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Kuwait Announces KHAFJI Gas Pipeline Completion
...afji Joint Operations (KJO). Additional gas volumes are key for Kuwait, which is increasingly turning to LNG imports to offset domestic shortages. The completion of the 100km pipeline is also notable as it will help reduce Khafji flaring. When Saudi Arabia shut down operations at Khafji in 2014 am...
Volume: 64Issue: 32Published at Fri, 13 Aug 2021 -
Algeria: Key Oil Fields At 20-Year Low
...eld operated by Spain’s Cepsa. From a peak of 470,000 b/d in 2007 and 384,000 b/d for 2014, the first full year of El Merk output, production has been in near continuous decline since, falling to just 220,000 b/d for 2020 and 175,000 b/d for the first half of 2021, according to MEES number-crunching ba...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Qatar Export Revenues Soar To Highest Level Since 2018
...bn+/quarter days of 2014 when oil prices were around $100/B. While those prices remain a long way off, Qatar is investing heavily in a bid to boost export revenues substantially. Qatar earlier this year took FID on the four-train $28.75bn North Field East (NFE) expansion project which is slated to in...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Saudi Arabia, Kuwait Discuss Neutral Zone Ramp Up
...proximately half the level from before its 2014-shut down. PNZ production also comes from the onshore Wafra Joint Operations (WJO), where Chevron represents Saudi Arabia alongside KGOC. Chevron’s net output in both quarters this year was 57,000 b/d, implying gross output of 114,000 b/d. This puts to...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
India 1h 2020 Crude Imports: A Tale Of Two Quarters
...test provisional data from the country’s Petroleum Planning and Analysis Cell shows imports of just 2.91mn b/d in July, only just above May’s 10-year low of 2.82mn b/d. June was almost 800,000 b/d higher at 3.59mn b/d, though this is still the third lowest figure since 2014 (see chart and p7 for full da...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Egypt: IOC Receivables Edge Lower In 1H 2020
...id off, with Egypt’s Council of Ministers on 19 August approving a settlement of the dispute. No details were given. Egypt’s overall receivables figure peaked at over $6bn in 2014. Key offshore gas producers Eni, BP and Shell have not reported receivables figures since 2016 – though Eni’s 1H re...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Saudi Electricity Borrows $2.4bn
...d capex funding. SEC’s biggest year for lending from the financial market was 2016, when it raised $5.13bn, although its largest deal was a $13.2bn Ministry of Finance ‘soft loan’ in 2014 (see table and MEES, 26 January 2018). SEC’s need for capex will likely be reduced by its decision to pursue in...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Libya’s Eastern Power Cuts Force Haftar’s Hand
...A imposed a nationwide oil-blockade aiming to put pressure on the Tripoli-based Government of National Accord (GNA) it seeks to overthrow (MEES, 24 January). Libya has had two rival eastern and western administrations since 2014. As a result of the blockades, the eastern terminals of Es Sider, Zu...
Volume: 63Issue: 34Published at Fri, 21 Aug 2020 -
Kuwait Completes First Package Of Mina Abdullah CFP
...oduction of Euro 5 specification fuels. Contracts worth $12bn were awarded in 2014 with construction work scheduled to be completed in late-2017 (MEES, 14 February 2014). After years of delays CFP is now approaching completion. The latest landmark came as US contractor Fluor announced on 18 August that it...
Volume: 63Issue: 34Published at Fri, 21 Aug 2020 -
Beirut Explosion Sends Lebanon Into Humanitarian, Economic Abyss\
...vestigated in Cyprus) instructed the crew to pick up heavy machinery at Beirut and deliver it to Jordan’s port of Aqaba. The poorly-maintained vessel was then embroiled in a legal dispute over fees, and the crew was stranded onboard in Beirut for 11 months. In 2014 the cargo was offloaded for ‘safety re...
Volume: 63Issue: 32Published at Fri, 07 Aug 2020 -
Egypt’s Debts To IOCs Again On The Rise
...w Cairo wrack up arrears of over $6bn by mid-2014 (MEES, 8 August 2014). A $12bn IMF program agreed in late 2016 brought financial stability: receivables fell to $900mn by mid-2019 and just $200mn by January this year. The Covid-19 pandemic now risks a return to the bad days. Receivables owed le...
Volume: 63Issue: 32Published at Fri, 07 Aug 2020 -
Kuwait Upstream Chief Pledges Ambitious Investment To Boost Capacity
...pacity at 1.7mn b/d with a technical service agreement (TSA) in 2014, which was subsequently upgraded to an enhanced technical service agreement (ETSA) in 2016 (MEES, 15 July 2016). GAS: STEADY GAINS PLANNED When it comes to gas, KOC’s plans are at least more clear-cut. Mr Sultan says “we...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Saudi Bags Growing Share Of Key Chinese Market
...November 2018). China’s overall crude exports have risen 9.7% to 9.85mn b/d for the first seven months of 2019, but the Saudi gains are such that its market share has leapt from 11.7% for the first seven months of 2018 to 15.7% for Jan-July 2019. The latter is the highest share since 2014 when ov...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Israel-Jordan Gas Deal Details See Light
...is deal was set at $4.79/mn BTU, substantially below the Leviathan-Nepco deal. A late 2014 antitrust ruling that Noble and Delek were operating as a monopoly offshore Israel left the country’ upstream in stasis until a gas outline compromise deal was reach in May 2016 (MEES, 27 May 2016). As part of...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Bahrain’s Oil Sector Optimism Spreads To Powergen
...hrain’s largest plant with 1.25GW capacity. Bahrain’s power plants run almost entirely on gas, with gas burn for power generation amounting to 5.38bcm in 2018, down from a record 5.62bcm in 2014 that was almost matched in 2017 (see chart). Although Bahrain’s domestic gas production of around 2.1bn cf...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Saudi Oil Sector Creaking Amid Heavy Opec Cuts And Summer Demand
...06 to 2016” (MEES, 30 November 2018). Volumes are on track to increase some 34% to more than 1.5mn b/d over the course of the year and MEES estimates that the kingdom shipped more than 1.6mn b/d to China last month. Meanwhile the US, which was the largest importer of Saudi crude as recently as 2014...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Algeria: More Output Declines, More Protests
...ficit for the first half of the year brings the total deficits racked up since the 2014 oil price crash to a whopping $53.1bn. Highlighting just how dependent Algeria is on its energy sector is the fact that the 6.6% year-on-year fall in export revenues in the first half was exactly the same as the fall in...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Yemen: UAE Exit Pushes War Into Further Disarray
...lhaf, Yemen’s biggest potential returners are state companies. Even before the country destabilized in 2014 IOCs were on the way out in Yemen (MEES, 21 February 2014). The return of state firm SAFER to the crucial Block 18 would be a major boon as the block produced 40,000 b/d in early 2014, but damage to...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Egypt: Are Power Shortages History?
...stalled powergen capacity over the five years to June 2019 (the end of the Egyptian financial year), from 32.0GW in June 2014 to 55.5GW currently. Central to the surge have been three giant combined cycle gas turbine (CCGT) projects taking EEHC’s total CCGT capacity to just over 30GW (see chart). Eg...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Kuwait Slashes 2018-19 Deficit Thanks To Higher Oil Prices
...P. Kuwait’s economic performance has been lackluster since oil prices slumped in late 2014. Real GDP contracted by 3.5% in 2017, before rising by 1.7% in 2018 and a forecast 2.5% in 2019, according to the IMF. The World Bank is more pessimistic, forecasting growth of just 1.6% for 2019. For th...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019