Page 7 - MEOG Week 09 2023

MEOG PRICES & PERFORMANCE MEOG

Iraqi crude exports slip in January,

revenues amount to $7.66bn

IRAQ THE Iraqi Ministry of Oil (MoO) announced exported over land, most likely to the Jordanian
this week that crude oil exports during the port of Aqaba.
month of January amounted to 101,245,095 Thirty-six international companies loaded
barrels and that total revenues for the month Iraqi crude at either Gulf ports or at Turkey’s
were $7.66bn. This is down slightly from the Ceyhan terminal during January.
December figures, which put crude exports at Iraqi media, citing government sources,
103.28mn barrels with a total revenue of more reported November revenues of more than $8bn
than $7.7bn. with an average price of $82.41 per barrel, and
The ministry said the average price paid for revenues during October of more than $9bn.
a barrel of Iraqi oil during January was $75.70. Last month the government signed explo-
Exports averaged 3.266mn barrels per day (bpd) ration and production agreements (EPAs) with
during the month. UAE-based Crescent Petroleum and two Chi-
Crude oil produced in central and southern nese companies with the intention of boosting
Iraq is exported from ports in the Basra region natural gas and oil output. Iraq is hoping the con-
on the Persian Gulf. Crude exported via that tracts will fulfil plans to boost gas production by
route totalled 98,460,050 barrels, according to 800mn cubic feet (22.7mn cubic metres) per day
the ministry and the State Organization for Mar- and oil output by 250,000 bpd.
keting Oil (SOMO), while crude exports from Despite the huge volume of associated gas
the northern Kirkuk oilfield and areas under the produced with oil production, hydrocarbon
control of the Kurdistan Regional Government development in Iraq has overlooked capturing
(KRG) are exported via a pipeline across south- the gas and directing it to downstream industries
ern Turkey to the port of Ceyhan. The minis- such as power generation or petrochemicals,
try said that during January crude exported leaving a great quantity of Iraqi gas to be flared;
through Ceyhan amounted to 2,475,516 barrels. consequently Iraq is highly reliant on imports of
It is assumed that a further 309,529 barrels were Iranian gas for power generation.™

FINANCE & INVESTMENT

ADNOC increases gas IPO share to 5%

UAE ABU Dhabi National Oil Co. (ADNOC) has equity valuation of $47-50.8bn, raising roughly
announced that it will increase the stake in its $2.54bn for ADNOC if it prices at the top of the
gas business being offered in an initial public range.
offering (IPO) from 4% to 5%. ADNOC Gas’ IPO was covered within hours
The decision was made due to significant of the company opening its books last week,
investor demand across all tranches, accord- according to a report by Reuters, indicating
ing to a statement by the state oil giant. This healthy demand from equity investors for Gulf
move is also aimed at creating a supportive listings. The final offer price is expected to be
trading environment for the company’s stock announced on March 3, with listing and trading
post-admission. expected to commence on March 13.
The retail tranche has been increased to 12% Having transferred 5% of the share capital in
from 10% of the offering, while the tranche ADNOC Gas to Abu Dhabi National Energy Co.
reserved for employees and Emirati national (TAQA), ADNOC holds 95% in the company
retirees of ADNOC Group companies residing and will own 90% after the IPO.
in the country has been raised to 4% from 2%. Following the listing, ADNOC Gas intends
The remaining 84% of the offering has been to pay dividends of $1.625bn during Q4 for the
reserved for institutional investors. first half of the year and another $1.625bn during
ADNOC plans to sell around 3.84bn shares Q2 2024 for the second half of 2023. ADNOC
in the gas business, equivalent to about 5% of its said it expects to raise the annual target dividend
issued share capital. The price range for ADNOC amount from $3.25bn by a growth rate of 5% per
Gas was set at AED2.25-2.43 ($0.6126-$0.6617) annum on a dividend per share basis over the
per share last week, giving the company an period 2024-2027.™

Week 09 01•March•2023 www. NEWSBASE .com P7