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Opec Secretary General Mohammad Sanusi Barkindo Speaks With MEES On The Occasion Of The Organization’s 60th Anniversary
...ving the way for a future supply crunch? A: To put the investment conundrum in some perspective, our projections show capital expenditure in non-OPEC countries plummeting by 23% in 2020, to about half the $741 billion record set in 2014. And as we all know from the oil market’s sharp downturn in 2014...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Sunny Hill Quits Egypt
...bstantially worse with the 2H 2014 oil price crash. The firm effectively went bust and was taken over by its key bondholder Worldview Capital in early 2016 (MEES, 8 April 2016). Worldview subsequently adopted one of the toughest stances on EGPC receivables of all IOCs in the country. It halted all but es...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Egypt Takes Oil Target In-House As Production Plumbs 40-Year Low
...gust). Indeed, for many, investment has never recovered from the oil price slump in the second half of 2014. For other key global oil provinces, not least the Middle East, the late-2014 oil price slump came on the back of years of plenty. But firms in Egypt had by early 2014 already endured three years of...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Oman Taps Debt Market To Cover Low Oil Revenues
...vid-19 pandemic and oil price crash came as the country was already on the brink of economic crisis. Unlike its fellow GCC oil producers, the sultanate’s more modest oil production has failed to cover its increasingly bloated public sector – particularly after the 2014 price crash (MEES, 26 July 20...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Iraq Plans Qayara Refinery Expansion
...veiled plans for multiple greenfield refineries, but the only one to progress is a 140,000 b/d project at Karbala awarded to a Korean consortium led by Hyundai E&C under a $6bn contract in 2014 (MEES, 21 February 2014). The delayed project now targets 2022-startup, though even this looks optimistic. Th...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Morocco Gas Development: Don’t Hold Your Breath
...rgets. Repsol relinquished the acreage in early 2014 with ‘Anchois-1’ the only one of four wells drilled to find gas. Of course the global market for virgin offshore development projects is considerably more bearish now than in 2013, when oil prices were $100/B-plus. But that isn’t stopping Chariot, wh...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Conoco Enters Morocco
...fshore ‘Atlantic margin’, the hotspot for exploration earlier this decade, Repsol also has the deepwater Gharb Offshore South block, which lies further offshore from the Tangier Larache permit (now Chariot’s Lixus), which Repsol relinquished in 2014. Italy’s Eni previously partnered Chariot at the Ra...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
India 1h 2020 Crude Imports: A Tale Of Two Quarters
...test provisional data from the country’s Petroleum Planning and Analysis Cell shows imports of just 2.91mn b/d in July, only just above May’s 10-year low of 2.82mn b/d. June was almost 800,000 b/d higher at 3.59mn b/d, though this is still the third lowest figure since 2014 (see chart and p7 for full da...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Egypt: IOC Receivables Edge Lower In 1H 2020
...id off, with Egypt’s Council of Ministers on 19 August approving a settlement of the dispute. No details were given. Egypt’s overall receivables figure peaked at over $6bn in 2014. Key offshore gas producers Eni, BP and Shell have not reported receivables figures since 2016 – though Eni’s 1H re...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Saudi Electricity Borrows $2.4bn
...d capex funding. SEC’s biggest year for lending from the financial market was 2016, when it raised $5.13bn, although its largest deal was a $13.2bn Ministry of Finance ‘soft loan’ in 2014 (see table and MEES, 26 January 2018). SEC’s need for capex will likely be reduced by its decision to pursue in...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Libya’s Eastern Power Cuts Force Haftar’s Hand
...A imposed a nationwide oil-blockade aiming to put pressure on the Tripoli-based Government of National Accord (GNA) it seeks to overthrow (MEES, 24 January). Libya has had two rival eastern and western administrations since 2014. As a result of the blockades, the eastern terminals of Es Sider, Zu...
Volume: 63Issue: 34Published at Fri, 21 Aug 2020 -
Kuwait Completes First Package Of Mina Abdullah CFP
...oduction of Euro 5 specification fuels. Contracts worth $12bn were awarded in 2014 with construction work scheduled to be completed in late-2017 (MEES, 14 February 2014). After years of delays CFP is now approaching completion. The latest landmark came as US contractor Fluor announced on 18 August that it...
Volume: 63Issue: 34Published at Fri, 21 Aug 2020 -
Beirut Explosion Sends Lebanon Into Humanitarian, Economic Abyss\
...vestigated in Cyprus) instructed the crew to pick up heavy machinery at Beirut and deliver it to Jordan’s port of Aqaba. The poorly-maintained vessel was then embroiled in a legal dispute over fees, and the crew was stranded onboard in Beirut for 11 months. In 2014 the cargo was offloaded for ‘safety re...
Volume: 63Issue: 32Published at Fri, 07 Aug 2020 -
Egypt’s Debts To IOCs Again On The Rise
...w Cairo wrack up arrears of over $6bn by mid-2014 (MEES, 8 August 2014). A $12bn IMF program agreed in late 2016 brought financial stability: receivables fell to $900mn by mid-2019 and just $200mn by January this year. The Covid-19 pandemic now risks a return to the bad days. Receivables owed le...
Volume: 63Issue: 32Published at Fri, 07 Aug 2020 -
Egypt’s Key Oil Producers See Output Slump
...ill.” In particular the firm is eying “stratigraphic targets” similar to the 2014 Ptah and Berenice discoveries (see map) which have been central to how Apache has since viewed the region’s geology. “We’ve got some wells we’re pretty excited to drill. The nice thing about those is they’re vertical, on...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
China’s CNOOC Enters Key Abu Dhabi Concessions
...ES. CHINA’S GROWING PRESENCE IN UAE UPSTREAM CHINESE EXPANSION China is a key buyer of Emirati crude, ranking as the UAE’s fifth largest client last year. But Chinese firms were absent from the country’s upstream until CNPC dipped its toe into the waters in 2014 with the es...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Neutral Zone’s Wafra: Exports Restart
...spended since 2014 (MEES, 29 May 2015). Saudi Arabia and Kuwait have long had disagreements over PNZ-management, with Kuwait especially disgruntled that Chevron represents Saudi Arabia at Wafra. Despite their disagreements, Saudi Arabia and Kuwait reached an agreement to restart PNZ output in December 20...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Audit For Libya’s Central Banks
...the Libyan financial system and creating the conditions for the eventual unification of the Central Bank of Libya (CBL),” says UNSMIL. Libya has effectively had two central banks since 2014 when a political crisis split the country into two rival eastern and western administrations. In the me...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Iran’s Petropars Wins $1.3bn South Azadegan Contract
...rst phase of North Azadegan, but was kicked off of the South Azadegan development for slow progress in 2014 (MEES, 9 May 2014). Since then, Pedec has been responsible for its development. After the previous round of sanctions was eased in 2016 and Iran set about courting IOCs, a number of high pr...
Volume: 63Issue: 30Published at Fri, 24 Jul 2020 -
Kuwait’s Ailing Emir
...bah. But both have been tarnished by their rivalry and appear out of the running (MEES, 4 July 2014). More recently, Sheikh Jaber al-Mubarak’s resignation as Prime Minister last year ended any faint prospect of his potential elevation – he is from a more minor branch of the family. The new PM Sh...
Volume: 63Issue: 30Published at Fri, 24 Jul 2020