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Firms In The KRG: How Low Can They Go?
...cluding Total, Exxon and Chevron, as well as Rosneft and Gazprom – work in Iraqi Kurdistan, the biggest producers (Kurdish firm Kar aside) are a collection of small-to-medium sized foreign independents whose fates are largely tied to revenues derived from Kurdish oil. And for that reason, the 2014-17 in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Egypt Cuts Oil Import Bill As Refineries Up The Pace
...ypt, it is fuel oil demand that has fallen the furthest: from a peak of 196,000 b/d in 2014 and 2015, when the country’s gas shortage was at its most severe, to just 76,000 b/d for 2019, by far the lowest figure in Jodi data stretching back to 2002 (see chart 2). Overall, the near 160,000 b/d fall in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Saudi Economy: Modest Diversification Efforts Face Bleak Outlook
...ckage aimed primarily at protecting small and medium sized enterprises (SMEs), but implementing this alongside budget cuts will be a delicate balancing act. As of end-February Riyadh also had $497bn foreign reserves to turn to. This is almost $250bn below their August 2014 peak and reserves look set to so...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Neutral Zone Exports Resume
...me since 2014 (MEES, 28 February) and volumes will be heading to Asia. ...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Abu Dhabi’s Taqa: Upstream Down Despite Price Recovery, Power Steady
...17bn). The collapse of oil prices in 2014 forced Taqa into a ‘transformation program’ in which it slashed capital expenditure and targeted debt reduction (MEES, 17 November 2017). The transformation appears to be working as far as monies owed is concerned, with net debts reduced from AD72.98bn ($19...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Qatar Invites EPC Bids For LNG Expansion
...ile Qatar is looking to bring IOCs in as partners – as is the case at the existing LNG facilities – QP is willing and able to proceed unilaterally if required (MEES, 19 October 2018). Since his appointment heading up QP in 2014 (MEES, 19 September 2014), Mr Kaabi has tightened commercial terms for IO...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
QP Enters Argentina
...sets, this covers blocks in Mexico and Brazil. Indeed, Brazil is a rare source of international production for QP. It has had a 24% stake in Shell’s 50% operated BC-10 deepwater block since 2014 which can produce around 98,000 boe/d (mostly oil). The latest Argentina move is in keeping with QP’s ef...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Saudi Nuclear Plans Fuel Geopolitical Concerns
...yadh. The plant is being built by Argentina’s state-owned Invap, under a contract signed with Kacst in 2014. The 30kW rated unit will produce neutron beams for research, training and manufacturing medical isotopes, as opposed to heat for driving steam turbines as in a nuclear power plant. While this wi...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Egypt: Sisi For Life?
...fore being elected in 2014 and re-elected in 2018 with 97% of the vote after almost all rival candidates were effectively banned. Under the current constitution, the president may only be re-elected once. Egypt’s economy has improved during Mr Sisi’s time at the helm, with the IMF projecting GDP gr...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Exxon Eyes Israel’s Leviathan
...llow US firm Noble Energy is due for start-up in Q4 this year (MEES, 5 April). Australian LNG experts Woodside pulled out of a 2015 deal to take a 25% stake in the field with FLNG very much mooted as the preferred option at the time (MEES, 23 May 2014). Exxon’s entry would signal that Israel is on ma...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Israel Oil 2018 Data: Gasoline Imports At Record On Refinery Outage
...62mn tons (77,000 b/d) or 2017, a year that saw renovation, a strike and a fire at one of its diesel units (MEES, 1 September 2017). Paz increased its crude throughput capacity from 4.5mn tons (90,000 b/d) in late 2013 (MEES, 29 August 2014). *But overall, the gains at Paz were not enough to make up...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Iraq’s Downstream Dreams: Back To Square One?
...e long-delayed Karbala refinery is the only new refinery making any progress at present. Work on the $6bn 150,000 b/d project was awarded to Hyundai in 2014 (MEES, 10 January 2014) per an EPC contract, but payment problems saw the project – once slated for a 2019 start-up – delayed. Mr Ghadhban te...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Korea Q1 Oil Imports: Iraq Up, Saudi Down, Russia & US Records
...west quarterly share on record after the 69% figure in Q4 last year (MEES, 11 January). *Opec volumes were down even further: Q1’s 2.163mn b/d was the lowest quarterly figure since 2014, whilst Opec’s 70.5% Q1 market share was the lowest on record. Both figures would have been up, however, were it no...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Opec Crude Risks Being Squeezed From The Market
...tput could fall further still. Opec output hasn’t fallen below 30mn b/d since June 2014, but it wouldn’t take much for it to fall below this threshold for April. Should the US opt against renewing waivers that permit certain countries to import Iranian oil once they expire on 2 May then it seems in...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
UAE’s Mubadala Sells Cepsa Stake To Investor Carlyle
...TER 2014 BOOST FROM SE ASIA ENTRY *WORKING INTEREST BASIS. SOURCE: CEPSA, PARTNER COMPANIES, MEES ESTIMATES AND CALCULATIONS. 3: CEPSA: REFINED PRODUCTS & PETCHEMS SALES HIT RECORD 31.4MN TONS IN 2018, CRUDE RUNS AT HIGHEST SINCE 2012 SOURCE: CEPSA, MEES CA...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
MEES Interview With Iraq Oil Minister Thamir al-Ghadhban
...ere the contractor takes the full commitment for investment with a grace period to the host country and so on. They are a burden, especially when the price of oil is low, as we have faced since 2014, and for three or four years we suffered a lot. The budget was severely hit because of this commitment. Th...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Iraq Plans Major Pipeline Revamp To Enhance Export Flexibility
...ditha to Jordan’s Aqaba port, as well as a 160,000 b/d spur line to Jordan’s Zarqa refinery (MEES, 21 November 2014). The Basra-Haditha portion was to be constructed under an EPC contract, while Haditha-Aqaba would be under a build-own-operate-transfer (BOOT) deal. The government was wary of fi...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Egypt ‘Zohrs’ Past Libya As Eni’s Top Gas Producer
...ipem 10000’ drillship which remains under contract at Zohr until well into the 2020s. Eni sees Zohr as the key global example of the ‘Dual Exploration Model’ it has put at the heart of its global upstream strategy since the 2014-15 oil price (and capex) collapse. This model seeks to minimize up...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Gazprom KRG Output Boost
...,000 b/d. This brings the block up to the partners’ planned development target and it is unclear whether the partners will want to expand processing facilities to push production capacity higher (MEES, 11 March 2014). Garmian is an outlier within the Kurdistan Region’s oil producing blocks in that it is lo...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Lebanon To Award Billion-Dollar Gas Import Deals
...will help mitigate the need for individual project tenders which historically have proven the main cause of delays – as was the case both with FSRUs and building new power infrastructure. And arbitrary disputes are always a worry. The government battled Athens contractor J&P since 2014 over wh...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019