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KRG Sees Signs of Green Shoots In Its Troubled Oil Sector
...tural Resources Ashti Hawrami last month put the debt accrued to buyers in 2014-15 at $2.3bn, of which MEES estimates it has paid off around $200mn this year, meaning that this drain on finances is set to continue for years to come. KRG MAINTAINS EXPORT LEVELS DESPITE PRODUCTION WOES (‘00...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Algeria Raises $5.1bn In Bonds, Taps ADB For $1bn
...ven that spending this year is budgeted at $81.5bn, whilst the country is on track to earn just $25bn from oil and gas exports. Oil and gas export revenue was $60bn in 2014 and $63bn in 2013 when it accounted for a whopping 97% of export revenue (see table). With the collapse in earnings Algeria’s re...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Abu Dhabi Oil Shake-Up: Hold On To Your Hats
...1.4mn t/y of paraxylene and 500,000 t/y of benzene, for which Adnoc’s petrochemicals subsidiary Chemaweyaat and Thailand’s Indorama signed a joint venture agreement in late 2013 (MEES, 3 January 2014). Indorama reportedly pulled out of the project in March 2016, and Chemaweyaat has not announced an...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Oman Power: Foot Off The Gas Despite Khazzan Progress
...readbare international project pipeline. When asked on the firm’s 1 November Q3 earnings call “Given the [cost] deflation you have seen, is it time to step up the FIDs [final investment decisions]?” CFO Brian Gilvary says “we rebuilt the company over 2011 to 2014 [with a massive sell-off of assets to fund ‘De...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Opec Shows No Sign of Cutting Ahead of November Meeting
...now 2.57mn b/d above that of November 2014, when Opec members met in Vienna and opted against cutting to shore up prices. Yet only six Opec members have increased output, and five have seen it fall (see chart). Of these six, the two biggest gainers Iran and Iraq have vociferously claimed that wh...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Lebanon: Can New President Get The Country Moving?
...troleum legislation necessary to launch a bid round for Lebanon’s offshore acreage (MEES, 31 July 2015). After former President Michel Sulaiman completed his term in May 2014, the political vacuum reduced decision making on key issues to a bare minimum. Under the new administration, parliament ne...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Streamlined Oxy Set to Bag UAE Gas Expansion Project
...5% to 8% in 2017.” Capex in the first nine months of 2016 was just $1.99bn, down more than 50% on the same period last year and barely a third of the first nine months of 2014. OCCIDENTAL PETROLEUM: MENA PRODUCTION *DOLPHIN PRODUCTION COMES FROM QATAR'S NORTH FIELD. **EXCLUDES iRAQ, BA...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Algeria Raises Oil Output On Merk Record, Ourhoud Rebound
...mpression project involves two gas turbine driven compressors and expansion of the inlet liquid handling and associated utilities. BP first announced the investment in 2009, for 2014 start-up (MEES, 10 August 2009): it was already running behind schedule before the January 2013 attack knocked it further off co...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
LNG: Asian Buying Rises, But Output Up By More
...stralian output means any support to prices will likely prove transient. Imports by top global importer Japan, at 62.0mn tons in the first nine months of 2016, are down 2.2mn tons (3.4%) on the same period a year earlier and by 4.4mn tons on 2014’s record volumes. But for China 2016 is set to be a re...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Tightening Bunker Sulfur Specs To Boost Regional Diesel Demand
...most triple in 2015 compared with 2014, from 12,000 b/d to 31,000 b/d. In 2015 Rotterdam provided 180,000 b/d of marine bunker fuel, roughly the same as in 2014. SCRUBBER VS FUEL-SWITCH In theory vessels will be able to continue burning fuel oil with more than 0.5% sulfur, but only if they in...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Egypt Devalues Currency In Bid To Calm Forex Market
...reign grants have fallen sharply to E£3.5bn in 2015-16, from E£25bn in 2014-15 and E£95bn in 2013-14. Spending on energy subsidies is not going according to plan as projected in the 2016-17 budget at E£35bn. In the first quarter alone of the current year the energy subsidy rose to E£14bn, which on an...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
US Firms Pull Back From The World
...ise production in 2017 whilst further cutting capital spending (capex) which is already, at just over $5bn for Q3 2016, 50% down on 2014 levels. Chevron’s 2014 capex spend was $40.4bn, it was $33.8bn for 2015 and “we will likely end [2016] below $25bn in capital outlays, in fact potentially coming in cl...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
UAE Plans 3% Spending Cut For 2017
...er a five-year period with the aim of fulfilling the objectives of the UAE Vision 2021. Previously the UAE had issued a three-year budget for 2014-16, also intended as a planning tool to implement longer term policies (MEES, 17 October 2014). More than half of the 2017 budget outlay some Dh 25...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Algeria: Forex Down Again, On Track For $20bn Deficit
...ES CALCULATIONS. ALGERIA’S FOREIGN CURRENCY RESERVES ($BN, END PERIOD) *FORECAST BY PRIME MINISTER SELLAL, JULY 2016.SOURCE: ALGERIAN CENTRAL BANK, IMF, APS. ALGERIA: LATEST TRADE FIGURES INDICATE 2016 OIL & GAS EXPORT EARNINGS DOWN 58% FROM 2014...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Kuwait Seeks Silver Lining In Price Downturn
...oviders – in order to ensure that “when this recovery does happen, and it takes time but it will happen, that we are in a position to supply.” Indeed, Kuwait posted its first budget deficit since 1999-2000 for 2014-2015. The deficit was KD2.31bn ($8.0bn) for the year that ended in March 2015, whilst the bu...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Kufpec Charged With Bringing Technology Back Home
...rget, Kufpec has been expanding aggressively under the auspices of Shaikh Nawaf, following former CEO Nizar al-‘Adsani’s appointment as KPC chief in 2013. Although there was no production increase in 2014, Shaikh Nawaf attributes this to a focus on buying assets in the development stage. Some of Ku...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Libya: Could ‘Peace Deal’ Double Oil Output To 800,000 B/D?
...cent years, which culminated in an armed incursion into the Sharara field in November 2014. Unlike several fields in the Sirte basin, no major damage has been reported to field infrastructure at Sharara and El Feel. Field managers at Sharara said in December 2014 that the field was being kept ready to...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Repsol On Libya: Bad News Only
...erating income and €42mn off adjusted net income in the third quarter. The company operates the Sharara field, which has been shut in since November 2014 (see main story). The lack of exports from Libya cost the company $0.3bn year on year during the first nine months of the year, it said. Adjusted ne...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Looks Beyond Current Storms To Gas-Fueled Upland
...rrency reserve issue will be resolved within the next twelve months. Tourism, a pillar of Egypt’s economy, making up 12% of GDP in the 2014-15 financial year (ending 31 June), is also an important source of foreign reserves (MEES, 13 November). But with the 31 October downing of a Russian passenger pl...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Edison Hopes For More Zohr
...e south. Both are split 50:50 with Irish independent Petroceltic, with Edison operator, and abut the maritime border with Israel (see map above). North Port Fouad was awarded in EGAS’ 2014 bid round and North Thekah in 2013 bidding, while the firm snapped up the neighboring Northeast Hapy li...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015