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Libya’s 2019 Budget: Fact or Fiction?
...y new hires since 2014 – when it came into being – it also funds the Libyan National Army (LNA), which has been busy in recent months adding swathes of territory to its control (MEES, 22 March). To cover its running costs, the eastern ‘government’ has sold $23bn in bonds since 2014 (purchased by it...
Volume: 62Issue: 13Published at Fri, 29 Mar 2019 -
Saudi Liquids Burn Edges Up, More Rises To Come?
...eir lowest level since March 2014. Products imports were down across the board, with the kingdom importing no diesel for the first time since January 2011. The upshot was that net-products exports were just shy of December’s record at 1.34mn b/d. And net diesel exports were at an all time high of...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Sabic Reorganization Continues Ahead Of Planned Aramco Takeover
...rformance for 2018 was the best since oil prices crashed in 2014. Sabic made a profit of $5.73bn in 2018 on revenues of $45.1bn, figures which were respectively 17.0% and 12.8% up on 2017, though prices for Saudi Arabia’s key Arab Light crude were up even more at 33.5% (MEES, 1 February). SABIC OUTPUT TO...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Algeria’s Economic Sclerosis: Political Change Is Not Enough
...pendent on oil and gas for a whopping 60% of budget revenue and over 93% of 2018 export earnings, shares that have barely shifted in recent decades. As long as oil prices were over $100/B, as was the case from late 2010 until 3Q 2014, Algiers managed to paper over the cracks. But, as Warren Buffet sa...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Shell Boosts Egypt Gas Output, Retains LNG Force Majeure
...llapse (see chart). Shell long stalled on new investment in Egypt due to a dispute over monies owed by state firm EGPC and the diversion of its gas output from LNG exports to the domestic market (MEES, 31 January 2014). But early last year it reversed course and sanctioned the 10-well Phase 9B de...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Kuwait: IEA Pessimistic
...2024 at least. Stagnation is at least still better than the IEA’s pre-2016 projections when it routinely expected Kuwaiti capacity to trend downwards. In 2014, the organization said that due to political opposition to IOCs operating in the upstream sector, “capacity looks set to decline by 41...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
US Shale: Major Growth Planned, Indies Crimp Spending
...ird fewer rigs (six versus nine) in the oil-focused Midland and Delaware basins. Already for Q4 2018, Apache, with 98,600 b/d oil output, topped 2014’s previous high but with just a fifth of the 42 rigs the company was running in late-2014 (see chart). But whilst output per rig is up massively, th...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
OPEC Faces Prospect Of Declining Global Clout
...e market to cut prices following the November 2014 meeting (MEES, 5 December 2014), Opec changed tack in November 2016 and agreed to cut output (MEES, 2 December 2016). The move initially paid dividends for Opec, which saw demand for its crude rise from 31.9mn b/d in 2016 to 32.6mn b/d in 2017 ac...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Saudi Arabia’s Oil-Fired Power Conundrum
...d jumped from 56.6GW in 2014 to 62.0GW in 2015, but has since fallen thanks to the kingdom’s efforts. As well as electricity consumption declining, increased gas supplies have helped displace liquids from power plants. The Wasit gas plant started up in 2016 and processes 2.5bn cfd raw gas into 1....
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Lebanon Power Overhaul Gathers Pace
...e map) was supposed to be the main driver. Work on ‘Deir Ammar-2’ restarted last year after the energy ministry and contracting firm J&P Avax renegotiated a previous $435mn EPC deal into a 20-year BOT agreement, thus settling a scandalous multi-million-dollar arbitration dispute dating back to 2014. Bu...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Tunisia’s Nawara Gas Project: Too Little Too Late?
...wara is set to add will only boost Tunisia’s overall output to around 250mn cfd – lower than it was in 2014 when FID was taken on Nawara (see chart 1). But make no mistake, the added volumes will provide much needed relief to Tunisia which in 2018 was reliant on 371mn cfd of imports from Algeria to me...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Iran’s South Pars Gas Development Edges Forward
...nganeh visited China for talks in late February, but doesn’t appear to have achieved any notable success. Deja vu given that Iran axed CNPC’s contract for South Azadegan in 2014 due to the firm’s slow progress during the previous round of US sanctions (MEES, 9 May 2014). When Total and CNPC signed up to...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Egypt Oil Output To Fall As Key Producer Apache Slashes Investment
...stain… cashflow” rather than raise output. With fewer rigs and lower capex, Apache plans to drill 40% fewer wells in Egypt this year. For 2019 it plans 70 wells, 30 exploration and 40 development, down from 115 for 2018. This in turn is well down on the 2014 peak of 220. Of 2018 wells, 45 were ex...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
OPEC Output Slumps To Four Year Low
...ghes show that the number of active oil rigs in Iraq jumped to 67 in February, its highest level since August 2014. Of the non-Opec portion of participants, the picture is decidedly mixed. While Oman swiftly moved to hit its target in January, the largest participant, Russia, is lagging behind. Ru...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Algeria’s Regime Under Threat
...en protests against the regime in the past, but none like this one. Bouteflika, in Geneva for what officials describe as a “routine health check,” was unable to present his own campaign papers for the coming election, a reminder of 2014 when he left it to right hand man Abdelmalek Sellal to de...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Can Iraqi Kurdistan’s Bickering Factions Grasp Key Opportunities?
...operation has at least provided the central government with an alternative to its stretched southern export infrastructure. Use of the pipeline will provide an interesting litmus test, as federal Iraqi exports through the pipeline have started and stopped several times since in 2014. In Prime Minister Ad...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Kuwait Eyes Revenue Boost From Clean Fuels Upgrade
...na al-Ahmadi 347,000 b/d. Combined crude processing capacity will be increased by 9% to 801,000 b/d from 736,000 b/d. At the time of the CFP award in 2014 project management contractor Foster Wheeler said that the upgrade would mean fuel oil output with a maximum of 1% sulfur (MEES, 14 February 2014...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Iraq: Gas Aims Progressing, But Miles Still To Go
...fining in a ministry shakeup (see p18). That Baghdad had previously targeted 2015 (MEES, 28 February 2014) for eliminating flaring is emblematic of the scale of the problem. A quick glance at the numbers shows the extent of the challenge. 1: IRAQ GAS OUTPUT EXCEEDS 3BN CFD IN SECOND HALF OF 2018, BU...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Saudi Reaps Rewards Of Downstream Investment
...erall trade surplus over the first 11 months of last year was $149.4bn, already $62bn more than over the whole of 2017. The full-year 2018 trade surplus will likely fall just shy of 2014’s $168.6bn. LOOKING AHEAD Saudi Arabia has cut production more deeply than mandated under the terms of...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Saudi Renewables Plan: More Answers, More Questions
...e new loan takes SEC’s total lending to $47bn since July 2007. It is also SEC’s largest loan from the finance market, although the company’s biggest loan to date was a $13.2bn ‘soft loan’ from the Ministry of Finance in March 2014. SEC’s previous agreement was a $2.15bn revolving credit facility ai...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019