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Kurdistan Producers Bullish on Field Plans After KRG Payments
...cent record-setting production figures, output has remained below that of the nearby Atrush block (Taqa 47.4%op, Shamaran 27.6%, KRG 25%). Atrush is one of the newest producing fields in Kurdistan, having only started up in 2017, but updates from Canadian minnow Shamaran show that production from the bl...
Volume: 63Issue: 21Published at Fri, 26 Mar 2021 -
KRG Oil Sector Risks Unwinding In 2020
...evitable (see box, p3). The current situation is the most perilous the KRG has faced since Baghdad reclaimed swathes of territory in the aftermath of the ill fated September 2017 referendum on independence (MEES, 29 September 2017). Oil prices have crashed so far that revenues now fall well short of th...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Low Cost Qatar Targets Counter Cyclical Investment
...cess cargoes, prices there are just as weak (MEES, 1 November 2019), and as a result export revenues had plunged to their lowest level since 2017 (MEES, 1 May). Cutting volumes below Qatar’s 77mn t/y capacity could provide a price-boost, but QP doesn’t intend to provide a helping hand to rival pr...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Eni Offshore Egypt: Two Steps Forward, One Step Back
...gust has been exacerbated by the effect of Covid-19. March saw just 3.00bn cfd burnt in power generation, a three-year low. Overall Egyptian gas demand remained flat quarter-on-quarter at 5.65bn cfd but down 8% on Q3 2019’s peak 6.17bn cfd (see chart 3). Up until 2017, the majority of Eni’s Egypt ga...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Saudi Prioritizes Core Markets As Crude Exports Drop
...ich is actually down from around 1.9mn b/d in April. Volumes shipped to No.2 buyer Japan have soared in early May. They are now running China relatively close at more than 1.5mn b/d. The most that Japan has ever imported from Saudi Arabia over the course of a month was 1.44mn b/d in February 2017...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Saudi Gasoline, Jet-Kero Consumption Slumps In Lockdown
...ril and May. The lowest figure in Jodi’s records is 246,000 b/d from January 2002. Saudi gasoline consumption had been falling previously anyway. Having peaked at 599,000 b/d for 2017, price increases in 2018 as part of watered-down measures to ease subsidies resulted in two consecutive annual de...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Asian LNG Pricing: Term Premium Set To Collapse
...e set to finally slump in June, and then further in July and August as lower oil prices fully work themselves through into LNG contracts. *Japan and Korea, long the two largest LNG importers (Japan remains global number 1, Korea was overtaken by China in 2017) are the two with the highest le...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Algeria’s Revised 2020 Budget: More Questions Than Answers
...rex reserves which had already fallen to $60bn by the end of March, just 30% of their level six years earlier (MEES, 1 May). President Abdelmadjid Tebboune has ruled out both foreign debt and the country’s previous ruse of printing money (MEES, 13 October 2017) as a way of financing the fiscal de...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
BP: New North Africa Chief
...me online in March 2017. Together with a 10% stake in Eni’s giant Zohr field (see p6) WND helped boost BP’s net Egypt gas output to a record 952mn cfd for 2019. The North Africa total was 1.14bn cfd including 86mn cfd from Algeria. Oil output was 49,000 b/d (34,000 b/d Egypt, 15,000 b/d Algeria). Bu...
Volume: 63Issue: 21Published at Fri, 22 May 2020