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Services Firms: Margins Remain Squeezed Despite Higher Oil Prices
...growth has slowed. Oilfield services firms Schlumberger, Halliburton, Baker Hughes (now a GE subsidiary) and Weatherford saw their revenues fall by a combined $1bn in 1Q 2018 versus 4Q 2017. Their CEOs remain cautious. Despite oil prices recently topping $70/B for the first time since 2014, th...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Abu Dhabi Banks On Booming Petchems Demand
...ES, 1 December 2017). Mr Sheikh highlights the centrality of Adnoc’s downstream facilities at Ruwais as a major strategic advantage. The official also flagged up Adnoc’s wealth of feedstock available for an expanded petrochemicals sector. The UAE regularly exports in excess of 400,000 b/d of NGLs – in...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Lebanon's Gas Hype: Is It All Hot Air?
...e Lebanese Petroleum Administration (LPA) toward tendering a second bidding round. Lebanon’s first ever round ultimately offered only five of the total ten blocks delineated in 2013 (MEES, 20 October 2017). There was just one bidder, albeit a consortium consisting of three heavyweights (Total 40...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Sabic Seeks Big Projects As Reorganization Continues
...With petchems competition up, Sabic targets a US shale and oil-to-chemicals boost. Saudi Basic Industries (Sabic), one of the world’s largest petrochemicals producers, says total production fell by 1.8% to 71.2mn tons in 2017 from its 2016 output record of 72.5mn tons. While 2017 was it...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Solar Drives Mena Renewables In 2017, But Region Remains Global Laggard
...Mena governments have been slow to adopt renewables, but economic diversification plans and competition for conventional generation fuels suggest growth may pick up. Mena region utilities added 1.64GW or 5.7% to their capacity to generate power from renewable sources in 2017. While this wa...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Iran Doubles Down On Unpopular Currency Exchange Controls
...2017, the economy is projected to rise by 4% in 2018, according to the IMF’s April WEO. Official reserves in fiscal 2017-18 (ending 20 March 2018) were estimated at $112bn and are projected to rise to $125bn in 2018-19, although the easy accessible reserves might be less. MEES estimates Iranian oi...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Benchmark Crude Prices ($/B)
... 26Apr 16-20 Apr 9-13 Apr Mar18 Feb18 Q1 2018 Q4 2017 Q3 2017 2018 (>26Apr) 2017 2016 2015 WTI 68.19 67.58 66.04 62...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
BP & Statoil’s Two Algeria Gas JVs: Combined Output At Six-Year High Of 1.66bn CFD In Q1
...IN SALAH OUTPUT OF 889MN CFD WAS THE HIGHEST SINCE Q1 2013 WITH GAINS CONTINUING TO COME FROM THE TIE-IN SINCE 2016 OF FOUR ‘SOUTHERN FIELDS’* AT IN AMENAS Q1’s 768MN CFD WAS DOWN ON 2017 ANNUAL RECORD OF 815MN CFD AS THE PLANT FINALLY GOT BACK TO FULL CAPACITY AFTER A Q1 2013 TE...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Kuwait’s Belated Jodi Stats Show Crude Exports Hitting 75% Of Output
...Kuwait’s Belated Jodi Stats Show Crude Exports Hitting 75% Of Output Kuwait opted to resume submitting data to the Riyadh-based Jodi organization this week. Until this week, the latest data was for October 2017, but Kuwait is now fully up to date having provided full figures up to Fe...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Post-Merger Mubadala: Lots Of Cash, But Does The Strategy Work?
...llow state investment vehicle IPIC (MEES, 24 February 2017). A planned merger with $127bn Abu Dhabi Investment Council will provide more firepower. The firm, chaired by Crown Prince Muhammad bin Zayid Al Nahyan has become an incubator for senior energy figures since its inception in 2002, with the UA...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Opec Members Unrestrained In Condensate Growth
...oduces more condensate, around 750,000 b/d, than it does crude oil. Taking that into account, its agreed 30,000 b/d cut was actually just 2.1% of total wellhead oil output. Qatar’s condensate output is already the most in Opec, but its massive LNG expansion plans announced in 2017 and the eventual co...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
The USA’s Growing Role In Global LNG Trade - MEES Crunches The Numbers
...THE USA EXPORTED A RECORD 4.7MN T (2.64BN CFD) OF LNG IN 4Q 2017, WITH 70% HEADED FOR ASIA*, ALSO A RECORD ASIAN LNG IMPORTS FROM THE US HIT A RECORD 1.31MN TONS FOR JANUARY 18. A RECORD KOREAN^ FIGURE OF 532,000T FOR MARCH SUGGESTS THIS WILL BE BROKEN IN THE MONTHS TO CO...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Suez Canal Shipments, Revenue Up But Trade War Threatens
...container traffic the last four quarters are the four highest on record: 2017’s 471mn tons of container traffic was up 28% on 2010. • Though Egypt’s economic fortunes are generally on the up (see p12), US President Trump’s seeming desire to kick off a trade war means that it would be foolish to...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Saudi Oil Exports Hit New Peak But Crude Burn Rises
...rch). Some 20% of overall products exports in January were sent to OECD Europe, with latest IEA stats showing the region took 1.58mn tons (around 400,000 b/d) in January, well above the 2017 average of 260,000 b/d. This appears to have consisted overwhelmingly, if not entirely, of middle distillates su...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
OMV Restarts Yemen Output
...clear if all are operational. The bulk of Yemen’s 2017 crude output (and all exports) came from Blocks 10 and 14, operated by state firm PetroMasila in the east of the country, much further away from the front line with Houthi rebels. This output of around 50,000 b/d was piped to and exported from th...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Egypt Plans Further Cuts To Energy Subsidies
...rrent 2017-18 financial year envisages a spend of $7.8bn, whilst the most recent ‘actual’ figure had spending at $10.1bn for 2016-17. The 2016-17 spend was actually up on the previous year’s $9.8bn. Whilst the dollar-terms rise is a modest 3%, in local currency terms the leap in spending in energy su...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Qatar Tops Saudi Bond
...sewhere – Kuwait is eying a double-digit $bn issue (MEES, 2 February). Experts canvassed by MEES forecast 2018 GCC issues of $80-90bn, smashing 2017’s record $50.5bn (see chart and MEES, 30 March). Qatar’s issue marks its first international bond in almost two years: it last raised $9bn in May 2016 (ME...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Crude Official Selling Prices ($/B): Saudi Arabia Raises Key Arab Light To Asia Prices
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE. ...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Egypt's 2017 Crude Exports
...• For a country which has been a net oil importer since 2009, with net imports averaging 200,000 b/d for 2016-17 (MEES, 9 March), Egypt’s crude export volumes have been surprisingly robust. • Of the country’s 629,000 b/d of 2017 crude and condensate output, some 202,000 b/d was ex...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Eni Plans For Libya Output Drop
...are of overall oil and gas output. The firm reported net oil and gas production in Libya of 270,000 boe/d in 2010, falling to around 230,000 boe/d in 2013-14. But the past three years have seen an increase in Eni's reported net output, to around 350,000 boe/d in 2015-16 and 374,000 boe/d in 2017. It's po...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018