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Iraq’s Crude Burn Falls From Peak As Generators Exploit Alternative Fuels
...NERATION (MW) Plant type 2014 2015 2016 2017 Steam turbine 3,...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Saudi-Russia Relations Mean Opec+ ‘Deal’ Will Continue. At What Price?
...al. Crude prices at their highest level since late 2014 also point in this direction. But the interests of both core participants, Saudi Arabia and Russia, make a formal wind-down unlikely. Venezuela’s output collapse enabled Opec and the 10 non-Opec countries party to the December 2016 output de...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Sabic Profits Boost From Rising Oil Prices As Horizons Expand With Clariant Buy
...s SR18.40bn ($4.9bn) for 2017, up 4.5% on SR17.61bn ($4.7bn) for 2016. This was the first annual net profits upswing since the crude oil price collapse of 2014 undermined the petrochemicals sector, whose products prices are index-linked to crude. Mr Binyan attributes last year’s increase in net pr...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Kuwait Budget Deficit Set To Shrink In 2018-19 As Oil Prices Recover
...d already grown frosty and the nine months 2016 awards were well down on the same period in 2014 ($24bn) and 2015 ($30bn). Of 2017 awards, around $2.2bn (25%) is related to the oil and gas sector, including $850mn to Italy’s Saipem for a 450km feeder crude pipeline to the planned Al Zour re...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Oman Rounds Out 2017 With Solid Export Revenue Gains
...ound $61/B. If exports remain at 2017 levels, $61/B would bring in about $18bn in 2018 for oil exports alone versus $15.1bn for 2017. Meanwhile, a $70/B oil price would push oil export revenues north of $20bn for the first time since 2014 and could drive the budget deficit down as low as $750mn (MEES, 5 Ja...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Egypt Refining Sector Start-Ups Will Reduce Imports, But Bill Will Keep Rising
...further slippage. Updates from Enppi suggest that the start-up schedules may be further delayed. Enppi is also building an asphalt unit for Suez Oil Processing Co (SOPC). When awarded the project in late 2014, Enppi anticipated completion in 2017, which suggests that 2018 is still achievable. Ho...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Saudi Electricity Borrows $2.6bn To Fund Capital Projects As Debts Soar
...test loan is the firm’s largest from the international finance sector, it is dwarfed by a $13.2bn government ‘soft loan’ provided in 2014 (see table). The firm’s total stock of finance market lending is now almost double that sourced from the government. Nevertheless, money owed to the Ministry of Fi...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Services Firms Are Looking Up In 2018: US The Key Driver, Mideast Solid
...lliburton both posted an increase in revenue in 2017 bolstered by increased activity in North America. Schlumberger saw revenue increase from $27.81bn in 2016 to $30.44bn in 2017 although that is still some way shy of 2014’s record $48.58bn. Schlumberger was the only firm of the three that managed to po...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Algeria Notches Up $11bn 2017 Trade Deficit; Total Since 2015 Hits $45bn
...end crude hit $64.74/B, the highest since November 2014. December’s monthly deficit, at $490mn, was below $500bn for only the second time this year. ‘Import cover’ (the value of exports as a percentage of imports) rose to 88%, well up on the 2017 average of 75%. Revenues will have continued to rise wi...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Kuwait: Jurassic Gas To Bridge Supply Gap Until LNG Import Capacity Rises
...epened its dependency on imports. LNG has been imported via the 7.5bcm/year (725mn cfd) Golar Igloo floating storage and regasification unit (FSRU) since 2014. In 2017, there were no imports in January and February, but volumes ramped up through the year, peaking at 730mn cfd in July and September. In...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Oman Casts Its Net Wide In Bid To Maintain Output Capacity
...vember 2017). Iranian Gas Anytime Soon? Signed in 2014 and originally slated for 2018 start-up (MEES, 25 September 2015), the oft-delayed Iran-Oman gas pipeline still looks unlikely to get moving anytime soon. Nonetheless, the CEO of the National Iranian Gas Company (NIGC) announced this we...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Suez Canal Boosted By Oil Trade Records
...• 2017 was a standout year for the Suez Canal, with record oil shipments both northbound and southbound. Revenues, at $5.276bn, were second only to the record $5.465bn hit in 2014. • Northbound oil shipments – essentially those from Gulf countries to Europe and the Americas – remain mo...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Israel-Jordan Spat Threatens Already Precarious Cooperation
...ivately-owned Arab Potash plant at the southern end of the Dead Sea has been taking gas from Israel’s Tamar field (also operated by Noble) since Q1 2017 under a 1.9bcm, 15-year deal inked in 2014. On an economic level the Leviathan deal looks to be a boon for Israel and Jordan alike. Israel has st...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Libya Refinery ‘Resolution’ Fails To Hide Need For Multi-$bn Investment
...27mn b/d. But since then volumes have been unstable. Since 2014, when output averaged just 465,000 b/d and exports around 350,000 b/d, most crude has been sold to trading firms such as Glencore (MEES, 10 February 2017) which has been prepared to run the risk of delayed and irregular cargoes – and pr...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
‘The New Tunisia’: A Work In Progress
...wn in recent days. Revenue from tourism has collapsed as instability has increased post-revolution. Foreign investment has nosedived. As a net energy importer, Tunisia should in theory have benefited from the fall in oil and gas prices from late 2014. However the collapse in the country’s own pr...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
BP Back On At Kirkuk
...vember 2013), but northern Iraq exploded with violence soon thereafter. Kurdish forces took the Kirkuk oil fields in June 2014 when Iraqi fighters retreated ahead of Islamic State (IS). Kurdish forces held off IS and began production from the fields about 280,000 b/d from the Kirkuk field’s Avana Dome an...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Has Egypt’s Economy Turned The Corner? Time Will Tell
...sition but with very few good news stories coming out of North Africa of late, the recent positivity is a welcome change for Cairo which has had to endure many difficulties since 2011’s Arab Spring. SUEZ CANAL 2017 TRAFFIC (MN TONS): CARGO INCREASES BUT REVENUE STILL BELOW 2014 LEVELS *EX...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Iraq Rushes To Jumpstart Projects Ahead Of May Election
...hlumberger has contracts to carry out work at multiple fields, and Russian state firm Zarubezhneft is poised to enter the Middle East as a leading contender at Iran’s Shadegan field. The final firm is Chinese private company Geo-Jade Petroleum which entered the upstream business in 2014 when it acquired Ka...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Key Middle East Producers Ease Off Drilling Going Into 2018
...ngpin Saudi Arabia has seen both drilling and production ease off going into 2018. Its latest oil rig count of 58 is at the lowest level since February 2014 and down 32% from the record figure of 85 hit in April 2015. This fall has been somewhat offset by an increase in drilling for gas, with the nu...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Aramco Ramps Up Domestic Petchems Supply Slate, Boosts Saudi Manufacturing
...d superabsorbent polymer from the original plan (MEES, 30 May 2014). Nevertheless, Aramco and partners Dow (at the Sadara complex) and Sumitomo will offer customers a range of products unprecedented in the kingdom, enabling the manufacturing of goods for global industries including automotives, pa...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018