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Iran Mourns Raisi & Abdollahian As Succession Speculation Mounts
...preme Leader, only the second in the Islamic Republic’s history after its founder Ayatollah Ruhollah Khomeini (1979-89) is rumored to be ill. He was treated for cancer in 2014. In recent years, he has grown weary of what he and others see as Western plans for regime change, increasingly throwing his we...
Volume: 67Issue: 21Published at Fri, 24 May 2024 -
Iraq: China’s Jereh Inks Mansuriya Contract
...e firm’s exit amidst the Islamic State’s rise in 2014. A subsequent award to Sinopec in 2021 also failed over similar disagreements. The contract comes as Chinese firms are further expanding their footprint in the country (see p2). ...
Volume: 67Issue: 21Published at Fri, 24 May 2024 -
Oman Achieves $1.17bn Surplus for Q1
...ffers to pay down debt.” 2022’s annual surplus of $2.98bn saw Oman end the run of 13 consecutive deficits stretching back to 2009 (MEES, 23 December 2022). The consecutive budget deficits meant debt levels have ballooned in recent years, especially after the 2014 oil price crash. Debt surged from 4....
Volume: 66Issue: 21Published at Fri, 26 May 2023 -
Iraq’s Summer Power Provision Hangs On Emergency Financing Law
...at her ministry is drawing up a 2022 budget. But it is not clear how that will pass when the government is powerless constitutionally and parliament is in no position to enact one on its own. Iraq has failed to pass budgets before in recent years. This occurred in 2014 as oil prices collapsed and la...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
Saudi Reaps Rewards Of Oil Price Boom
...a whole. The surge in oil prices following the Russian invasion of Ukraine in late February has caused Saudi monthly oil export revenues to jump above $30bn for the first time since 2014. The kingdom’s flagship Arab Light crude grade averaged $113/B in March amid the fallout from the conflict, pu...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
Oman’s Finances Surge To Largest Surplus In Eight Years
...Oman recorded a $923mn budget surplus for Q1 2022, the largest surplus since 1Q 2014. Oil exporters around the region are notching up multi-year high budget surpluses, but the move into the black is especially notable for Oman which was struggling to achieve budget surpluses even in the pr...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
Shell Egypt Slump Opens The Door For Chevron
...ft Shell-predecessor BG unable to meet its export commitments from the 7.2mn t/y ELNG export terminal which adjoins the WDDM processing facilities at Idku (MEES, 7 February 2014). Even the addition of UK major BP’s West Nile Delta (WND) project from 2017 wasn’t enough to reboot LNG exports. This pr...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Adnoc-CNPC JV Awards EPC Contract For Offshore Block Development
...rku Island.” Adnoc Upstream Executive Director Yaser Saeed Almazrouei says “we are very pleased to commence the full field development of the Belbazem Offshore Block, together with our strategic partner CNPC.” AL YASAT’S GROWTH Al Yasat was established in 2014 and has two co...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Russia’s Gazprom Seeks North Africa Expansion
...sin known as ‘Area 64’ (see map). ALGERIA PLANS In neighboring Algeria, Gazprom says it plans to make a decision in 2021 on the “commercial attractiveness” of its 2010 Rhourde Sayah (RSH) and 2014 Rhourde Sayah North (RSHN) discoveries on the El Assel license (236b). The two fields ar...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Mena Renewables Projects Tap Chinese Funding
...tensibly multilateral identity, the Silk Road Fund is intimately linked to President Xi Jinping’s flagship Belt & Road Initiative which is intended to promote Chinese investment, and with it influence, across a swathe of the planet, including the Gulf region. Founded in December 2014, Silk Road Fund cash co...
Volume: 62Issue: 21Published at Fri, 22 May 2020 -
Neutral Zone Set To Close Again
...It was a brief run, but having started producing in February for the first time since 2014 the Khafji field is once again being shut-in. Located in the Neutral Zone (PNZ) where output is split 50:50 between Saudi Arabia and Kuwait, an agreement reached in late 2019 saw output restart, with th...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Tunisia Struggles To Halt Oil And Gas Decline
...ble). In theory an FPSO development here was slated to produce 15,000 b/d. In practice development was already long-stalled when Medco bought the assets for $128mn in 2014 (MEES, 29 August 2014). Medco says nothing on a buyer or price. But for sure the firm is making a hefty loss. The firm’s freshly-re...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Algeria’s Export Revenue Buffeted By US Shale Hurricane
...trade present an additional challenge for Algeria at this critical juncture. OIL OUTPUT DOWN Algeria’s oil output (crude plus condensate) has fallen every year since 2014 to just 1.515mn b/d (1.041mn b/d crude, 474,000 b/d condensate) for 2018, the lowest since 2003 (see chart). Pr...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Sipchem/Sahara Complete Merger
...mpanies first announced a plan to merge in December 2013, but shelved it after the 2014 collapse in crude oil prices undermined their business outlook (MEES, 26 August 2016). ...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
The Dragon Rises In The Middle East
...stream sector (MEES, 23 March). Conversely, China’s dependence on the Middle East for more than 40% of its oil imports (though this is down from 52% for 2014), means that the region is strategically crucial for Beijing. Having Chinese firms participating in the production of these imported volumes af...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Kuwait Energy: Could Stretched Finances Force Firm From Key Iraq Asset?
...The 2014 discovery of the 1.13bn barrel Faihaa field by Kuwait Energy was the biggest exploration success of Iraq’s post-2009 upstream opening. But plans to develop the field to 250,000 b/d by the mid-2020s are threatened by an onerous debt burden. Iraq has been the great success st...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Iraq Pursues Crude Capacity Gains As Revenues Rise
...20-2022. Mr Tealdi trumpeted Eni’s successes in boosting drilling efficiency. Last year saw 26 wells drilled using four rigs, against 21 in 2014 with 12 drilling rigs. It is targeting 32 new wells this year while maintaining just four rigs. Overall, there are currently 150 producing wells at Zubair, an...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Libya Oil Output Set For Three Year High
...mbles on. As of 25 May, Libya’s average crude production for the month was about 770,000 b/d, surpassing every monthly average since October 2014 when output averaged 860,000 b/d. It is also a hike of more than a third on April output, when a shutdown at the Repsol-operated Sharara fields caused av...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Egypt’s Gasoline Imports Rising, But Key Hydrocracker Start-up Put Back To 2018
...t diesel imports appear to have settled around the 150,000 b/d mark on an annual basis in 2015-16 after a sharp rise from 2014, and the Q1 2017 net imports of 146,000 b/d are only slightly higher than the 140,000 b/d for Q1 2016. Quarterly data for net diesel imports appeared to have flattened out ye...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Opec Output Cuts Extended But Market Relevance Wanes
...b17 Jan17 Dec16 2016 2015 2014 S Arabia* 9.98 -0....
Volume: 60Issue: 21Published at Fri, 26 May 2017