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IOCs See Revenues Soar In 2018 But Keep Lid On Capex ($Bn, EIA Analysis)
...HIGHER OIL PRICES MEAN REVENUE* SOARED TO A 4-YEAR HIGH OF $144BN IN Q3… …BUT REMAINS WELL DOWN ON RECORD 2014 LEVELS CAPITAL SPENDING HAS BEEN SLOWER TO TAKE OFF. IOCS HAVE, FOR NOW, REMAINED PRUDENT WITH THEIR GROWING CASH WINDFALL *CASH FROM OPERATIONS. ^ES...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Fitch ‘Junks’ Oman
...one rung above junk (MEES, 23 March), whilst S&P on 9 November affirmed Oman at BB with a stable outlook. Oman has seen several downgrades since oil prices dived in the second half of 2014. Despite this year’s oil price recovery, Oman has been unable to improve its deficit-to-GDP ratio. This ha...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Saudi Reveals Optimistic 2019 Budget But Still Expects To Load Up On Debt
...is is a year-on-year increase of $11.2bn but is still well down on the August 2014 peak of $746bn. Clearly there is considerable scope for the kingdom to again turn to its reserves to finance its deficits, but with Riyadh not planning on balancing the budget before 2023, it can’t lean too heavily on th...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Lebanon’s Ailing Economy: Will The Music Stop in 2019?
...)… vs 1H17 1H17 2014 2015 2016 2017 1H...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Saudi Arabia: Cutting Its Way To A 2019 Production Increase?
...s commitments and still post a year-on-year production increase. The kingdom’s apparent munificence is taking place from record heights and it can afford to “cut” from these and still produce at a level significantly above that prior to the 2014 price crash. It may even come close to matching 20...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Qatar Petroleum Eyes Big Results Overseas In 2019
...recognisable over the next 10 years (MEES, 8 December 2017). Its first overseas forays began with the formation of Qatar Petroleum International (QPI) in 2005 (MEES, 6 February 2006). But overseas expansion under QPI long-time CEO Nasir al-Jaidah was modest: after Mr Kaabi’s appointment in 2014, QPI was sw...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Egypt Boosts Power Supply…
...rullus plant to the grid. A key aim is to enable “reliable power supply to energy-intensive industries” near Alexandria, Siemens says singling out “cement, oil and gas and petrochemical facilities.” Blackouts, particularly during the summer peak demand, season plagued Egyptian industry during 2014...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Kuwait Oil: Change At the Top As 2020 Target Dropped
...rgan was pumping at 1.7mn b/d. BP was brought in to help maintain production capacity at 1.7mn b/d with a technical service agreement (TSA) in 2014, which was subsequently upgraded to an enhanced technical service agreement (ETSA) in 2016 (MEES, 15 July 2016). Kuwait saw ETSAs as the best model fo...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Market Fundamentals Point To Choppy Outlook For Opec
...16’s 10.36mn b/d. In other words, since prices crashed in late 2014 amid the US Shale Revolution, the kingdom has actually been producing at record levels. LIGHT, TIGHT GLUT? The other key planned cuts will come from UAE, Kuwait and Iraq, and all four of these, like neighboring Ir...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Libya’s NOC Forced To Shut In Key El Sharara Field
...utdown output level of 73,000 b/d was the highest since 2014 (see chart). NOC head Mustafa Sanalla at last week’s Opec meeting, eager to avoid being subject to output limits as part of the then under-discussion output deal, complained “we have internal cuts inside the country. Unfortunately, we have so...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Qatar: New 2.5GW Plant Powers Economic Growth
...erage electricity demand growth of around 10% a year during 2014-16, according to Kahramaa data. With thousands of visitors set to descend on Qatar for the 2022 World Cup, this could mean new peak demand records. With that in mind, Qatar still has major power projects due online in the near te...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Qatar Shines Spotlight On OPEC Divisions As It Ends 57-Year Membership
...is week and the numbers make good reading for Doha. Oil and gas revenues of $6.8bn were the highest since December 2014, and as these account for 86% of total export revenues, these were also the highest since December 2014 at $7.9bn. Revenues are on track to be the highest since 2014, exceeding $80...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Adnoc Adds To Gulf LNG Bunkering Plans With Inpex Tie-Up
...thorities have previously considered adding LNG bunkering to their capabilities (MEES, 4 July 2014). As a major established hub, it makes sense to add a new string to Fujairah’s bow with LNG bunkering rather than seek to create an alternative location. Fujairah currently receives gas from Qatar via the Do...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Algeria Set For $5bn 2018 Trade Deficit: As Good As It Gets?
...RTHER RISE IN OIL PRICES WILL BE NEEDED FOR 2019 TO SEE THE FIRST SURPLUS SINCE 2014 *2018 FIGURES ARE JAN-OCT PRO-RATED EXCEPT OIL PRICE WHICH PRESUMES LOWER NOV-DEC VALUES IN LINE WITH LATEST BRENT FUTURES. SOURCE: ALGERIA CUSTOMS, OPEC, MEES CALCULATIONS. PRAYING FOR HIGHER PR...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Sipchem & Sahara To Merge
...mplete by 30 June 2019. Sipchem and Sahara signed an MoU for the merger in October, reviving a plan that was shelved in 2014 as plummeting crude prices slashed petchems revenues (MEES, 9 November). SAUDI PETCHEMS FIRMS BY MARKET CAP ($BN, END Q3): POST-MERGER SIPCHEM CLIMBS TO SIXTH PLACE...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
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