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Does Opec Have A Strategy For ‘Lower For Ever’?
...rket share based strategy chimes with that enunciated by former Saudi Oil Minister Ali Naimi in late 2014 (MEES, 22 December 2014) but now abandoned. This requires a price low enough to drive competitors out of the market. But the strategy of foregoing short-term revenue for long-term gain was ab...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Iraq’s Kirkuk Deployment Reshapes KRG’s Oil Sector
...rkuk in the process. Iraq capitalized on the Kurdish gamble, reclaiming areas seized by the KRG in 2014 with stunning decisiveness, and indeed pushing further into KRG territory. The KRG is now diminished territorially, politically and economically. It may yet recover, but it looks set to be a long and to...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Kufpec Hit From Bongkot Sale Collapse Overshadows LNG Start-Up
...ploratory drilling in 2008, initially with a 7% share that was expanded to 13.4%, when Kufpec purchased Shell’s 6.4% share for $1.14bn in 2014 (MEES, 25 April 2014). Operator Chevron maintains 64.14%; Woodside has 13%, Japan’s Jera 8% and Kyushu Electric 1.46%. Chevron also holds an 80.2% interest in th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Egypt Gas Output Set To Hit 5-Year High By Year-End
...ll in the North El Mahala Onshore (Nemo) block, one of its top seven global high-impact exportation wells for 2017-18 where “500mn boe+” is targeted. The block is situated in the onshore Nile Delta next to the North El Salhiya block of UAE-firm Dana Gas’ block, awarded in October 2014, where dr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Libya Gives Up On Output Target Amid $126bn Losses But Hopeful On Exploration
...ES, 6 October). Mr Haftar’s victory in Benghazi has paved the way for the re-opening of the town’s port and airport. A fuel tanker docked at Benghazi port on 9 October for the first time since 2014, when it was shut in due to fighting between militias loosely affiliated to rival administrations in Tr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Mideast Drilling Stays Firm, Recovery Elsewhere Will Have To Wait
...illing at near-record levels in 2017, in stark contrast to the global trend of upstream underinvestment. The rig count for GCC countries was a collective 288 in September, just 17 off the all-time high of 305 set last October, and up 26% since the start of 2014 despite low oil prices and stretched bu...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
KRG: Russian Oil Firms Ensure Kremlin’s Tacit Support
...-open the Kirkuk-Ceyhan crude pipeline, out of action since IS overran large swathes of northern Iraq in 2014. The announcement looks to be bravado aimed at showcasing Iraq’s efforts to enforce sovereignty over Kurdistan: a daunting array of political and economic obstacles make it unlikely to be re...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Algeria Reverses 2017 Austerity In Free-Spending 2018 Budget
...15 2014 2013 REVENUE (AD BN) 6,497 +15.3 +10.4 +36...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
East Med Gas Development: Hang Together Or Hang Separately
...quefaction plants. Aphrodite partner Shell has a stake in one of Egypt’s two LNG liquefaction plants, the 7.2mn tons/year ELNG plant at Idku, and Eni in the 5mn t/y Segas plant at Damietta. Meanwhile, Noble inked a provisional deal in June 2014 with BG (now Shell) to send 105bcm of Leviathan gas over 15 ye...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Libya: Another ‘Historic’ Opportunity For Peace
...ris Johnson and Italian interior minister Marco Minniti. In the past, each round of talks has seen a different configuration of political and military leaders deemed central to moving Libya forward from the latest impasse – whether it be the country’s administrative split into two in September 2014...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
BP Start-Up Of 1Bn Cfd Khazzan Field Gives 20% Boost To Oman Gas
...15 2015 2014 2013 Industry 15.94 -0.02 15.96 23...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Algeria: Prices Up, Volumes Down, Projects Delayed
...16 2015 2014 Export Revenue 23.51 +4.10 +21.1 19...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Iraq Plots Post-War Refining Rebound
...start of the Haditha refinery and reported progress on repair work at three other refineries damaged during the occupation by Islamic State (IS) of a swathe of northern and western Iraq from early 2014. This year Iraqi forces and their allies have driven IS out of most of their formerly-controled Ir...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Russia Extends Lead Over Saudi In China As Overall Imports Fall
...their lowest level since early 2014. Indeed for five of the last six months, including August (977,000 b/d), rival Opec producer Angola has bested Saudi for second place. But not only are Chinese imports from Saudi Arabia down in August, those from Russia and overall import volumes are also do...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
KRG’s Troubled Waters
...0 B/D) 2017* vs 2016* 2014 2015 Tawke 111.0 3....
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Algeria’s Risky ‘Cash Creation’ Plan: From One Pocket To The Other
...ree years. Algeria’s hydrocarbon-dependent economy has been hit hard by the collapse in oil prices since the second half of 2014; its hydrocarbons revenue fell to just $27.1bn last year from $71.4bn in 2011, though recent oil price rises mean it may just avoid a third straight $10bn-plus trade de...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Oil Addiction Deepens Despite Ambitious Reform Drive
...s despite average annual oil prices nearly halving against 2014. Saudi Arabia’s trade surplus was decimated accordingly (see table). More than a year after Vision 2030 was launched, very little has changed. Non-oil exports account for less than 25% of the total and after falling in value for the la...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Egypt: Economy Looking Up But Long Road Ahead
...ggest an annual figure of around $7bn based on normal seasonal trends – still below 2015 levels but almost double last year and still above 2013 and 2014 (see chart 3). FOREIGN RESERVES RIDING HIGH Aid from the IMF, the World Bank and other donors, as well as capital inflows from various sources ha...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Crude Exports At 3-Year Low: Oil Burn Peaks Amid Opec Curbs
...Saudi Arabia’s crude exports are at their lowest level since August 2014 as the kingdom deals with the double-whammy of increased summer demand and reduced output in accordance with last November’s Opec agreement. Saudi Arabia’s oil burn hit 1.39mn b/d in July, the highest figure on re...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Technical Service Contract Woes Continue To Haunt Iraq
...revising downwards the contractual production plateau targets for fields, but the essential TSC format remains unchanged (MEES, 12 June 2015). This series of alterations in 2014-15 brought the implied total 2020 target from key IOC fields down from 11mn b/d in 2009 to 7mn b/d. It fell further ea...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017