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Saudi Arabia’s Vision 2030: Five Years On
...venues fell to a multi-year low of 69.4% in 2020, but that was essentially down to the coronavirus pandemic decimating oil revenues (see chart 1). Indeed, non-oil revenues of $53.7bn in 2020 were not just down on 2019 levels, they were also less than the 2014-figure of $57.9bn, in large part because they in...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Iraq Awards Mansuriya Gas Field To Sinopec
...%). Development was derailed by security concerns in 2014 as IS expanded in northern Iraq (MEES, 10 October 2014). Then, following IS’ ouster, disagreement on commercial terms with erstwhile operator TPAO pushed Baghdad to take over the field in 2018 (MEES, 3 August 2018). In October 2020, the ca...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
China Q1 Crude Imports: Iran Volumes Hiding In Plain Sight?
...me 840,000 b/d to discharge in April, potentially topping China’s highest ever ‘official’ Iran import figure of 798,000 b/d set in April 2014. Of the March volumes, Kpler recorded some 264,000 b/d as having arrived “relatively directly from Iran,” albeit after ship-to-ship transfers in the Gulf re...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Iraq’s Central Bank Reserves Rebound To Top $60bn
...rrowed, with $13bn through domestic loans, while in November the total was $12bn for a total of $30bn. This allowed Baghdad to limit its reserves drawdown during the course of 2020 to around $10bn. This is broadly similar to the annual drawdowns seen for 2014-2016 when Iraq was grappling with both an oi...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Jordan Plans Nine Block Upstream Offering
...sha is operated by Jordan’s tiny National Petroleum Company (NPC), after BP pulled out of the tight gas development in 2014 as the reservoir failed to live up to initial expectations (MEES, 26 September 2014). NPC also has a production sharing agreement (PSA) for East Safawi and is assessing the Hamza fi...
Volume: 64Issue: 15Published at Fri, 16 Apr 2021 -
Korea Crude Imports: Mideast Volumes Tumble To Multi-Year Lows
...*South Korean crude imports continue to tumble, slumping to 2.475mn b/d for 1Q 2021, the lowest quarterly total since 2Q 2014 as March imports also fell 14% month on month to 2.299mn b/d, marginally above November 2020’s seven-year low 2.294mn b/d. *Prospects for a swift rebound are lo...
Volume: 64Issue: 15Published at Fri, 16 Apr 2021 -
Israel Oil Demand Falls To 9-Year Low Amid Record Imports
...cond for 2020 with volumes falling by 43% to 39,900 b/d. The KRG was third on 19,300 b/d, less than half 2019 levels and the lowest annual figure since 2014. However, Israel’s imports of Kurdish crude have surged since the start of 2021, averaging 46,800 b/d for Q1 as a whole, ahead of Azerbaijan on...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Cyprus Gas-Fired Power Plans Warming Up
...untry’s main port of Limassol. The jetty will be approximately 1.2km in length and will have a berthing position for the FSRU and mooring dolphins on either side for LNG tankers (see map). It is situated next to trading firm Vitol’s 545,000m³ VVTV oil products storage terminal which was built in 2014 (ME...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Iraq Passes 2021 Budget With Strong Emphasis On Power Projects
...penses. In 2014, when large swaths of the country’s northern and western provinces fell to ISIS, Iraq failed to pass a budget as well. 20% OF REVENUES FROM ‘NON-OIL’?… Of course, as per every year, oil income is slated to make up the lion’s share of the total $69.88bn in revenues. The bu...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Egypt: Draft 2021/22 Budget
...rrent financial year. It also forecasts a primary surplus of 1.5% of GDP, which does not take into account interest payments, which have made up the largest portion of the budget’s spending allocation since 2014-15. The budget will now need to be approved by parliament before its final approval from th...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Qatar Petroleum Moves To Take Full Ownership Of LNG Facilities
...ctor in recent years, especially following Mr Kaabi’s appointment as Managing Director and CEO in 2014 (MEES, 19 September 2014). The state firm has taken a firm stance with IOCs, opting to either tighten contractual terms or take over concessions entirely upon expiry. When Total’s PSA for the 25...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Long Delayed Barzan Gas Project Starts Up
...ExxonMobil confirmed in its recently released 2020 Annual Report that “The Barzan project started up in 2020.” Qatar's $10.3bn, 1.4bn cfd Barzan project (QP 93%, Exxon 7%) development has been a lengthy saga, with start-up ultimately coming six years after its initially planned 2014 date (ME...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Tunisia Oil & Gas: Major Exodus Looms
...er. There have been no major exploration campaigns or projects of late. And if it wasn’t for the need to see Nawara, on which it took FID in 2014, through to start up, there is little reason to believe OMV would still be in Tunisia. Instead, would it not be better to have smaller but more en...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
India Crude Imports: Saudi Slumps To No.5 With Volumes At 10-Year Low
...arterly figure in a decade or more is the Middle East share of the Indian market. This fell to 54.4% for February, the lowest monthly figure since 2015. January was only just higher at 54.7%. The lowest quarterly figure in the last 10 years was 56.0% for Q3 2014. For Opec the drop off is even more se...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021