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Korea Crude Imports: UAE Volumes Surge For Q1
...*South Korea, the world’s number four crude importer, took 2.87mn b/d for Q1, up 3% on Q4 2023 but down fractionally year-on-year and well below the record 3mn b/d-plus quarterly levels hit on several occasions over 2017-19 (see chart & table). As such, notwithstanding the Covid-related de...
Volume: 67Issue: 16Published at Fri, 19 Apr 2024 -
Iraq And US Seek To Rebuild Ties Amidst Rising Regional Tensions
...lations between Baghdad and Erbil are at their lowest ebb since the region’s controversial 2017 independence referendum. On the positive side, the disputes between Baghdad and Erbil did not derail the visit. Mr Sudani made sure to include representatives from the Kurdistan Regional Government (KRG) in hi...
Volume: 67Issue: 16Published at Fri, 19 Apr 2024 -
QatarEnergy’s Overseas Strategy Enters Pivotal Phase
...risk, with the majority of exploration wells ultimately coming up short. But by picking up a large, diversified slate of assets across the globe in partnership with highly proficient firms, QatarEnergy has maximized its chances of picking winners. CEO Saad Sherida al-Kaabi told MEES in late 2017...
Volume: 66Issue: 16Published at Fri, 21 Apr 2023 -
Saudi Crude Exports At 22-Month High As Crude Burn Falls
...bruary, the highest since August 2019 whilst fuel oil production rose to 524,000 b/d for the highest since August 2017. This comes as Saudi gradually ramps up throughputs at its 400,000 b/d Jazan Refinery which is currently running at half capacity prior to full operations later this year. However, it is un...
Volume: 65Issue: 16Published at Fri, 22 Apr 2022 -
Egypt Oil Burn Rises As Gas Exports Maxed
...art). Egypt slashed fuel oil burn at its power plants following the end-2017 start-up of the giant Zohr offshore gas field (see p3 and MEES, 15 December 2017) and the 2018 start-up of 14.4GW of CCGT capacity (MEES, 27 July 2018). Fuel oil burn fell to an average of just 35,000 b/d for 2020 and 22...
Volume: 65Issue: 16Published at Fri, 22 Apr 2022 -
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 -
Israel's Leviathan Hits Q1 Output Record As Expansion Plans Move Up The Agenda
...the block area, containing, according to the best assessment, over 2bn barrels of oil and more prospects are under maturation process,” the firm adds. In 2017, Ratio took a 20% stake in Block 47 off Suriname from operator, UK-based firm Tullow, which retains a 50% stake in the acreage. Here, Tu...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Saudi Liquids Burn Falls To Four-Year Lows In Early 2021
...ar at an average of 705,000 b/d (see chart 1 and p18 for full data). Not since 2017, the first full year of operation for the 2.5bn cfd Wasit gas processing plant, has oil burn opened the year at such levels (MEES, 24 March 2017). However, as Saudi Arabia has implemented its 1mn b/d voluntary ad...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
UAE Hydrocarbon Export Revenues Fell By 36% In 2020
...asure and was not that far below the recent low-point of $67.4bn in 2017. 1: THE UAE ECONOMY CONTRACTED FOR THE FIRST TIME IN 11 YEARS IN 2020 (REAL GDP GROWTH, %) ^PRELIMINARY CENTRAL BANK CALCULATION *CENTRAL BANK PROJECTION; SOURCE: UAE CENTRAL BANK, IMF, MEES. 2: UAE OIL & GA...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Iran Eyes Key Project Start-Ups For 2020-21
...d Chinese state firm CNPC in 2017 under a high-profile $4.8bn contract. Phase-11 is meant to add 2bn cfd of gas and 80,000 b/d condensate, with the two firms having intended to achieve first-gas by March 2021 (MEES, 7 July 2017) until the 2018-sanctions derailed the project. Total in particular was br...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Low-Cost Middle East Reserves Aid IOCs In Price Slump
...ayed there since, with Total overtaking Exxon’s output in 2017. As such, while Exxon’s expansion focus has been on the US onshore, it shouldn’t be forgotten that it is still the Mena region’s second largest oil producer. TOTAL: MOST MENA BARRELS, LOWEST PRODUCTION COSTS Total is the Mena re...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Israel’s Oil Sector: Inching Towards Supply Security
...ESUMES OIL DEMAND STEADY AT 2017-19 LEVEL OF 230,000 B/D. SOURCE: NOBLE, DELEK, ENERGEAN, MEES. 3. CRUDE IMPORTS (‘000 B/D): KRG TOP FOR PAST FIVE YEARS, BUT DOWN FROM RECORD 84% IN 2015 AS ISRAEL DIVERSIFIES (‘000 B/D) SOURCE: KPLER. Q4 RUNS DOWN, OUTPUT DOWN Israel’s re...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Saudi Solar Gains Momentum, But Hydrocarbons Still Dominate Project Pipeline
...nstruction contracts for the PP13 and PP14 plants near Riyadh in 2015, while SEC and state petroleum firm Aramco awarded the Fadhili cogeneration project in early 2017, to provide electricity and process heat for the Fadhili gas processing plant, which started up in late 2019. The two solar projects on...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Algeria Inks E&P MoUs
...omising discoveries in Libya until it quit the war-torn country in 2017. The Turkish state firm is also currently causing headaches for Cyprus with its ‘exploration activities’ in the eastern Mediterranean (see p3). ...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
QP Enters Argentina
...forts to transform the company through international expansion. QP CEO Saad al-Kaabi said in 2017 that “we are seriously looking at entering Mexico, and we are looking at some of the South American countries” as well as keeping an eye on African opportunities. The firm is also eying US upstream as...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Israel: Energean Bags More Reserves, But More Needed
...x additional wells. ISRAEL’S OFFSHORE GAS FIELDS & PROSPECTS MORE PROSPECTS? Energean was the key winner of Israel’s 2017 bid round, with five blocks (12, 21, 22, 23, 31: (MEES, 24 November 2017). The firm highlights a number of new prospects with the eventual goal of ra...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Chevron Goes All-In On The Permian
...l sector, but it may well lower the purchase price for any asset sale. And France’s Total, which bagged 12.25% stakes in Anadarko’s two Algeria blocks (208 and 404a) via its 2017 takeover of Maersk, would be the most likely suitor. In sharp contrast to Chevron, Total bigged up the attractiveness of...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
RAK Bags Eni For Offshore Exploration
...January). Long a peripheral part of Eni’s portfolio with oil output of just 40,000 b/d in 2017 all from Iraq, the firm’s entry into two Abu Dhabi offshore concessions last year (MEES, 16 March 2018) bumped this up to a record 67,000 b/d for 2018. With new exploration assets in Abu Dhabi, Oman, Ba...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Saudi Nuclear Plans Fuel Geopolitical Concerns
...SSIA Certainly Russia’s Rosatom has had the most success in nuclear power awards in the Mena region. It has built the region’s first and only operational plant, at Bushehr on Iran’s Gulf coast, and is building two more (MEES, 31 March 2017). Rosatom is also slated to build Egypt’s nuclear project on th...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Saudi Goes West With Gas-To-Power Expansion
...15’s 62.26 GW. But while peak load fell sharply to 60.83GW in 2016, it rose back to 62.12GW in 2017, highlighting the government’s struggles to curb power demand amid a rapidly growing population. Increased gas volumes, in particular of non-associated gas, have done the heavy lifting in re...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019