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Saudi Arabia Looks To Expand Iraq Footprint
...ntract, does not make sense” – adding that the Saudi media could have possibly misinterpreted the comments made my Mr Allawi. Nonetheless, Akkas remains a major bone of contention. Iraq’s oil ministry continues to urge Kogas to return to the field, where the Koreans declared force majeure in 2014 as Is...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Oil Investment Collapse Risks Future Shortfall-IEA
...pes out the modest increases in spending since the 2016 nadir, it leaves expected 2020 spending at a mere 42% of 2014’s peak outlay. And this is in nominal terms – in real terms the fall is much larger. *Unlike the 2015-16 spending slump, when the effect of capex cuts was mitigated by falling up...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Mena Renewables Projects Tap Chinese Funding
...tensibly multilateral identity, the Silk Road Fund is intimately linked to President Xi Jinping’s flagship Belt & Road Initiative which is intended to promote Chinese investment, and with it influence, across a swathe of the planet, including the Gulf region. Founded in December 2014, Silk Road Fund cash co...
Volume: 62Issue: 21Published at Fri, 22 May 2020 -
Neutral Zone Set To Close Again
...It was a brief run, but having started producing in February for the first time since 2014 the Khafji field is once again being shut-in. Located in the Neutral Zone (PNZ) where output is split 50:50 between Saudi Arabia and Kuwait, an agreement reached in late 2019 saw output restart, with th...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Apache ‘Excited’ By Egypt Despite Output Plunge
...8). 1: EGYPT OIL OUTPUT FELL TO A 38-YEAR LOW OF 608,000 B/D FOR MARCH ('000 B/D) 2: APACHE GROSS EGYPT OUTPUT IS AT A 10-YEAR LOW BUT THE US FIRM HOPES A WELL-STOCKED INVENTORY WILL SEE A REBOUND 3: APACHE HIKES EGYPT CAPEX, BUT STILL JUST 40% OF 2014 LEVELS *IN...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...e Adoc concession which it entered in 2014 (MEES, 14 November 2014) as well as the Sarb/Umm Lulu stake. But though Sarb/Umm Lulu did provide a boost to Cepsa’s net output for 2019, underlying decline in the rest of its upstream portfolio – southeast Asia, Latin America, and above all Algeria – me...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
On Iraq Power, And Power Politics: MEES Interview with Luay al-Khatteeb
...proving supply efficiency from certain stations, and adding new units and power stations. Additionally, we added significant capacity to the transmission lines and extended the distribution system in the liberated areas – so for the first time since the 2014 Daesh [Islamic State] insurgency we have ma...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Egypt Lines Up Ammonia Project
...st of $10.9bn. The project, conceived when Egypt’s gas resources were increasingly overstretched, is intended to process 4mn t/y of imported naphtha (MEES, 4 April 2014). Financing remains incomplete despite EPC work being awarded in mid-2018 (MEES, 14 December 2018). ...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Can Iraq’s New Government Weather The Economic Storm?
...l price, Iraq will burn through its fiscal buffers and we will see more social unrest.” “The biggest threat right now, and the one that can derail everything a whole lot faster, is denial,” Mr Tabaqchali says. “They are talking like this is 2014-2016 again and the difficult times will pass. So my...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Qatar Slumps Into Recession
...git growth up until 2014, it too has seen its performance decline in recent years, dropping to just 1.3% growth last year. Like its neighboring petrodollar economies, Qatar has been struggling to diversify, despite having its own National Vision 2030. Although the share of oil and gas in the ec...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Neutral Zone Crude Output Ramps Up
...ich restarted in February after having been shut-in since 2014 (MEES, 28 February). The first exports of Khafji crude oil (28.5°API, 2.85% sulfur) were then made in early April (MEES, 10 April). Some 1mn barrels was delivered to China’s Shuidong, while another 1mn barrels was offloaded to another ve...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Algeria: Exports Down, Revenue Down, Outlook Dire
...tober 2014’s 171mn cfd. Volumes have bounced back slightly so far in April but at 572mn cfd are still the second lowest in the past five years (barring March). Algeria could regain some demand from both Italy and Spain later in the year when its oil-linked piped gas prices begin to fall with lower oi...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Services Firms Eye Mena Resilience Amid US Shale Collapse: Is This Realistic?
...venue resilience? They are evidently hoping for a repeat of the previous 2015-16 capex downturn (after oil prices collapsed in late 2014) when Mideast NOCs kept spending counter-cyclically whilst IOCs, in particular those focused on US shale, slashed their outlay (MEES, 29 April 2016). Indeed, lower co...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Israel Orders Noble & Delek To Play Fair
...osshairs. In 2014 Noble and Delek were ruled to be operating as a cartel in Israel. An eventual compromise deal saw them forced to sell Karish and Tanin to Energean (MEES, 19 August 2018), whilst Delek must quit Tamar by the end of next year. It has a direct 22% and also a 23% stake in Tamar Petroleum, a sp...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Libya’s Financial Vulnerabilities Laid Bare By Dwindling Oil Revenue
...consultation with Libya’s internationally recognised Government of National Accord (GNA) based in the capital. STATE FAILURE Such is the level of state failure in Libya, that since a political crisis in 2014 it has had two rival governments, two central banks and two national oi...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...is was followed up by an $81bn drop in 2016 and a $39bn drop in 2017 as reserves fell from $732bn at the end of 2014 to $496bn at the end of 2017. Foreign reserves have since stabilized, but not significantly grown, exiting 2019 at $500bn, and declining slightly in early 2020. If Saudi Arabia fo...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Low-Cost Middle East Reserves Aid IOCs In Price Slump
...wn since the previous oil price slump began in 2014. Production costs for all six peaked in 2014, with the exception of BP, where the peak was slightly earlier in 2013. BP and Total have had the most success in bringing down per barrel costs, which last year were nearly 50% lower than their peak. Ch...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Korea LNG Imports: Strong Q1 But Downturn Coming?
...ar. *For Q1 as a whole, imports of 12.49mn tons are the third highest quarterly figure on record behind Q1 in 2018 and 2014. But, though overall volumes were up 20% year-on-year, Qatar continues to see its market share slump. Qatar Q1 supplies at 2.78mn tons were down 23% year on year, with Qatar’s 22...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Neutral Zone Restart: 2mn Barrels Exported
...e currently en-route to Asia for the first time since 2014. Production from the PNZ is shared 50:50 by Kuwait and Saudi Arabia, but the offshore Khafji field was shut-in in October 2014 (MEES, 24 October 2014) due to grievances over shared management. Output from the onshore portion (Wafra) was th...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Egypt Halts LNG Exports As Eni & Shell Bear The Brunt Of Gas Surplus
.../B.” In normal terms, Egypt’s gas renaissance has been a great success story. From a sizable gas deficit for 2014-17, new output led by Eni’s giant Zohr, which came online in December 2017, has meant that since late 2018 the country has had a gas surplus (MEES, 17 May 2019), with exports hitting an ei...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020