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Asian Importers’ Opec Crude Addiction Grows
...ars, Saudi Arabian crude burn has dropped by more than 22% from Q4 to Q1 the following year – the exception was from Q4 2013 to Q1 2014 when it posted a lackluster 5% drop. The largest fall was posted in Q1 2016, when crude burn fell 37%. Saudi Arabia burned an average 497,000 b/d of crude last year, 60...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Lebanon’s Political And Economic Struggles Continue
...Lebanon achieved a major political breakthrough in October 2016; it ended a two-year standoff between various political groups which had prevented the election of a consensus president to succeed Michel Sulaiman after his term ended in May 2014. But sizeable structural problems persist and it...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
IOCs Continue To Play It Safe In Libya
...arter of 2014 with output of around 700,000 b/d. But state-owned National Oil Corporation (NOC) is yet to persuade some of its major international partners that its bullish oil and gas production targets for 2017 will be achieved. NOC is targeting production of 1.25mn b/d by the end of the year and pl...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
QP Petchem Merger
...bsite, Qapco saw revenues peak at QR4.45bn ($1.22bn) in 2013, before easing by 1% to QR4.40bn ($1.21bn) in 2014 and falling 8% to QR4.04bn ($1.11bn) in 2015. QVC has capacity to produce 230,000 tons/year of vinyl chloride monomer and 175,000 t/y of ethylene dichloride at its Mesaieed complex. Its ma...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Saudi Aramco IPO Plans Progressing But Key Challenges Lie Ahead
...$2-3 trillion, implying that a 5% listing could raise $100-150bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014 (MEES, 11 November 2016). NEW YORK, RIYADH &… Key to the IPO’s success will be the location of the listing, and there have be...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Abu Dhabi Finalizes Onshore Concession With Chinese Partnership
...anayel, along with one field under development - Jumaylah. Projects are underway to increase NEB output to around 230,000 b/d. In 2014, Italy’s Maire Tecnimont was awarded a $2.25bn EPC contract to boost Al Dabb’iya output to 145,000 b/d by 2018 and the project is still underway. South Korea’s GS En...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Kuwait: Subsidy Row Presages Return To Disruption As Usual
...s poor performance on another project. This is the construction of a 100,000 b/d gathering center (GC-31) for Kuwait’s northern fields. The KD250mn ($810mn) contract was awarded in July 2014 – Petrofac and India’s Larsen and Toubro were awarded two other gathering centers – with a planned completion of...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
LNG: Growing Mideast Demand Key To Absorbing Rising Global Supply
...T) *ALL FROM TRINIDAD & TOBAGO SINCE 2014. SOURCE: CEDIGAZ LNG SERVICE, GIIGNL, SHELL, MEES CALCULATIONS. EGYPT IS TOP MENA BUYER: VOLUMES MORE THAN DOUBLED TO 6.3MN TONS, 60% FROM QATAR KUWAIT IMPORTS: QATAR SUPPLIED JUST OVER HALF 2016 VOLUMES BY SUPPLIER: QA...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Algeria Eyes Refinery Bidders As Gasoline, Diesel Consumption Dips
...7,000 b/d of crude in 2016, according to official data provided to Jodi. This is the same volume as for 2015 and 2.7% down from peak throughput of 593,000 b/d in 2014. While Algeria’s total products consumption – which fell 2.2% to 403,000 b/d in 2016 from a record 412,000 b/d in 2015 – is significantly be...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Baghdad-Erbil Refining Deal Signals Pragmatism Winning Out
...G). Mr Luaibi says the agreement will allow the production of badly needed fuels for the Nineveh, Kirkuk and Diyala provinces. These include areas liberated from Islamic State (IS) jihadists. Iraq has suffered acute products shortages since IS badly damaged the 310,000 b/d Baiji refinery in June 2014. Ba...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
KRG Gas Plans: The Rollercoaster Continues
...xt step of concluding negotiations with potential partners, and moving the gas project towards the FID.” ...BUT IS DEVELOPMENT ANY CLOSER? When Genel signed the initial agreement for development of Miran and Bina Bawi in November 2014, the firm said it “expects that a final investment de...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Algeria Looks To Build On Modest Output Gains But Investors Remain Wary
...end bucks a pattern of flat or declining output established over the past decade. Combined production of crude oil and natural gas liquids (NGLs) hit a low of 1.49mn b/d before edging up to 1.59mn b/d in 2014 and 2015, according to BP’s most recent Statistical Review, published in June. But that is st...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Tunisia: Oil & Gas Slump, Tourism Collapse – Bonds To The Rescue?
...e economy. 2014 revenue of $2.14bn equated to 7% of GDP but that was before a precipitous 54% fall in 2015 with terrorist attacks at Sousse and on Tunis’ Bardo museum. Sky-high youth unemployment of 35%, rising to 67% for recent graduates according to IMF stats, has helped fuel the labor unrest (ma...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Majors Look To Permian For 2017 Rebound
...oductivity Report, released 13 February. Much-touted efficiency gains are not chimeric. Unlike other US shale regions, and the country’s overall output, Permian oil production continued to rise, albeit more slowly, throughout the 2015-16 ‘lean years.’ The latest rig count is less than half the November 2014...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Spanish 2016 Crude Imports (‘000 B/D): Mexico Top Supplier As Opec Share Drops Below 50%
...*EX VENEZUELA, ECUADOR, MEXICO, COLOMBIA. ** CHANGES EXPRESSED ON A PERCENTAGE BASIS ^EX NIGERIA, ANGOLA. SOURCE: CORES, MEES. SPAIN IMPORTS BY REGION (%): N AFRICA SHARE HALVED OVER LAST 15 YEARS *ALL OPEC SINCE 2014. INCLUDES SMALL VOLUMES FROM OMAN & SYRIA PRIOR TO TH...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Egypt Secures 2017 LNG Needs
...additional 12 cargoes put the total number of cargoes signed up since November at 117. TRADERS TO THE FORE Egypt’s state gas firm EGAS has launched a slew of LNG import tenders since 2014, with trading houses and large oil firms signing up to supply 301 LNG cargoes - including 245 cu...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
LNG: Australia Soars Past Qatar As #1 In East Asia
...ina for cargoes imported in December, the most recent month for which comprehensive data are available, averaged a fraction over $7/mn BTU, less than half 2014 levels. MORE AUSSIE LNG COMING With substantial additional Australian volumes now set to hit the market over the coming months the ex...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Opec Cuts 860,000 B/D Output, More Work Required
...ude is currently around $55.63/B, largely on a par with January’s $55.45/B and $10/B above where it stood on 29 November. Certainly, January’s cumulative cut was the largest fall since March 2014, when violence knocked off production in Iraq, Libya, Nigeria and Angola, and Saudi Arabia also cut back (ME...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Oil Markets: A Turn Away from Trade?
...wn to 1990s levels (MEES, 19 December 2014). Even with Opec cutting output in a landmark agreement at the end of 2016, it will not be enough to bring back the age of scarcity. Rather, the global oil markets look headed for tenuous balance, vulnerable as much to new supplies as new di...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Egypt Plots Upstream Revival, If It Can Find The Cash
...ll to IOCs remains a major point of contention. It ballooned to $6bn in 2014 and although it fell to $3bn at the end of 2015, it edged back up to $3.5bn in December according to official figures. A lack of forex at Egypt’s Central Bank means state oil firm EGPC has struggled to obtain the cash to pa...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017