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OPEC Faces $200bn+ Question Next Week In Vienna
...nual revenues by around $210bn to $790bn this year. This would be the highest since 2014’s $964bn. But prospects for a further increase next year are slim, especially as Iranian exports will fall year-on-year. Setting out two simple scenarios for 2019 helps clarify what is at stake for the or...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Jordan Energy Goals Remain Hostage To Geography
...x has consequently risen from 4% in 2014 to 35% in 2016 and 2017 (see chart). Even with its FSRU contract running into the mid-2020s, Amman is nonetheless keen to increase natural gas imports and diversify sources. Jordan signed two controversial deals—one in 2014 and one in 2016—to import Is...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Kuwait Launches Refining Expansion Plan, Readies For Clean Fuels Commissioning
...te 2017 completion, the project has been heaviliy delayed and it now appears that commissioning of some units could begin by the end of 2018. The CFP engineering, procurement and construction (EPC) contracts were awarded in three packages in early 2014 – two packages for the Mina Abdullah revamp an...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Saudi Arabia Bags $118bn Trade Surplus In 9M 2018
...16’s annual record (MEES, 23 November). Quarterly oil (and total) revenues were the highest since oil prices collapsed in late 2014/early 2015, but this looks to prove the high-water mark for the immediate future. Oil prices collapsed through October and November, to stand at the lowest levels this ye...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Iran: CNPC Takes Over Total Stake
...is reason in 2014 (MEES, 9 May 2014). The field’s operator Pars Oil and Gas Company (POGC) says output is currently at 580mn cmd (20.5bn cfd). ...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Saudi September Crude Exports At 20-Month High, But A Fall Is Coming
...d India – account for more than half of the kingdom’s exports. But the 3.54mn b/d they collectively imported in Q3 (see chart) was the lowest since 3Q 2014. Volumes were down on recent levels for three of these, with only India seeing a quarter-on-quarter increase. The starkest fall was in China, wh...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Oman Economy Set For Strong 2018 Finish
...cent years: the figure was $5.15bn in 2014. Higher current expenditure is partly down to larger interest payments on loans as well as gas production expenditure which has risen from $380mn to $850mn year-on-year. But the bigger movements are on the revenue side of the ledger. Oil exports are only up...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
OPEC’S Ever-Receding Global Oil Market Dominance
....6mn b/d including NGLs) in 2017 to 44.8% by 2040. Seemingly good news for Opec. But then the IEA’s 2014 WEO predicted Opec’s market share rising to 49.2% by 2040. The number has been cut every year since. • These cuts come despite additions to Opec membership which helped boost the organization’s ba...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Morocco Pushing Renewables, Eyes LNG Imports In Bid For Cleaner Power
...art). Morocco overtook Egypt as Mena’s largest wind generator in 2014 (MEES, 27 April). Morocco added to its wind capacity in June with the completion of the 120MW Khalladi wind farm at Jbel Sendouq, 30km from Tangier. The farm was developed by Saudi private firm Acwa Power at a cost of $170mn, wi...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Tunisia Struggles To Cash In On Democracy
...nis had an opportunity following the 2014 oil price slump to reduce its burden on the budget, but that train has come and gone and higher prices are now causing a massive headache for the fractured government. Although Tunis has incrementally raised fuel prices, thereby reducing subsidies, the su...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Abu Dhabi Pledges Mammoth $132bn Investment With 5mn b/d Output Plan
...ly Saudi Arabia have long bemoaned the lack of global upstream investment since oil prices collapsed in the second half of 2014. Their take, alongside that of many key industry figures, is that the post-2014 collapse in final investment decisions (FIDs) on major upstream projects presages a shortfall in...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Repsol, BP & Eni Eye Algeria/Libya Border Bonus
...untry, one of just four awarded in Algeria’s most recent bid round in 2014. Boughezoul appears to have been the location of an Algerian exploration well drilled by Repsol in the first nine months of 2018 which produced a “negative result.” Repsol and Shell committed to drill two wells here: the fi...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
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