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Qatar’s Sovereign Wealth Fund Shifts Focus And Gear
...e US has been the favorable changes to tax laws for sovereign investors buying property. Furthermore, in early 2016 ‘qualified foreign pension funds’ were exempted from the Foreign Investment in Real Property Tax Act (1980). Under Shaikh ‘Abd Allah who was appointed CEO in 2014, the fund has de...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Output At Key Kurdistan Oil Field Could Fall 60% in 2017
...nel 75% op, KRG 25%) and Bina Bawi (Genel 80% op, KRG 20%) gas fields are also suffering further. The operations update strikes a pessimistic stance regarding progress at the fields in 2017. TAQ TAQ RELEGATED TO SECOND TIER In 2014, Taq Taq was the largest producing field in Iraqi Kurdistan – ou...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Libya’s NOC To Lift Investment Moratorium; But Divisions Remain
...TAGE Crude output of 715,000 b/d on 22 January was the highest level since November 2014, according to MEES figures. But this level, up from December’s average figure of 600,000 b/d, didn’t last for long. Output subsequently dropped by about 60,000 b/d due to a fire at a substation supplying power to...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Oman’s Reliance On Chinese Crude Export Markets Deepens
...13 2014 Oil Output 1004 +23 981 1007 -2 +18...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Saudi Ups Power Profits Ahead Of Planned Sell-Off
...s not clear how SEC would fare, given that average customer payments were lower than generating costs. The results for 2016, however, suggest that the company’s finances are now better balanced. SEC’s 57.3% fall in net profits from 2014 to 2015 underlines another problem facing the company, be...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
GE $1.4b Iraq Power Deal
...tual generating capacity. However, the ministry says that Iraqi electricity supply reached a peak of 13.4GW in 2015, up from 12.3GW in 2014. ...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
GCC Drilling Remains Strong Despite Upstream Capex Cuts
...d 48 respectively, according to Baker Hughes figures. The national oil companies (NOCs) in the GCC have capitalized on costs plunging alongside oil prices since the second half of 2014. Contracts have been signed at well below the previous market rate. According to the IEA’s World Energy In...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Iraq: Mosul Offensive Gains Momentum Amid Lingering Failures
...wly-trained army units or those existing prior to 2014 performed well. The bulk of the fighting was performed by the special forces Counter-Terrorism Service (CTS) and Interior Ministry federal police. One new problem, as noted by Yahya al-Kubaysi of the Iraqi Center for Strategic Studies in an in...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Politics Prioritized As Lebanon Advances Bidding Plans
...ismic over its whole offshore, drawing up prospective blocks (though not deciding which to offer), and pre-qualifying firms. But then politics got in the way. In the absence of a president, bidding was repeatedly pushed back (MEES, 4 October 2013) and in the end quietly shelved (MEES, 6 June 2014). Re...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Saudi Petchem Profits Up 8% In 2016, But Sabic Under Pressure
...SR22.95bn ($6.12bn) for 2016, an increase of 8% from 2015’s SR21.25bn ($5.67bn). Nevertheless, their combined net profits were still 33% lower than for 2014, when high crude oil prices supported linked petrochemicals prices until their late-year crash (see table 1 & chart). Likewise, while th...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Sabic Buys Out Shell From Sadaf JV For $820mn
...andoned the plan after the results of a feasibility study “were not encouraging” (MEES, 31 October 2014). They had been considering adding polyol and styrene monomer propylene oxide (SMPO) units to the complex. Shell says the deal marks an early termination of a joint venture agreement that was due to ex...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Jordan Slashes Planned Deficit By 25% For 2017
...lculus. In 2016 the value of Jordan’s energy imports represented 10% of GDP, down from 18% in 2014, according to Energy Minister Ibrahim Saif. Up till 2011, Jordan mostly relied on imported gas from Egypt. But it has since moved to replace Egyptian gas supplies by LNG imports via a floating storage an...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Japan Expands Role In Abu Dhabi Upstream
...s target of 750,000 b/d by 2018 (MEES, 11 November 2016). Here Inpex (12%) and Adnoc (60%) are joined by US major ExxonMobil (28%). The contract for Upper Zakum runs until 2041 after being extended in 2014. Crude oil from the three fields is blended to produce the 34° API Upper Zakum grade, wh...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Suez Canal Handles Record Gulf Crude, Diesel But Revenues Down In 2016
...RGETING EUROPE 4: NORTHBOUND DIESEL VOLUMES BROKE ALL FOUR QUARTERLY RECORDS IN 2016 (‘000 B/D) SOURCE: SUEZ CANAL AUTHORITY, MEES. 5: SUEZ CANAL MONTHLY REVENUE ($MN): DOWN 8% ON 2014 DESPITE 2015’s EXPANSION SOURCE: SUEZ CANAL AUTHORITY, REUTERS, ME...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Jordan Keeps Up Renewables Momentum With Solar Award & New Tender
...eld, but these were dashed when UK major BP withdrew from the project after spending $240mn on exploration. BP said further development of Risha was unfeasible due to “very poor reservoir quality” (MEES, 24 January 2014). PROJECT FINANCE Acwa will finance, build, own and operate the Risha PV pl...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Gemsa Up For Circle As Egypt Minnow Shakeout Continues
...sets assumed for zero payment by activist investor Worldview Capital (MEES, 8 April 2016). Like Circle, Petroceltic was partly undone by a reserves-backed lending facility: the collapse in oil prices from the second half of 2014 left a loan (from HSBC in the case of Petroceltic) worth more than the re...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years
...ve severely struggled since the 2011 revolution and despite the more than halving of oil prices since mid-2014, the firm has still been unable to balance its books. Receivables peaked at over $6bn in 2014. “EGPC revenues from sale of fuel products continue to fall short of its costs resulting in th...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Algeria Deficit Tops $17bn; Is Reserve Fund Finished?
...om 2011 to mid-2014 the fund pocketed large surpluses from Algeria’s understatement of oil revenues. The IMF estimates that Algeria’s foreign reserves fell to $113bn at end-2016, down from $143bn in 2015, $177bn in 2014 and $192bn in 2013. This roundabout way of booking oil revenues has been cr...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
GCC Sovereigns Set Out Plans To Boost Their Balance Sheets
...venues – MEES calculations show that 2016 Opec oil export revenues were less than half 2014 levels and down 16.5% on 2015 – led cash-strapped governments to post record-high budget deficits as they grappled with a sudden reversal in fortunes. The deal to cut 1.2mn b/d came into effect on 1 January this ye...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Iran Prepares To Boost Gas Exports
...is was a significant fall from 2014 when Turkey imported 8.9bcm of Iranian gas out of 9.6bcm total exports. 2016 exports to Turkey look to have fallen slightly to 7.7bcm, presuming the last two months’ numbers are in line with normal seasonal trends. Turkey and Iran have a 10 bcm/year gas sales ag...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017