Opec Keeps Output Steady In June

...jors’ relationship with the Nigerian authorities. As IOCs continue to exit from onshore and shallow blocks, NNPC has declared ‘a state of emergency’ in the industry, pleading for more collaboration to bring output to 2mn b/d – something that hasn’t been achieved since 2014. VENEZUELA EYES 90...

Egypt’s New Petroleum & Electricity Ministers Face Mounting In-Tray Challenges

...thority and the Shipbuilding Company in Ismailia and Port Said. He has also served in several leadership roles, including as Chairman of the Cairo Airport Company (2013-2014), the Holding Company for Airports and Air Navigation (2014-2016), and the Cairo Glass Manufacturing Company (since 2016). EC...

Israel’s Leviathan: FID For 1.4bn Cfd Expansion, But FLNG Plans Stall

...own) and its then partners at the Tamar field came close to an agreement with a Korean consortium to secure an FLNG for Tamar expansion. A year later a deal to sell 25% of Leviathan to Australia’s Woodside also fell through – the deal had targeted FLNG for the field’s development (MEES, 23 May 2014...

Questions Over Australia’s LNG Future Open Opportunity For Qatar

...June). These alone added to current supplies would propel Qatar above Australia’s 2022 volumes. Should Australian supplies fail to return to 2021’s record levels, then Qatar could be challenging for the No.1 position in China in the second half of the decade for the first time since 2014. Qa...

Iraq Posts Record Revenues Amid Fast-Changing Market

...spite oil prices this year still not quite setting new records underlines the extent to which Iraq managed to increase output capacity since the previous high-price cycle ended in 2014.   Iraq crude oil production averaged 3.33mn b/d in 2014, and even with Opec+ cuts remaining in force up until th...

Shell Completes The Set For Qatar’s NFE Expansion

....2%.   With prices soaring, Qatari export revenues are booming and the latest government figures show a $500mn jump in May to $12.44bn – the highest figure since March 2014’s $12.46bn (see chart). Revenues are fast closing in on that figure and on January 2014’s $12.58bn, which is the highest monthly fi...

QP, Exxon Ramp Up Barzan Gas Output

...tended to start up in the first half of 2014 (MEES, 12 October 2012), but a litany of delays pushed this back by a full six years. ExxonMobil only confirmed earlier this year that the $10.3bn project had finally started up in 2020 (MEES, 2 April). QP has now fleshed out the details somewhat in the pr...

Iraq’s Minister Of Oil Parliament Questioning Session Underscores Energy Sector Challenges

...re “close to accuracy” – and added that the ministry had “observations” on Kogas’ performance. Kogas declared force majeure on the field in 2014 as Islamic State overran the area, but after the area was retaken Baghdad became frustrated with the Korean firm’s continued security concerns and sought to br...

Saudi-Kuwait Neutral Zone Back Online

...Saudi Arabia and Kuwait have brought production at their Partitioned Neutral Zone (PNZ) back online after a one-month hiatus (MEES, 22 May). There is now production from both onshore and offshore fields for the first time since October 2014 (MEES, 24 October 2014). After production wa...

US Output Bottoms Out As Exports Target China

...e result of the kingdom’s decision to hike output to record levels in April, saw arrivals in the US average 1.5mn b/d for the five weeks to 19 June – substantially higher than any monthly figure since 2014 – before dipping to 826,000 b/d for the week ending 26 June (see chart). ARMADA RECEDES: US...

Italy Crude Imports: Record Saudi Volumes, Overall Collapse

...2,000 b/d the highest monthly figure since 2014. Given the collapse in overall volumes, this was also enough to see Saudi surge past the top three 2019 suppliers Iraq, Russia and Azerbaijan (MEES, 6 March) to take the top supplier spot for the first time in at least six years. Iraq volumes slumped to 10...

Egypt’s Economy & Energy Sector Reel From Covid-19

...w for April (see chart, p7).  With the power sector accounting for 55% of Egypt’s gas consumption, and industrial activity also down, it is no surprise that overall gas use is also at the lowest level since 2016 (see chart 3). From a chronic gas shortage for 2014-17, Egypt rapidly switched to...

Saudi Arabia Oil & Gas Rig Count*: Gas Drilling Slashed In June, Rigs Down 10 To 41, Lowest Since October 2014. Oil Rigs See Minimal Rebound, Up One To 54

Baghdad-Erbil Oil Sharing Dispute Heats Up

...$13.4bn to the KRG. Kurdish crude tends to sell at an $8/B discount to Iraq crude export price, so at a $54.50/B selling price (the year-to-date average) 250,000 b/d works out to $5bn over 2019.  The initial agreement to hand over Kurdish crude in return for revenues was struck in late 2014 wh...

‘Working 25/7’: Libya’s Oil Chief Sanalla Sits Down With MEES

...ofessed neutrality. A: The position of NOC is very clear. Since the division of the country in 2014 our focus has been solely on sustaining production. This is our vision, our strategy. We are not assigning any blame to any party in this conflict. The NOC is neutral and non-partisan. Our goal and mi...

UEG Shuffles Kec Yemen Assets

...ergy said it completed the transaction “to sell entire shares of Kuwait Energy Yemen Limited for a cash considering of US$1.” Blocks 5 and 43 in Yemen produced a combined 4,720 b/d in 2013 and 4,460 b/d in 2014 but have been under force majeure since 2015. Kuwait Energy produced 28,000 b/d net in 20...

Iraq Oil Revenues Soar But Stretched Southern Export Capacity Caps Gains

...port revenues – the first time since August 2014 that Iraq has recorded back-to-back months in excess of $7bn. MEES estimates that if export volumes and prices remain stable throughout 2018, Iraq’s annual earnings will be close to 2014’s $84.12bn, though still well shy of 2012’s record $94.03bn wh...

Saudi-Kuwait Neutral Zone: Supply Concerns Spur Restart Rumors

...2012, falling to 255,000 b/d in 2013 and just 140,000 in 3Q 2014, the last full quarter of production (see chart). Meanwhile, the PNZ’s onshore portion is managed by a JV of KGOC and Saudi Arabian Chevron. Output here averaged 190,000 b/d in 1Q 2015 before operations were halted that May (ME...

Lebanon’s Recurring Power Nightmare

...cording to the United Nations Development Program (UNDP). The country continued its push for an LNG import tender (MEES, 4 April 2014), but the political crisis beset on the nation from 2014-16 scuttled the effort. Immediate relief from the overpriced Turkish powerships looked the only feasible op...

$11bn Egypt Petchems Project Belatedly Green Lighted

...onomic zone will also likely boost Suez Canal revenues, which in 2017 amounted to $5.28bn, second only to the record $5.47bn  in 2014 (MEES, 19 January). The Tahrir project will be part financed by a $5.4bn debt package. Carbon Holdings says it is “at an advanced stage of securing financing” from ex...