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India 1h 2020 Crude Imports: A Tale Of Two Quarters
...test provisional data from the country’s Petroleum Planning and Analysis Cell shows imports of just 2.91mn b/d in July, only just above May’s 10-year low of 2.82mn b/d. June was almost 800,000 b/d higher at 3.59mn b/d, though this is still the third lowest figure since 2014 (see chart and p7 for full da...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Egypt: IOC Receivables Edge Lower In 1H 2020
...id off, with Egypt’s Council of Ministers on 19 August approving a settlement of the dispute. No details were given. Egypt’s overall receivables figure peaked at over $6bn in 2014. Key offshore gas producers Eni, BP and Shell have not reported receivables figures since 2016 – though Eni’s 1H re...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Saudi Electricity Borrows $2.4bn
...d capex funding. SEC’s biggest year for lending from the financial market was 2016, when it raised $5.13bn, although its largest deal was a $13.2bn Ministry of Finance ‘soft loan’ in 2014 (see table and MEES, 26 January 2018). SEC’s need for capex will likely be reduced by its decision to pursue in...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Kuwait Upstream Chief Pledges Ambitious Investment To Boost Capacity
...pacity at 1.7mn b/d with a technical service agreement (TSA) in 2014, which was subsequently upgraded to an enhanced technical service agreement (ETSA) in 2016 (MEES, 15 July 2016). GAS: STEADY GAINS PLANNED When it comes to gas, KOC’s plans are at least more clear-cut. Mr Sultan says “we...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Saudi Bags Growing Share Of Key Chinese Market
...November 2018). China’s overall crude exports have risen 9.7% to 9.85mn b/d for the first seven months of 2019, but the Saudi gains are such that its market share has leapt from 11.7% for the first seven months of 2018 to 15.7% for Jan-July 2019. The latter is the highest share since 2014 when ov...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Israel-Jordan Gas Deal Details See Light
...is deal was set at $4.79/mn BTU, substantially below the Leviathan-Nepco deal. A late 2014 antitrust ruling that Noble and Delek were operating as a monopoly offshore Israel left the country’ upstream in stasis until a gas outline compromise deal was reach in May 2016 (MEES, 27 May 2016). As part of...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Bahrain’s Oil Sector Optimism Spreads To Powergen
...hrain’s largest plant with 1.25GW capacity. Bahrain’s power plants run almost entirely on gas, with gas burn for power generation amounting to 5.38bcm in 2018, down from a record 5.62bcm in 2014 that was almost matched in 2017 (see chart). Although Bahrain’s domestic gas production of around 2.1bn cf...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Kurdistan Oil Sector Outperforming Expectations in 2018
...likely, but the 10,000 b/d production facilities are relatively close to a light oil discovery by Total and US firm Marathon that lies within the same current block (Block 11). The 43°API discovery at the Jisik-1 well in the now-defunct Harir block flowed at 6,100 b/d according to Total in 2014 (MEES, 5 De...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Turkey Mixes Business & Politics As Qatar LNG Surges
...13 2014 2015 2016 2017 Russia (P) 12.57 -1.71 -12.0 14.27 19.47 17.58 25.41 26.49 26.21 26.98 26.78 24...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Sinai Insecurity: Sisi’s Achilles’ Heel
...litants in the region were made up of disaffected Bedouin tribesmen but since 2014, a local group called Ansar Bait al-Maqdis pledged its allegiance to IS, rebranding as the latter’s ‘Sinai Province’. This group claimed responsibility for the downing of a Russian passenger jet over the Sinai in Oc...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Iraq Readies Baiji Unit
...Iraq is ready to restart one of three units at the Baiji refinery in Salahuddin province, which was badly damaged by Islamic State jihadists in June 2014. A unit which had 70,000 b/d crude distillation capacity before the destruction is now expected to process 60,000 b/d. “The re...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Israel Refiners Pump At Record Levels
...17). 2018 should see a reverse of that trend. First half gasoline output of 88,500 b/d puts Israel on track to top the previous annual output record of 84,500 b/d set in 2014 (MEES, 25 March 2015), whilst Bazan in its first half report says that national consumption of transport fuels gasoline, diesel an...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Algeria Halves Trade Deficit, Thanks To Higher Oil Prices
...tal exports, though this would be the lowest share since the turn of the millennium. Based on year to date figures and the current oil futures price, MEES estimates that for 2018 as a whole Algeria will earn $42.2bn in export revenues, up 17% on 2017’s $35.2bn and the highest figure since 2014 wh...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Key Syria Oil Field Restarts
....3%, India’s ONGC 9.4%) until fighting halted output in 2013 (MEES, 5 April 2013). Islamic State militants subsequently resumed production after seizing the fields in 2014. The Financial Times in 2016 estimated output from the field at 10-12,000 b/d under IS-operation. One report puts current Tanak ou...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Erbil And Baghdad Take Oil Dispute Public, Again
...R says it was assigned responsibility for finding buyers for KRG crude oil and for agreeing with the previous buyers of the KRG’s oil (who had made pre-payments in 2014) to defer their outstanding pre-payments until 2016, to enable the KRG to receive the full $850mn per month during 2015. It was as...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Algeria’s Sonatrach Continues Relentless Battle Against Production Decline
...ALGERIA Algeria’s Sonatrach Continues Relentless Battle Against Production Decline Algeria’s crude and gas output fell for the ninth consecutive year in 2014, the Office of National Statistics (ONS) said in a report this month. The report said, compared with the 5.5% drop recorded in...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
The Only Way Is Down For Algeria’s Trade Balance
...0). Brent - which is of a similar quality and trades within a similar price range to Algeria’s Saharan Blend export grade – has averaged $48/B for August so far, some $9/B or 15% down on the average July price and less than half the average 2014 Saharan Blend price of $99.68/B. MEES analysis ex...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Kuwait Could Push Back Key Projects: Are Downstream Plans At Risk?
...mfortably below $50/B, implying a 49% fall from 2014’s $98bn to $50bn in Kuwait’s oil export revenues if prices remain at similar levels for the remainder of 2015 (see p10). In addition to the slide in prices, the shut-in of 500,000 b/d of shared Saudi/Kuwaiti Neutral Zone output has further hit the co...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Oil Burning In Gulf Countries On Course To Top 2014’s Record
...Oil Burning In Gulf Countries On Course To Top 2014’s Record TOTAL OIL BURN* (‘000 B/D) DIRECT CRUDE BURN: 1H15 DOWN ON YEAR EARLIER BUT JUNE FIGURES SUGGEST RECORD SUMMER (‘000 B/D) SAUDI FUEL OIL CONSUMPTION UP STRONGLY ON YEAR-AGO LEVELS (‘000 B/D)...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015 -
Saudi Shrugs Off Calls For Action Over Oil Price, Revenue Collapse
...eir lowest oil revenue in at least a decade (see table). Presuming that prices and output remain at levels seen in first seven months of 2015, this implies that revenue for the year as a whole will be just over $560bn, 42% down on 2014, and less than half 2012’s record level. And even this makes se...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015