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Iraq’s Cabinet Approves Basra-Haditha Crude Oil Pipeline
...l to global markets, but plans to develop an alternative route via Aqaba were derailed by the rise of the Islamic State in 2014, with security still a major concern in Anbar. IRAQ’S OIL & GAS PIPELINE SYSTEM ...
Volume: 68Issue: 01Published at Fri, 03 Jan 2025 -
US Consolidates Position As World’s Top Oil Exporter
...December 2015 (MEES, 18 December 2015). Over the past decade, liquids exports (crude, NGLs, refined products and biofuels) have more than doubled from just 4.14mn b/d in 2014 to last year’s 10.20mn b/d (see chart 1). With production remaining on its upwards trajectory, exports could rise above 10...
Volume: 67Issue: 01Published at Fri, 05 Jan 2024 -
Egypt Launches Bidding: Search For ‘More Zohr’, But More Tie-Ins More Likely
...ye-1 duster in mid-2021 (MEES, 18 March 2022). Tiba also surrounds two Shell (60%op, BP 40%) development leases that encompass the 2012 Harmattan and 2014 Notus discoveries. Hossam Zaki, head of BP’s Pharaonic Petroleum JV with state oil firm EGPC, told oil minister Tarek El Molla in September that sa...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
‘If You Want Gas, We Have The Supply’, Algeria’s Sonatrach Tells MEES
...2021 for the highest level since 2014. Echoing calls from the likes of Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei, Mr Hakkar sees a clear role for oil and gas in the energy transition and has made it clear that investments in the hy...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
Oman/Japan LNG Deals
...an’s energy ministry signed an MoU with Japanese state energy body Jogmec to deepen energy sector cooperation. The MoU adds “collaboration towards commercial and technical issues relating to clean energy” to a previous oil and gas-focused 2014 MoU. In expanding the scope of cooperation, Jogmec notes th...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
Iraq Eyes 2023 Budget Priorities: Can It Spend Oil Windfall Wisely?
...gh-level KRG source tells MEES that Erbil’s delegation is planning to return to Baghdad to resume talks end of this month.. MORE CAPEX, OR MORE PAYROLL? Last year marked the third year that Iraq has failed to pass a budget, after 2014 and 2020. If ID222bn ($153bn) is indeed the fi...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
Apache Looks To Egypt Growth Following Contract Modernization
...ases out to 20 years (see map). The deal marks the culmination of two years of negotiations which were precipitated when it became clear to Apache that the fall in oil prices – precipitously in 2H 2014 and modestly in 2019 – had rendered new investment, especially in the more mature, eastern po...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Apache’s PSC Terms: Why Modernize?
...oduction. Until 2014 “rising oil prices masked eroding underlying economics,” Apache says. But with oil prices slumping from 2H 2014, “leakage points” were exposed. “Many concessions were in backlog and not recovering their historical costs. Concessions with less attractive fiscal terms were di...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Algeria Launches 1GW Solar PV Tender
...hers, these projects are massively delayed. The contractor for Naama, Korea’s Samsung C&T is also working on the 1.45GW Mostaganem CCGT which has now been further pushed back to 2025. When the plant was awarded in 2014 the target for completion was 2017. Spanish contractor Duro Felguera’s 1.26GW Dj...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
EBRD: $54mn For Morocco Wind
...March 2014). Morocco together with Egypt leads the Mena region in terms of wind with 1.4GW of installed capacity (MEES, 2 April 2021)....
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Exxon’s Star Shines Brightest Among Egypt’s Slew Of Mediterranean Awards
...ild-up immediately lying below the Messinian Salt.” BETTER TERMS One reason Shell’s earlier modest discoveries were deemed uneconomic was that at the time Cairo was only willing to pay a fixed $2.65/mn BTU for domestic output. By 2014, and with investment from IOCs drying up, Eg...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Saudi Surprises Market With 1mn B/D Production Cut
...tput to barely 3mn b/d in the 1980s while other producers simply filled the void. As then-oil minister Ali Naimi told MEES in 2014 as Saudi Arabia was withstanding pressure to cut unless Russia participated, “If I reduce, what happens to my market share? The price will go up and the Russians, the Br...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Oman Fiscal Dilemma Shows No Signs Of Abating In 2021
...art 1). On paper, this amounts to around 75% of GDP – not particularly bad – but given years of low growth and perennial budget deficits since the 2014 oil price crash, the concern is that it will continue to grow to unmanageable levels. Oman’s economic outlook is growing increasingly grim, and an im...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Neutral Zone Set For 2020 Rebound After Saudi-Kuwait Agreement
...More than five years since the first shut-in at the Partitioned Neutral Zone (PNZ: MEES, 24 October 2014), Saudi Arabia and Kuwait have reached an agreement on resuming production. The partners have ambitious plans to boost output to over 500,000 b/d by end-2020. Kuwait Foreign Minister Sh...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Iraq Books Record Exports In 2019, Plans To Advance Jordan Pipeline In 2020
...,000 b/d year-on-year. 2019 was also notable for being the first full year since 2013 of ‘federal’ exports from northern Iraq via the KRG’s export pipeline to Ceyhan, Turkey. Pipeline damage and disputes allowed for inconsistent northern exports from 2014 to 2018. But the volumes, in line with the 2018 Ba...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Libya: Output At Seven-Year High; Can It Last?
...velopment in the country’s southwest (MEES, 20 September 2019), and started work in July. Russian firm Tatneft also returned to Libya in December to carry out seismic it was forced to abandon in 2014 (MEES, 13 December 2019). And perhaps most importantly, NOC received a major boost in December having re...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Oman Budgets For Further Deficit Reduction In 2020
...so set to decline. Current spending in set to remain in line with 2019. All told, Oman expects a $6.5bn deficit in 2020, down from $6.8bn in 2019 and $6.9bn in 2018. And if IMF GDP growth forecasts are to be believed, Oman is poised to drop its deficit-to-GDP ratio below 9% for the first time since 2014...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Saudi Asian Supplies Surged To Record High In November Amid Bumper Exports
...th Arab Light averaging $82.02/B, the highest since October 2014. November’s bumper volumes may not be sufficient to offset November’s oil price fall, when Arab Light averaged $66.36/B. The impact of Saudi’s export surge can clearly be seen in Asian import stats, with key buyers from China, Ja...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Libya: Sharara Restart Prospects Dim As NOC Demands Overhaul Of Oil Field Security
...vember), saw the highest monthly figure since 2014 as output of 1.20mn b/d, a five-year high, combined with Brent crude prices of over $80/B. However revenue will have dipped substantially for December. Though NOC’s annual estimate implies a figure of around $2bn for the last month of the year, MEES ca...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Iraq: Record Exports, But Contract Reform Hangs In The Balance
...ports of 3.535mn b/d in December. This edged out December 2016’s previous record of 3.519mn b/d. With average crude export prices averaging a more than three-year high of $59.29/B, revenues of $6.496bn were the most since September 2014. Full-year revenues of $59.3bn were the highest since 2014’s $84...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018