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Libya Oil Revenues Soar But Still Short Of Central Bank Target
...VENUES* AT $11.6BN IN THE FIRST SEVEN MONTHS OF 2021 ARE ALREADY DOUBLE THE FULL YEAR 2020 FIGURE OF $5.9BN *CBL 'OIL REVENUE' NUMBERS USED BETWEEN 2011 AND 2017 DUE TO ABSENCE OF NOC DATA. ^INCLUDES GAS EXPORT REVENUE, PRODUCTS SALES. ^^INCLUDES SMALL VOLUMES OF CONDENSATE. SOURCE: OPEC ASB, CB...
Volume: 64Issue: 34Published at Fri, 27 Aug 2021 -
Kurdistan Looks To Terminate Genel’s Gas Development Contracts
...ese negotiations remain ongoing.” There is however scope for a compromise. When finalizing the PSCs and Gas Lifting Agreements (GLA) for the two fields in February 2017 (MEES, 17 February 2017), Genel highlighted options following any termination. “During the three-year period following such a te...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Oman Advances Its 2021 Bid Round
...ltiple bid rounds in recent years. Block 49 was awarded to Sweden’s Tethys in 2017 (MEES, 24 November 2017) and it last year farmed out a 50% stake to US shale specialists EOG Resources (MEES, 13 November 2020). Last year’s Thameen-1 well on Block 49 was ultimately disappointing with no flows re...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Saudi 1h 2021 Oil Dynamics: Refining Prioritized Over Crude Exports
...ude oil being burned in power plants. Crude burn always rises seasonally, but June’s 586,000 b/d was up more than 100,000 b/d year-on-year, and was the highest June figure since 2017 (see chart 3). While the tapering of production cuts ought to have boosted associated gas production, the impact on cr...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Iran Halts Power Exports To Iraq As Baghdad Struggles To Curb Attacks On Pylons
...66bn cfd earlier this year, flows now stand at just 800mn cfd, of which around 700mn cfd is to central Iraq and the remainder to Basra. Even at 1.66bn cfd, flows were well down on the 2.47bn cfd contractual obligation. Iran-Iraq gas flows averaged 1bn cfd for 2020. Flows started in 2017 with the op...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Qatar Exports To GCC At Multi-Year High
...the embargo, and only reluctantly agreed to end it, Qatari exports to the emirates were never halted and continued at around $250-400mn each quarter due to the UAE’s dependence on piped Qatari gas (see chart 1). Now, exports to the UAE have topped $1bn for the first time since 1Q 2017 – the la...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Eni Sees Egypt Receivables Again Raise Their Head
...s field with gas-in-place reserves of 30tcf (MEES, 4 September 2015). Zohr started up in December 2017. But even before then, the prospect of bumper times ahead led Eni to go easy on berating Cairo for monies due. Under a March 2015 deal struck with EGPC intended to eliminate receivables, Eni ag...
Volume: 64Issue: 32Published at Fri, 13 Aug 2021 -
KRG: Chevron, Genel Press Ahead At Sarta Despite Water Ingress
...latively painlessly. But, given the track record of similar issues elsewhere in Iraqi Kurdistan, it is clearly worth watching. Indeed, Genel is well aware of this given that water-cut issues at its Taq Taq field contributed to massive decline rates (MEES, 31 March 2017). Taq Taq output peaked at 13...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Algeria: Key Oil Fields At 20-Year Low
...,000 b/d for 1H 2021 is up on 2020 but well down on typical 2017-18 volumes, echoing the long-term decline in the field’s gas output. In Salah, a second project grouping BP and Equinor with Sonatrach, is also in long term decline (see chart). *Algeria knows that it needs to attract more IOC in...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Japan Crude Imports: Q2 Sees Record Murban Buying
...ngdom on pace to beat the annual record of 40.1% set in 2017. *Japan is under renewed Covid restrictions with cases at their highest level since the start of the pandemic. With the country’s oil imports already on a long-term downward trend, this year is on track to see the lowest imports si...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Qatar Export Revenues Soar To Highest Level Since 2018
...tal exports. Total gas export volumes this year are running at their highest level since 2017. The latest Jodi statistics show that Qatar has exported 57.18 bcm over the first five months of the year, equating to an average of 15.3bn cfd (see chart 2). Piped gas through the Dolphin pipeline to the UA...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Iraqi Oil Revenues At Highest Since 2019: Is This Enough To Stabilize The Economy?
...nuary 2017 providing a boost to prices, reserves gradually recovered to hold at more than $65bn in 2019, before dropping sharply in 2020 amid the Covid-19 pandemic. However, the low-point in this cycle was a more modest $55.1bn in November. In addition to currency devaluation, which Mr Allawi re...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
UAE Extradites Former Sonatrach Chief
...rrant related to alleged corruption surrounding the December 2018 purchase of a 200,000 b/d refinery in Augusta, Italy from ExxonMobil (MEES, 11 May 2018). Ould Kaddour was Sonatrach CEO from March 2017 to April 2019, with his ouster coming three weeks after that of former president Bouteflika to wh...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021