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Aramco Supplies US With Carbon-Offset Crude
...ble). The emissions were derived from a baseline assessment of operations between October 2022 and September 2023. The process was independently verified by London-headquartered LRQA. Aramco says that the offsetting is in accordance with PAS 2060:2014, which states that offsets compensate for gr...
Volume: 67Issue: 22Published at Fri, 31 May 2024 -
Iraq Unveils Optimistic Production Capacity Targets
...e planned production targets (PPT) at key fields were being revised down. For instance Iraq’s biggest field – the 1.45mn b/d capacity Rumaila (BECL: BP 47.63%, CNPC 46.37%, Somo 5%) – has had its PPT revised down from 2.85mn b/d to 2.1mn b/d in 2014 and then down to just 1.7mn b/d last year (ME...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Tight LNG Market Drives $2bn Revenue Boost For Qatar
...ices work their way through the system. Already, April revenues were the highest since March 2014’s $12.46bn and were among the highest monthly figures ever (see chart 1). Hydrocarbon revenues of $10.5bn accounted for 88% of the April total, significantly above the 2021 average of 84%. High re...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Saudi Foreign Reserves Edge Up Over April
...art). *Nevertheless, sizeable increases are on the cards, with Minister of Finance Muhammad al-Jadaan telling the Financial Times last month that surplus oil revenues will be used to replenish reserves. *After peaking at $737bn in August 2014, foreign reserves tumbled when oil prices crashed in th...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Eni In Algeria: Looking For Growth
...Eni’s net Algeria output has steadily fallen since a peak in 2014, but recent moves by the Italian major look set to reverse this trend. The potential acquisition of sizeable BP assets would nearly double Eni’s net Algeria gas output. As many international oil companies have shunned Al...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Libya’s Oil Revenues Surge
...nthly numbers of Libya’s crude oil production have been pretty much non-existent for the past six years. But with the arrival of a new unity government in March, which includes an oil minister for the first time since 2014, Libya has begun to submit monthly production stats to Opec. Official figures pu...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Western Zagros Gets Green Light To Develop Kurdistan’s ‘Crown Jewels’
...rdamir partners had for years been seeking to secure approval from the KRG’s Ministry of Natural Resources (MNR) for a Kurdamir FDP, but progress proved frustratingly slow as the regional government struggled to deal with a series of crises. First came the advance of the so-called Islamic State in 2014, fo...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Iraq Targets 22GW Peak Supply This Summer
...rporation (CMEC) is now nearing completion. CMEC restarted work on the site in mid-2018 after leaving the project when large swaths of the country’s western and northern provinces fell to ISIS in 2014. On 17 May, the first 630MW unit was inaugurated, with the second 630MW unit due to enter service by Ju...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Energy Investment: Oil And Gas Bear The Brunt Of Unprecedented Cuts
...vestment, the sharp drop-off in investment could have profound ramifications down the line. Since the crisis struck, IOCs have sought to emphasize that they are in much better shape to handle this downturn than the previous oil price fall in 2014. That fall led to significant belt-tightening and ef...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Saudi Arabia Looks To Expand Iraq Footprint
...ntract, does not make sense” – adding that the Saudi media could have possibly misinterpreted the comments made my Mr Allawi. Nonetheless, Akkas remains a major bone of contention. Iraq’s oil ministry continues to urge Kogas to return to the field, where the Koreans declared force majeure in 2014 as Is...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Oil Investment Collapse Risks Future Shortfall-IEA
...pes out the modest increases in spending since the 2016 nadir, it leaves expected 2020 spending at a mere 42% of 2014’s peak outlay. And this is in nominal terms – in real terms the fall is much larger. *Unlike the 2015-16 spending slump, when the effect of capex cuts was mitigated by falling up...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Libya’s North Hamada: Development At Last?
...ree wells in 2014 which were all successful, leading the government to declare second commerciality for structures B, C and J. By this time, Nafusah Oil Operations was set up consisting of Medco (25%op), LIA (25%) and NOC (50%) to handle development. Development plans are based on 2P reserves of 245mn ba...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Algeria’s Touat: June Start Up, July Plateau
...mainder of 2019. The Karam field, where output began in late 2014, is the key producer on the Western Desert concession. Neptune says drilling of the ‘Karam-10’ development well is ongoing following “positive results” from last year’s Karam-9 well. Shell was the key winner of Western Desert acreage in re...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
China Imports: Saudi Cements Top Spot; Iran At 5-Year High Amid Overall Record
...ivers’. *China imported 787,000 b/d from Iran in April, the highest figure since April 2014 and only just shy of the 800,000 b/d figure indicated by Reuters ship tracking (MEES, 10 May). Reports indicate that Beijing took advantage of massively-discounted Iranian barrels to expand its strategic st...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Gulf Refiners Push 2.7Mn B/D Crude Processing Hike By End-2025
...udi Arabia which will lift the kingdom’s refining capacity to 3.3mn b/d. The refinery was originally due online in 2017 (MEES, 28 February 2014) and its planned late-2019 start up may yet slip into 2020 (MEES, 22 February). However, the project looks more likely to come online this year with Iraq’s pl...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Iraq Power Generation Hits New Heights Despite Stalled KRG Deal
...iginal intention of receiving gas feedstock from the nearby DNO-operated Summail gas field. Gas flows began in May 2014 (MEES, 12 September 2014) but didn’t last long, with DNO halting operations at the field in 2015 and relinquishing the license in 2016. Since the Summail flop, Duhok has been ru...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Jordan’s Nepco: An End To Operating Losses?
...Jordan (MEES, 8 August 2011). Volumes fell from 220mn cfd in 2010 (which nearly met domestic demand) to 78mn cfd the following year forcing Jordan to increasingly import diesel and fuel oil to generate power just as oil prices were exceeding $100/B. By 2014, Nepco was relying on oil products fo...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Bahrain Takes $300mn Oil Revenue Hit From Abu Safah Outage
...oduction edged up to a record 2.08bn cfd in 2017, beating 2015’s previous high of 2.06bn cfd. However, gas re-injection rose 6% to a new high of 600mn cfd, reducing the volumes of sales gas to 1.47bn cfd – below 2014’s 1.50bn cfd record. That gas reinjection levels rose to a new high despite a no...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Egypt Inches Towards Paying Off Receivables Bill
...ll in late 2014 when it halved dues to $3.1bn on the back of borrowed cash (MEES, 5 December 2014). EGPC has pledged to pay off receivables by mid-2019. VICIOUS CIRCLE EGPC can point to the sums it is owed by other ministries as a reason it has fallen so far behind with payments. As of late 20...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Mena Remittances Up 10% In 2017
...Remittances are a crucial lifeline to the region’s cash-strapped oil importing economies. Thanks largely to Cairo’s floatation of the Egyptian Pound in late 2016, Mena remittance inflows topped $56bn in 2017 after having fallen year-on-year since 2014. Egyptian inflows hit $20bn ac...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018