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Algeria: Sonatrach Re-Engages With IOCs In Race Against Upstream Decline
...llapse, production problems and multi-year project delays. But new Sonatrach CEO Amine Mazouzi and his team have injected something of a sense of urgency with a more pragmatic approach. Algeria’s most recent bidround in late 2014 flopped with only four of 31 blocks awarded amid unattractive fiscal and in...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
What Does 2016 Hold For The Eastern Mediterranean?
...ich all parties hope will see the Leviathan field receive the go-ahead (MEES, 18 December). Israel’s gas sector was mired in stasis after the country’s antitrust chief in December 2014 labeled Noble and Delek a monopoly, essentially freezing both firms’ plans to develop Leviathan and further develop th...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Petchems To Dominate MENA 2016 Downstream After 2013-14 CDU Boost
...0,000 b/d Satorp and Yasref joint venture refineries started up in 2013 and 2014, respectively, with both now at full capacity. Abu Dhabi’s Takreer has also reached full capacity at its 417,000 b/d Ruwais Expansion refinery. Much of their output is destined for export – and greater income than for heavily su...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
OPEC Taps To Stay Open In 2016
...tput in 2016, but there is considerably greater uncertainty over whether it can achieve this. The biggest loser over the past 12 months, the north African country has lost 340,000 b/d of output since November 2014, plummeting to 370,000 b/d as a result of conflict between two rival governments, co...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Iraq’s Domestic, Regional Challenges Increase for 2016
...aq’s Sunni Arab region. Turkey’s most important proxy was the Nineveh-based faction led by Usama al-Nujaifi (parliamentary speaker 2010-2014 and vice-president 2014- August 2015) and his brother Uthil al-Nujaifi (Ninawa governor 2009-May 2015). Despite the former governor’s removal by parliament – in...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
The MENA Region’s Vulnerability: A Geo-Economic Outlook
...jority of countries worldwide continue to struggle with the consequences of 2008. Concurrently, the interaction of global oil supply and demand produced a continuous rise in the price of oil from less than $40/B in 2009 to a peak of $112/B in June 2014, before falling by the end of 2014 to $60/B. Co...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Libya: No More Than A Glimmer Of Hope
...rward in the post-Qadhafi era. In all other respects, though, the situation in the country has either deteriorated, or at best failed to improve. In December 2014, force majeure was declared at two of the country’s main oil export terminals – Es Sider and Ras Lanuf. Both remain shut-in. In the first qu...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
NOCs To Drive Gulf 2016 Output Gains Despite Further Belt Tightening
...aching its target of 980,000 b/d average liquids production in 2015: January-November output averaged 978,000 b/d. Output averaged 943,000 b/d for 2014. With state-led Petroleum Development Oman (PDO) announcing plans in April to reach a sustainable production plateau of 600,000 b/d by 2019, up from 2014...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Crunch Time For GCC Fiscal Reforms
...e fiscal balance swung into deficit of 2.3% of GDP in 2014 and is expected to worsen to an estimated 22.9% of GDP in 2015, piling extra pressure on the monetary authorities to curb future increases. KUWAIT The pressure on Kuwait’s fiscal and external positions remains contained and ma...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Qatar 2016 Budget: $13bn Deficit, The First In 15 Years
...dget law on 16 December. It projects total revenue at QR156bn in 2016, compared to QR226bn in the previous budget, which was based on $65/B (the previous budget, which originally ran from 1 April 2014 to March 2015, was extended pro-rata to end-2015 as Qatar switched to using calendar years in bu...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Can The KRG Keep Up Its Monthly Oil Payments?
...leased by the MNR on 1 December highlights the financial challenges facing the KRG. Oil export revenues averaged just $574mn/month for July-September, far below the $1bn monthly payments the KRG had been expecting to receive from the Iraqi federal government under a lapsed December 2014 agreement. Th...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Aramco Management Revamp
...ggaf is now Senior Vice President, Operations & Business Services. He had been acting service line head of operations and business services since 2014....
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Leviathan: Stranded Between Low Prices And Anti-Netanyahu Backlash?
...te 2017,” Mr Davidson said (MEES, 2 May 2014). Mr Fisher now says the “timeframe from sanction to production” will be “anywhere from three to four years” – that is to say early next decade at best. Currently Tamar is Israel’s only producer with first phase capacity of 1.2bn cfd – production hit a re...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Aramco Seeks $5bn Yasref Funds Taking Total Over $20bn
...me of the financial pain felt by other oil companies with crude prices down 65% since June 2014, it has major project expansions under way, not only in the upstream, but also in refining and – in a strategic extension of its operating ‘territory’ – into petrochemicals. Aramco has not publicly es...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Bahrain Signals Start Of Sitra Refinery Expansion, Targets 2020 Start-Up
...ouping the US major with compatriot contractor CB&I, for technology licenses and engineering design for the residue and vacuum gasoil hydrocrackers (MEES, 24 October 2014). FEED work was initially scheduled for completion by the end of 2015, with a view to EPC contract awards in 2016 and completion in...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Prices Hit 11-Year Lows With No Sign Of A Reprieve
....49/B on 17 December, the lowest level since April 2004. The basket of 12 crudes – one from each member country – has averaged below $40/B every day this month. The average price of $35.16/B for December to date is down $5/B on November, $27/B on May, and a whopping $73/B, or 67.5%, on June 2014. On a mo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Libya: Fragile Peace Leaves Many Questions Unanswered
...jected by the HOR. The US Secretary of State, John Kerry, says that majorities in both the HOR and the GNC are ready to sign the agreement. But since it began mediating negotiations in September 2014, the UN has found it impossible to please both sides, and it is unlikely that this has changed. Th...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
China, UAE Deepen Strategic Oil Partnership
...fectively been in control of the country since his brother President Khalifa bin Zayid suffered a stroke in January 2014. This highlights the likelihood that the underlying rationales are as much political as economic. The announcement is the second such large tie-in between Emirati and Chinese firms in...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Iraq Trims Budget, But Not By Enough
...ving fallen below $30/B. Iraq’s economy has been hammered by the twin shocks of the ongoing conflict with Islamic State and the oil-price crash. Oil revenues constitute the majority of government income, and MEES figures show these crashing to $50.4bn in 2015, down from $84.3bn in 2014 and the lo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Egypt Secures $1bn Funding For Gas-Fired power, $500mn For Energy Reforms
...rn natural gas normally and fuel oil during gas shortages. Egypt currently has 20.5GW of mainly gas-fired capacity under development, as EEHC looks to keep ahead of surging electricity demand. This year’s peak load reached 29.1GW, while installed generating capacity at the end of 2014 was 31...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015