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Upstream Capex Edges Up But Recovery Remains US-Focused
...vestment 2018 report remains almost 40% down on the 2014 peak (see chart). But whether this presages output shortfalls in the years to come remains to be seen: certainly majors and IOCs claim that they are now getting more bang for their buck with their collective investment emphasis having shifted from mu...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Shell Enters Mauritania
...ock C-10 (50-2000ms water depth) surrounds several former discoveries: the Chinguetti oil field, long the country’s sole producer, saw output end in late 2017; the 1.5tcf Banda wet gas field had development plans shelved by then-operator Tullow after oil prices tanked in the second half of 2014 (MEES, 13...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
LNG Start-Ups To Peak, Then Slump
...ne 2016). • Liquefaction investment peaked at $37bn in 2014 according to stats contained in the IEA’s freshly-released World Energy Investment 2018 report. Though long project lead-times mean that investment levels did not fall off a cliff with FIDs, they have been in inexorable decline si...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Iraq Water Crisis Highlights Baghdad’s Impotence
...outing to keep the dam from sinking and disintegrating—an event that could trigger a tidal wave affecting millions downstream. Iraqi officials consistently downplay the threat, but the dam’s structural integrity was further undermined when IS forces briefly took the dam in 2014. Ross Filkins of the Ne...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Libya Election Timetable To Slip Further Amid Factional Divisions
...rliamentary polls in June 2014 led to the de facto division of Libya between two rival administrations. It is “increasingly doubtful” that elections will be held by end-2018, says Tarek Megerisi, Libya specialist at the European Council on Foreign Relations, after meeting senior officials from several co...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Bahrain’s Troubled Banking Sector Set For Turbulent Times
...hrain’s banking and finance sector has faced a considerable slew of challenges – challenges that show no sign of abating. The government’s finances have been hit hard by the crash in oil prices since the end of 2014, forcing it to tap the bond markets in an effort to plug its budget deficit and le...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Iraqi Authorities Feel The Heat As Protests Boil Over
...wer sector. IRAQ: EXPORT REVENUES ON PACE OF 2014 LEVELS IN 1H 2018 *FORECAST BASED ON CURRENT CRUDE FUTURES PRICES. SOURCE: IRAQ OIL MINISTRY, MEES CALCULATIONS. EXPLOSIVE PROTESTS Some of the most high-profile protests have been those held outside some of Ir...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Saudi Products Exports At Record Highs
...gion in the first four months of the year already the highest annual figure shipped in four years – 942,000 tons was shipped there in 2014. As a market for Saudi products North America is dwarfed by Europe and that is unlikely to change, particularly given its proximity. Saudi Arabia exported re...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Saudi Arabia Struggling To Reform Economy Despite Ambitious Plans
...is was a 0.9% fall in real terms. Overall, non-oil’s share of Saudi GDP dipped from 74.3% in 2016 to 71.5% last year. By contrast, in 2014 prior to the worst of the oil price fall, non-oil accounted for just 57.0% of the total, and Riyadh is keen to prevent a return to those days. But it will prove a ha...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
South Korea 1H18 LNG Imports: Qatar Volumes Up %20 Year-On-Year, Share Up To 32%
...LUMES SINCE 2014; US RISES TO #3 WITH RECORD 2.29MN T DELAYED PLANT START-UPS MEAN AUSTRALIA’S RAPID GROWTH IN MARKET SHARE IN RECENT YEARS WENT INTO REVERSE: BOTH QATAR AND THE US GAINED AT AUSTRALIA’S EXPENSE IN 1H18 (% OF IMPORTS)...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
China Puts Oil Center Stage Of Middle East Strategy
...rvices arm Sinopec International Petroleum Service Corp. The firm this month signed a $1.06bn five-year contract, extendable by one year, with another KPC subsidiary KOC. Sinopec’s service arm first entered Kuwait in 2008 and this latest deal effectively replaces a $1.15bn 2014 contract. The UAE wa...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Libya: Terminals Reopen, Instability Remains, Haftar Strengthened?
...Egypt, the UAE and to an extent Russia. The US responded to an attempt by Mr Jathran to sell an illicit crude cargo in March 2014 by intercepting the North Korea-flagged vessel (MEES 21 March 2014), but “the Americans will never ever stop a Russian – or Egyptian or UAE – flagged ship,” says Pu...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Syria: Key Crossing Open
...uckers would embark on the five-hour Beirut-Amman trek despite the ongoing civil war, but when the crossing closed, it stymied exports. Customs data show that export volumes at the Masnaa crossing on the Beirut-Damascus highway fell from $495mn in 2014 to $103mn in 2016—a key reason why total Lebanese ex...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Algeria: Reserves Slump To 12-Year Low, But Country Has Bigger Problems
...e country’s finances. Instead Algiers has opted for the highly-inflationary path of printing money to finance the country’s expected $19bn 2018 deficit (a cumulative $80bn since 2014 – MEES, 19 October 2017). A temporary ban on a whole swathe of imports is Algeria’s other key ‘alternative’ economic me...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Egypt Pledges To End Energy Subsidies Within 12 Months
...nister and central bank chief blame “persisting financial difficulties in view of higher than expected oil prices,” for slow progress in cutting Egypt’s dues but repeat that Egypt “remains committed to fully eliminating arrears by end-June 2019.” The biggest dent in receivables was made in July 2014 wh...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Iraq Oil Revenues Soar But Stretched Southern Export Capacity Caps Gains
...port revenues – the first time since August 2014 that Iraq has recorded back-to-back months in excess of $7bn. MEES estimates that if export volumes and prices remain stable throughout 2018, Iraq’s annual earnings will be close to 2014’s $84.12bn, though still well shy of 2012’s record $94.03bn wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Saudi-Kuwait Neutral Zone: Supply Concerns Spur Restart Rumors
...2012, falling to 255,000 b/d in 2013 and just 140,000 in 3Q 2014, the last full quarter of production (see chart). Meanwhile, the PNZ’s onshore portion is managed by a JV of KGOC and Saudi Arabian Chevron. Output here averaged 190,000 b/d in 1Q 2015 before operations were halted that May (ME...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Lebanon’s Recurring Power Nightmare
...cording to the United Nations Development Program (UNDP). The country continued its push for an LNG import tender (MEES, 4 April 2014), but the political crisis beset on the nation from 2014-16 scuttled the effort. Immediate relief from the overpriced Turkish powerships looked the only feasible op...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
$11bn Egypt Petchems Project Belatedly Green Lighted
...onomic zone will also likely boost Suez Canal revenues, which in 2017 amounted to $5.28bn, second only to the record $5.47bn in 2014 (MEES, 19 January). The Tahrir project will be part financed by a $5.4bn debt package. Carbon Holdings says it is “at an advanced stage of securing financing” from ex...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Egypt Indicators Show Recovery Is Gathering Pace
...arter of 2016. It has since risen steadily with Q1-3 2017-18 revenue of $7.25bn up 155% year-on-year. The Suez Canal, another source of much needed income for Cairo, also saw revenue dip in 2016, to $5.005bn versus 2014’s record $5.465bn. But the growth in shipments of US oil and LNG to Asia has pr...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018