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QP Ousts Maersk At Key Qatari Oil Field Amid Sectoral Revamp
...lieve oil prices have now bottomed out, but where’s the light at the end of the tunnel for tumbling LNG prices? Prices for Qatari LNG to its largest buyer, Japan, have fallen from $16.79/mn BTU in 2014, to $10.65/mn BTU last year and in May were just $5.55/mn BTU. The preponderance of new supplies se...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Algeria: No Cash, Investment Slashed… Output To Soar. Come Again?
...e most recent bid round in 2014. A follow-up round has been repeatedly delayed: probably best to save the country’s blushes given that there is no sign of improved terms. And the potential for the country to invest its own cash has dried up with the collapse in oil and gas prices: hydrocarbon ex...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Iran Hits The Med As Market Share Battle With Saudi Intensifies
...e it left. The country’s crude imports declined 25% between 2011 and 2014, though 2014 volumes of 1.08mn b/d rebounded somewhat to 1.25mn b/d last year on the back of improved refining margins. Run rates at Italy’s refineries rose 11% from 71.6mn tons in 2014 to 79.1mn tons last year. But as margins ha...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Opec Revenues Set To Fall Further In 2016
...PORT REVENUES AT 10-MonTH HIGH DESPITE LOWER VOLUMES AS PRICES EDGE ABOVE $40/B FEDERALLY-CONTROLLED EXPORTS ONLY. SOURCE: IRAQ OIL MINISTRY, MEES EST. BAD TIMES TAKE THEIR TOLL The end of high prices in 2014 has exposed divisions within Opec with its weaker members in...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Jordan-Anbar Border Crossing An Economic Lifeline
...porters, as Jordanian exports going through Basra now cost 10-15% more due to the extra time. According to official statistics recently reported by Jordan’s Al-Ghad newspaper, the six-month closure in 2015 meant exports to Iraq fell to $695mn from $1.2bn in 2014. Earnings will have collapsed again this ye...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Oman’s PDO Bags $4bn Loan To Facilitate Bumper $20bn Upstream Plans
...nuary it raised a $1bn loan (priced at 120bp over Libor) to part finance the $8.6bn budget deficit in 2016 (MEES, 22 January). Oman Oil Company (OOC) plans to borrow $1bn to finance the BP operated Khazzan gas project. In September 2014 OOC raised a $1.85bn revolving credit facility put together by lo...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Oman Races Ahead Of Production Target, Diversifies Export Markets
...om oilfield services firm Baker Hughes show the number of active oil rigs averaged 58 for the first five months of 2016, up from 53 in the same period last year and 48 for January-May 2014. The government this month raised $2.5bn from its first international bond issue since 1997 (MEES, 17 June) an...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Qalaa Looks To Trim Debts
...Cairo-based energy-focussed investment firm Qalaa Holdings – formerly Citadel Capital – plans to reduce its debt to E£4bn by the end of 2017, having already reduced its money owed from E£10bn in 2014 to E£6.5bn ($735mn) at present, according to MD Hisham al-Khazindar. Qalaa needs to slash it...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Kuwait To Hike Gas-Fired Capacity After Bagging More LNG
...d a fractious relationship over the zone lately. Riyadh shut down 200,000 b/d of Neutral Zone oil production in October 2014, citing environmental concerns, as relations deteriorated. Limited output resumed only recently (MEES, 1 April). Despite the political concerns, Kuwait is not only building tw...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Dubai Plans Largest Mideast Waste-To-Power Plant
...y of solid waste. This is roughly 30% of Dubai’s daily requirement – Dubai Statistics Center says the municipality handled just over 7mn tons/day of solid waste in 2014. In a bid to reduce its waste handling problems, the UAE federal government has set a target for landfill to be reduced by 75% by...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Will Venezuela Join Libya & Nigeria In OPEC's ‘Long-Term Outage’ Club?
...ES, 10 June). Baker Hughes’ latest US rig count offers signs of hope. At 337, the number of active oil rigs remains almost 80% down on its October 2014 peak, but the number has risen in each of the past three weeks (see chart p16). Schlumberger’s Mr Schorn is cautiously optimistic. “Rig count le...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Libya: Progress Against IS Brings Internal Divisions Back To The Fore
...nuf terminal, both of which have been out of commission since December 2014. The re-opening of the two facilities, along with the 250,000-b/d export terminal along the coast at Zueitina, was to be the second phase in a production increase strategy beginning with the resumption of production from th...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Algeria Crisis Intensifies As Export Earnings Collapse
...placed. But, whoever is making the decisions, the scale of the challenge is daunting. The country’s export revenues were just $9.82bn in the first five months of 2016. This equates to $23.65bn on an annualized basis, down by 37% on 2015 and a whopping 62% on 2014 (see table). Not only are export ea...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Mideast Sovereign Wealth Funds Learn To Adapt To Low Oil Price World
...Some, but not all, Gulf SWFs are selling assets with lower prices. Others spot new opportunities, especially in Asia. Saudi Arabia's PIF, set to be the repository of the proceeds of the planned Aramco privatization, is already stepping up purchases. Sustained low oil prices since late 2014...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Qatar Downgrades Growth Forecast, But LNG Revenue Projection Looks Bullish
...l price of $39.3/B. These are both significantly down on the December 2015 estimates: the current account breakeven figure is down by more than a third. Monthly imports in the first two months of the year remained roughly at 2014-2015 levels of $2.5-3bn, with February slightly up year-on-year. Th...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Algeria: New Energy Minister Faces Revenue Meltdown, Political Uncertainty
...m/year of gas output over 2014-20, hitting 93 bcm/year by the latter date (MEES, 5 June 2015); it now forecasts just 85 bcm by 2021 – by far the biggest downgrade of any country in the latest report (see p4). And rising domestic demand means export volumes are set to continue their recent co...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Will The ‘Golden Age Of Gas’ Ever Arrive?
...mestically. Total forecast growth of 16bcm over the five year period is markedly lower than last year’s forecast of 23 bcm over 2014-20 and compares with an official Saudi target of hitting 12.2bn cfd (126 bcm) by 2021 (MEES, 1 April). Saudi Arabia is officially targeting a boost of the share of gas in it...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
LNG Supply Glut To Depress Prices For Years To Come
...Global LNG export capacity rose by 45% between 2011 and 2015 with 90% of this coming from the US and Australia. The “massive expansion” of Australian and latterly US export capacity, particularly since 2014 “just as demand slows” means “global gas prices are set to stay under pressure” for th...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iraq’s Kirkuk: Key Northern Oil Province Has Little Chance Of Achieving Autonomy
...ghdad’s dispute with the KRG over the region’s independent exporting of oil in breach of a December 2014 agreement. MEES calculates that the loss of around 170,000 b/d of exports in March equated to lost monthly revenues of around $145mn. And with Brent having risen more than $11/B since then, these mo...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Gas: ‘Remarkable Turnaround,’But Not Quite Yet
...21 – the IEA output numbers for the next couple of years look optimistic. The IEA has consistently underestimated Egypt’s near-term output slump. Last year it had Egyptian gas output bottoming out at 50 bcm in 2014, rising to 51 bcm (4.9bn cfd) in 2016: actual output was just 3.96bn cfd in the fi...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016