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Israel-Egypt Gas Flows Top 1bn Cfd For November, Helping Cairo Cut LNG Imports
...pplement gas, domestic output of which fell to a seven-year low 4.494bn cfd according to latest oil ministry stats (MEES, 6 December). Egypt burned an eight-year high 214,000 b/d of fuel oil in August and while it has dipped since, October’s 188,000 b/d was the highest for the month since 2014 (see ch...
Volume: 67Issue: 51/52Published at Fri, 20 Dec 2024 -
BP Agrees Technical Terms For Redevelopment Of Iraq’s Kirkuk
...lks fell apart in 2020 following a three-year study initially commissioned in 2013, which was interrupted by the rise of the Islamic State in 2014. Since then, Baghdad has revamped its contract models, launching a ‘profit sharing’ Development and Production Contract (DPC) model intended to provide fi...
Volume: 67Issue: 51/52Published at Fri, 20 Dec 2024 -
Abu Dhabi’s Mubadala Cuts Energy Sector Exposure
...RMDOWN The other major transaction this week involved Mubadala’s fully owned upstream subsidiary, Mubadala Energy (formerly Mubadala Petroleum). Mubadala Energy was led by Mr Kaabi between 2014 and 2017, and he has since remained chairman of the firm. The firm boosted its net output to a record 500,000 bo...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
Qatar Eyes Substantial $8bn Surplus For 2023
...r the World Cup, most notably opening a new airport in 2014 and a metro system in 2019, as well as greatly expanding its hospitality sector. Capex peaked at $28.2bn in 2016 but has been trending down as the tournament approached, and was $19.9bn in 2021. Minister of Finance Ali bin Ahmed al-Kuwari sa...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
Oman Achieves First Budget Surplus Since 2008
...n-hydrocarbon revenues of $8.36bn are also a record. Expenditure edged up this year to an estimated $33.99bn, from $32.25bn in 2021. But this was due to a $1.8bn increase in capital expenditure rather than an increase in subsidies or public sector wage bills. After ballooning to $39.4bn in 2014, Om...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
US Stocks At 37-Year Low But Repurchase Coming
...e start of the year. Whist the commercial stocks figure is little changed from 421mn barrels at the end of 2021 (though this was the lowest end-year figure since 2014), the SPR figure is down by a massive 215mn barrels (36%) on the start of the year for what would be the lowest end-year figure si...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
Israel Upstream To Continue Growing In 2022 Despite Minister’s ‘Green’ Pledge
...lek consortium were the two bidders but the award is currently awaiting arbitration (MEES, 15 January). Energean argues that Chevron and Delek were excluded from bidding for blocks in Israel’s bid rounds following a 2014 antitrust ruling (MEES, 2 January 2015). KEY EAST MED OFFSHORE FIELDS & IN...
Volume: 64Issue: 51/52Published at Fri, 24 Dec 2021 -
KRG Prioritizes Investor Confidence Over Stability: Will It Lose Both?
...anslate into lower pay. And salary payments are already well behind schedule. Cuts to Peshmerga salaries would further threaten political stability. The Kurdish military force has been fighting the Islamic State since 2014, though its reputation took a severe knock from October’s loss of Kirkuk (MEES, 20...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Libya: Oil Output Doubles In 2017 But Peace Dividend In The Balance
...ability rests largely on whether the new UN plan can be more successful than its predecessor, and the nature of the outcomes that it delivers. In the context of the intensified conflict that developed in Libya with the administrative division of the country in 2014, there have been some notable su...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria To Retain Gas Focus In 2018 As New Fields Start Up
...ternational investment, but suggestions that this would take place in 2017 have come to nothing (MEES, 20 October). Another upstream licensing round has also been on the agenda since late 2014, but this is unlikely to come to fruition before legislative changes are made. BUILDING BRIDGES In the me...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Morocco: Eni Expansion
...lls in 2014. Eni’s new acreage includes all of Portuguese part-state Galp’s former Tarfaya Offshore block, relinquished in 2016, and most of UK firm Cairn’s Juby Maritime block (late 2015). Galp drilled one dry well, TAO-1, in mid-2014 to a depth of 3,518ms. This targeted the Trident oil prospect in...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria: Could 2018 See An End To Deficits?
...nths of 2017, the first time this has happened for any two-month period since 2014. Algerian gas exports have rebounded strongly since September as domestic demand has eased whilst the country has looked to maximize gas output (MEES, 15 September). The start-up of new gas fields – output from the Re...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Iraq Refining Revamp Gathers Pace, But New Capacity Some Time Away
...inia and Kasak plants. Baiji was Iraq’s largest refinery, with 310,000 b/d crude processing capacity, before it was damaged in fighting between Iraqi forces and Islamic State (IS) jihadists in June 2014. NRC is now rebuilding the Salahuddin-1 and -2 units at Baiji, which before IS overran the site ea...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Riyadh Set To Push For Saudi Power Privatization In 2018
...rkets to fund capital programs. Most recently SEC secured a $1.75bn international syndicated loan, taking to $36.2bn the total of outside funding raised since 2007 – including a $13.2bn ‘soft loan’ from the Ministry of Finance. SEC’s lending was highest during 2014-16, with $3.7bn raised in both 2014 an...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Opec In 2018: More Revenue Less Market Share?
...13 2014 2015 2016 2017^ vs 2016 2018^ vs 20...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Saudi 2018 Budget Delays Austerity To Jump-Start Flat Economy
...ending set to hit the highest level since 2014, in a bid to revive its sluggish economy. Despite running up consecutive multi-billion-dollar deficits since 2014, the kingdom still has relatively low levels of debt, and is prioritizing ending its recession over balancing the budget in the near term. Th...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
US Exports & Global Trade – MEES Special Report
...king itself felt in data for NGLs – exports of which had been tolerated from late 2014 as long as cargoes were lightly processed (MEES, 17 October, 2014). NGLs exports are also on target for a record 2016, having averaged 1.2mn b/d in the first nine months. CRUDE: EXPONENTIAL GROWTH… While US cr...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Qatar Gets Flexible In Bid To Adapt To Brave New LNG World
...uto 2012 4.3 Woodside Curtis Island - T1 2014 4.3 BG/CN...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
The Iraqi State Faces A Perilous 2017
...e councils and modified the seat allocation formula to disadvantage small parties - as was done in the 2014 parliamentary law. Parliament’s Legal Committee has said that a special law is needed for Kirkuk to hold new elections; its current council was elected in January 2005. If the provincial el...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
BP Back in Business With Abu Dhabi Deal
...1,000 b/d. Both Japan and South Korea have a presence at Adco, while Chinese firms have more overseas experience than those from numbers two and three – Thailand and India. BP FINANCES RENEWED SPENDING SPREE When Total signed up to the renewed Adco concession, which expired in 2014, it paid a $2....
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016