DOCSLIB.ORG

Investing in Oil in the Middle East and North Africa

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Investing in Oil in the Middle East and North Africa Report No. 40405-MNA Report No.40405-MNA Report No.Africa inOiltheMiddleEastandNorth Investing 40405-MNA Investing in Oil in the Middle East and North Africa Institutions, Incentives and the National Oil Companies Public Disclosure AuthorizedPublic Disclosure Authorized August 2007 Sustainable Development Department Middle East and North Africa Region Public Disclosure AuthorizedPublic Disclosure Authorized Public Disclosure AuthorizedPublic Disclosure Authorized Document of the World Bank Public Disclosure AuthorizedPublic Disclosure Authorized Investing in Oil in the Middle East and North Africa Abbreviations and Acronyms ADNOC Abu Dhabi National Oil Corporation NIORDC National Iranian Oil Refining and Distribution Company Bbl Barrel NOC National Oil Company Bcfd Billion cubic feet per day OAPEC Organization of Arab Petroleum Exporting Countries Bcm Billion Cubic Meters OECD Organisation for Economic Cooperation and Development BP British Petroleum OPEC Organization of Petroleum Exporting Countries BTU British Thermal Unit PDV Petróleos de Venezuela CEO Chief Executive Officer PEDEC Petroleum Engineering Development Company CNG Compressed Natural Gas PEL Petroleum Economic Limited E&P Exploration and Production PEPA Petroleum Exploration and Production Authority EGPC Egypt Gas Production Company PIW Petroleum Intelligence Weekly EITI Extractive Industry Transparency Initiative PRSP Poverty Reduction Strategy Paper FDI Foreign Direct Investment PSA Production-Sharing Agreement FSU Former Soviet Union QP Qatar Petroleum GCC Gulf Cooperation Council R/P Reserve to Production GDP Gross Domestic Product RPLA Resource-Poor, Labor-Abundant GTL Gas to Liquids RRLA Resource-Rich, Labor-Abundant HFO Heavy Fuel Oil RRLI Resource-Rich, Labor-Importing HSE Health, Safety, Environment SABIC Saudi Arabia Basic Industries Corporation IEA International Energy Agency SAFER Safer Oil Exploration and Production Company ILSA Iran-Libya Sanction Act, 1996 SAMA Saudi Arabian Monetary Agency INOC Iraq National Oil Company SAMAREC Saudi Arabia Marketing and Refining Company IOC International Oil Companies SPC Supreme Petroleum Council KNPC Kuwait National Petroleum Company tcm Thousand Cubic Meters KOC Kuwait Oil Company UAE United Arab Emirates KPC Kuwait Petroleum Company UNDP United Nations Development Programme LNG Liquefied Natural Gas WEO World Energy Outlook (IEA) LPG Liquefied Petroleum Gas WTI West Texas Intermediate mb/d Million Barrels per Day WTO World Trade Organization mcmd Million Cubic Meters per Day YGC Yemen Gas Company MENA Middle East and North Africa YICOM Yemen Investment Company for Oil and Minerals MGS Master Gas System YLNG Yemen LNG NAMA Arabian Industrial Development Corporation YOGC Yemen Oil and Gas Company NGL Natural Gas Liquids NGO Non-Governmental Organization NIOC National Iranian Oil Company Vice President: Daniela Gressani Sector Director: Inger Andersen Sector Manager: Jonathan D. Walters Task Team Leader: Pierre Audinet Investing in Oil in the Middle East and North Africa Table of Contents EXECUTIVE SUMMARY ................................................................................................. I Why structure matters for petroleum supply, revenues, and development: lessons from four case studies ................................................................................................................. i The case studies....................................................................................................................... ii Policy implications of the case studies.................................................................................. iv 1. OIL IN THE MIDDLE EAST AND NORTH AFRICA: WHY SECTOR STRUCTURE AND NATIONAL OIL COMPANIES MATTER ............................................................... 1 The analytical framework ...................................................................................................... 5 Main lessons from petroleum sector context........................................................................ 8 Main lessons on sector structure and performance........................................................... 16 2. KUWAIT CASE STUDY......................................................................................... 30 Political economy of the petroleum sector structure ......................................................... 30 Structure and sector performance ...................................................................................... 35 3. SAUDI ARABIA CASE STUDY............................................................................. 43 Political economy of the petroleum sector structure ......................................................... 43 Sector structure and performance ...................................................................................... 47 4. IRAN CASE STUDY .............................................................................................. 54 Political economy of the petroleum sector.......................................................................... 54 Sector structure and performance ...................................................................................... 63 5. YEMEN CASE STUDY .......................................................................................... 71 Political economy of the sector............................................................................................. 71 Sector structure and performance ...................................................................................... 77 ANNEX 1: THE MIDDLE EAST AND NORTH AFRICA IN GLOBAL OIL AND GAS MARKETS .................................................................................................................... 83 2. Global Oil Market 1960-2006 ......................................................................................... 85 3. Recent Global Oil Market Developments and the Fourth Oil Price Shock................ 92 4. MENA Energy Production, Consumption and Trade................................................. 101 5. Long-Term Outlook for Oil and Gas Production ........................................................ 122 6. MENA Near-Term Oil Development Plans (OPEC Producers)................................. 127 ANNEX 2: STATISTICS ON MENA OIL AND GAS RESERVES, PRODUCTION, CONSUMPTION AND REVENUES............................................................................ 131 REFERENCES............................................................................................................ 157 Investing in Oil in the Middle East and North Africa Box 2.1: Project Kuwait................................................................................................................ 34 Box 2.2 Key Observations – Kuwait ........................................................................................... 42 Box 3.1:The Oil and Gas Upstream Opening in Saudi Arabia..................................................... 51 Box 3.2 Key Observations – Saudi Arabia .................................................................................. 53 Box 4.1 The Oil and Gas Upstream Opening in Iran.................................................................... 57 Box 4.2 Key Observations – Iran................................................................................................. 70 Box 5.1 Key Observations – Yemen............................................................................................. 81 Figure 1.1 IEA World Energy Supply Growth ............................................................................... 3 Figure 1.2 MENA Real Oil Export Revenues ................................................................................ 3 Figure 1.3 MENA Oil Production and Oil Prices........................................................................... 4 Figure 2.1 Organizational Structure of the Kuwaiti Petroleum Sector......................................... 31 Figure 2.2 Kuwait: Government Oil Revenues............................................................................. 38 Figure 2.3 The Downstream in Kuwait, 2000–05......................................................................... 39 Figure 2.4 Kuwait: Natural Gas Production and Usage, 2003–05................................................ 41 Figure 3.1 Saudi Arabia: Petroleum Sector Structure................................................................... 44 Figure 3.2 Saudi Arabia: Government Oil Revenues as a Percentage of Oil and gas GDP ......... 48 Figure 3.3 The Downstream in Saudi Arabia, 2000–05 ............................................................... 49 Figure 3.4 Saudi Arabia: Natural Gas Production and Usage, 2003–05 ...................................... 50 Figure 4.1 Iran: Petroleum Sector Structure ................................................................................. 55 Figure 4.2 Iran: Oil Production, 1965–2004................................................................................. 60 Figure 4.3 Iran: Downstream Petroleum Production and Consumption, 2000–05....................... 66 Figure 4.4 Iranian Gasoline, 1995–2005....................................................................................... 66 Figure 4.5 Iran: Natural Gas Production and Usage, 2003–05..................................................... 68 Figure 5.1 Yemen: Petroleum Sector Structure ............................................................................ 72 Figure 5.2 Yemen: Oil Production...............................................................................................
Load more

Recommended publications
  • Climate and Energy Benchmark in Oil and Gas Insights Report
    Climate and Energy Benchmark in Oil and Gas Insights Report Partners XxxxContents Introduction 3 Five key findings 5 Key finding 1: Staying within 1.5°C means companies must 6 keep oil and gas in the ground Key finding 2: Smoke and mirrors: companies are deflecting 8 attention from their inaction and ineffective climate strategies Key finding 3: Greatest contributors to climate change show 11 limited recognition of emissions responsibility through targets and planning Key finding 4: Empty promises: companies’ capital 12 expenditure in low-carbon technologies not nearly enough Key finding 5:National oil companies: big emissions, 16 little transparency, virtually no accountability Ranking 19 Module Summaries 25 Module 1: Targets 25 Module 2: Material Investment 28 Module 3: Intangible Investment 31 Module 4: Sold Products 32 Module 5: Management 34 Module 6: Supplier Engagement 37 Module 7: Client Engagement 39 Module 8: Policy Engagement 41 Module 9: Business Model 43 CLIMATE AND ENERGY BENCHMARK IN OIL AND GAS - INSIGHTS REPORT 2 Introduction Our world needs a major decarbonisation and energy transformation to WBA’s Climate and Energy Benchmark measures and ranks the world’s prevent the climate crisis we’re facing and meet the Paris Agreement goal 100 most influential oil and gas companies on their low-carbon transition. of limiting global warming to 1.5°C. Without urgent climate action, we will The Oil and Gas Benchmark is the first comprehensive assessment experience more extreme weather events, rising sea levels and immense of companies in the oil and gas sector using the International Energy negative impacts on ecosystems.
    [Show full text]
  • Show Me the Money Middle East Energy and Resources Managing Scarcity for the Future Commodity Prices Have Led to Increased Downstream Costs
    Show me the money Middle East Energy and Resources Managing scarcity for the future commodity prices have led to increased downstream costs. Much of this money will be spent on Front End The Gulf states, particularly the UAE, Engineering Design (FEED) work. In addition, although certain large upstream ventures have either been delayed Qatar and Saudi Arabia, plan to award or abandoned, a focus on more difficult and unconventional expl oration activities should spur NOC contracts worth over USD 68bn during capital expenditure levels. Looking ahead to the coming five years, the majority of engineering, procurement and the next five years to raise gas construction (EPC) work will be awarded in Saudi Arabia, production while Iraq is a new focus as contractors follow their client oil companies into the country. The Iraqi opportunity itself is lucrative with the government Opportunities for private sector investment in the expected to award EPC contracts worth more than USD Middle East oil and gas sector 130bn over the course of the next few years. Finally, In recent years there has been an increasing level of sufficient CAPEX outlays are crucial to improving existing federal scrutiny on the strategy of national oil companies gas infrastructure which will help overcome the (NOCs) in the Middle East. Rising global energy projected regional gas shortage. Despite reserves of consumption patterns coupled with rebounding oil 76.18 trillion cubic meters (tcm), or approximately 41% prices have created the ideal opportunity for Middle of total proven reserves3, the Middle East’s share is Eastern governments to increase their treasury intake relatively undeveloped.
    [Show full text]
  • Iran Eyes $4B in Developing Two Oilfields: Minister
    Iran eyes $4b in developing two Oilfields: Minister 4/9/2018 5:23:00 PM Iranian Minister of Petroleum Bijan Zangeneh says Iran expects to generate a total of 4 billion dollars by developing Aban and West- Paydar oilfields that it shares with neighboring Iraq. Addressing a ceremony to sign a contract to develop the two fields here in Tehran on Wednesday, the official said oil recovery from the two fields is pretty difficult but once the envisaged 67 million barrels of crude is produced from the fields, the country will have generated 4 billion dollars given the current oil prices. Aban oil field is located 38 kilometers southwest of the city of Dehloran, and Paydar-e Gharb field is situated 150 kilometers northwest of the oil-rich city of Ahvaz and 35 kilometers from Cheshmeh-Khosh processing facility in Ilam Province. Both fields are jointly owned by Iran and Iraq. Their current production together stands at 36,000 b/d. A memorandum of understanding (MOU) was signed with Zarubezhneft on July 12, 2016 for the Russian company to study the Aban and Paydar-e Gharb fields under the newly developed model of contracts (IPC) with a view to accelerating oil and gas fields Iran shares with neighboring countries. For the purpose of improving recovery and increased production from these two fields, the current agreement is signed between the National Iranian Oil Company (NIOC) on one side and Zarubezhneft and its Iranian partner Dana Energy on the other for a period of ten years. “By implementing this contract, crude oil production of Aban and West-Paydar fields will increase 67 million barrels from currently 38 million barrels to 105 million barrels,” Mr.
    [Show full text]
  • G-SC-9 the Safe Drilling of Wells Requires a Detailed Pre-Drill Prediction of Pore Pressures, Fracture Gradients and Potential Wellbore Instability
    Iranian Petroleum Geomechanics Association- Training Section www.IRPGA.com Pore Pressure, Wellbore Stability and Casing Failure Prediction Instructor: Dr. Yousef Abbasi Asl Course Description (3 Days, 24 Hours) G-SC-9 The safe drilling of wells requires a detailed pre-drill prediction of pore pressures, fracture gradients and potential wellbore instability. Accurate pore pressure prediction is vital for several aspects of well planning, such as casing and cementing design, as well as the prevention of potentially disastrous kicks, losses and blowouts. Pore pressure analysis represents a key part in reducing drilling costs and optimizing drilling, both in the planning and operational stages of drilling a well. Another serious concern to well completion design and production management is the casing integrity. Many factors can negatively affect the integrity of a well’s casing. The most common culprits are hydrogen sulfide (H2S), which is highly corrosive, and mechanical failures due to geomechanical influences. Mature wells, especially those undergoing secondary recovery, are particularly susceptible to integrity problems. The casing may simply leak in which case formation water can intrude in to the casing. The influx of external water increases the water-oil ratio of the produced fluid. Another casing failure phenomenon is severe casing deformation and the resultant difficulties in working over the well. The workover tools will have difficulty passing through a certain section of the casing that is significantly deformed. In the worst case scenario, a sidetrack may be required. This 3-day course will start with the fundamentals of pore pressure measurement, overpressure generation, overpressure analysis, and pore pressure prediction in order to provide attendees with an understanding of the core components of pore pressure prediction.
    [Show full text]
  • Process Technologies and Projects for Biolpg
    energies Review Process Technologies and Projects for BioLPG Eric Johnson Atlantic Consulting, 8136 Gattikon, Switzerland; [email protected]; Tel.: +41-44-772-1079 Received: 8 December 2018; Accepted: 9 January 2019; Published: 15 January 2019 Abstract: Liquified petroleum gas (LPG)—currently consumed at some 300 million tonnes per year—consists of propane, butane, or a mixture of the two. Most of the world’s LPG is fossil, but recently, BioLPG has been commercialized as well. This paper reviews all possible synthesis routes to BioLPG: conventional chemical processes, biological processes, advanced chemical processes, and other. Processes are described, and projects are documented as of early 2018. The paper was compiled through an extensive literature review and a series of interviews with participants and stakeholders. Only one process is already commercial: hydrotreatment of bio-oils. Another, fermentation of sugars, has reached demonstration scale. The process with the largest potential for volume is gaseous conversion and synthesis of two feedstocks, cellulosics or organic wastes. In most cases, BioLPG is produced as a byproduct, i.e., a minor output of a multi-product process. BioLPG’s proportion of output varies according to detailed process design: for example, the advanced chemical processes can produce BioLPG at anywhere from 0–10% of output. All these processes and projects will be of interest to researchers, developers and LPG producers/marketers. Keywords: Liquified petroleum gas (LPG); BioLPG; biofuels; process technologies; alternative fuels 1. Introduction Liquified petroleum gas (LPG) is a major fuel for heating and transport, with a current global market of around 300 million tonnes per year.
    [Show full text]
  • E-Learning Most Socially Active Professionals
    The World’s Most Socially Active Oil & Energy Professionals – September 2020 Position Company Name LinkedIN URL Location Size No. Employees on LinkedIn No. Employees Shared (Last 30 Days) % Shared (Last 30 Days) 1 Rystad Energy https://www.linkedin.com/company/572589 Norway 201-500 282 87 30.85% 2 Comerc Energia https://www.linkedin.com/company/2023479 Brazil 201-500 327 89 27.22% 3 International Energy Agency (IEA) https://www.linkedin.com/company/26952 France 201-500 426 113 26.53% 4 Tecnogera Geradores https://www.linkedin.com/company/2679062 Brazil 201-500 211 52 24.64% 5 Cenit Transporte y Logística de Hidrocarburos https://www.linkedin.com/company/3021697 Colombia 201-500 376 92 24.47% 6 Moove https://www.linkedin.com/company/12603739 Brazil 501-1000 250 59 23.60% 7 Evida https://www.linkedin.com/company/15252384 Denmark 201-500 246 57 23.17% 8 Dragon Products Ltd https://www.linkedin.com/company/9067234 United States 1001-5000 350 79 22.57% 9 Kenter https://www.linkedin.com/company/10576847 Netherlands 201-500 246 54 21.95% 10 Repower Italia https://www.linkedin.com/company/945861 Italy 501-1000 444 96 21.62% 11 Trident Energy https://www.linkedin.com/company/11079195 United Kingdom 201-500 283 60 21.20% 12 Odfjell Well Services https://www.linkedin.com/company/9363412 Norway 501-1000 250 52 20.80% 13 XM Filial de ISA https://www.linkedin.com/company/2570688 Colombia 201-500 229 47 20.52% 14 Energi Fyn https://www.linkedin.com/company/1653081 Denmark 201-500 219 44 20.09% 15 Society of Petroleum Engineers International https://www.linkedin.com/company/23356 United States 201-500 1,477 294 19.91% 16 Votorantim Energia https://www.linkedin.com/company/3264372 Brazil 201-500 443 86 19.41% 17 TGT Oilfield Services https://www.linkedin.com/company/1360433 United Arab Emirates201-500 203 38 18.72% 18 Motrice Soluções em Energia https://www.linkedin.com/company/11355976 Brazil 201-500 214 40 18.69% 19 GranIHC Services S.A.
    [Show full text]
  • Iran Mining & Petroleum
    Iran Mining & Petroleum International Conference and Exhibition on Mining, Petroleum and Associated Industries in Iran 29-30 NOVEMBER BRUSSELS, BELGIUM 1 DECEMBER LUXEMBOURG ABOUT THE EVENT Iran’s re-engagement with the global system is quickly resulting in a period of sustained economic expansion that is generating significant opportunities for international companies that are willing to act decisively. After years of isolation, Iran is finally looking towards a prosperous future, rife with potential and opportunity. The removal of sanctions has begun to reveal the immense investment potential in an economy poised for expansion. The country’s new government is committed to continue on its prosperous path by promoting transparency, foreign direct investment and international partnerships. Following the success of last year’s “Showcase Iran” forum in London, this year the conference will focus on two strategic industries that are opening-up and offering new opportunities for collaboration and international partnership. Iran is going global and now seeks new partners to develop its major infrastructure projects. Iran Mining and Petroleum is expected to attract over 200 participants from over 20 countries, providing a unique platform where European companies can understand further about the opportunities for doing business in the mining and petroleum industries. WHY ATTEND? WHO ATTENDS? ■ Meet key decision makers from both ■ OIL, GAS, PETROCHEMICALS: National Oil Companies, government and the private sector. International Oil Companies, LNG, O&G Exploration, O&G ■ Discover what opportunities are available Technology, HSE since the lifting of sanctions. ■ MINING & MINERALS: Exploration companies, Major ■ Know the facts about Iranian mining and Producers, Cement Companies, Aluminium and Steel, Fertiliser petroleum and the opportunities for and Chemicals, Mining Technology collaboration and partnership.
    [Show full text]
  • Dana Energy Corporation No. 140, Dastgerdi St., Shariati Ave., Tehran, 1919943555, Iran
    Company Presentation May.2016 Our Story Dana Energy has a storied past, and we are proud of our long history. Our history is part of our platform for future success and thus intimately linked to our present activities and future goals. It all began in 2000, with the establishment of Dana Energy Company. Over the years we expanded our services and diversified into exploration and production, upstream services and energy trading. After nearly 15 years of growth and development, we are now a leading private Iranian company in oil and gas industry. Dana Energy Company 3 Vision and Mission . Our Vision: Seeking Excellence for value creation in the Energy Sector . Our Mission: To Sustainably Invest, Develop and Manage in the Energy Business. Our Values: • Integrity • Commitment • Knowledge Dana Energy Company 4 Business Segments After 15 years of flourishing development with exceptionally high success rate in numerous oil & gas projects, we are mainly engaged in three business segments: Exploration and Production Upstream Services Energy Trading Dana Energy Company 5 Exploration and Production Our E&P capabilities includes geology, geophysics, geochemistry, petrophysics and reservoir engineering as the keys to discover new hydrocarbon reservoirs and to unlocking the potential of its assets. The company’s experience covers the value chain from exploration to production with innovative integrated subsurface workflows. Our blend of exploration and production solutions bring together reservoir evaluation, production optimization, asset integrity
    [Show full text]
  • Motor Lubricants Market in Bulgaria
    Motor Lubricants Market in Bulgaria a report by SeeNews Competitive Intelligence March 2015 2 Contents 1. Macroeconomic review and business climate in Bulgaria ................................ 4 2. Lubricants market in Bulgaria 2013 - 2014 – market size, structure, trends .. 5 2.1. Legislation – normative acts regulating the lubricants market in Bulgaria .................................. 5 2.1.1. Laws ....................................................................................................................................... 5 2.1.2. Regulations ............................................................................................................................ 5 2.1.3. Ordinances ............................................................................................................................. 5 2.1.4. National Standards ................................................................................................................ 5 2.2. Main stakeholders ........................................................................................................................ 6 3. Market analysis on the lubricants market in Bulgaria ..................................... 7 3.1. Methodology ................................................................................................................................ 7 3.1.1. Scope of the analysis ............................................................................................................. 7 3.1.2. Major classification bodies ...................................................................................................
    [Show full text]
  • Integrated Oil & Gas Sector Report
    EXCERPT ONLY THIS IS NOT A FULL REPORT KEY ISSUES FOR STRATEGIC INVESTORS: Integrated Oil & Gas Securing Access to New Sector Report Reserves Major oil and gas reserves are located in emerging markets, often in politically November 2006 volatile regions or conflict zones. There are associated environmental and social Report prepared by: Christian Meade, Analyst, [email protected]; Doug issues particularly regarding human Morrow, Senior Analyst, [email protected]; Dana Sasarean, Analyst, rights, transparency and the [email protected]; Susan Viets, Director, Research, environment. Failure to manage these [email protected]. For more information on this report or other Innovest reports, issues with upfront risk analysis can please contact Peter Wilkes, Managing Director, [email protected]. result in sunk investments that are either unrecoverable or fail to generate growth Developed Countries Emerging Market Countries 400 at anticipated rates. Similar issues exist in developed countries for growth 350 through the expansion of reserves in 300 ecologically sensitive regions like the Arctic, and growth through non- 250 conventional oil, such as oil sands 200 operations, where the environmental impact is high. Return (%) 150 100 Climate Change Strategies Companies are increasingly operating in 50 a carbon-constrained world owing to 0 tightening regulatory regimes. Exposure AAA AA A BBB BB B CCC to emissions and associated costs varies Rating depending on volume of emissions and the geographic base for operations and Innovest Rating vs. Three Year Total Returns as of September 2006. Innovest sales. For proactive companies energy- believes that as these companies in emerging markets increasingly compete in efficiency and cogeneration lower international markets for access to capital that over the long term they will be at a operating costs; a focus on natural gas disadvantage in comparison with sector leaders, unless they substantially improve as well as renewable fuels and energy their sustainability performance.
    [Show full text]
  • Climate and Energy Benchmark in Oil and Gas
    Climate and Energy Benchmark in Oil and Gas Total score ACT rating Ranking out of 100 performance, narrative and trend 1 Neste 57.4 / 100 8.1 / 20 B 2 Engie 56.9 / 100 7.9 / 20 B 3 Naturgy Energy 44.8 / 100 6.8 / 20 C 4 Eni 43.6 / 100 7.3 / 20 C 5 bp 42.9 / 100 6.0 / 20 C 6 Total 40.7 / 100 6.1 / 20 C 7 Repsol 38.1 / 100 5.0 / 20 C 8 Equinor 37.9 / 100 4.9 / 20 C 9 Galp Energia 36.4 / 100 4.3 / 20 C 10 Royal Dutch Shell 34.3 / 100 3.4 / 20 C 11 ENEOS Holdings 32.4 / 100 2.6 / 20 C 12 Origin Energy 29.3 / 100 7.3 / 20 D 13 Marathon Petroleum Corporation 24.8 / 100 4.4 / 20 D 14 BHP Group 22.1 / 100 4.3 / 20 D 15 Hellenic Petroleum 20.7 / 100 3.7 / 20 D 15 OMV 20.7 / 100 3.7 / 20 D Total score ACT rating Ranking out of 100 performance, narrative and trend 17 MOL Magyar Olajes Gazipari Nyrt 20.2 / 100 2.5 / 20 D 18 Ampol Limited 18.8 / 100 0.9 / 20 D 19 SK Innovation 18.6 / 100 2.8 / 20 D 19 YPF 18.6 / 100 2.8 / 20 D 21 Compania Espanola de Petroleos SAU (CEPSA) 17.9 / 100 2.5 / 20 D 22 CPC Corporation, Taiwan 17.6 / 100 2.4 / 20 D 23 Ecopetrol 17.4 / 100 2.3 / 20 D 24 Formosa Petrochemical Corp 17.1 / 100 2.2 / 20 D 24 Cosmo Energy Holdings 17.1 / 100 2.2 / 20 D 26 California Resources Corporation 16.9 / 100 2.1 / 20 D 26 Polski Koncern Naftowy Orlen (PKN Orlen) 16.9 / 100 2.1 / 20 D 28 Reliance Industries 16.7 / 100 1.0 / 20 D 29 Bharat Petroleum Corporation 16.0 / 100 1.7 / 20 D 30 Santos 15.7 / 100 1.6 / 20 D 30 Inpex 15.7 / 100 1.6 / 20 D 32 Saras 15.2 / 100 1.4 / 20 D 33 Qatar Petroleum 14.5 / 100 1.1 / 20 D 34 Varo Energy 12.4 / 100
    [Show full text]
  • Country Analysis Brief: Kuwait
    Country Analysis Brief: Kuwait Last Updated: November 2, 2016 Overview Kuwait was the 10th-largest producer of petroleum and other liquids in 2015. As a member of the Organization of the Petroleum Exporting Countries (OPEC), Kuwait was the world’s 10th-largest producer of petroleum and other liquids in 2015, and it was the fifth-largest producer of crude oil among the 14 OPEC members. Despite its relatively small geographic size (about 6,900 square miles), in terms of production, it only trailed Saudi Arabia, Iraq, Iran, and the United Arab Emirates in production of petroleum and other liquids in 2015. Kuwait's economy is heavily dependent on petroleum export revenues, which accounted for more than 70% of the government’s total revenues in 2015, according to IMF estimates.1 In fact, petroleum exports accounted for almost 89% of total export revenues in 2015.2 Much like other OPEC producers, Kuwait saw the value of its total exports fall sharply in 2015 as crude oil prices fell. In 2014, Kuwait’s value of exports totaled roughly $104 billion and fell to about $55 billion in 2015. The share of petroleum exports in 2014 was 94% of the total export revenue.3 U.S. Energy Information Administration (EIA) estimates that Kuwait’s net export revenues totaled $40 billion in 2015, about half of what Kuwait earned during the previous year.4 Although some of the decline in net export revenue is a result of a decrease in production and exports during the year, the decrease in crude oil prices accounted for most of the decline in net export revenues.
    [Show full text]