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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 -
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