Libya Eyes 10,000 B/D 1H24 Output At North Hamada

...w a pipeline connection between Tahara and the parallel El Feel/Sharara to Zawiya/Mellitah trunk crude pipelines. Full development of the seven fields on Area 47’s Block 2 on which commerciality was declared in 2011 and 2014 is slated to produce 50,000-60,000 b/d liquids and 90mn cfd gas with ou...

Iraq’s Ageing Basra Infrastructure: Can It Take The Strain?

...e onshore bottlenecks. Yet it is far from clear whether or not BOC can sustain high exports through these facilities, and whether more SPM replacements are needed. All the four operational SPMs were installed between 2012 and 2014, although UK contractor Petrofac, which has a maintenance co...

Libya’s NOC Moves To ‘Save’ Key Oil & Gas Project

...(MEES, 27 November 2020). The development has since 2014 been operated by the Nafusah Oil Operations consortium consisting of Medco (24.5%op), Libyan Investment Authority (LIA 24.5%) and NOC (51%). In a bid to “save the project”, Mr Bengdara has, according to Mr Sanalla, set up a committee to ne...

Qatar Export Revenues Surge Above $12bn

...As Europe’s gas crisis rumbles on, gas exporters are cashing in. Qatar’s export revenues topped $12bn in July for the first time since early 2014 and the gains could keep coming. Qatar’s export revenues jumped to $12.18bn in July, driven largely by its gas sector, enabling a mammoth $9....

Mubadala Completes Israel Entry With Tamar Buy-In

...tting record output of 1.014bn cfd in the same year.    But output from Tamar has fallen since, a trend that Mubadala will be looking to reverse. Output for Q2 this year fell to just 660mn cfd, the lowest quarter since Q1 2014, as Leviathan undercut Tamar’s price in sales to state utility IEC. Th...

Turkey 1H17 Gas Imports (Bcm): Iran On Track To Top Record 2014 Supplies But Still Less Than 1/3 Russian Volumes

Israel Products Output Down 17% Amid Maintenance, Strike

...vernment’s energy conservation measures began to take effect (MEES, 7 April). Increased use of gas has also been key to curbing Israel’s oil demand. Gas’ share of the power mix hit a record 55.4% in H1 2017, with Israel’s burning of fuel oil in power plants falling to virtually zero since 2014. Gas co...

China Crude Imports Grow At Record Rate: Can It Last?

...tensity,’ measured in megajoules per dollar (see chart). World Bank data to 2014 show this falling steeply, whilst data from China’s National Energy Administration (NEA), published 24 August, show a further 14.6% fall between 2013 and 2016, Reuters reports. In other words, China’s GDP growth figures of 6....

Iraq Hopes For IPSA Pipeline Access With Riyadh Rapprochement

...rkuk-Ceyhan pipeline) has been out of action since the IS advances of 2014. But July’s liberation of Mosul could result in Baghdad opting to repair this export link too. Talks have also been held with Iran over constructing a pipeline to export oil from Kirkuk via Iran. But this looks unlikely to be...

Iraq: Major Challenges Remain For New Oil Minister Despite Kirkuk Breakthrough

...ficials advocating Kirkuk oil be trucked to Iran in the interim, but the new agreement renders this already unlikely outcome even more so. As for whether a new revenue sharing agreement along the lines of the defunct December 2014 terms can be realized, there remains a considerable gap between their po...

Iraq: New Oil Minister Seeks Investors For Four New Refineries

...tween so-called Islamic State (IS) and federal forces beginning in June 2014. More recently, the 14,000 b/d Qayara refinery was virtually destroyed by IS fighters as they withdrew in July. The upshot is that even under the most optimistic calculations, capacity is just 566,000 b/d (see table). NEW PR...

Asian Importers Increase Gulf Crude Addiction

...recent years has gone into reverse since the start of 2016. For Japan and South Korea, imports from the Gulf rose above 85% of their total in the second quarter this year; for India the total hit 65% in Q2 having fallen below 60% in 2014 (see chart, and p16 for full Indian import data). IE...

Libya’s Wealth Fund In Leadership Showdown

...Libya’s Presidency Council (PC) has appointed an interim steering committee to administer the country’s main sovereign wealth fund, the Libyan Investment Authority (LIA). The move is an effort to clarify the lines of authority within the organization, which since 2014 have been split be...

LIA Litigation

...A’s case against Goldman Sachs began in the UK High Court in June having been filed in 2014. The LIA alleges that the firm led the LIA to make derivative transactions that it did not understand and in which it lost billions of dollars in the financial market crash of 2008. It also alleges that in an ef...

LIA Overseas Fund Calls For Partners

...e LAIP itself has been based in Malta since December 2014, when its Tripoli offices were overrun by fighting, and it has not been immune from the political struggles of a divided Libya. In the first half of 2015, the unofficial Government of National Salvation (GNS) in Tripoli petitioned courts in Ma...

Egypt Plans VAT At 13% From 1 October

...scal reform program began in July 2014 with a reduction in energy subsidies – since when oil prices have collapsed greatly helping Cairo achieve this goal (see chart) – and the levying of taxes aimed at slashing the budget deficit, which rose to 11.5% of GDP in fiscal 2015-16.  A 14% VAT rate was ex...

Jordan Gets IMF Boost

...ojected $2.7bn this year from $3.3bn in 2015 and $5.5bn in 2014. DEFICIT UP, AID DOWN            Jordan posted a budget deficit of JD291mn ($410mn) in the first half of 2016, up from JD223mn ($329mn) in 1H 2015, with the country hit by a fall in foreign grants to JD241mn ($340mn) from JD295mn ($41...

India LNG Secures $283Mn Syndicated Term Loan

...e each providing $15mn. The margin on the loan, which matures on 3 July 2014, is 230 bps over Libor. It is now going to general syndication and should be disbursed over the next month. The loan is a landmark since it represents the single largest limited recourse financing ever completed for LNG ca...