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Egypt & Eni Plan $1bn-Plus Zohr ‘Phase-3’ To Facilitate Cyprus Tie-Backs
...nds. The fate of Egypt’s gas output has gone hand in hand with the country’s largest producer Zohr since the Eni-operated field’s late 2017 start-up. Zohr output initially soared to peak at 2.96bn cfd for 1Q 2021 but had slumped to 1.5bn cfd by early this year following water breakthrough issues that be...
Volume: 68Issue: 17Published at Fri, 25 Apr 2025 -
Iran Dreams Of Future Upstream Boom, Eying IOC Return Should US Deal Be Reached
...ich signed up to the giant South Pars gas field’s Phase 11 project (MEES, 23 July 2017). Tehran failed to capitalize on the interest, electing for lengthy negotiations, qualification processes and unrealistic ‘technology transfer’ demands, and ultimately lost investor confidence (MEES, 22 December 2017...
Volume: 68Issue: 17Published at Fri, 25 Apr 2025 -
Saudi Slashes Jan-Feb Oil Burn; Can It Maintain The Progress?
...at fuel oil shipments to Saudi facilities (including seaborne domestic transfers) have started the year at multi-year lows (see chart 4). The Q1 average of 240,000 b/d was the lowest three-month average in Kpler data stretching back to 2017. This marked a significant drop from 318,000 b/d one ye...
Volume: 68Issue: 17Published at Fri, 25 Apr 2025 -
Eni Revises Up Zohr Reserves But Output Decline Continues
...ar-on-year, gives cumulative production since the field started up in late 2017 of 5.34tcf, implying an original recoverable resource of 9.84tcf (see chart 1). Zohr’s slump has been the key driver in Egypt’s overall gas output decline, with the field making up 37% of last year’s eight-year low 4....
Volume: 68Issue: 15Published at Fri, 11 Apr 2025 -
OPEC Secretary General: ‘Data-Driven Messaging More Important Than Ever’
...it the data that led the IEA Executive Director to say in 2017, “We don’t see a peak in oil demand any time soon”? Or the data that led the Executive Director to say in 2022, “Global oil demand will peak before 2030.” Which IEA data has ‘won’ regarding peak gasoline consumption? The IEA stated in...
Volume: 68Issue: 15Published at Fri, 11 Apr 2025 -
GCC Deepens Africa Ties, Starting 2025 With Record Oil Product Exports
...ate energy firm OQ has also expanded into distribution in Africa. It took a 40% stake in Kenya-based Hass Petroleum through its subsidiary OQ Trading back in 2017. The company operates more than 150 retail stations across nine countries in central and east Africa. Oman, like other countries in the GC...
Volume: 68Issue: 15Published at Fri, 11 Apr 2025 -
Egypt Eyes Summer Power Needs, Looks To Limit LNG Spending
...asing their FSRUs, but with the deal to take the Energos Power seemingly close, those talks have not progressed. EGYPT LNG *IMPORTS BY ORIGIN: Q1 IMPORTS RISE TO 1.10MN TONS, HIGHEST FIRST QUARTER SINCE 2017 AS US REMAINS TOP SUPPLIER BY SOME DISTANCE (MN TONS) *IMPORTS ZERO 4Q18-1Q24. SO...
Volume: 68Issue: 15Published at Fri, 11 Apr 2025 -
Iraq Targets 1.54mn B/D Refining Capacity With Relaunch Of 150,000mn b/d Missan Plans
...pacity since 2017, when the country was struggling to cope with the aftermath of the 2014 destruction of its largest refinery, the 290,000 b/d Baiji complex, by Islamic State (MEES, 26 September 2014). Mr Sudani says the new refining additions are part of his government’s efforts to maximize the value de...
Volume: 68Issue: 14Published at Fri, 04 Apr 2025 -
Kuwait Debt Law Breakthrough: A New Era For Investment?
...ll enable the government to issue debt for the first time since the expiry of the previous financing and liquidity law (called the public debt law) in 2017” (MEES, 7 April 2017). The IMF put Kuwait’s debt at just 3.2% of GDP as of end-2023, and expects this to gradually rise to 25% by 2032 with th...
Volume: 68Issue: 14Published at Fri, 04 Apr 2025 -
TotalEnergies Takes FID On 1mn t/y ‘Low-Carbon’ Oman LNG Bunkering Hub
...ctor in recent years. Output has risen every year for nearly a decade reaching an all-time high of 52bcm last year, and with growth attracting increased investment from international energy majors, the upwards trajectory looks set to continue. Driven by BP’s 2017 start-up of the massive 1.5bn cfd Kh...
Volume: 67Issue: 17Published at Fri, 26 Apr 2024 -
Korea Crude Imports: UAE Volumes Surge For Q1
...*South Korea, the world’s number four crude importer, took 2.87mn b/d for Q1, up 3% on Q4 2023 but down fractionally year-on-year and well below the record 3mn b/d-plus quarterly levels hit on several occasions over 2017-19 (see chart & table). As such, notwithstanding the Covid-related de...
Volume: 67Issue: 16Published at Fri, 19 Apr 2024 -
Iraq And US Seek To Rebuild Ties Amidst Rising Regional Tensions
...lations between Baghdad and Erbil are at their lowest ebb since the region’s controversial 2017 independence referendum. On the positive side, the disputes between Baghdad and Erbil did not derail the visit. Mr Sudani made sure to include representatives from the Kurdistan Regional Government (KRG) in hi...
Volume: 67Issue: 16Published at Fri, 19 Apr 2024 -
Eni Egypt: More Zohr Woe As Reserves Downgraded
...Zohr ramped-up following its late 2017 start-up. But with Zohr output dropping from a peak of 2.74bn cfd in Q3 2021 to 2bn cfd currently on water infiltration issues, the country finds itself on the lookout to lease an FSRU as it looks to resume LNG imports in the coming months in a bid to pr...
Volume: 67Issue: 15Published at Fri, 12 Apr 2024 -
Kuwait’s KPC Plans Merger Of Refining Subsidiaries
...2017 to oversee development of the Al Zour refinery and LNG import terminal, but now its role has transitioned to managing their operations, and there could be efficiency gains if this is done in greater alignment with KNPC. Al Zour exports in Q1 equated to around a third of Kuwait’s overall re...
Volume: 67Issue: 15Published at Fri, 12 Apr 2024 -
Middle East Replaces Displaced Russian Distillates In Europe
...rrels. Exports to Europe, including via Egypt’s Sidi Kerir storage hub, jumped by nearly 100,000 b/d to 772,000 b/d for Q1 according to data intelligence firm Kpler. This was the highest figure in Kpler data going back to 2017 and accounted for 46% of total Gulf middle distillate exports of 1....
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
QatarEnergy’s Overseas Strategy Enters Pivotal Phase
...risk, with the majority of exploration wells ultimately coming up short. But by picking up a large, diversified slate of assets across the globe in partnership with highly proficient firms, QatarEnergy has maximized its chances of picking winners. CEO Saad Sherida al-Kaabi told MEES in late 2017...
Volume: 66Issue: 16Published at Fri, 21 Apr 2023 -
Egypt: Alarming Gas Output Decline Highlighted By Zohr Slump
...tput and that of Zohr are closely aligned and have been since 2019 when the field began ramping up following its late 2017 start-up. And while 2020 saw Egypt implement shut-ins which caused Zohr output to fall to 2.09bn cfd, 2021 rebounded to a record 2.74bn cfd. This was the same year that Cairo and En...
Volume: 66Issue: 15Published at Fri, 14 Apr 2023 -
Prospects For A Prolonged Ceasefire Rekindle Yemen Oil Sector Hopes
...lf neighbours to the north but still attracted IOC interest since the 1980s. Production peaked in 2002 at 457,000 b/d and exports were still in excess of 100,000 b/d up until 2014 (MEES, 15 September 2017). Current output is estimated to be no more than 10,000-15,000 b/d mainly coming from the Ma...
Volume: 66Issue: 15Published at Fri, 14 Apr 2023 -
Oman LNG Exports Soar To New Record Highs
...nfirmed. REVITALIZED GAS SECTOR The surge in Oman LNG exports is largely thanks to the resurgence of the sultanate’s upstream gas sector. The September 2017 start-up of BP’s 1bn cfd Khazzan tight gas development sparked its upstream gas sector and the second phase Ghazeer development brought capacity to...
Volume: 66Issue: 14Published at Fri, 07 Apr 2023 -
Israel Sees Gas Export Revenues Surge 58% To Record $2.3bn for 2022
...a. Deliveries begun way back in 2017 – until the start-up of Leviathan at the end of 2019 these were Israel’s only gas exports – and rose 6% to 18mn cfd for 2022. *But whilst Jordan may be a steady market in volume terms, it has outperformed Egypt in terms of price. Tamar earned a record $7....
Volume: 66Issue: 14Published at Fri, 07 Apr 2023