Tunisia Looks To The Sun To Cut Dependence On Algerian Gas

...ongside seven straight years of falling output since the 2010 peak of 310mn cfd. Initially this fall was due to instability and bureaucratic inertia in the wake of the country’s 2011 revolution, with the slump in oil prices since late 2014 providing a second blow to investment as IOCs slashed capex (MEES, 23...

Iran’s Banking Sector: Dark Days Loom

...sperately trying to repair their books after offering deposit rates as high as 22% back in 2014 before the oil price crashed later that year. (A substantial premium over inflation which was around 15%.) Oil revenue collapsed from $57.3bn in 2014 to $27.3bn in 2015. But the real damage was done after the ti...

Sama Net Foreign Assets ($Bn)

...SAUDI FOREIGN RESERVES ROSE ABOVE $500BN FOR FIRST TIME IN A YEAR AT END OF APRIL...   ...WITH THE RECENT REBOUND COMING AS PRiCES FOR ARAB LIGHT HIT $69/B, the HIGHEST SINCE 2014 SOURCE: SAMA, MEES....

Suez Canal Revenues Rise To $479mn In April, Highest Since 2014, As Gross Tonnage Hits Record 86.3mn

Tunisia Output Collapses: Southern Fields Shut In, No End In Sight To Protests

...in the wake of Tunisia's 2011 uprising. The lack of perceived benefits to locals from oil and gas output has been a recurrent theme. The Nawara project, previously known as the ‘South Tunisia Gas Project’ gave rise to protests in the south of the country even before it was sanctioned in 2014...

Qatar: Oil & Gas Revenues Edge Up But Hit By Ratings Downgrade

...phtha exports surged to a record high in Q1, while Jet-Kero exports hit their highest level since Q2 2014 and Qatar exported diesel for the first time since January 2015. All this happened despite major problems at the 140,000 b/d capacity Pearl gas-to-liquids (GTL) plant which saw operator Shell run it at...

Gulf Opec Maintains Asia Volumes But Loses Market Share

...r the first four months of 2017, down from 48.0% a year earlier and over 52% for 2013 and 2014. Opec’s core Gulf members are increasingly coming up against an upstart newcomer in the lucrative Asian markets – the US. The growing volumes of US liquids turning up in Asia are indicative of the on...

Iraq Oil Takings Up

...Iraqi crude export revenues totaled $4.66bn in May, the sixth successive month in which they exceeded $4.5bn. This is the first time Federal Iraq has achieved this since December 2014 as the collapse in oil prices since mid-2014 has offset a 35% increase in export volumes. But it looks as if th...

Egypt’s Med Gas Output Collapse: Can Even Zohr Make Up The Losses?

...tes ranging from 14% to an eye-watering 28% last year alone (see table). Collective output of 1.24bn cfd for 2015 (29% of Egypt’s total gas output) is down by 290mn cfd on 2014 and by a massive 765mn cfd (38%) on 2012’s peak 2.00bn cfd output. These four blocks alone account for a full 49% of Egypt’s ov...

Iraqi Monthly Export Revenues Up 50% From February’s Seven-Year-Low But Less Than Half 2014 Levels

Algerian Gas Exports Face Rollercoaster Ride In Core Italian Market

...liveries into Italy during 2013 and 2014 due to weaker demand, by maintaining the same oil-indexed gas price formula, this deal ended in December 2015. This was replaced by another agreement with Eni which this time also involved price formula changes, as well as volume reductions. Sonatrach was long re...

Japanese LNG Imports, January-April 2016: Australia Consolidates Top Spot As Qatar Takings Collapse

...PORTS FROM QATAR FELL TO JUST $242MN IN APRIL, LESS THAN A SIXTH OF JANUARY 2014’S RECORD FIGURE ($MN/MONTH)...

Aramco Looks To Build On Record Output With ‘New Era’ Of Integration

...th 2014 – see p18). With the two new refineries targeting export markets, Saudi net products exports soared by 38% to 635,000 b/d according to the Aramco data, which unlike the Jodi data (500,000 b/d for 2015) appears to include field LPG. The Jodi data show gross 2015 products exports of 1....

International Investors Size Up Ambitious Egypt Wind And Solar Program

...newables program, approved by government in September 2014, specifically aimed at securing outside investment (see chart and table). In a recent assessment report for a proposed 1.8GW solar park at Benban, 650km southeast of Cairo, NREA says that the target includes 2GW for wind energy projects, 2GW fo...

Opec: Fit For Purpose? What Purpose Is That Exactly?

...porters on 2 June ahead of the meeting that the recent price rise “has proven that Opec’s strategy since 2014, which was criticized, has been working well and it seems the trend is towards stabilizing markets.” If the price gains since the Doha meeting hadn’t sufficiently dispelled any notion of an ou...

Anti-Hizbollah Banking Sanctions Tear At Lebanon’s Political Fabric

...chel Sulaiman whose term expired in May 2014. The political stalemate has brought decision making to a standstill, with key economic issues not to mention the legal framework for offshore hydrocarbon exploration left unresolved. At the same time political and economic relations between Lebanon and th...

Aramco Sees Gas As Central To Economic Transformation

...ace within its latest Annual Review. Aramco sees gas as an essential “feedstock for diversified industries” and therefore at the heart of Vision 2030. Saudi Arabia has steadily increased the amount of raw gas processed in recent years, from 11mn cfd in 2013, to 11.3mn cfd in 2014 and 11.6mn cfd la...

Egypt Plans Further Cuts To Subsidy Spending

...ypt’s vulnerabilities might increase further over the next 12 months. EGYPT CUTS SPENDING ON ENERGY SUBSIDIES, BUT BY LESS THAN THE FALL IN OIL PRICES (E£ BN) FINANCIAL YEARS ENDING JUNE. *ACTUAL PRICES TO 2014-15. ‘JANUARY 2016’ AND ‘MAY 2016’ USE AVERAGE PRICES FOR THE FINANCIAL YEAR TO 20...

Egypt Doubles Down On Attempts To Reverse Gas Slump

...ese deepwater blocks were awarded to Egypt’s key gas producers BP and Eni (MEES, 3 October 2014). The new blocks are more or less enclosed by, to the west, the blocks that are set to form part of the BP/Dea West Nile Delta (WND) project, by BG’s key West Delta Deep Marine (WDDM) blocks to the so...

LNG, Private Imports To Bridge The Gas Deficit

...ars under a deal signed in November last year (MEES, 7 November 2014), but Höegh LNG CEO Richard Tyrrell tells the firm’s 28 May Q1 conference call that  “our general feeling is that [Egypt is] looking for long-term solutions.” “I think it is a project that people are really going to pay attention to be...