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UN Libya Envoy Quits, Slams Squabbling Politicians
...sources since 2014, further stalling the much-anticipated elections originally slated for 2021 (MEES, 17 December 2021). In an effort to revive the electoral process, Mr Bathily set up a High-level Steering Panel for Libya to determine the electoral laws in spring 2023. But the initiative failed to br...
Volume: 67Issue: 16Published at Fri, 19 Apr 2024 -
Egypt’s Liquidity Crisis Sends IOC Receivables Bill Soaring Towards $3bn
...yptian independent EKH also grew in 2023, rising 38% year on year to $46.5mn, the highest end year total since 2014. The firm produces around 50mn cfd from the Tao and Kamose shallow-water fields north of the Sinai peninsula. While these amounts are nowhere near those owed by the big three, they re...
Volume: 66Issue: 16Published at Fri, 21 Apr 2023 -
QatarEnergy’s Overseas Strategy Enters Pivotal Phase
...d MEES calculates that QatarEnergy’s net output last year was 13,235 boe/d (primarily oil). QatarEnergy also nets around 9,000 boe/d from the Shell-operated Parque das Conchas license in Brazil. It has been present at the development since 2014. There are also modest volumes of approximately 2,...
Volume: 66Issue: 16Published at Fri, 21 Apr 2023 -
Iraq’s New Karbala Refinery Set To Lighten Summer Fuel Import Bill
...finery is providing the first significant modern addition to Iraq’s delipidated refining fleet since at least the 1980s. Nine-years after its 2014 award to a consortium led by Korea’s Hyundai Engineering (MEES, 10 January 2014), the plant began commercial operations earlier this month (MEES, 7 Ap...
Volume: 66Issue: 16Published at Fri, 21 Apr 2023 -
Food & Fuel: Surging Prices Spell Mixed Fortunes In North Africa
...BYA (2018) AND ALGERIA (2017). SOURCE: WORLD BANK. 2: PRICES OF MAJOR FOOD PRODUCTS HAVE SOARED OVER THE PAST FEW MONTHS* *FAO FOOD COMMODITY PRICE INDICES SHOW CHANGES IN MONTHLY INTERNATIONAL PRICES OF MAJOR FOOD COMMODITIES. 2014-2016 PRICES USED AS BASE. SOURCE: FOOD AND AG...
Volume: 65Issue: 16Published at Fri, 22 Apr 2022 -
Iraq Awards Mansuriya Gas Field To Sinopec
...%). Development was derailed by security concerns in 2014 as IS expanded in northern Iraq (MEES, 10 October 2014). Then, following IS’ ouster, disagreement on commercial terms with erstwhile operator TPAO pushed Baghdad to take over the field in 2018 (MEES, 3 August 2018). In October 2020, the ca...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
China Q1 Crude Imports: Iran Volumes Hiding In Plain Sight?
...me 840,000 b/d to discharge in April, potentially topping China’s highest ever ‘official’ Iran import figure of 798,000 b/d set in April 2014. Of the March volumes, Kpler recorded some 264,000 b/d as having arrived “relatively directly from Iran,” albeit after ship-to-ship transfers in the Gulf re...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Iraq’s Central Bank Reserves Rebound To Top $60bn
...rrowed, with $13bn through domestic loans, while in November the total was $12bn for a total of $30bn. This allowed Baghdad to limit its reserves drawdown during the course of 2020 to around $10bn. This is broadly similar to the annual drawdowns seen for 2014-2016 when Iraq was grappling with both an oi...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Low-Cost Middle East Reserves Aid IOCs In Price Slump
...wn since the previous oil price slump began in 2014. Production costs for all six peaked in 2014, with the exception of BP, where the peak was slightly earlier in 2013. BP and Total have had the most success in bringing down per barrel costs, which last year were nearly 50% lower than their peak. Ch...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Korea LNG Imports: Strong Q1 But Downturn Coming?
...ar. *For Q1 as a whole, imports of 12.49mn tons are the third highest quarterly figure on record behind Q1 in 2018 and 2014. But, though overall volumes were up 20% year-on-year, Qatar continues to see its market share slump. Qatar Q1 supplies at 2.78mn tons were down 23% year on year, with Qatar’s 22...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Qatar Invites EPC Bids For LNG Expansion
...ile Qatar is looking to bring IOCs in as partners – as is the case at the existing LNG facilities – QP is willing and able to proceed unilaterally if required (MEES, 19 October 2018). Since his appointment heading up QP in 2014 (MEES, 19 September 2014), Mr Kaabi has tightened commercial terms for IO...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
QP Enters Argentina
...sets, this covers blocks in Mexico and Brazil. Indeed, Brazil is a rare source of international production for QP. It has had a 24% stake in Shell’s 50% operated BC-10 deepwater block since 2014 which can produce around 98,000 boe/d (mostly oil). The latest Argentina move is in keeping with QP’s ef...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Saudi Nuclear Plans Fuel Geopolitical Concerns
...yadh. The plant is being built by Argentina’s state-owned Invap, under a contract signed with Kacst in 2014. The 30kW rated unit will produce neutron beams for research, training and manufacturing medical isotopes, as opposed to heat for driving steam turbines as in a nuclear power plant. While this wi...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Egypt: Sisi For Life?
...fore being elected in 2014 and re-elected in 2018 with 97% of the vote after almost all rival candidates were effectively banned. Under the current constitution, the president may only be re-elected once. Egypt’s economy has improved during Mr Sisi’s time at the helm, with the IMF projecting GDP gr...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Kuwait Presses Ahead With Development Plans, Eyes New Contract Model
...is, production had been around 500,000 b/d, of which 250,000 b/d was Kuwait’s share. Output would need to grow beyond those levels by 2020 if Kuwait’s target is to be hit, but merely a return to 2014-levels would be an achievement. This leaves all current capacity from the KOC fields: some 3....
Volume: 60Issue: 16Published at Fri, 20 Apr 2018 -
Opec Members Unrestrained In Condensate Growth
...ude production restrictions highlights the issue. Of course Opec is not the only entity to have employed condensate loopholes, as the US permitted seaborne exports of condensate prior to ending the crude export ban in late 2015 (MEES, 19 September 2014). Iran too benefited from the gray areas su...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Suez Canal Shipments, Revenue Up But Trade War Threatens
...0,000 b/d as the highest on record. • For the moment the Suez Canal is reaping the benefits of the massive Gulf (in particular Saudi) 2014-17 expansion in refining capacity and diesel output, with Europe the key target export market. Saudi exported a record 2mn b/d of oil products in February with di...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Saudi Oil Exports Hit New Peak But Crude Burn Rises
...-year but were the highest since 2014 (see chart 3). However, February’s fall in fuel oil consumption meant that total oil burn that month remained down year-on-year. Sizeable cuts in oil-fired power generation are unlikely until 2019 when the 2.5bn cfd Fadhili plant is due to come online (ME...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
OMV Restarts Yemen Output
...curity situation forced delays, production hit a record 14,500 b/d in 2014. OMV in early 2015 forecast the completion of the phase-2 wells and the central processing facility by the end of the year with plateau output of 23,000 b/d hit in 2016. But the firm halted its Yemen operations from April 20...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Egypt Plans Further Cuts To Energy Subsidies
...bsidies in the first half of the current financial year, a much more plausible figure and one that implies an impressive full year figure of $5.7bn, some 8% below the budget figure. However the recent rise in oil prices – Brent has spent the last week above $70/B for the first time since 2014 – could yet ra...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018