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Qatar Sees Buoyant LNG Demand Outlook As It Sanctions Further Expansion
...oductive layers of the giant field extend towards the west.” The discovery follows a drilling campaign of more than 20 appraisal wells since 2014. “Most recently, QatarEnergy has focused its efforts and attention on determining how far west the North Field extends in order to evaluate the production po...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Wintershall Libya Assets In Limbo
...renaica Plateau. Though under force majeure since 2014, these are potentially valuable assets, with what was then RWE-Dea making a string of discoveries over the years to Libya’s 2011 revolution (MEES, 22 September 2008). Back in 2012, amid a lull to Libya’s post-revolutionary instability, RWE-Dea sa...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Kuwait’s Kufpec: 140,000 Boe/D 2026 Target
...pe of gains this year, output is unlikely to top 90,000 boe/d, never mind the official 107,000 boe/d target. Kufpec has a history of massively missing output targets (MEES, 25 April 2014). And, notwithstanding promising Asian discoveries off Indonesia and Malaysia (MEES, 22 September 2023), the on...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Egypt Oil Output Turns A Corner With Apache Drilling At 8-Year High
...evated levels. Apache says it plans to maintain a 17-rig program for 2023 for the highest annual figure since 2014 and up three from the average 2022 figure of 14 (see chart 4). As for capex, Apache reveals in its latest annual filing that it is committed to spend at least $1.8bn in Egypt between Ja...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Mena’s No.1 Producer Total Doubles Down On UAE Presence
...dn’t warrant a namecheck. 1: TOTALENERGIES' NET ABU DHABI LIQUIDS OUTPUT ('000 B/D) *2014 VOLUMES DROPPED DUE TO EXPIRY OF ADNOC ONSHORE (ADCO) CONCESSION. SOURCE: TOTALENERGIES, MEES. 2: CEPSA'S NET SARB & UMM LULU* PRODUCTION ('000 B/D) *BASED ON OMV'S EQUIVALENT 20% ST...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Saudi Export Revenues Topped $400bn For First Time For 2022
...SPITE A LATE-YEAR DIP AS CRUDE PRICES FELL BACK BELOW $90/B, OIL EXPORT REVENUES REMAIN WELL ABOVE RECENT LEVELS ($BN)... SOURCE: GENERAL AUTHORITY FOR STATISTICS, MEES. 3: ...AND WERE THE HIGHEST SINCE THE 2014 OIL PRICE CRASH FOR EVERY MONTH LAST YEAR($BN) SOURCE: GE...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Qatar Achieves Eight-Year High $24.5bn Surplus For 2022
...bounded following a $2.9bn deficit just two years earlier amid the Covid-19 pandemic. The latest figures from the Ministry of Finance show that last year’s surplus was the biggest since $29.8bn for 2014-15 (see chart 1). Qatar entered last year budgeting for a $2.3bn deficit. While few could have pr...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Egypt: Record 2021 Gas Output But Outlook Uncertain
...ices headed south in late 2014, with 2020 seeing further cuts to capex budgets. … NOW FOR THE REBOUND? However Cairo has now moved to stop the rot by updating production sharing contract (PSC) terms that, key producers argued, failed to incentivize investment in mature ac...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Abu Dhabi Gas Use Drops As Nuclear Meets Record Demand
...ctor. Despite a 9% annual increase in power generation last year, the power sector burned less hydrocarbons than in any year since 2014 according to state offtaker Ewec. Ewec purchases power from Abu Dhabi’s fleet of power plants as well as two plants in Fujairah with a combined power generation ca...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Libya Outages Heighten Global Oil Supply Fears
...anwhile, the swearing in of a parallel government in Libya this week has heightened concerns of a return to fighting as the incumbent (internationally recognized) government in Tripoli refused to wield power. The situation is eerily reminiscent of the political division between 2014 and 2021 when two rival pa...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Baghdad To Offer Gazprom Neft Better Terms
...oduction started in 2014. It has been a mainstay of mid-Euphrates oil production alongside CNPC’s Ahdab and Zhenhua Oil’s East Baghdad fields. Badra has a central integrated oil and gas processing facility with a capacity of 110,000 b/d and 155mn cfd. Gas is piped through a 100km pipeline to the 500MW Zu...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
India LNG Imports: Qatar Dominant As Buying Dips Amid Sky-High Prices
....16/mn BTU that India paid for Q4 supplies was the highest quarterly figure since 2014, it is well below the average price paid by other Asian importers. India’s average December import price of $13.66/mn BTU compares to $14.85/mn BTU for Japan and $19.50/mn BTU for China. This indicates that Indian im...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Apache Resigned To Further Fall In Egypt Oil Output
...very measured.” With the firm’s Egypt capex and rig count already having fallen to the lowest in over a decade, further cuts are planned for 2021 with an average of just five rigs set to be active in Egypt versus a peak of 27 in 2013 and 2014 (see chart 2). This means output is all but gu...
Volume: 64Issue: 09Published at Fri, 05 Mar 2021 -
Repsol & Shell Leave Morocco; Repsol Quits Iraqi Kurdistan
...iting pending official ratification.” Repsol has since 2014 held 75% of Ghrab Offshore Sud, a deepwater ‘Atlantic margin’ block some 100km northwest of Rabat (state firm ONHYM has 25%) and further offshore from the firm’s 2009 'sub-commercial' Anchois discovery. The sole activity here in recent years ha...
Volume: 64Issue: 09Published at Fri, 05 Mar 2021 -
India LNG Imports Soar To Snag Top Spot For Qatar & Abu Dhabi
...tar remains well ahead in India, with a 39.5% market share for 2020. However, Qatar’s market share has fallen for each of the past seven years: the record 11.9mn tons Qatar supplied in 2014 gave it a market share of over 85%. *But Qatar isn’t the only Mideast producer for which India is the ke...
Volume: 64Issue: 09Published at Fri, 05 Mar 2021 -
Abadi Claims KRG Pipeline Deal As Trucking Plans Fade
...tting first pick of depleted Kurdish volumes. Iraq plans to build its own pipeline to Fishkabur on the Turkish border to replace its 1.5mn b/d link destroyed by Islamic State in 2014. But this would not be operable until 2020 at best. Abdul Mahdy, head of the oil ministry’s contracts division, said on...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Algeria Gas Set For Record 2018 With Start-Up Of Key Southwest Fields
...msung Engineering was the lead construction contractor, having won an $800mn lump sum turn-key engineering, procurement, construction and pre-commissioning contract in February 2014. Total last month doubled down on its commitment to Algeria in the wake of its recent acquisitions of Maersk (planned fo...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Global LNG Trade Hits New Records. More To Come?
...ated to enter service. This reflects the lagged impact of a collapse in investment in liquefaction capacity from a peak of $30bn in 2014 to a mere $3bn for 2017. Shell sees a “potential… supply shortage developing in mid-2020s, unless new LNG production project commitments are made soon…Without new in...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Noble East Med Plans Gather Pace
...d on target for late-2019 start-up, the company says. The sanctioning of the deal in February last year was a “major milestone” for the company after Israel’s upstream remained in stasis for over two years from late 2014 awaiting the result of an antitrust case (MEES, 2 January 2015). The fi...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Middle East Adjusts To Trump’s Foreign Aid Game
...e 1978 Camp David accords, the US has given Egypt an average of $1.6bn/year in foreign aid, with the lion’s share, an average of $1.3bn going to the Egyptian military. The US slashed aid to Egypt by $1.4bn in 2014 following the coup d’état carried out against Muhammad Mursi’s democratically elected go...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018