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MENA Attractions: Libya Kicks Off Big Year For The Region’s Upstream
...censing round since 2014, with TotalEnergies and Eni both taking assets (MEES, 20 June 2025). The first licensing round under the new oil law was a success, and Algeria plans to launch a new bid round each year over the next five years. “With our geographic position, we are confident that Algeria will be...
Volume: 69Issue: 05Published at Fri, 30 Jan 2026 -
Kuwait Upstream Capacity Tops 3mn B/d
...nagement between Saudi Arabia and Kuwait (MEES, 24 October 2014). For Kuwait to generate 350,000 b/d capacity from the PNZ by 2035, gross capacity will have to rise to a record 700,000 b/d. Appraisal work to potentially unlock new reserves at both Khafji and Wafra has been carried out to enable this. As...
Volume: 68Issue: 05Published at Fri, 31 Jan 2025 -
KRG: Genel Finalizing Taq Taq Exit
...Genel Energy says it has agreed terms with Iraq’s Kurdistan Regional Government for exiting the Taq Taq PSC, noting that this will “remove the risk of any residual decommissioning liabilities.” Taq Taq was the largest IOC-operated field in Kurdistan in 2014 with 103,000 b/d output, peaking at 11...
Volume: 68Issue: 05Published at Fri, 31 Jan 2025 -
Qatar Trade Revenues Fall From 2022 High
...Qatar’s exceptional 2022 revenues from record oil and gas prices subsided in 2023 but its $66bn trade surplus was still the second highest since 2014. With a clear path to further hike earnings, Doha has snagged a credit rating upgrade. Like most hydrocarbon producers Qatar made ex...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
KRG’s Oil Sector Hangs By A Thread As Iraq-Turkey Arbitration Nears Closure
...mpromise on the region’s independent oil sector, or whether the KRG instead doubles down and pushes more volumes onto the grey market. WAITING ON PARIS The origin of the dispute is in 2014, when the KRG completed its own independent pipeline connecting its oilfields to the Turkish bo...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Opec Revenues Rise 50% To Eight Year High In 2022
...erged from 2020’s catastrophic Covid depths (see chart 1). Despite the huge back-to-back revenue gains, last year’s Opec export revenues look to have remained below 2014’s levels as the group’s fortunes have yet to fully bounce back from the price slump that began in the second half of that year. It is...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Iraq’s Crude Export Revenues Surge To 10-Year High
...aqi crude was selling at $105/B, while in January the figure was $83.25/B. This was the first month since October 2014 that Iraqi crude has retailed at more than $80/B. February has gotten off to a strong start with oil prices high, and Iraq will be looking to push export volumes up amid the easing Op...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Calvalley Shuts Yemen’s Block 9 Over Security Concerns
...p). Calvalley last year said output from Block 9 was averaging 6,700 b/d, a slight increase from 2013 pre-conflict output of 6,000 b/d (MEES, 7 February 2014). Having declaring force majeure in 2015 (MEES, 23 January 2015) the firm resumed operations in July 2019 and spent $35-45mn on rehabilitating ke...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Algeria’s 1mn B/D Challenge
...present a substantial decrease on previous programs. But if spent right, this need not be a bad thing (MEES, 15 January 2021). Surging oil prices will provide some comfort – Brent hit $90/B for the first time since 2014 last week – but it is important this doesn’t spark a return to wasteful spending pr...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Qatar Export Revenues Surge To Seven Year High
...venues jumped to a seven-year high in 2021. The $87.2bn that Qatar’s exports brought in last year was the highest figure since the $100+/B days of 2014 (see chart 1), and the ongoing global gas crunch ensures that 2022 will get off to a strong start. Indeed, with Qatar exporting a near record 7.35mn to...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Saudi Arabia’s Sabic Hails Exceptional 2021
...Sabic recorded earnings of $6.14bn for 2021, the highest since 2014. While Sabic may boost revenues in 2022, the firm expects profits to dip from last year’s “exceptional” highs due to rising feedstock prices. Saudi petchems giant Sabic raked in its highest profits in seven years for 2021 as...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Gazprom & Sonatrach Greenlight Algeria Gas Project
...The international upstream arm of Russia’s Gazprom and Algerian state oil firm Sonatrach this week greenlighted a project to develop two gas fields in Algeria’s Berkine Basin. The project centres around the 2010 Rhourde Sayah and 2014 Rhourde Sayah North discoveries located on the El As...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Kuwait Cuts Long Term Targets For Giant Burgan Field
...ture field, having first been discovered in 1938, and production capacity has fallen in recent years (see chart). In 2014, capacity was around 1.7mn b/d and KOC’s goal was to maintain capacity at that level. BP was brought to the field in 2014 under a technical service agreement (TSA) to help maintain Bu...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Services Firms Diversify Away From Volatile Us Shale
...ia’ share of revenue rose to a record 36.3%, above that of North America (just 24.0% for 2020) for the first time in four years (see charts). Mideast & Asia 2020 revenue was 72% of the 2014 peak: North America revenue is down two-thirds and overall revenue down 50% over the same period. Ha...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Libya’s Power Sector In A Race Against Time
...at Libya has had rival eastern and western governments since 2014 hasn’t exactly helped matters. The parallel administration in the east has its own power authority which has complicated efforts to coordinate operations and policies. Libya’s new unity leadership which was in the process of being se...
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 -
Iraq Breaks From The Past In Fifth Bid Round
...mama formation (38-40° API) – a deeper structure key to Baghdad’s longer-term light oil aspirations. Reserves have been estimated much higher than Huwaiza at 7bn barrels of oil in place (MEES, 17 October 2014). If revenue-sharing terms are any indication of prospective value, these two oil plays we...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
IMF Highlights Kuwait’s Economic Troubles
...gher. On the expenditure side, after two-consecutive years of cuts from 2015-16, the figure has once again risen sharply. The 2014-15 figure of $74.3bn remains the highest on record, but that record is budgeted to be equaled this year and next. The IMF is particularly concerned that spending rises in...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Trade: Surplus Dips In 2019 As LNG Pricing Pressure Augurs Worse To Come
...rms around two-thirds of the ‘Natural Gas, LPG & Condensates’ segment which in turn accounted for 62% of Qatar’s overall 2019 export revenue of $73.1bn (see chart 2). The uptick in hydrocarbon prices in 2018 benefited Qatar greatly, with exports breaking past $80bn for the first time since 2014 (ME...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Economy Outperforms Budget
...arter’s bumper $1.87bn, which was the highest quarterly figure since 4Q15’s $2.1bn. A budget surplus for 2019 would mark back-to-back surpluses for the first time since oil prices fell in the second-half of 2014. A third consecutive surplus is budgeted for 2020, albeit a mere $100mn (MEES, 20 December 20...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020