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KRG Repayment Obligations Offset Oil Revenue Gains
...l prices first crashed in late 2014 the KRG has sold billions of dollars of oil in prepayment deals to secure up-front cash. It has also accrued debts to IOCs in its oil sector by failing to pay on time, and it sold a 60% stake in its key crude oil export pipeline to Russia’s Rosneft and must now pa...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
Saudi Budgets For 2022 Surplus: First In Nine Years
...ices began to tumble in the second half of 2014 (see chart 1). Since then, the kingdom has notched up eight consecutive deficits for a cumulative $460bn, if the kingdom’s initial estimates for this year are accurate. For 2021, the government’s latest expectations are that it will accrue a $22.7bn de...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
LNG Prices Show No Sign Of Easing
...*South Korea, the world’s number three LNG importer paid an average of $15.92/mn BTU for November-arrival cargoes, the highest since December 2014. Taiwan, the global number five, paid an all-time high $21.32/mn BTU. *This indicates that Taiwan’s imports contained a much higher pr...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
Delek & Mubadala Complete ‘Historic’ Tamar Deal
...nin and were found to be operating as monopoly by a late 2014 antitrust ruling (MEES, 2 January 2015). They remain the key partners at Leviathan with 45.34% and 39.66% respectively, whilst Chevron remains operator at Tamar with a 25% stake. “This step of the transfer of rights and the exit of De...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Opec Production Growth Picks Up In November, But Still Remains Well Under Output Ceiling
...awed” at the World Petroleum Congress in Houston this week. “It does not help when the pressure is mounting to stop all new investments in oil and gas. Across the industry, upstream capex fell by more than 50% between 2014 and last year, from $700bn to $300bn,” he says. TotalEnergies CEO Patrick Po...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Qatar Unveils Overly Conservative 2022 Budget
...tari monthly export revenues exceeded $8bn for the first time since December 2014 and with pricing for Qatar’s term LNG sales incorporating a lagging oil-price linkage, Doha can look forward to strong early-2022 revenues. WORLD CUP SPENDING BOOST On the expenditure side of the ledger, Qa...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Libya’s Mabruk Field To Restart In Early 2023
...Libya’s Mabruk Oil Operations says its eponymous field will restart production in the first quarter of 2023 at a rate of 25,000 b/d using Early Production Facilities. Mabruk has been shut in since 2014 when an Islamic State (IS) attack severely damaged its surface infrastructure (MEES, 6 Ma...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Chevron Eying Egypt Collaborations, Exxon Expands In Cyprus
...rth Africa. Woodside previously had Libya and Mauritania assets, and back in 2014 was in talks to take a 25% stake in Israel’s Leviathan (MEES, 23 May 2014). Egypt last year listed Woodside as being among international firms to have expressed an interest in West Med acreage (MEES, 17 January 2020), so it...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Iraq’s 2030 ‘Sustainable Transition’ Plan: Gas & Renewables To The Fore
...ld up by the Islamic State’s 2014-2015 rise, and in 2018 Iraq took the field away from a consortium led by Turkey’s TPAO. Even now, MEES understands that the Sinopec deal “has yet to be finalized.” As for Akkas, talks with the Saudis led by oil minister Ihsan Ismaael seem to have gone nowhere, an...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Kuwait’s Economy: Major Surgery Needed
...ntral to Kuwait’s travails is a dependence on oil revenues that is high even by regional standards. Oil revenues account for nearly 90% of government revenues, and Kuwait has failed to increase non-oil revenues even since oil prices dropped in 2014. The amended 2020-21 budget (year ending 31 March 2021) en...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
India Crude Imports: Long Covid
...r the first 11 months of 2020 as a whole crude imports averaged 3.81mn b/d, down 13.6% year-on-year, and the lowest figure since 2014. *The latest official data for November shows India’s top suppliers continuing to turn in lacklustre performances. Number one Iraq with 821,000 b/d and nu...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
Libya Devalues Currency
...18 in a bid to narrow the gap, effectively creating a third rate (MEES, 29 March 2019). Reflecting Libya’s political division, the CBL’s eastern and western branches have operated independently since October 2014. The board’s meeting comes on the back of a recent UN-led peace effort aimed at en...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Jordan Gas Boost
...d ‘well-49’ brought online last December (MEES, 29 December 2019). Results from three other exploration wells are expected soon – but given the relatively small size of the field, which BP abandoned in 2014 (MEES, 24 January 2014), the country’s growing renewables sector remains its best hope of ac...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Saudi Arabia Moves Towards 50:50 Oil, Non-Oil Revenue Split
...so drawing down heavily on its reserves at the central bank (SAMA). Having peaked at $354bn in 2014, these dropped to just $125bn in 2019 and are projected to fall to just $92bn by the end of this year (see chart 3). That implies a substantial Q4 drawdown given that the latest SAMA statistics show go...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Saudi Crude Burn Tumbles In October
...cord 10.7bn cfd on 6 August 2020 (MEES, 6 November). When it comes to crude burn in particular, Saudi levels have remained well below record highs. While they did soar well above recent levels over summer, at 702,000 b/d in August the annual peak remained well below 2014-15 levels (see ch...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Iraq’s Northern Oil Infrastructure Under Attack From Islamic State
...ll as their proximity to major assets. The small topping plant at Sainia lies just a few kilometers from the Baiji refining complex, which before its total destruction in 2014, was Iraq’s biggest producing 310,000 b/d. Rebuilding Baiji – which previously consisted of two 70,000 b/d crude distillation un...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Opec, IEA Counter Market Euphoria With Demand Downgrades
...e price decline that started in 2014.” The authors assume a further 20% reduction in investment in 2021 and warn that “industry investment will have to rise over the next three years by at least 25% yearly from 2020 levels to stave off a crisis.” OPEC PRODUCTION BEGINS THE JOURNEY BACK FROM ITS CO...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Sudan Looks To Reverse Upstream Decline With 2021 Bidding
...Sudan’s crude output is running at 64,000 b/d, down 44% on 2014 levels and some 86% below the 457,000 b/d produced before South Sudan seceded in July 2011, taking with it 75% of Sudan’s production. Acting Energy Minister Kheiri Abdelrahman says Sudan hopes to add 20,000 b/d next year. But he...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Korea Imports At 7-Yr Low
...pplier with 811,000 b/d for November. The kingdom has increased supplies to Korea by 6% year-on-year to 871,000 b/d for 11M 2020 for a market share of 32.8%. Not only is this well up on 2019’s 27.7%, but a bumper December could yet see Saudi top the annual record of 33.0% set in 2014. ...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Italy Crude Imports: Q3 Bounceback, Libya Volumes Set To Soar In Q4
...rong rebound in Q3 volumes to leave 9M 2020 imports down just 3% year-on-year (MEES, 4 December). *With little sign of a buying upturn in Q4, 2020’s Italian imports are set to come in below 2014’s 1.09mn b/d as the lowest this century. *Imports from key supplier Saudi Arabia almost halved in Q3 to...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020