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US Firms Scale Back Investment, Claim Output Unaffected
...twithstanding, the lack of major project sanctions will hit firms’ revenue stream early next decade. “It remains to be seen whether [this] strategy… is sustainable given that their finances still largely benefit from cash flow generated by projects sanctioned before 2014,” the IEA says, noting that those firms to...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Libya Looks To Corral IOCs Into Activity Boost
...en shut in for more than two years due to a combination of security concerns, infrastructure damage and a lack of a route to market. The 250,000 b/d Ras Lanuf export terminal on the Sirte basin coast re-opened in September 2016 having stopped exporting in December 2014. The nearby Es Sider terminal, wi...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Upstream Investment: Are Shortfall Fears Overblown?
...The IEA and others continue to flag up an investment ‘shortfall’ and supposed coming supply crunch. Are such worries overstated? Global upstream capex was $434bn in 2016, a multi-year low. This was down 25% from 2015 and 40% below the 2014 peak of $730bn, according to the IEA’s ‘World En...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Algeria Re-Tenders 3.6bcm/y Ain Tsila Gas Development
...September 2014. In June 2015, Petroceltic was still bullish that the EPC award would be made by the end of the year: then Chairman Robert Adair flagged up a likely EPC award and the start of development drilling “before the end of 2015,” with progress here “the key determinants” of hitting the th...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Suez Canal Revenues Show Signs Of Recovery In 2017
...e October 2015 downing of a Russian charter jet over the Sinai peninsula (see chart). The fall in Suez Canal revenues has been more modest: 2016 revenues were down 3% on 2015 and 9% on 2014’s record takings (MEES, 20 January). Flows through the canal are seasonal, with Q3 typically the high po...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Opec Revenue: Sour Crude Shortfall Mitigates Price Crunch
...own no sign of halting so far, with the differential narrowing for the past five consecutive months to $1.21/B in June. This is not just the smallest differential since August 2014, but also the most consistent narrowing since early 2010 (see chart). Although Brent crude prices have weakened to be...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Saudi Crude Exports Lowest Since 2014 As Oil Burning Ramps Up
...Saudi crude oil exports averaged 6.924mn b/d in May, their lowest level since October 2014 and down 82,000 b/d from April. This comes as crude burning rose by 180,000 b/d to 604,000 b/d in line with seasonal trends (see below for full data). With burning set to have risen further in June an...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Gulf Bond Issues To Set New Highs As Cash Crunch Continues
...ound $60bn annually in 2013 and 2014, $70bn in 2015 and $78bn last year. If the current trends continue, bonds could overtake loans this year. This would be significant for a region traditionally dominated by relationship-driven bank lending. Diversifying funding sources would also help to si...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Iran’s Budget Deficit Soars In 2016-17
...VENUE FIGURES (IR TRN) 2016-17 vs 2015-16 2015-16 vs 2014-16 2014...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
GCC States Double Down On Gas Development
...M) 2007 2008 2009 2010 2011 2012 2013 2014...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Delayed Projects To Shave Cumulative 80bcm From Algeria’s Gas Output By 2020
...e SWGP, has been delayed even more than that of its neighbors. The field will join two other fields handed over to Sonatrach by IOCs in 2014-15 after a failure to agree terms: Hassi Ba Hamou and Hassi Mouina. The three fields together make up what is now being described as SWGP phase 2. Hassi Ba Ha...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Cyprus: Total Spuds Key Wildcat As Unification Talks Collapse
...rrying out the exploration have been a regular occurrence (MEES, 24 October 2014), on this occasion they have been given extra spice by the breakdown in re-unification talks only days earlier. “It is impossible to appreciate that some energy companies are acting with, and becoming part of some ir...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Syria’s Ongoing Conflict Inflicts Huge Loss Of $226bn To GDP
...oups. According to the report, IS was producing, refining and selling as much as 50,000 b/d in November 2014, but later estimates put this figure at a maximum of 40,000 b/d in October 2015. By September 2016 the US-led coalition claimed that it had struck 2,638 oil infrastructure targets primarily in Sy...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Libya Oil Output Breaches 1mn B/D
...th US firms Marathon, ConocoPhillips and Hess, has also fallen short of NOC targets. The state firm had the Waha consortium down for output of about 120,000 b/d by June, but it has been struggling to produce 80,000 b/d since it came back onstream in September 2014 after a hiatus of almost two years (ME...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Iraq: Bumper Oil Export Volumes Cushion Impact Of Oil Price Drops
...17 2016 2015 2014 Gulf ('000 b/d) 3,247 +5 +1 3,...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Iran Aims For Total Reboot Of Oil And Gas Sector
...PC was then ejected in 2012 due to lack of progress (MEES, 2 July 2012). The Chinese firm appears to have been partially forgiven for this, and for similarly slow work at South Azadegan from where it was given the boot in 2014 (MEES, 9 May 2014). Oil Minister Bijan Zanganeh says the partners’ “in...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Total Talks Crackers On Both Sides Of Gulf
...09, having signed the shareholders agreement that officially cemented their relationship in June 2008. Construction of the refinery took place during 2010-13. Satorp shipped its first products cargo in September 2013 and reached full operational capacity in mid-2014 (MEES, 15 August 2014). ...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Saudi’s Economy Gets Boost From MSCI Announcement
...uld put Saudi Arabia in the top 10 emerging markets, according to EFG Hermes. The other Mena markets included in the MSCI index are Qatar and the UAE, which were upgraded to EM status in 2014, as well as Egypt. Along with improved liquidity, valuations and stock prices on the Tadawul, Saudi’s in...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Morocco Faces Socioeconomic Headwinds As Deficit Overshoots, Growth Slows
...16, down from $628mn in 2015 and a record $1.381bn in 2014 (though the price of gas shipments is oil-linked this linkage is delayed). These economic headwinds will make it more difficult for Morocco to tackle the youth unemployment (22.5% of the labor force in 2016, up from 20.8% in 2015 according to...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Delek Looks To Raise $1.2bn With Tamar Sell-Off
...rael’s key offshore fields. A December 2014 anti-trust ruling (MEES, 2 January 2015) was subsequently watered down, but even so operator Noble has to reduce its stake in Tamar to 25% by end-2021, with Delek required to completely dispose of its stake by the same date (MEES, 1 April 2016). HOLDING ST...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017