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Oman/Japan LNG Deals
...an’s energy ministry signed an MoU with Japanese state energy body Jogmec to deepen energy sector cooperation. The MoU adds “collaboration towards commercial and technical issues relating to clean energy” to a previous oil and gas-focused 2014 MoU. In expanding the scope of cooperation, Jogmec notes th...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
Iraq Eyes 2023 Budget Priorities: Can It Spend Oil Windfall Wisely?
...gh-level KRG source tells MEES that Erbil’s delegation is planning to return to Baghdad to resume talks end of this month.. MORE CAPEX, OR MORE PAYROLL? Last year marked the third year that Iraq has failed to pass a budget, after 2014 and 2020. If ID222bn ($153bn) is indeed the fi...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
Abu Dhabi’s Mubadala Cuts Energy Sector Exposure
...RMDOWN The other major transaction this week involved Mubadala’s fully owned upstream subsidiary, Mubadala Energy (formerly Mubadala Petroleum). Mubadala Energy was led by Mr Kaabi between 2014 and 2017, and he has since remained chairman of the firm. The firm boosted its net output to a record 500,000 bo...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
Qatar Eyes Substantial $8bn Surplus For 2023
...r the World Cup, most notably opening a new airport in 2014 and a metro system in 2019, as well as greatly expanding its hospitality sector. Capex peaked at $28.2bn in 2016 but has been trending down as the tournament approached, and was $19.9bn in 2021. Minister of Finance Ali bin Ahmed al-Kuwari sa...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
Oman Achieves First Budget Surplus Since 2008
...n-hydrocarbon revenues of $8.36bn are also a record. Expenditure edged up this year to an estimated $33.99bn, from $32.25bn in 2021. But this was due to a $1.8bn increase in capital expenditure rather than an increase in subsidies or public sector wage bills. After ballooning to $39.4bn in 2014, Om...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
US Stocks At 37-Year Low But Repurchase Coming
...e start of the year. Whist the commercial stocks figure is little changed from 421mn barrels at the end of 2021 (though this was the lowest end-year figure since 2014), the SPR figure is down by a massive 215mn barrels (36%) on the start of the year for what would be the lowest end-year figure si...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
Saudi Arabia Increases 2023 Budget Expectations
....3bn, and to rise further to $41.9bn in 2023. These capex figures remain well below historic levels. Saudi capex peaked at $85.2bn in 2014 before being cut as oil prices dropped. But it was still running at $45.9bn in 2019 before the Covid-19 pandemic. The low planned capex figure for this year wa...
Volume: 65Issue: 49Published at Fri, 09 Dec 2022 -
Qatar’s Neighborly Exports Jump As Regional Leaders Reconcile
...abia, the UAE and Bahrain participating in the embargo, Qatar’s exports to its neighbors slumped from $1.38bn in 2Q 2017 to just $700mn the next quarter. After steadily rising since the Al Ula agreement, GCC export revenues jumped to $3.17bn last quarter, by far the highest figure since at least 2014. As...
Volume: 65Issue: 47Published at Fri, 25 Nov 2022 -
Saudi 2022 Oil Export Revenues Top $250bn With Three Months To Go
...llars. At $253.9bn, the 9M 2022 figure was already well in excess of 2021’s full year figure of $202.2bn. Indeed, it is already in excess of the annual figures for every year since 2014, when oil prices tanked in the second half of the year, and only returned back above $100/B this year after Russia’s 24 Fe...
Volume: 65Issue: 47Published at Fri, 25 Nov 2022 -
Total’s Libya Expansion: Done & Dusted?
...sin which has been shut in since 2014 when an Islamic State attack severely damaged its surface infrastructure. The plan here was to start the field up in early 2023 at a rate of 25,000 b/d before boosting to 40,000 b/d (MEES, 10 December 2021). On 16 November, Total executives held a meeting with NO...
Volume: 65Issue: 46Published at Fri, 18 Nov 2022 -
Saudi Arabia Wary of Iraq’s New Iran-Backed Leader
...liki exited office in 2014 that Gulf States moved to thaw relations with Iraq. They viewed his close links to Tehran with consternation, but their cold approach to Mr Maliki arguably pushed him even closer to Iran. Mr Sudani is linked to Mr Maliki by more than just their shared membership of the Sh...
Volume: 65Issue: 46Published at Fri, 18 Nov 2022 -
Egypt Oil Recovery Slow To Arrive: Will 2023 Be The Year?
...sert. It’s not only Apache’s rig count that has risen, the Western Desert’s overall rig count averaged 74 for Q3, the highest since Q1 2015, whilst the national total of 115 was the highest since Q4 2014. 1: APACHE'S EGYPT SPENDING AND ACTIVITY IS AT A 7-YEAR HIGH.... *INCLUDES 1/3 SINOPEC ST...
Volume: 65Issue: 45Published at Fri, 11 Nov 2022 -
Qatar’s 2022 Export Revenues Top $100bn With Three Months To Spare
...0bn. Not since 2014 have the emirate’s exports achieved this level over the course of a year. With an entire quarter of strong exports yet to come, the question now is simply how high will the end-year figure be? Driven by booming LNG export revenues, Qatar has put together back-to-back monthly ex...
Volume: 65Issue: 45Published at Fri, 11 Nov 2022 -
Algeria Prepares Oil & Gas Bid Round
...Algeria plans to launch its first oil and gas bid round since 2014 early next year as it seeks to kickstart foreign investment into its upstream sector. Algeria is preparing to launch an oil and gas bid round under its new oil law by the first quarter of 2023 as it seeks to reinvigorate it...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Services Firms Eye Gulf Revenue Bonanza
...was desired.” MARGINS OVER REVENUE Having seen their revenues collapse with oil prices in 2014 and again in 2020, the ‘big three’ now claim to be much leaner operators. As such, though their collective revenues remain little more than half 2014 levels, all three have notched up healthy pr...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
‘Invest, Invest, Invest’ In Oil: Mees Interview With Opec Secretary General Haitham Al-Ghais
...wnstream and $1 trillion for the midstream. It’s a huge amount of money, but it’s vital as we have been hit hard twice in recent times. First with the 2014-2016 industry downturn, and then in 2020 with the Covid downturn. In addition, with every downturn there is market instability and with that you lose in...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Algeria Set To Squander Energy Windfall
...cording to Finance Minister Brahim Djamel Kassali. He expects this to further rise to $60bn in 2023 (see chart 1). And having last year notched up its first trade surplus since 2014, Algeria is set to repeat the trick this year with a more substantial surplus of $17.7bn according to the latest of...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Houthi Terminal Attacks Risk Regional Escalation
...rlier this year. Marking the 8th anniversary of capturing former capital San’a (MEES, 19 December 2014), Houthi leader Abdul-Malik al-Houthi launched on 21 September an attack on “foreign companies” that “plunder national wealth” in collusion with “the coalition of aggressors [Saudi Arabia and UA...
Volume: 65Issue: 43Published at Fri, 28 Oct 2022 -
Jordan Aims To Supply Iraq With Power In 2023
...habilitating damaged power infrastructure in the western Anbar province. Transmission infrastructure in Anbar underwent extensive damage with the rise of ISIS in 2014. Work includes rehabilitating the key Qaim 400kV substation needed for interconnecting to Jordan (MEES, 26 August). GE will eventually bring the li...
Volume: 65Issue: 43Published at Fri, 28 Oct 2022 -
Iraq: New Akkas Gas Plant
...livering the 300km transmission line from the station to the border (MEES, 17 June). The 2013 built plant was rehabilitated starting early 2020 after it was destroyed by ISIS in 2014. In August, Oil Ministry subsidiary State Company for Oil Projects (SCOP) was working on laying a 30km 16-inch pipeline be...
Volume: 65Issue: 42Published at Fri, 21 Oct 2022