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Egypt & Eni Plan $1bn-Plus Zohr ‘Phase-3’ To Facilitate Cyprus Tie-Backs
...nds. The fate of Egypt’s gas output has gone hand in hand with the country’s largest producer Zohr since the Eni-operated field’s late 2017 start-up. Zohr output initially soared to peak at 2.96bn cfd for 1Q 2021 but had slumped to 1.5bn cfd by early this year following water breakthrough issues that be...
Volume: 68Issue: 17Published at Fri, 25 Apr 2025 -
Iran Dreams Of Future Upstream Boom, Eying IOC Return Should US Deal Be Reached
...ich signed up to the giant South Pars gas field’s Phase 11 project (MEES, 23 July 2017). Tehran failed to capitalize on the interest, electing for lengthy negotiations, qualification processes and unrealistic ‘technology transfer’ demands, and ultimately lost investor confidence (MEES, 22 December 2017...
Volume: 68Issue: 17Published at Fri, 25 Apr 2025 -
Saudi Slashes Jan-Feb Oil Burn; Can It Maintain The Progress?
...at fuel oil shipments to Saudi facilities (including seaborne domestic transfers) have started the year at multi-year lows (see chart 4). The Q1 average of 240,000 b/d was the lowest three-month average in Kpler data stretching back to 2017. This marked a significant drop from 318,000 b/d one ye...
Volume: 68Issue: 17Published at Fri, 25 Apr 2025 -
TotalEnergies Takes FID On 1mn t/y ‘Low-Carbon’ Oman LNG Bunkering Hub
...ctor in recent years. Output has risen every year for nearly a decade reaching an all-time high of 52bcm last year, and with growth attracting increased investment from international energy majors, the upwards trajectory looks set to continue. Driven by BP’s 2017 start-up of the massive 1.5bn cfd Kh...
Volume: 67Issue: 17Published at Fri, 26 Apr 2024 -
Middle East Replaces Displaced Russian Distillates In Europe
...rrels. Exports to Europe, including via Egypt’s Sidi Kerir storage hub, jumped by nearly 100,000 b/d to 772,000 b/d for Q1 according to data intelligence firm Kpler. This was the highest figure in Kpler data going back to 2017 and accounted for 46% of total Gulf middle distillate exports of 1....
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
ExxonMobil Quits Iraqi Kurdistan
...cked up five licenses in 2017 and a 60% stake in the region’s crude oil export pipeline to Turkey (MEES, 10 November 2017) – but there are growing questions over the ability of the Russian firms to operate smoothly after being hit by fresh sanctions in the fallout from the Ukraine invasion. As for Ex...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Mideast Distillate Exports Drop Amid Global Shortfall
...ower pace than envisioned by the IMF in January (MEES, 22 April) – and demand therefore rising, distillate crack spreads have widened dramatically. Inventories have been declining since mid-2021 “and are currently at their lowest level since at least 2017,” according to a 12 April note by consultancy FG...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
BP’s Raven: Delayed Start Hikes Egypt Gas To New Highs
...en BP approved development back in March 2015 (MEES, 13 March 2015). The three phases of the project were supposed to provide a collective output boost of 1.5bn cfd. But decline at the first two phases – Phase-1, the Libra and Taurus fields, which came online at the end of Q1 2017 (MEES, 12 May 2017...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Saudi Arabia’s Vision 2030: Five Years On
...ince in 2017. When Vision 2030 was launched five years ago it seemed highly unlikely that it would succeed in all of its highly ambitious goals. But to observers it was clear that Saudi Arabia’s economy needed to be shaken up and that setting out such ambitious targets was no bad thing, even if th...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Baghdad-KRG Talks Raise Prospect Of Gas Development Deal
...northern provinces of Kirkuk, Salahuddin, Nineveh, Diyala and potentially further south. But politics – such as the fallout from the KRG’s contentious September 2017 independence referendum (MEES, 29 September 2017) – has always intervened. Still, energy-sector cooperation has continued de...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Services Firms Eye Mena Resilience Amid US Shale Collapse: Is This Realistic?
...quentially. Schlumberger is the most regionally diversified of the three firms. Q1 was the second straight quarter that ‘Mideast & Asia’ revenue has been ahead of that for North America – the first occasion this has been the case since 1H 2017 (see chart). The Mideast & Asia share of overall Schlumberger re...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Israel Orders Noble & Delek To Play Fair
...ecial purpose vehicle set-up to sell off those interests, which itself has 16.75% (MEES, 30 June 2017). By delaying the sale of its stakes it has managed to retain its veto rights and ensure Leviathan, where it will keep 45.34%, has been hitherto able to usurp Tamar in gas sales negotiations. Karish is...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
UAE, Egypt Lead Mena Renewables Expansion
...rdan took its total wind capacity to 374MW at the end of 2019 with completion of the 89MW Fujeij wind farm 150km south of Amman (MEES, 20 January 2017). EBRD’s $1.7bn investment in Jordan since 2012 means it can now generate 10-15% of electricity from locally-developed renewables capacity (MEES, 28 Fe...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...ditional $32bn from its foreign reserves. Foreign reserves exited 2019 at $500bn, up slightly on 2017 and 2018 levels. The kingdom was already planning to run a massive $49.9bn budget deficit in 2020, the highest deficit since 2017, as it seeks to stimulate private-sector economic activity (MEES, 13 De...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Kuwait Economy: Turbulent Times
...Kuwait’s economy is set to contract for the first time since 2017 as its core oil-sector is ravaged by the impact of the Covid-19 pandemic on the global economy. Kuwait’s economy was already slowing prior to the onset of the pandemic, as a weak global oil sector weighed heavily. Preliminary go...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Algeria: Sonatrach Boss Falls Victim To Politics
...months over an alleged role in a corruption scandal involving the now-dissolved Brown & Root-Condor JV (KBR and Sonatrach) which he headed (MEES, 20 August 2007). He was brought back from the dead in 2017 and took over from Amine Mazouzi as CEO of Sonatrach (MEES, 21 April 2017), with Al...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Abu Dhabi’s Taqa: Upstream Down Despite Price Recovery, Power Steady
...t losses from 2013 onwards forced the company to rethink its finances. In 2018 Taqa reported a net profit of AD398mn ($108mn), an increase of 145% from the $44mn reported in 2017. This return to profit came after a four-year period of net losses which cumulated in a 2015 deficit of AD19bn ($5....
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Aramco Buys Shell’s Sasref Stake In Push To Increase Downstream Control
...tiva JV, following which the Saudi firm assumed complete control of the 600,000 b/d Port Arthur refinery (MEES, 10 March 2017). The bond will help fund Aramco’s $69.1bn purchase of the 70% of state-led conglomerate Sabic currently held by sovereign wealth fund PIF (MEES, 5 April). Although Ar...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Sudan Secures Gulf Aid
...though the US lifted some trade and economic sanctions on Sudan in October 2017, it remained on Washington’s list of sponsors of terrorism (MEES, 13 October 2017). Mr Burhan says a Sudanese delegation could travel to the US this month to discuss the removal of Sudan from this list, although while the mi...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Syria To Lease Tartous Port To Russia
...Damascus is set to lease Tartous seaport on the Mediterranean to Russia for 49 years, Russia’s deputy prime minister said following a meeting with Syrian President Bashar al-Assad, Russia’s TASS reported this week. The 49-year lease for “economic uses” follows a 2017 deal that saw Moscow ba...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019