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4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  Royal Dutch Shell A    RDSA   GB00B03MLX29

Delayed Quote. Delayed  - 09/23 05:35:51 pm
21.545 EUR   -0.39%
09/23 ROYAL DUTCH SHE : Why Iraqs Oil Production Has Reached It Limits
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Royal Dutch Shell A : Why Iraqs Oil Production Has Reached It Limits

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09/23/2016 | 08:18pm CEST

Iraq has succeeded in ramping up oil production by more than 1 million barrels per day over the past two years, a remarkable achievement for a country that was torn apart by the lightning advances made by the Islamic State.

But Iraqs success could be running up against a wall at this point, as low oil prices sap the state of the resources it needs to invest in further production. Iraq finances the investments in the states oil production, with much of the work carried out by international companies such as Lukoil, BP and Royal Dutch Shell. The meltdown in crude oil prices has led to a sharp fall in state revenue. Without that revenue, Iraq and its partner companies are being forced to scale back their ambitions.

The Wall Street Journal reports that the international companies operating Iraqs massive oil fields outside of Basra in the south are trimming their drilling plans. Youre going through difficult months, Ariel Flores, GM of the BP-led Rumaila Operating Organization, told the WSJ in an interview. You slow down and you make decisions to pause efforts. Rumaila, considered to be the second largest oil field in the entire world, will see production stay flat at 1.4 mb/d. Shell and Lukoil are also cutting back on their efforts to boost production at several of their key fields, though they had ambitious plans to do so. Instead, they are focusing on keeping output from falling.

A few years ago, Iraq had a goal of tripling output to 9 mb/d by 2020. Although it was considered unrealistic, most oil analysts saw a huge upside to Iraq. The IEA predicted Iraq would double output to 6 mb/d by 2020, but that no longer looks workable either.

Production stands at about 4.3 million barrels per day, up substantially from the 3.27 mb/d Iraq averaged in 2014. But further gains would require more drilling and a lot more money for investment something that is increasingly scarce in Iraq.

(c) NNA 2016 LEBANON Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2016 234 348 M
EBIT 2016 13 266 M
Net income 2016 8 019 M
Debt 2016 66 506 M
Yield 2016 7,73%
P/E ratio 2016 18,05
P/E ratio 2017 10,41
EV / Sales 2016 1,14x
EV / Sales 2017 0,93x
Capitalization 201 191 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 31,1 $
Spread / Average Target 28%
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Ben van Beurden Chief Executive Officer & Executive Director
Charles Holliday Chairman
Simon P. Henry Chief Financial Officer & Executive Director
Harry Brekelmans Director-Technology & Projects
Gerardus Johannes Wijers Deputy Chairman
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1st jan.Capitalization (M$)
ROYAL DUTCH SHELL A2.13%201 191
EXXON MOBIL CORPORATIO..7.06%346 038
BP PLC23.42%108 037
CHINA PETROLEUM & CHEM..-2.22%87 542
SAUDI BASIC INDUSTRIES..--.--%67 012
RELIANCE INDUSTRIES LI..9.03%53 655
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