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Trump Offers Syria ‘Chance At Greatness,’ Pledges To Remove US Sanctions
...000 b/d of oil and suffered massive damage when ‘Islamic State’ fighters targeted its 88mn cfd capacity processing plant (MEES, 29 September 2017). It was subsequently repaired and operated by GPC, but that also begs the question as to whether the current government would be keen to hand it back. PR...
Volume: 68Issue: 20Published at Fri, 16 May 2025 -
Iraq Bidding: Chinese Firms Dominate
...gion’s rebounding oil output (see p5). In the upstream, it operates the Kurdish-controlled Khurmala dome portion of the giant Kirkuk oilfield and between 2014 and 2017 it controversially operated the field’s Avana Dome, and the nearby Bai Hasan field after Kurdish forces moved in claiming to secure th...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Rising Kurdistan Oil Production Gives Iraq Opec Headache
...mmitments (MEES, 10 March 2017). The collapse of Kurdistan production in mid-2023 had been a boon for Baghdad, which swiftly increased its directly-controlled crude exports from the south to boost revenues but has been slow to cut again as northern output has returned. An agreement was struck with Erbil in Ap...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
QatarEnergy Boosts ExxonMobil East Med Collaboration With Egypt Farm-In
...up in breaking off relations – returning $7bn in loans and throwing Al Jazeera journalists in jail, among other measures (MEES, 8 July 2018). Egypt was more than happy to jump on the bandwagon of the Saudi-led embargo of Qatar from 2017 which finally came to an end in January 2021 (MEES, 8 Ja...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Kuwait’s Emir Suspends Parliament;Can He Quell Tumultuous Divisions?
...ss a crucial debt law since 2017 due to opposition by MPs, these onerous spending commitments saw Kuwait rack up some $108bn in cumulative deficits over 2014-2022 (see chart 2). A 2024-2027 government program published earlier this year envisages a further surging of deficits to a colossal total of KD...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
UAE-Oman Relations: Brotherly Love Or Sibling Rivalry?
...licy. Muscat has generally followed a regional foreign policy guided by mediation and diplomatic engagement. Meanwhile, Abu Dhabi has been keen to flex its military and economic strength, most recently in Sudan (MEES, 3 May). When the UAE joined Saudi Arabia and Bahrain in its blockade of Qatar in 2017...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Kurdistan’s Khor Mor Gas Expansion Back On Track
...8mn), up from $59mn in the same period last year (see chart 2). This is by far the biggest figure since 2Q 2017’s $707mn, following which an agreement was reached with the KRG in August 2021 to write them off in return for a cash payment and the licenses to two additional exploration blocks (MEES, 1 Se...
Volume: 66Issue: 20Published at Fri, 19 May 2023 -
Mauritania Gas Development Gets European Supply Crunch Boost, But Exploration Canned
...e north is set to be relinquished on the expiry of its current exploration period at the end of next month. At least BP drilled an exploration well on C-12, 2017’s Lamantin-1 which unsuccessfully targeted oil. This is more than ExxonMobil did on its three ultra-deepwater blocks – C-14, C-17 an...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Libya Sees Smuggling Surge As Oil Prices Rise
...werbrokers. Naturally, the practice puts a huge strain on state coffers and means Libya is effectively paying hundreds of millions each year to smugglers to enrich themselves. Between 2017 and 2021 Libya spent almost $14bn on fuel subsidies according to figures from the central bank (see chart 2). A su...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Saudi Arabia Surges To $15bn Q1 Surplus
...INS Total revenues in the first quarter amounted to $74.1bn, the highest quarterly figure in ministry data stretching back to 1Q 2017. Within this, oil amounted to $49bn (66%), the highest figure since 3Q 2018’s $49.1bn (see chart 2), as Brent crude averaged $98/B for the quarter. With oil prices co...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Saudi Crude Exports Tumble To Ten-Year Lows Amid Deeper Cuts
...proximately 60% of the liquids burned for power generation and water desalination, with crude oil accounting for approximately 40% (see chart 3). This is broadly in line with recent trends, with fuel oil having accounted for more than 50% on an annual basis since 2017. 1: SAUDI CRUDE EXPORTS FELL TO TH...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Adnoc Prepares To IPO Fertilizer & Drilling JVs
...19). When it comes to IPOs, Adnoc has prior experience. It initially floated 10% of its retail arm, Adnoc Distribution, in December 2017, raising $851mn (MEES, 16 February 2018), and followed this up last year with a further 10%-placement which raised $1bn (MEES, 18 September 2020). 20% of Adnoc Di...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...thout petchems). Refining profits more than halved to €124mn as per barrel margins at the firm’s two refineries – 250,000 b/d San Roque in Cadiz and 220,000 b/d Huelva – fell from $7.5/B in 2017 to $4.3/B in 2019. As with other oil companies, IOCs, NOCs, upstream-focused and integrated alike, this ye...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Delek Asset Fire Sale
...nglomerate, Delek has sought since 2017 to “become a leading E&P pure play.” The firm’s “core” upstream assets are 55% of Delek Drilling which in turn is US operator Noble’s key partner at both of Israel’s key gas developments, Leviathan (45.34%) and Tamar (22% – see p3) and 100% of UK North Sea producer It...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Saudi Nuclear Plan: Slow Progress, But Expanded Scope Eyed
...tential increase in scope is envisaged. The energy ministry’s original announcement of the two-reactor plant said capacity would be 2.8GW (MEES, 28 July 2017). The two-reactor plant is expected to be built at one of two Gulf coast sites either side of the Qatar peninsula: Umm Huwayd to the northwest an...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Saudi Reverts To Austerity To Shore Up Government Finances
...llowing urging from the IMF – to adopt a more expansionary economic strategy in late 2017 (MEES, 22 December 2017). The government pushed plans to balance the budget back from 2020 to 2023 as it sought to invigorate the private sector through fiscal stimulus. Large budget deficits were therefore ma...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Egypt Gets Much-Needed IMF Cash
...URCE: ECB, IMF, MEES. EGYPT: PRICES AT THE PUMP RESERVES SLUMP Egypt’s net international reserves fell to $37.0bn at the end of April, the lowest end-monthly figure since November 2017 when reserves were on the opposite trajectory with the influx of IMF cash. Reserves rose to...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Egypt Lines Up Ammonia Project
...ll provide feedstock for a 350,000 t/y ammonium nitrate plant that EHC started up at Ain Sukhna in 2017. Tecnimont says the project will take 36 months from the contract effective date, which “will be triggered by financial closing of the project.” Tecnimont says EHC is negotiating with Italy’s Sace an...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Egypt: Record Gas Output, Exports At Seven-Year High
...early 2012 to just 38% (1.68bn cfd) by early 2017. Output has since rebounded to 3.94bn cfd for Q1 (60% of Egypt’s total output), with the Q1 2012 record of 4.36bn cfd likely to be topped later this year (see chart). Gas output from the Western Desert, long the country’s second key production ar...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
OMV, Repsol Bank On Libya To Hit Optimistic Output Targets
...llowing a series of attacks late last year, only restarting in early March (MEES, 8 March). The facilities again came under rocket fire on 29 April, whilst output was previously shut in due to rocket attacks last July (MEES, 3 August 2018), and before that for more than two years to early 2017. So on...
Volume: 62Issue: 20Published at Fri, 17 May 2019