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BP Seeks To Build On Historic Middle East Foundations In ‘Return To Upstream’ Strategy
...ream. BP returned to the remodeled concession in December 2016, after the original concession agreement expired in 2014, and the current agreement runs until end-2054. Return to Adco lifted BP’s net Abu Dhabi output to a record 257,000 b/d in 2017, but after the offshore Adma concession expired at the en...
Volume: 68Issue: 12Published at Fri, 21 Mar 2025 -
Saudi Power Revamp Progresses Apace Amid Record Electricity Demand
...8GW expansion to the 2.2GW PP12 plant, which is situated around 100km west of Riyadh. PP12 is a modern CCGT power plant running on gas feedstock, which started up in 2014 and is operated by SEC. In a 14 March announcement, Korea’s Doosan stated that SEC has awarded a consortium of it and China’s Se...
Volume: 68Issue: 12Published at Fri, 21 Mar 2025 -
China Crude Imports: Russia Well Ahead
...E was down 4% at 808,000 b/d for Jan-Feb for number five, whilst Oman was up 6% at 791,000 b/d for sixth spot. Further down the list of suppliers, volumes from Kuwait were down 34% at 307,000 b/d for the first two months of 2024, with February’s 165,000 b/d the lowest monthly figure since 2014. Th...
Volume: 67Issue: 12Published at Fri, 22 Mar 2024 -
Poland’s PGNiG To Resume Libya Exploration
...-well campaign were ultimately drilled, with the company announcing gas discoveries in both wells. But the company pulled out its staff and wrote off its entire to-date Libya exploration spend of $137mn as security deteriorated in early 2014 (MEES, 31 January 2014). PGNiG previously pledged to re...
Volume: 67Issue: 12Published at Fri, 22 Mar 2024 -
China Imports Record Russian Crude With Xi In Moscow
...the original Power of Siberia route in the statements following bilateral China-Russia meetings at the start of last decade. The original Power of Siberia negotiations lasted well over a decade before a deal was finally struck in 2014 as the West ramped up sanctions on Russia in the wake of Mo...
Volume: 66Issue: 12Published at Fri, 24 Mar 2023 -
KRG-Baghdad Rapprochement To Be Tested By Budget Agreement
...ll under central government monitoring and all other similar accounts shall be closed.” These points have also been enshrined in Article 14 of the proposed 2023 budget legislation. Since the KRG began independent oil exports in 2014, revenues have been paid into an escrow account with Turkey’s Ha...
Volume: 66Issue: 12Published at Fri, 24 Mar 2023 -
Iraq Drafts Blowout Budget: More Energy Capex, But More Wages Too
...cludes exports from the Kurdistan Region of Iraq, with which the government hopes to finalize a political agreement over monitoring the region’s 400,000 b/d exports (see p10). The oil price assumption is the largest in an Iraqi budget since 2013’s $90/B – the planned 2014 budget was also based on $90...
Volume: 66Issue: 12Published at Fri, 24 Mar 2023 -
Kuwait & Saudi To Develop Joint Offshore Dorra Gas Field
...oduction from the offshore portion was halted in 2014, and the onshore portion in 2015, due to disagreements between the two and only resumed in February 2020 (MEES, 28 February 2020). PNZ exports have since recovered to around 250,000 b/d according to data intelligence firm Kpler, well below the notional 50...
Volume: 65Issue: 12Published at Fri, 25 Mar 2022 -
Suez Canal Hikes Tanker Fees
...% rebate previously granted to LNG tankers. Toll rebates for LNG tankers were set at 35% in 2014 before being reduce to 25% in 2015 and finally to 15% in October last year....
Volume: 65Issue: 12Published at Fri, 25 Mar 2022 -
Key Russian Investor Takes Over Syria Producer Gulfsands
...ate firm Sinochem holding the other half, the block has de facto been operated by Syrian state firm General Petroleum Corporation (GPC) since its restart in 2014. This restart came via a deal with the local Kurdish authorities who receive part of the revenues. Gulfsands does not receive royalties from on...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Marib Conflict Threatens Yemen’s Struggling Oil Sector
...ipments for both crude feedstock and products output. Since Yemen’s civil war broke out in 2014 the damage inflicted on the country’s already long-suffering population has been severe. In 2015, Saudi Arabia entered the fray concerned that Houthi gains could essentially give rise to a Yemeni Hezbollah on...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Egypt Gas Burn Falls Despite Powergen Record
...el, although the fact that most of Egypt’s gas turbines can also burn HFO means that some of these plants burnt liquid fuel at times during 2014-17 when gas was scarce. Egypt also has 1.87GW or 3.3% of capacity for which light fuel oil (mainly diesel) is the primary fuel. These are mainly older pl...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Egypt Refiners Hit New Highs
...e lowest since February 2014. Products demand fell to 662,000 b/d for January, the lowest since July 2018. For 2019 as a whole, demand fell to a 10-year low 694,000 b/d. Egypt’s refiners processed a record 275,000 b/d of imported crude in January, helping to counter stagnating local production. Cr...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Asian LNG Prices ($/Mn Btu): Have Spot Prices Bottomed Out?
...JAPAN SPOT PRICES FALL TO RECORD LOW^, QATAR SALES TO KOREA STILL EARNED THREE TIMES THE SPOT PRICE IN FEBRUARY BUT TERM PRICES ARE SET TO TUMBLE IN LINE WITH OIL *AVERAGE OF REUTERS WEEKLY ASSESSMENTS FOR THE DELIVERY MONTH IN QUESTION. ^SINCE ASSESSMENTS BEGAN IN MARCH 2014. ALL DA...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Saudi Liquids Burn Edges Up, More Rises To Come?
...eir lowest level since March 2014. Products imports were down across the board, with the kingdom importing no diesel for the first time since January 2011. The upshot was that net-products exports were just shy of December’s record at 1.34mn b/d. And net diesel exports were at an all time high of...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Sabic Reorganization Continues Ahead Of Planned Aramco Takeover
...rformance for 2018 was the best since oil prices crashed in 2014. Sabic made a profit of $5.73bn in 2018 on revenues of $45.1bn, figures which were respectively 17.0% and 12.8% up on 2017, though prices for Saudi Arabia’s key Arab Light crude were up even more at 33.5% (MEES, 1 February). SABIC OUTPUT TO...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Algeria’s Economic Sclerosis: Political Change Is Not Enough
...pendent on oil and gas for a whopping 60% of budget revenue and over 93% of 2018 export earnings, shares that have barely shifted in recent decades. As long as oil prices were over $100/B, as was the case from late 2010 until 3Q 2014, Algiers managed to paper over the cracks. But, as Warren Buffet sa...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Algeria Struggles To Maintain Gas Output Amid Project Delays
...spective IOCs. All are delayed. As for Tinhert, which Sonatrach listed in 2014 as a 2016 start-up and in 2015 as January 2018 (MEES, 29 May 2015), Sonatrach is keen to gain the credit for developing a seemingly large project of its own volition. But, whilst the headline numbers look big, it is de...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Shell Recommits To Egypt With Plans To Double Offshore Output
...ute domestic gas shortage, Cairo in 2013 begun diverting increased volumes of WDDM output to the domestic market. This left next to no gas for BG to export. BG declared force majeure on LNG sales in early 2014, writing off over $1bn in revenue for 2013 (MEES, 31 January 2013). It exported just one LNG ca...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Oman Looks To Foreign Firms and Downstream To Combat Economic Woes
...ucial if Muscat is to right the ship. The Omani economy is under pressure, and the lack of diversification ties its fate almost entirely to the price of oil. Struggling to balance its budget in the best of times, when the oil price crashed in 2014 the Sultanate’s debt ballooned. It racked up some $25...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018