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Cairo Aims To Arrest Gas Output Decline But 2025 Gains Look Unlikely
...cember, there was no sign of a turnaround, with production of 4.421bn cfd the lowest since early 2017. This takes output back to levels last seen before the March 2017 start-up of BP’s $9bn West Nile Delta project. As with many projects offshore Egypt, WND saw rapid decline with the ‘WND Phase 3’ Ra...
Volume: 68Issue: 08Published at Fri, 21 Feb 2025 -
Egypt’s Output Collapse: Gas Down 16% To Below 5bn Cfd For 2024, Oil At 45-Year Low
...nce the start up of WND in early 2017, whilst December’s Med figure of 3.169bn cfd was the lowest since Zohr began to ramp up output the following year. *BP’s Raven field, which accounts for almost all of current WND output, is also the country’s largest condensate producer. As such, sl...
Volume: 68Issue: 08Published at Fri, 21 Feb 2025 -
Egypt Gas Demand Edges Up As Record Israel Supplies Make Up For Output Slump
...4,000 b/d in August before easing to end the year at 63,000 b/d for December (see chart 4). On an annual basis, 2024’s fuel oil consumption of 116,000 b/d was level with 2022 as the highest since 2017. *Whilst fuel oil provided a short-term fix, longer term Cairo sees expanding renewables capacity as...
Volume: 68Issue: 08Published at Fri, 21 Feb 2025 -
Egypt Upstream Output Set To Fall Further In 2024 As Zohr Slump Continues
...LNG exports (MEES, 5 January). Production plumbed a new 6-year monthly low of 5.24bn cfd for December, the lowest figure since the start-up of the country’s workhorse Zohr field in December 2017 (see p4). And it will only likely get worse in 2024. Eni-operated 21.5tcf Zohr, which contributed 36...
Volume: 67Issue: 08Published at Fri, 23 Feb 2024 -
Egypt Gas Crunch To Intensify Even Amid Record Israel Imports
...vember 2017, the month before the start-up of the country’s giant Zohr field (MEES, 15 December 2017). Output has fallen further to around 5.0bn cfd currently, MEES understands. Ominously for Cairo, LNG exports have remained threadbare in recent months despite the record receipt of Israeli gas. Egypt wa...
Volume: 67Issue: 08Published at Fri, 23 Feb 2024 -
Qatar Breaks Ground At $6bn Petrochemical Complex
...pacity in 2017, the facility’s scale has twice been revised up, to 1.9mn t/y in 2019 and subsequently to 2.08mn t/y. The new complex is slated for late-2026 start up when it will lift Qatar’s total petrochemicals capacity to 14mn t/y (MEES, 13 January 2023). The laying of the foundation stone ma...
Volume: 67Issue: 08Published at Fri, 23 Feb 2024 -
Iraq Eyes Gas Boost With Signing Of Fifth Licensing Round Contracts
...OIIP although only 20-30% of this is expected to prove recoverable – around 480-720mn barrels. An oil well was drilled in 1976 and tested 4,000 b/d of gas-rich oil from the field’s first pay in the Upper Cretaceous, with high pressure damaging the rig. In 2017, projections were for state-owned Mi...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Oman Envisions Ambitious Gas Developments But At A Cost
...ntures. The start-up of BP’s 1bn cfd Khazzan tight gas project in 2017 spurred Oman’s gas revolution, with the second phase 500mn cfd Ghazeer play boosting the sultanate’s production to record levels when it came online in 2020. This success sparked international interest in Oman’s unconventional gas pl...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Adnoc Gas Poised For $50bn Valuation
...sted back in 2017 (MEES, 16 February 2018). Assuming that Adnoc achieves the high end of its valuation, this will be the second IPO carried out by the group to raise $2bn in less than a year. In May, the flotation of a 10% stake in the Borouge petrochemicals firm raised $2bn, becoming the largest IPO in...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
QatarEnergy To Take Over LNG Marketing Role
...e in one place. And the savings are huge. Two billion riyals operating costs saved annually” (MEES, 8 December 2017). The post-RasGas system had grown somewhat less unified of late, with QatarEnergy establishing its own LNG trading team. The new entity was announced in November 2020 with a ma...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Cairo Launches $10bn Privatization Drive In Bid To Plug Financing Hole
...ile Egypt agreed to hand over the two islands in 2017 in a deeply unpopular move (MEES, 4 August 2017), it has yet to finalize the deal. EGYPTIAN STATE-OWNED ENTITIES SLATED FOR 2023 PRIVATIZATION *NREA (NEW AND RENEWABLE ENERGY AUTHORITY). **SCA (SUEZ CANAL AUTHORITY). ^CBE (CENTRAL BA...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Tunisia Sees 2021 Output Rebound. Will It Last?
...e show was local firm Topic’s offshore Halk El Menzel field which started up in January 2021 (MEES, 22 January 2021) and produced 5,800 b/d for year, easily snatching the title of the country’s top producing field. Sales gas output soared past the 200mn cfd mark for the first time since 2017 af...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Iran Eyes Qatar As Diplomatic Bridge
...s Exporting Countries Forum (GECF) meeting in Doha. Qatar has always sought to maintain cordial relations with Iran, and the 2017-21 embargo of Qatar by its GCC neighbors strengthened ties between Doha and Tehran. Raisi alluded to this, saying that Iran “in difficult times always stands by the in...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Iraq Seeks To Import Qatari LNG, But How?
...ur facilities would appear a viable option. There have been previous moves towards gas interconnection between the two countries, although those focused on Iraq supplying Kuwait. Plans first mooted in 1985 and re-visited in 2017 and 2018 (MEES, 21 April 2017 & MEES, 27 April 2018) would have seen Ir...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Saudi Arabia’s Oil Export Revenues Jump To Three Year High
...salination. Combined crude burn and fuel oil consumption (the majority of which is burned) dipped slightly last year from 1.02mn b/d to 1.00mn b/d, but this was still the second highest annual figure on record. Since 2017, fuel oil burn has outstripped crude burn. But while fuel oil consumption dropped by 5% la...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Wintershall Dea and Sonatrach Eye Low Carbon Opportunities
...ggane Nord project which started up in 2017. Algeria is hoping to convert several MoUs signed with IOCs to concrete investment deals under its recently activated 2019 oil law. Eni is so far the only confirmed company to have been awarded a concession under the law’s improved terms (MEES, 17 December 20...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Egypt: BP’s Key WND Project Sees Output Collapse
...line in March 2017 via tie back to processing facilities at Idku that had been used to process gas from Shell’s offshore WDDM fields. That there was ample spare capacity was due to the faster-than-expected decline at Shell’s fields (MEES, 19 February). So perhaps BP should not have been surprised when Li...
Volume: 64Issue: 08Published at Fri, 26 Feb 2021 -
Egypt-Palestine-Qatar
...om Egypt and Qatar this week meeting in Kuwait to discuss the normalization of bilateral relations. Egypt in 2017 joined Saudi Arabia, the UAE and Bahrain in breaking off relations with Qatar. The three Gulf countries last month agreed to end the embargo and reestablish relations (MEES, 8 January). ...
Volume: 64Issue: 08Published at Fri, 26 Feb 2021 -
Egypt Downstream: ERC Boosts Output & Exports To 2020 Records Despite Covid Slump
...4,000 b/d, and overall oil demand was down 13% at 605,000 b/d, a 14-year low (see chart 3). Fuel oil fell the furthest, to just 34,000 b/d, a fifth of 2017 levels, as the country’s gas surplus (MEES, 12 February) enabled the all-but ending of the burning of fuel oil in power plants (see p15). *Last ye...
Volume: 64Issue: 08Published at Fri, 26 Feb 2021 -
Egypt Power Fuels: Gas Surplus All But Ends Oil Burn
...s been the ramp-up in gas availability driving out oil burning from Egypt’s power generation fuel mix. *Fuel oil demand fell to just 34,000 b/d for 2020, a fifth of 2017 levels, as the country’s gas surplus all-but ended the burning of the fuel in power plants (see chart 3 and p1...
Volume: 64Issue: 08Published at Fri, 26 Feb 2021