd al-Sabah accused his long-time ri...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
New Hydrocracker Boosts Egypt To New Downstream Records
...llowing Cairo taking an ax to subsidies (MEES, 12 July). At 700,000 b/d for 9M19 domestic products demand is down 5% year-on-year. Fuel oil, down 36% at 81,000 b/d, has seen the biggest fall with the expansion of gas-fired power capacity. *Egypt has since 2014 been a net oil importer. But up...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Egypt: ONS Hits 80mn Cfd
...erated by France’s Perenco. Production started in 2009 and peaked at 180mn cfd the following year before slumping. It continued to do so after EKH bought the asset in 2014, falling to just 25mn cfd for 1Q 2018. The turnaround came after EKH persuaded Cairo in July 2018 to pay a higher gas price ($5....
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Adnoc Gas Strategy Surges Forward
...s strategy aimed at achieving self-sufficiency for the UAE by 2030 (MEES, 9 November 2018) there are already clear signs of progress. The UAE’s net gas imports fell to 11.9bcm (1.15bn cfd) for 2018, the lowest since 2014, as output climbed faster than demand. Adnoc’s stated project targets are ea...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Oman Offshore Ambitions Creep Forward
...rway’s DNO and Korea’s LG International allowed the contract to expire in January (MEES, 4 January). OOCEP subsidiary Musandam Oil and Gas Company has since taken over. The two Bukha fields, within Oman’s only offshore producing license, produced a modest 15,700 barrels of oil equivalent per day in 2014...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Aramco Kicks Off Share Offering: But At What Price?
...ten repeated in recent months, the implied $2trillion overall figure, but also the desire for the flotation to be the largest ever IPO – surpassing the $25bn raised by the 2014 float of Chinese e-commerce giant Ali Baba. VOLUME VS VALUATION? Of course, the two aims are somewhat co...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
IEA Extends Opec’s Market Share Purgatory
...urces of production, including tight oil.” This indeed describes Opec’s 2014-15 ‘market share’ policy as driven by former Saudi oil minister Ali Naimi (MEES, 19 December 2014). Such a policy ostensibly looks an attractive long-term option for the likes of Saudi Arabia and the UAE. However, it wo...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Iran Ups Geopolitical Stakes With Nuclear Advances
...at is expected to take six years. The Bushehr-2 plant will be built by Russia’s Rosatom, under a 2014 agreement between Moscow and Iran for the construction of four new 1GW plants at Bushehr. Rosatom completed the Bushehr-1 reactor in 2011, generating electricity from fuel rods supplied by Ru...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
SEC Switches Privatization Plan From Sell-Off To IPPs
...abian Bemco for Qurrayah (MEES, 10 January 2014); and Acwa and Korea’s Samsung for Rabigh-2 (MEES, 6 December 2013). Of the 2019 projects, 10MW Layla Al-Aflaj solar, built with government institutes Kacst and Taqnia, started up in January. The 1.5GW Al-Fadhili cogeneration plant, built with state pe...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Aramco Kickstarts IPO Process
...pact of Opec+ cuts is being felt on export volumes which are on track to fall to their lowest levels since 2014 (see chart). Turning to Q3, Aramco posted revenues of $70.2bn and profits of $21.1bn. Unsurprisingly, despite the annual decline, these numbers dwarfed those of the largest IOCs, with Ex...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019