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Abu Dhabi Power Sector’s Gas Needs Dwindle
...ergy plants” (MEES, 20 January). As a result, thermal power plants generated just 71.5TWh in 2022, the lowest annual figure since 2014’s 70.6TWh. Moreover, upgrades to this fleet of power plants means that more electricity can be generated with less gas than in 2014. Gas consumption dropped to an 11...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
India 2022 LNG Imports: Qatar Volumes Surge To 8-Year High For 52% Market Share
...nce 2014. *Unlike the key East Asian markets of Japan, China and South Korea, where Australia has in recent years overtaken Qatar as top supplier, Australia is nowhere in terms of Indian market share with a mere 0.44mn tons (2.1% market share) for 2022. *India paid an average of $16...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
Majors Outspend Capex Targets Amid Record Profits
...y of $100/B. But they were higher over the years to 2014. The big change since then has been that capital spending remains restrained. The five firms’ total 2022 outlay of $95.6bn was less than half 2013’s $195.5bn, meaning much plumper margins (see chart). All five firms, nevertheless, su...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
KRG’s Oil Sector Hangs By A Thread As Iraq-Turkey Arbitration Nears Closure
...mpromise on the region’s independent oil sector, or whether the KRG instead doubles down and pushes more volumes onto the grey market. WAITING ON PARIS The origin of the dispute is in 2014, when the KRG completed its own independent pipeline connecting its oilfields to the Turkish bo...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Opec Revenues Rise 50% To Eight Year High In 2022
...erged from 2020’s catastrophic Covid depths (see chart 1). Despite the huge back-to-back revenue gains, last year’s Opec export revenues look to have remained below 2014’s levels as the group’s fortunes have yet to fully bounce back from the price slump that began in the second half of that year. It is...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Saudi Arabia’s Oil Export Revenues Jump To Three Year High
...art 1), while the $64.2bn Q4 figure was the highest for any quarter since prices first collapsed in late 2014. The increase came despite Saudi Arabia’s crude oil production dipping by 100,000 b/d to an 11-year low of 9.12mn b/d for 2021, with gross oil exports in turn dropping to an 11-year low 7.56mn b/d ac...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Opec Basket Tops $100/B
...The Opec Basket of crude export grades hit $101.22/B on 24 February, up $5/B on a day earlier as Russia invaded Ukraine and $23/B up on the start of 2022. This marks the first time over $100/B in over seven years – since 1 September 2014. The basket opened up a gap on Brent, which settled at $99...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Iraq’s Supreme Court Rules Against KRG Oil Independence
...deral budget in February 2014” leading “to a major financial crisis in the region.” Adding that it started exports in March 2014 “in an attempt to secure salaries and public services.” In its litigation, Erbil also had said that Baghdad had agreed to its independent exports by budgeting for the re...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Upstream Gains Drive Taqa Revenue Boost
...venue gains came from Taqa’s smallest segment – the upstream sector. Upstream revenues jumped by 77% year-on-year to $2.02bn as the oil market rapidly recovered from 2020’s Covid-hit lows. Indeed, after dropping to 13-year lows in 2020 they bounced back to hit the $2bn mark for the first time since 2014...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Tunisia Draws Record Power From Algeria In 2021
...WER SUPPLY JUMPS TO ALL TIME HIGH ON RECORD IMPORTS FROM ALGERIA (TWH) *TUNISIA EXPORTED NEGLIGIBLE AMOUNTS TO ALGERIA IN 2011, 2014 AND 2015. IT ALSO EXPORTS POWER TO LIBYA WHICH CAME IN AT 649GWH IN 2020 AND 62GWH IN 2021. SOURCE: STEG, ENERGY MINISTRY, MEES CALCULATIONS. 2: TU...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Iraqi Kurdistan Gas Pipeline Boost: Turkey Exports Next?
...reement, Kurdistan was to supply Turkey with an initial 4 bcm/year from 2017, rising to 10 bcm/y by 2020 with the option of increasing to 20 bcm/y (MEES, 17 January 2014). A 2017 agreement for Rosneft to construct a pipeline with up to 30 bcm/y capacity also came to naught. Progress since then has been es...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Tethys Eyes Modest 2022 Rebound As EOG Walks From Block 49
...pex to $91mn for 2022, up from $35.2mn for 2021. Not just is this significantly above last year’s pandemic-hit capex figure, but it is significantly higher than in 2014 before the initial oil price downturn (see chart 2). The capex will be front-loaded. This investment surge is being funded by la...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Libya’s Noc Eyes Algeria Border Fields Potential
...natrach on 10 February signed an MoU in Tripoli that “aims to resume Sonatrach’s activities in Libya in order to fulfill its contractual obligations and begin to develop the discovered fields.” Sonatrach was forced to abandon its exploration activities on the Libyan side of the Algeria-Libya border in 2014...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Libya Back To Square One With Two Prime Ministers
...the political division between 2014 and 2021 when two rival parallel administrations, one based in the east and another (internationally recognized) one based in the west, vied for control of the country. The failure by eastern-based General Khalifa Haftar to take Tripoli by forced during a 20...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Aramco Royalty Rate Set To Soar If Brent Tops $100
...That Saudi Arabia’s finances are benefiting from higher oil prices is a given. But Aramco’s floating royalty rate means that the government stands to profit immeasurably should Brent top $100/B for the first time since September 2014. As oil prices rise well beyond $90/B and near-term pr...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Saudi & Egypt Drilling Activity Picks Up
...udi, Iraq and the UAE had seen drilling at near-record levels prior to the early-2020 ‘Covid’ slump, the Egypt market has been depressed since oil prices headed south in 2014-15. But key oil producer Apache as well as smaller players have signaled an investment rebound on higher prices and improved te...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Iraq’s Crude Export Revenues Surge To 10-Year High
...aqi crude was selling at $105/B, while in January the figure was $83.25/B. This was the first month since October 2014 that Iraqi crude has retailed at more than $80/B. February has gotten off to a strong start with oil prices high, and Iraq will be looking to push export volumes up amid the easing Op...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Calvalley Shuts Yemen’s Block 9 Over Security Concerns
...p). Calvalley last year said output from Block 9 was averaging 6,700 b/d, a slight increase from 2013 pre-conflict output of 6,000 b/d (MEES, 7 February 2014). Having declaring force majeure in 2015 (MEES, 23 January 2015) the firm resumed operations in July 2019 and spent $35-45mn on rehabilitating ke...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Algeria’s 1mn B/D Challenge
...present a substantial decrease on previous programs. But if spent right, this need not be a bad thing (MEES, 15 January 2021). Surging oil prices will provide some comfort – Brent hit $90/B for the first time since 2014 last week – but it is important this doesn’t spark a return to wasteful spending pr...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Qatar Export Revenues Surge To Seven Year High
...venues jumped to a seven-year high in 2021. The $87.2bn that Qatar’s exports brought in last year was the highest figure since the $100+/B days of 2014 (see chart 1), and the ongoing global gas crunch ensures that 2022 will get off to a strong start. Indeed, with Qatar exporting a near record 7.35mn to...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022