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Lebanon Gas: Key Officials Fly In, Highlighting Project’s Geopolitical Significance
...pply the domestic market. At approximately 70km offshore in 1,700ms water depth, the minimum reserves size needed to justify Qana development would surely be much lower than for Cyprus, where the 4.5tcf Aphrodite find (160km offshore, 1,700 meters depth) has remained undeveloped since its 2011 di...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Saudi GDP Growth: 11-Yr High
...Saudi Arabia released its preliminary Q4 GDP figures this week, confirming that in 2022 the economy grew at its fastest annual rate since 2011. Despite growth slowing down to “just” 5.4% in Q4, full year GDP growth of 8.7% was by far the highest figure since 2011’s 10%. The gains were driven by...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Thailand Imports Record LNG For 2022 Despite Higher Prices
...U, twice 2021 levels. *Qatar has been Thailand’s top supplier every single year since imports began in 2011. But, with Qatar volumes relatively steady, its market share has fallen from over 90% in 2016 to 28.5% for 2022 (see chart). Oman, from where Thailand imported a record 640,000 tons in...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Libya’s Power Sector In A Race Against Time
...vember 2020) though more is needed. Power supply shortages have been a huge problem since the 2011 revolution and the chaos that followed (MEES, 21 January 2019). But capacity was flagging even before the uprising: one unit of the 480MW Khoms steam turbine plant hasn’t been overhauled since 1996. Ma...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Qatar Export Revenues Fall 30% In 2020
...s current level of 77mn t/y in 2011. The figure is considerably lower than at the height of the collapse precipitated by the oil price slump from late 2014. Then annual revenues bottomed out at $57.3bn in 2016 (see chart 1). However, Qatar has had considerable success in reducing its import tab in...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Qatar 2018 Revenue Surge Finances Renewed Checkbook Diplomacy
...rch 2018 (MEES, 30 March 2018). Bilateral relations have been strong following since Qatar’s mediation in the Darfur conflict, which resulted in the 2011 Doha Document for Peace in Darfur. Qatar has of course spent lavishly over the years on sports in an attempt to garner international prestige. Th...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Jordan Plans Tax Hike To Cover Planned 2019 Deficit
...factors outside its control (see chart). The 2011 ‘Arab Spring’ was the turning point as it scared tourists away from the region and saw Syria collapse into civil war, pushing millions of refugees into Jordan and eliminating much of the country’s land-based trade. The rise of the Islamic State in Ir...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Libya’s NOC Cuts Gas To Fertilizer Plant
...ra (50%), NOC (25%) and Libyan Investment Authority (25% - MEES, 16 February 2009), hasn’t made a profit since the 2011 Libyan revolution and has racked up a combined $234mn in loses up to 2016 according to Yara annual reports - no figure was given for 2017. Yara wrote down $112mn of its investment in 20...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Exxon Cyprus Drilling Flop
...illed to a depth of 4,000ms. Cyprus has had mixed success in its offshore drilling. Since US firm Noble Energy discovered the as yet undeveloped 4.2tcf Aphrodite in 2011, Eni has drilled two dry wells in 2015 in Block 9, French major Total drilled a dry well in Block 11 before Eni discovered what is be...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Eni Discovery Doubles Cyprus Reserves; Is It Enough To Make It A Gas Producer?
...antities – rumored at 6-8tcf, which would put it ahead of the 2011 Aphrodite discovery – will prove commercially viable. In favor of the latest discovery, dubbed Calypso after the nymph who enchanted Odysseus, is its operator and location. Whilst almost 180km southwest of Cyprus and in 1,000ms water de...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Qatar Sidesteps Trade Embargo With 20% Export Revenue Gain In 2017
...r 2018-22). Though the strategy has not been published the IMF says it has an “enhanced focus on economic diversification.” But given that the 2011-16 plan said “Nonhydrocarbon exports are expected to show strong gains,” it’s fair to say diversification is often planned but rarely implemented – in th...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Japan Big Winner As Saudi Arabia Cuts Crude Exports
...panese imports has also risen strongly, topping 40% for the first time in 2017, up from 30.5% in 2011. Not only is Japan importing more Saudi crude but the slate is becoming more tilted towards lighter, and more expensive grades. The key Saudi grade Japan took in 2017 was Arab Extra Light, which in...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Corruption Destroying Libya’s Future, Says Oil Chief
...ney are bad ones.” A team sent by NOC to the west of the country in late 2017 to investigate oil smuggling found that more than 80% of filling stations were not operational. “We suspect they are being used by smugglers as a front,” said Mr Sanalla. Most of the facilities had been built since 2011. NO...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Sabic Profits Boost From Rising Oil Prices As Horizons Expand With Clariant Buy
...ofits to the company’s “successful implementation of its transformation program.” The 28.5% increase in crude prices (to $52.68/B for 2017 for Saudi Arab Light) is a more obvious explanation (see chart). Sabic’s net profit remains well down on the 2011 peak of SR29bn, when Arab Light crude oil av...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Libya Plans Tobruk Power Plant, Revives Stalled Ubari Project
...2011 after the ouster of former dictator Mu’ammar al-Qadhafi. The Ubari project – another nominally gas fired plant that will initially burn oil since no current gas supply infrastructure exists – will comprise four Siemens 160MW turbine-generators. The Libya Herald newspaper says the project is...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
East Asian Importers Take Less LNG In 2015; Little Sign Of An Upturn In 2016
...pply coming onstream, from Australia and the US in particular, means that for Middle East producers, starting with Qatar, the competition is becoming increasingly palpable. JAPAN: NUCLEAR RESTARTS Japan notched up three straight years of record 87mn tons-plus LNG imports following 2011’s Fu...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Dubai Plans $27bn Green Power Fund, But Considering Expanded Coal Program
...bsidized. The UAE has recently hiked the costs of transport fuels, by linking gasoline and diesel prices to international prices (see p13). However, DEWA has operated a fuel surcharge for electricity and water customers since January 2011, which is adjusted on a monthly basis. DEWA charges consumers a mi...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
‘Arc Of Instability’ Spreads Across North Africa
...Dellys was attacked at least nine times between 1995 and 2008 (MEES, 28 July 2008). According to Algerian media reports a guard was killed during two further attacks in 2011. And Bouira town was the site of a double car bombing in August 2008, which killed 12 local employees of the Canadian en...
Volume: 56Issue: 05Published at Fri, 01 Feb 2013 -
Oman Addresses Crude Production Challenges, PDO Output Rises
...ude output. In December 2012 Oman’s crude and condensate output reached 933,000 b/d, up from 2011’s 884,900 b/d average. Crude output from the country’s main producer, Petroleum Development Oman (PDO), rose to 566,000 b/d from last year’s 549,000 b/d, and its condensate fell slightly to 92...
Volume: 56Issue: 05Published at Fri, 01 Feb 2013 -
Suez Canal 2012 Statistical Analysis: A Record Year For Crude Shipments
... EGYPT Suez Canal 2012 Statistical Analysis: A Record Year For Crude Shipments By James Cockayne 2012 was a record year for shipments of crude through the Suez Canal. Total volumes hit 1.38mn b/d, up 84% (630,000 b/d) on 2011 and 120,000 b/d up on 20...
Volume: 56Issue: 05Published at Fri, 01 Feb 2013