- Sort by:
- Score
- Published ▼
-
Sonatrach Buys Italian Refinery In Bid To Plug Products Shortfall
...ficit shrink to ‘just’ $490mn for Q1, the nearest Algeria has come to breaking even on trade since oil prices tanked in late 2014. Export revenue rose 19.9% year-on-year to $10.72bn, with oil and gas revenues up 19.6% at $10.03bn (almost 94% of the total) – a seemingly impressive gain but actually less th...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Saudi Oil For Sudan
...man did not specify whether the oil in question was crude or refined products. Sudan’s crude production fell to just 75,000 b/d in early 2018, from 115,000 b/d in 2014 (MEES, 16 March). The country has been suffering a fuel crisis for several months, leading recently to increasing social unrest. If cr...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Oman: Khazzan Boosts LNG Exports To Record Levels
...0,000 tons from Oman, the highest volume since Q1 2014 (see data, p14). South Korean imports fell slightly in the Q1 compared with Q1 2017, down 290,000 tons to 1.2mn. The last three years have seen Oman move away from its almost exclusive dependence on the two import markets. In 2012 and 2013, So...
Volume: 61Issue: 18Published at Fri, 04 May 2018 -
Kuwaiti Oil Minister Under Fire As KPI Eyes Indian Refinery
...rtamina for refineries in their countries, which would process some Kuwaiti crude oil. However, the projects have not progressed since as the parties have yet to agree terms (MEES, 13 June 2014). Most recently KPI has taken a 50% stake in the $7bn Duqm export refinery project in Oman, with OOC. The 23...
Volume: 61Issue: 18Published at Fri, 04 May 2018 -
Algeria Slashes Oil & Gas Investment
...8% to $8.1bn last year. Algeria faces mounting economic challenges: its foreign reserves halved between end-2013 ($195bn) and end-2017 ($97bn), whilst the country notched up an $11bn trade deficit for 2017 taking the total to a cumulative $45bn for the three years since oil prices tanked in late 2014...
Volume: 61Issue: 18Published at Fri, 04 May 2018 -
Services Firms: Margins Remain Squeezed Despite Higher Oil Prices
...Global oil services giants saw revenues slump in Q1, reversing some of last year’s rebound from their annus horribilis of 2016. The bumper years to 2014 remain ancient history: economy mode is the new normal. Earnings from the Middle East, a key source of 2015-16 resilience, are down whilst US...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Opec Members Unrestrained In Condensate Growth
...ude production restrictions highlights the issue. Of course Opec is not the only entity to have employed condensate loopholes, as the US permitted seaborne exports of condensate prior to ending the crude export ban in late 2015 (MEES, 19 September 2014). Iran too benefited from the gray areas su...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Suez Canal Shipments, Revenue Up But Trade War Threatens
...0,000 b/d as the highest on record. • For the moment the Suez Canal is reaping the benefits of the massive Gulf (in particular Saudi) 2014-17 expansion in refining capacity and diesel output, with Europe the key target export market. Saudi exported a record 2mn b/d of oil products in February with di...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Saudi Oil Exports Hit New Peak But Crude Burn Rises
...-year but were the highest since 2014 (see chart 3). However, February’s fall in fuel oil consumption meant that total oil burn that month remained down year-on-year. Sizeable cuts in oil-fired power generation are unlikely until 2019 when the 2.5bn cfd Fadhili plant is due to come online (ME...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
OMV Restarts Yemen Output
...curity situation forced delays, production hit a record 14,500 b/d in 2014. OMV in early 2015 forecast the completion of the phase-2 wells and the central processing facility by the end of the year with plateau output of 23,000 b/d hit in 2016. But the firm halted its Yemen operations from April 20...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Egypt Plans Further Cuts To Energy Subsidies
...bsidies in the first half of the current financial year, a much more plausible figure and one that implies an impressive full year figure of $5.7bn, some 8% below the budget figure. However the recent rise in oil prices – Brent has spent the last week above $70/B for the first time since 2014 – could yet ra...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Adnoc Seeks Investment Injection With Six-Block Licensing Round
...shore) in 2014 and of the Adma concession in March this year offered Adnoc a unique opportunity to forge new partnerships. The firm signed its first upstream partnerships with six new firms from five countries, including key crude buyers India, China and South Korea (see table). Ties were also de...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Global Drilling Returns To 3-Year High In 2018, Mideast Activity Strong
...llapsing in 2014 in the aftermath of the civil war, and even Egypt, which boasted the largest gas discovery in the offshore Mediterranean, the 24tcf Zohr, has seen drilling collapse. Egypt’s rig count averaged 23 in Q1 this year, the lowest since 2002, although Cairo is preparing to launch a bid round be...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Geopolitics Roils Oil Market as Opec seeks Balance
...oducers, especially in the US, to lock in prices through hedging and invest in boosting output. Brent settled at $72.06/B on 12 April, the highest level since 1 December 2014’s $72.54/B. Mounting geopolitical concerns appear to be contributing as expectations grow that the US will pull out of the Iran nu...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Iraq’s Looming Elections Delay Critical Infrastructure Development
...e most since 3Q 2014 when Iraqi crude exports averaged $96.81/B. All exports are from Iraq’s southern terminals offshore Basra, and are well within claimed nameplate capacity of 4.6mn b/d (MEES, 2 February). But the reality is that Basra’s ageing and inadequate infrastructure means capacity is cl...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Lebanon: Can Donor Conference Success Right The Ship?
...VERNMENT EXPENDITURE *FLUCTUATES DUE TO OIL PRICES: 17% OF TOTAL EXPENDITURE IN 2014. ^MEES ESTIMATION . SOURCE: MOF, IMF. IF IT WERE ONLY THAT EASY… There are considerable reasons to share the ruling elites’ optimism surrounding the Cedre result. Namely, the present state of Lebanese go...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Bahrain Eyes Unconventional Oil For Economic Reboot
...ngdom’s hydrocarbon reserves.” The tests, in the former-Block 4 license relinquished by US-firm Oxy in 2012, showed light 43°API oil from Hanifa-Tuwaiq Mountain source rock. Bapco’s 2014 report said it had engaged “a US-based consultant” to appraise onshore and offshore unconventional plays. Then in Se...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Yemen: IOCs Eye Re-Entry Amidst Battlefield Stalemate
...OMV’s 2014 global net liquids output. But this share was set to rise from 14,500 b/d (6,400 b/d net to OMV) for 2014 to 23,000 b/d in 2016 with the culmination of €1.9bn development plans. Late-2014 saw the start-up of five wells and two early production facilities, with a further 15 wells pl...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Iraq Eyes 70,000 B/D Refinery Boost By End-2018
...rrently stands at 600,000 b/d but that given the decrepit nature of much of the infrastructure it can rarely reach such levels (MEES, 16 February). The refining sector was hit badly by the rise of Islamic State, with the 310,000 b/d Baiji refinery gutted in 2014. Baghdad’s scattergun approach to do...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Sonatrach Slashes 5-Year Spending Plan: Is It Finally Getting Real?
...ar’s $75bn for 2017-21 and little more than half the $100bn planned for 2014-18. But muddying the water is that actual spending in recent years has seriously lagged the planned figures. Each plan has presumed that ‘one more year’ of austerity will be followed by four years of higher oil prices and in...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018