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Abu Dhabi Pledges Mammoth $132bn Investment With 5mn b/d Output Plan
...ly Saudi Arabia have long bemoaned the lack of global upstream investment since oil prices collapsed in the second half of 2014. Their take, alongside that of many key industry figures, is that the post-2014 collapse in final investment decisions (FIDs) on major upstream projects presages a shortfall in...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Repsol, BP & Eni Eye Algeria/Libya Border Bonus
...untry, one of just four awarded in Algeria’s most recent bid round in 2014. Boughezoul appears to have been the location of an Algerian exploration well drilled by Repsol in the first nine months of 2018 which produced a “negative result.” Repsol and Shell committed to drill two wells here: the fi...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
KRG Tempts Baghdad With Pipeline Expansion
...s successor Adil Abd al-Mahdi (MEES, 26 October). Indeed, the new PM has track record of negotiating access to the KRG pipeline having done exactly that as oil minister in 2014 (MEES, 2 November). Oil minister Thamir Ghadhban has also expressed a desire to bury the hatchet since taking office. Wh...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Qatar Petroleum Chief Consolidates Energy Sector Grip With Cabinet Seat
...sponsibility for all energy issues” according to the government. The industry portfolio previously held by Mr Sada has been removed and merged with commerce to create the new Commerce and Industry Ministry. KAABI’S RISE The new energy minister was appointed, president and CEO of QP in September 2014, su...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Bumper Nine Months For Saudi Petchems As Sabic Prepares For Aramco Buy-In
...cent weeks – small firm Alujain is again expected to report late – disclosed total net profits of $7.66bn for the first three quarters of 2018, up 33% on the $5.74bn for the same period in 2017 and up 2.7% on the $7.46bn previous periodic high in 2014. Yet quarterly earnings fell by 12% from $2.89bn in 2Q...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Saudi 9M Stats Show Kingdom Almost In The Black: Too Good To Be True?
...e nine-month figure suggests that Saudi Arabia is on track to post a full year deficit of just $17.5bn, not only by far the lowest since oil prices headed south in late 2014, but actually level with 2014 as a whole – when oil prices averaged $97/B, some 37% above the $71.1/B average for January-Se...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
KRG-Baghdad Deal Needed To Unlock Northern Potential
...fore the recapture of Kirkuk: federal Iraq stopped exporting via its own Kirkuk-Ceyhan pipeline in April 2014 when Islamic State fighters entered the region, which forced Baghdad to strike a deal to export via the KRG pipeline in late 2014, facilitated by now-PM Mr. Abd al-Mahdi (MEES, 21 November 2014...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Eni Grows North African Presence
...natrach CEO Abdelmoumen Ould Kaddour, Algeria has made a flurry of deals with IOCs in recent months although crippling red tape often means projects are subject to major delays. Firms are wary of this, resulting in underwhelming interest in the country’s most recent 2014 bid round which saw a meagre fo...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Qatar’s Export Revenues Hit A Four-Year High Despite Ongoing Embargo
...19. These increases contributed to Qatar achieving its first quarterly budget surplus since 4Q 2015 in 1Q 2018, albeit a modest $260mn (MEES, 3 August). Latest figures show it backed this up with a $1.67bn Q2 surplus, putting the emirate on track to secure its first annual budget surplus since 2014’s $25...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
IMO Tightening Sulfur Limits In Bunker Fuels: Will Mena Refiners Cope?
...ovide IMO-compliant fuels is unclear. Libya has three refineries, but these have mainly been shut in by security concerns of late. Libya’s last data submission to Jodi was in March 2014, when the plants processed 116,000 b/d of crude. Output included 33,000 b/d of fuel oil, of which 4,000 b/d was ex...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Egypt Economy Marches Upwards, But Higher Oil Prices Hit Subsidy Reforms
...th May’s $503.1mn the highest since August 2014 (MEES, 26 October). Its share of state revenue has also risen from 11% in 2016-17 to 12% in 2017-18. After a sluggish start, Egypt is now reaping the rewards of its $8.5bn August 2015 canal expansion. Revenues fell in 2015 and 2016 but rose in 2017 an...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Iran Reshuffles Cabinet Ahead Of US Sanctions
...change was in April 2014 at the height of US and EU sanctions, but this failed with just one very small lot of crude oil sold. Exporting oil by the private sector also risks encouraging corruption in countries under sanctions, as witnessed in Iran with the notorious case of Babak Zanjani, the Iranian bu...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Iraq: New Government, Old Problems
...Adil Abd al-Mahdi was confirmed as Iraqi Prime Minister late on 24 October as he managed to secure parliamentary approval for the bulk of his cabinet nominees. His predecessor Haidar al-Abadi is undeniably bequeathing Mr Abd al-Mahdi a more stable situation than the one he inherited in 2014 (ME...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Services Firms: Mideast Growth Picks Up, But US Slows
...-track to have mobilized 25 rigs by the end of the year.” This is certainly a boost for the kingdom as its rig count has averaged 115 during the first nine months of 2018, the lowest since 2014. Mideast revenue gains were “partially offset by lower hydraulic fracturing activity as a major contract wa...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Upstream Costs: Can Services Firms Get Majors To Split The ‘Rent’?
...Global oilfield services firms say their margins have to rise. Majors are adamant they will keep down costs. Can the circle be squared? The collapse in oil prices from the second half of 2014 led majors to take an ax to what they acknowledge had been bloated capex budgets. From $196bn in 20...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Suez Canal Trade Hits Records But Trade War Threatens
...uthbound shipments of both crude and LNG. Revenues, up 10% year-on-year, are on track to smash 2014’s record $5.465bn. But a dip in container shipments hints at the global trade headwinds. The Suez Canal saw oil shipments of 4.70mn b/d in the first nine months of 2018, up over 9% year-on-year and on tr...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Will Saudi Geopolitical Crisis Derail PIF Plans, 2030 Vision?
...sinesses do ultimately retrench from doing business with Saudi Arabia, who could fill the void? Russia and Saudi Arabia, the world’s two largest oil exporters, have been forming closer ties since the collapse of the oil price in 2014; they now coordinate production under the ‘Opec+’ format. The Russian Di...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Back To The Future: Rehabilitation Of Red Sea Terminal Boosts Saudi Export Flexibility
...s been some time coming. Aramco’s 2014 Annual Review said “we completed 90% of the design package to de-mothball and integrate the Al-Mu’ajjiz Terminal.” Mr Qahtani, in his May 2017 interview, said the terminal was scheduled to be up and running this year, although the firm’s 2017 Annual Review cast do...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Qatar Petroleum To Replace Oxy At Key Offshore Field
...da as energy minister and QP chairman in 2011 (MEES, 21 February 2011) and has accelerated since Mr Kaabi’s appointment in September 2014 (MEES, 19 September 2014). When Total’s PSA for the 25,000 b/d Al-Khalij expired in 2014 the structure was replaced with a joint venture agreement (QP 60%, To...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
US Permian Shale: Can It Maintain The Gains?
...ALE RIG COUNT: PERMIAN RIGS ROSE TO 485 IN SEPTEMBER, HIGHEST LEVEL SINCE 2014; PERMIAN SHARE OF TOTAL ‘SHALE’ RIGS HIT RECORD 52%, REVERSING Q2 DIP WHEN OPERATORS MOVED RIGS TO BAKKEN, EAGLE FORD US ‘DUC’ COUNT SOARS PAST 8,000: WHILST OPERATORS CONTINUE TO DRILL WELLS, COMPLETIONS HA...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018