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KRG Tempts Baghdad With Pipeline Expansion
...s successor Adil Abd al-Mahdi (MEES, 26 October). Indeed, the new PM has track record of negotiating access to the KRG pipeline having done exactly that as oil minister in 2014 (MEES, 2 November). Oil minister Thamir Ghadhban has also expressed a desire to bury the hatchet since taking office. Wh...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Qatar Petroleum Chief Consolidates Energy Sector Grip With Cabinet Seat
...sponsibility for all energy issues” according to the government. The industry portfolio previously held by Mr Sada has been removed and merged with commerce to create the new Commerce and Industry Ministry. KAABI’S RISE The new energy minister was appointed, president and CEO of QP in September 2014, su...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Bumper Nine Months For Saudi Petchems As Sabic Prepares For Aramco Buy-In
...cent weeks – small firm Alujain is again expected to report late – disclosed total net profits of $7.66bn for the first three quarters of 2018, up 33% on the $5.74bn for the same period in 2017 and up 2.7% on the $7.46bn previous periodic high in 2014. Yet quarterly earnings fell by 12% from $2.89bn in 2Q...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Saudi 9M Stats Show Kingdom Almost In The Black: Too Good To Be True?
...e nine-month figure suggests that Saudi Arabia is on track to post a full year deficit of just $17.5bn, not only by far the lowest since oil prices headed south in late 2014, but actually level with 2014 as a whole – when oil prices averaged $97/B, some 37% above the $71.1/B average for January-Se...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
KRG-Baghdad Deal Needed To Unlock Northern Potential
...fore the recapture of Kirkuk: federal Iraq stopped exporting via its own Kirkuk-Ceyhan pipeline in April 2014 when Islamic State fighters entered the region, which forced Baghdad to strike a deal to export via the KRG pipeline in late 2014, facilitated by now-PM Mr. Abd al-Mahdi (MEES, 21 November 2014...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Eni Grows North African Presence
...natrach CEO Abdelmoumen Ould Kaddour, Algeria has made a flurry of deals with IOCs in recent months although crippling red tape often means projects are subject to major delays. Firms are wary of this, resulting in underwhelming interest in the country’s most recent 2014 bid round which saw a meagre fo...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Qatar’s Export Revenues Hit A Four-Year High Despite Ongoing Embargo
...19. These increases contributed to Qatar achieving its first quarterly budget surplus since 4Q 2015 in 1Q 2018, albeit a modest $260mn (MEES, 3 August). Latest figures show it backed this up with a $1.67bn Q2 surplus, putting the emirate on track to secure its first annual budget surplus since 2014’s $25...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
IMO Tightening Sulfur Limits In Bunker Fuels: Will Mena Refiners Cope?
...ovide IMO-compliant fuels is unclear. Libya has three refineries, but these have mainly been shut in by security concerns of late. Libya’s last data submission to Jodi was in March 2014, when the plants processed 116,000 b/d of crude. Output included 33,000 b/d of fuel oil, of which 4,000 b/d was ex...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Egypt Economy Marches Upwards, But Higher Oil Prices Hit Subsidy Reforms
...th May’s $503.1mn the highest since August 2014 (MEES, 26 October). Its share of state revenue has also risen from 11% in 2016-17 to 12% in 2017-18. After a sluggish start, Egypt is now reaping the rewards of its $8.5bn August 2015 canal expansion. Revenues fell in 2015 and 2016 but rose in 2017 an...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Iran Reshuffles Cabinet Ahead Of US Sanctions
...change was in April 2014 at the height of US and EU sanctions, but this failed with just one very small lot of crude oil sold. Exporting oil by the private sector also risks encouraging corruption in countries under sanctions, as witnessed in Iran with the notorious case of Babak Zanjani, the Iranian bu...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Omani Economy Looking Up Despite S&P Downgrade
...ude prices have taken a toll on Oman’s government coffers. Nominal GDP fell from OR31.5bn ($81.8bn) in 2014 to just OR25.5bn ($66.3bn) last year. But things have started looking up in recent months, with higher oil prices and BP starting up its key Khazzan gas project in September. Ne...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Qatar Maxes Condensate Splitters, Hits Fresh Products Records
...en the largest buyer of Qatari condensate. But after rising above 200,000 b/d in Q1 2014, imports fell to just over 125,000 b/d the following quarter and have been below 100,000 b/d since late-2014 (see chart). Much of this fall in shipments to Japan was caused by the neighboring UAE stepping up its im...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Algeria Eyes 2.4gw Power Capacity Boost By Mid-2018, But Money Is Tight
...ojects which have been announced by Sonelgaz in recent years – 26 plants with a combined capacity of 13.7GW were listed by Sonelgaz as scheduled to begin commissioning during 2014-16 (MEES, 6 November 2015). While some of these have been completed and others are progressing, the overall rate of progress ha...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Saudi Crude Exports At 7-Year Low, Outweighing Products Gains
...ch occurrence since 2014. The 6.65mn b/d exported in Q3 this year was down 290,000 b/d on Q2 and the lowest figure since 2011 (see table, MEES November 24). But has the nadir now passed? Initial indications imply there was a slight increase in crude exports in October, while Saudi Arabia an...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
GCC Debt Smashes All Records
...hrain with $3bn. Less than three years ago, Saudi Arabia, Kuwait and Oman had never issued debt in the international markets but the plunge in oil prices since the end of 2014 sent their budget deficits soaring. Indeed, while political relations have frayed throughout the course of the year, one fr...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Saudi Deficit Set To Fall 50% In 2017
...Higher oil prices mean Saudi Arabia is on track to halve its deficit to $42.5bn for 2017, the lowest figure since 2014. Latest figures for the first nine months of 2017 show revenue rising by 23% year-on-year thanks to a 32% increase in oil prices (from $38.6/B to $50.9/B). For 2017 as a wh...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Abu Dhabi’s Taqa: Power Steady But Upstream Slumps With Capex Cuts
...20.71bn ($5.64bn) in Q1-3 2014 when Brent prices averaged $107/B. POWER VS UPSTREAM: THE HARE & THE TORTOISE 2014 also marked the peak of the relative importance of the firm’s upstream oil and gas segment relative to the much more steady earnings mainly from Abu Dhabi’s power market wh...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Gulf SWFs Overhaul Their Strategies For A ‘Lower For Longer’ World
...plug deficits,” Elliot Hentov of State Street Global Advisors tells MEES. “The net effect is that they are still providing liquidity but the trend has dramatically slowed.” GCC SWFs’ total assets increased by $404bn from $2,519bn in October 2014 to $2,923bn in November 2017, a 16% rise, ac...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
BP Can’t Stop Falling For Low Cost Mideast Output
...lds the Kirkuk field’s Avana and Baba domes with a combined 160,000 b/d capacity, and has asked BP to help develop the field (MEES, 3 November). BP signed a deal to study the field in November 2013 with a view to further development, but the 2014 advance of IS put this on ice. Mr Townshend says he ha...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Reality Sets In As KRG Imagines Life With Less Oil
...ongside other disputed territories which had been held by the KRG since 2014. Crucially, Kirkuk oil fields provided the KRG with around 280,000 b/d of its 610,000 b/d crude production. Kirkuk volumes also represented around 50% of the KRG’s 560,000 b/d crude exports on which government coffers de...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017