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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 -
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 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 -
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 -
Iraq’s Parliamentary Speaker Proposes Roadmap To End Political Chaos
...so in 2014 when ISIS took over large swaths of the country and in 2020 when the country was hit by the triple shocks of Covid, an oil price collapse and political turmoil. With no government yet formed, the prospects of a fourth year without a budget are looming for 2023. Even passing another em...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Iran’s Energy Sector: Lots Of Bluster But Limited Progress
...at under the Gazprom MoU, “it was decided...to jointly implement a project to supply gas to Oman and Pakistan.” This is a reference to two gas export pipeline projects that have long been planned by Iran but which have gone nowhere. For Oman, a deal was inked in 2014 for Iran to export up to 10 bc...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
Kuwait’s Emir Appoints Eldest Son As PM
...nistry of Interior. Prior to his March ministerial appointment, he had served as the Governor of Hawalli province from 2014. He had risen within the Ministry of Interior to become Deputy Interior Minister for Education and Training while holding a Lieutenant General rank. The PM-designate had pursued hi...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
Libya’s Oil Sector In Turmoil After NOC Head Ousted
...pacity since May 2014, has refused to acknowledge the order which was made public on 13 July. He says he is still the official head of the firm and that all NOC subsidiaries still answer to him. The episode is just the latest in an increasingly complex and fluid power struggle be...
Volume: 65Issue: 28Published at Fri, 15 Jul 2022 -
Yemen Upstream Hit By OMV Exit
...e post-2011 security situation forced delays, production hit a record 14,500 b/d in 2014 (6,400 b/d net to OMV). With Yemen’s conflict continuing to deter foreign firms, few emulated OMV and returned to the country. Indonesia’s Medco Energi returned to its Block 9 in the less-volatile Ma...
Volume: 65Issue: 26Published at Fri, 01 Jul 2022 -
KRG Hands Baghdad Oil Sector Counter-Proposal
...OGC) “which will be tasked with the exploration, extraction and production of oil and gas” and the Kurdistan Organization for the Marketing of Oil (KOMO). These entities have already been created, with KOMO marketing Iraqi Kurdistan’s inaugural independent exports – a 2mn barrel cargo – back in 2014...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Iraq’s Summer Power Provision Hangs On Emergency Financing Law
...at her ministry is drawing up a 2022 budget. But it is not clear how that will pass when the government is powerless constitutionally and parliament is in no position to enact one on its own. Iraq has failed to pass budgets before in recent years. This occurred in 2014 as oil prices collapsed and la...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
Yemen’s Two-Month Truce Revives LNG Export Hopes
...vernment’s “demand for adjustment of revenue shares.” According to a 2018 report by Yemen’s ministry of planning, the country’s share of Balhaf’s gas sales reached $753.5mn in 2014 while Mr Pouyanné says that the “cash flow per year of Yemen for TotalEnergies” was “around $1bn” in 2015. With some 80% of Ye...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Baghdad Sends Fresh Oil Sector Demands to Erbil
...s resources in Iraqi Kurdistan back in 2014 it chose the more-lucrative production sharing agreement (PSA) contractual model allowing foreign operators a share of the volume of oil produced, rather than the technical services contract (TSC) model used by Baghdad. Baghdad meanwhile treats IOCs as se...
Volume: 65Issue: 14Published at Fri, 08 Apr 2022 -
Iraq’s Supreme Court Rules Against KRG Oil Independence
...deral budget in February 2014” leading “to a major financial crisis in the region.” Adding that it started exports in March 2014 “in an attempt to secure salaries and public services.” In its litigation, Erbil also had said that Baghdad had agreed to its independent exports by budgeting for the re...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Libya Back To Square One With Two Prime Ministers
...the political division between 2014 and 2021 when two rival parallel administrations, one based in the east and another (internationally recognized) one based in the west, vied for control of the country. The failure by eastern-based General Khalifa Haftar to take Tripoli by forced during a 20...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Qatar Export Revenues Surge To Seven Year High
...venues jumped to a seven-year high in 2021. The $87.2bn that Qatar’s exports brought in last year was the highest figure since the $100+/B days of 2014 (see chart 1), and the ongoing global gas crunch ensures that 2022 will get off to a strong start. Indeed, with Qatar exporting a near record 7.35mn to...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
‘The Opportunities Are Massive’: The Risks & Rewards Of Operating In Libya
...talEnergies-operated Mabruk field has been offline since being badly damaged by Islamist militants in 2014 (MEES, 10 December 2021); North Gialo is a potential 100,000 b/d expansion project for the Waha consortium which groups Total, ConocoPhillips and Hess with NOC. Wazen’s Mr Mejerissi says “There could be...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Iraq Braces For Government Formation: Sadr Wins Most Seats, Maliki Close Behind
...e outgoing parliament (see table). Sadr now has the largest bloc in parliament but he is tailed by the country’s longest serving post-2003 prime minister, Nouri al-Maliki who was in office from 2006 to 2014. Maliki’s ‘State of Law’ alliance added 10 seats for a provisional total of 35. But Mr Ma...
Volume: 64Issue: 41Published at Fri, 15 Oct 2021 -
Petrofac Hopes To Turn Page After UK Bribery Conviction
...yments in 2013 and 2014 (MEES, 19 March). Being shut out of what were three key markets – and also the three (alongside Qatar) Mena markets with the largest suite of upcoming energy investments (MEES, 30 April) – has left Petrofac casting round for work in what were formerly marginal areas such as Li...
Volume: 64Issue: 40Published at Fri, 08 Oct 2021 -
Power Struggles Threaten Libya’s Oil Rebound
...e east and west. This was the story of Libya between 2014 and 2021. DIVISION REDUX? The eastern-aligned speaker of the country’s parliament, Aguila Saleh, has already suggested a rival government could be set up in the east in the absence of a vote. And last week Mr Saleh accused the Pr...
Volume: 64Issue: 34Published at Fri, 27 Aug 2021