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Abu Dhabi Plots $3bn Windfall From Cepsa IPO: What’s For Sale?
...SUMED DOWNWARD SLIDE AFTER BRIEF 2014 BOOST FROM SE ASIA ENTRY *WORKING INTEREST BASIS. SOURCE: CEPSA, PARTNER COMPANIES, MEES ESTIMATES AND CALCULATIONS. CEPSA NET PROFIT BY SEGMENT (€MN): REFINING REMAINS THE KEY MONEY-SPINNER... ...DESPITE UPSTREAM HAVING BEEN THE KE...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Saudi Oil Exports On Track For Record Year
...l revenues will hit a three-year high in 2018 and it is conceivable that they could rise above $250bn, although 2014’s $285bn looks out of reach. ...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Vision 2030: Is The Public Investment Fund’s Strategy Due An Overhaul?
...cal companies and real estate, such investment is challenging. Turning further to debt for financing is an option, but Saudi government debt is already on a sizeable upwards trend, with Moody’s estimating an increase from $12bn in 2014 to $140bn this year (see chart). IMF figures show debt soaring fr...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Iran Offers Big Discounts To Retain Customers
...e last year before sanctions were tightened in 2012, these five bought 1.44mn b/d between them, before bottoming out at 971,000 b/d in 2014. They continued importing at that level thanks to waivers handed out by the US Obama administration, under which they escaped sanctions so long as they re...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Egypt Gas Output At Record High As Zohr Hits 2BN CFD
...NDENSATE OUTPUT (‘000 B/D): MED OUTPUT RETURNS TO EARLY 2014 LEVELS AFTER SLUMP SOURCE: EGPC, MEES....
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Israel Reviews Upstream Rules: Too Little, Too Late?
...rtfolio were dealt a blow by a subsequent 2014 ruling by Israel’s Antitrust Commissioner which forced both firms to sell off part of their Israeli interests – a process still ongoing (MEES, 15 May 2015). Needless to say this added further to the regulatory uncertainty which has stymied investment. One fi...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Iraq’s Baiji Refinery Restarts Amid Security Concerns
...erations at Baiji refinery commenced this week for the first time since Islamic State (IS) overran the plant in June 2014 inflicting catastrophic damage (MEES, 26 September 2014). Prior to 2014 Baiji had 310,000 b/d nameplate capacity and produced around a third of Iraq’s gasoline and diesel before the IS ta...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
SEC Takes First Steps Toward Saudi Power Sector Shake-Up
...ectricity tariffs is also shown in consumption data, with SEC’s grid-delivered electricity consumption falling from a peak of 214.6TWh for 2014 to 206.0TWh for 2016 and 204.6TWh for 2017. The 2017 report reflects a Saudi move towards burning more fuel oil and less crude in power plants. In 2017 steam tu...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Oman Eyes Exciting Oil Potential As Production Limits Ease
...erage 550,000 b/d production. In 2014 PDO implemented a five-year plan to hit 600,000 b/d in 2019 which the firm surpassed ahead of schedule in 2016 (MEES, 24 June 2016). Crucially, the state firm has managed to whittle natural decline down to an annual figure of less than 5% and is now seeing ex...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Iraq Crude Exports Smash Record As Protests Grip Basra
...hieved thanks to higher oil prices – benchmark Basra Light was up 38% year-on-year over the first half of the year – accompanying the record export levels. The $7.73bn that Iraq earned in August was the highest sum since July 2014’s $7.74bn. This is a major threshold for Iraq given that July 2014 was the la...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Mena Coal Plans Get Big Boost From Egyptian Project With Chinese Cash
...35 700MW expansion completed in 2014 Mohammedia Morocco ONEE 0.30 1....
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Japan Set To Follow South Korea and France In Halting Iran Oil Imports
...lumes from 2011 levels, with further cuts in 2014. But India and China, having made more modest cuts in 2012 and 2013, all-but reversed these in 2014 when it became clear that then US President Obama was keener to avoid conflict than enforce sanctions (see chart and MEES, 6 February 2015). This ti...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Saudi Reserves Steady
...The Saudi Arabian Monetary Authority’s net foreign asstes were $501bn as of end-July, down $5bn (1%) from the end June figure but up a touch from the $495bn year-ago level. Having peaked at $746bn in August 2014, Saudi reserves lost 35% over the following three years but have stabilized since mi...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Algeria Gas Hopes Dashed As Touat Start-Up Pushed Back To 2019
...nalized development plans for oil and gas discoveries it has made on the El Assel block (236b) in Algeria’s Berkine Basin. Gazprom was awarded the block in 2008 (MEES, 22 December 2008). It drilled six exploration wells between 2010 and 2014 making a mix of oil and gas discoveries. It then firmed th...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Kurdistan Oil Sector Outperforming Expectations in 2018
...likely, but the 10,000 b/d production facilities are relatively close to a light oil discovery by Total and US firm Marathon that lies within the same current block (Block 11). The 43°API discovery at the Jisik-1 well in the now-defunct Harir block flowed at 6,100 b/d according to Total in 2014 (MEES, 5 De...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Turkey Mixes Business & Politics As Qatar LNG Surges
...13 2014 2015 2016 2017 Russia (P) 12.57 -1.71 -12.0 14.27 19.47 17.58 25.41 26.49 26.21 26.98 26.78 24...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Sinai Insecurity: Sisi’s Achilles’ Heel
...litants in the region were made up of disaffected Bedouin tribesmen but since 2014, a local group called Ansar Bait al-Maqdis pledged its allegiance to IS, rebranding as the latter’s ‘Sinai Province’. This group claimed responsibility for the downing of a Russian passenger jet over the Sinai in Oc...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Iraq Readies Baiji Unit
...Iraq is ready to restart one of three units at the Baiji refinery in Salahuddin province, which was badly damaged by Islamic State jihadists in June 2014. A unit which had 70,000 b/d crude distillation capacity before the destruction is now expected to process 60,000 b/d. “The re...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Israel Refiners Pump At Record Levels
...17). 2018 should see a reverse of that trend. First half gasoline output of 88,500 b/d puts Israel on track to top the previous annual output record of 84,500 b/d set in 2014 (MEES, 25 March 2015), whilst Bazan in its first half report says that national consumption of transport fuels gasoline, diesel an...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Algeria Halves Trade Deficit, Thanks To Higher Oil Prices
...tal exports, though this would be the lowest share since the turn of the millennium. Based on year to date figures and the current oil futures price, MEES estimates that for 2018 as a whole Algeria will earn $42.2bn in export revenues, up 17% on 2017’s $35.2bn and the highest figure since 2014 wh...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018