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Qatar Export Revenues Fall 30% In 2020
...s current level of 77mn t/y in 2011. The figure is considerably lower than at the height of the collapse precipitated by the oil price slump from late 2014. Then annual revenues bottomed out at $57.3bn in 2016 (see chart 1). However, Qatar has had considerable success in reducing its import tab in...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Mubarak Dies
...Former Egyptian President Hosni Mubarak, who ruled for thirty years but was ousted during the Arab Spring in 2011, passed away on 25 February at the age of 91. Egypt’s longest-serving modern-day president, he spent the following six years between prison and military hospitals as he faced ch...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Qatar 2019 Trade: Europe No Panacea As Revenues Fall Despite LNG Volume Surge
...ipments of condensate are also imported from Qatar for instance – it is the key one. The biggest increase in volumes appears to have been to the UK. Imports of LNG from Qatar peaked at 21.6mn tons in 2011, but steadily dropped in the ensuing years and reached a 10-year low of 2.9mn tons in 2018. Pr...
Volume: 63Issue: 08Published at Fri, 21 Feb 2020 -
Stars Align As Exxon Hikes Egypt Commitment
...ock where the major drilled nine wells – and discovered gas in sub-commercial quantities (MEES, 5 May 2008) – before quitting in 2011. Before 2016 Exxon held no upstream stakes in the East Mediterranean but now it holds four blocks; three in Egypt and one in Cyprus. Exxon also, along with French ma...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Pressure Mounts For Deeper Cuts As IEA, Opec Warn Of Demand Concerns
...owth rate since 2011. Opec is pushing for the wider Opec+ alliance to extend the existing production cuts beyond their current end-March expiry to end-2020. It is also advising that Opec+ deepen those cuts by 600,000 b/d in Q2. The IEA’s latest figures certainly strengthen the position of those ca...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Global LNG: Asian Demand In The Balance As Prices Fall To Record Low
...12-14 in the aftermath of the 2011 Fukushima nuclear disaster. The default presumption of most forecasters has been that this trend will continue (MEES, 10 January). That said, the prospect of depressed LNG prices for years to come – and the prospect that sellers such as Qatar may be prepared to agree to...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Oil Blockades Take Their Toll On Libya
...on fall to zero. And for now, the key instigator of the crisis, eastern general Khalifa Haftar, looks unlikely to give in. Libya is deeply divided. It has two rival governments, two central banks and two national oil companies. The chaos following the 2011 overthrow of Muammar Gaddafi has de...
Volume: 63Issue: 07Published at Fri, 14 Feb 2020 -
Total’s Upstream Operations Enjoy Strong 2019
...conventional concession, and Adnoc says “the first gas from unconventional [reserves] in Abu Dhabi, [will enter] into the market in mid-2020.” While initial volumes will be modest, Adnoc targets 1bn cfd by 2030 (MEES, 15 November 2011). MENA LIQUIDS OUTPUT HAD RECORD 2019 BUT OVERTAKEN BY AFRICA AS #1 TO...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Taiwan Crude Imports Hit 8-Year High, Opec Share At Record Low
...*Taiwan imported 892,500 b/d of crude in 2018, the highest figure since 2010. Imports peaked at 1.046mn b/d in 2006. *Gulf suppliers have not been the beneficiaries of this rise in volumes; the Mideast share of the Taiwan market fell to 77.6%, the lowest level since 2011 (see chart). Vo...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Australia Challenges Qatar For Taiwan LNG Top Spot: Just The Prelude?
...ll ahead for 2018 as a whole, a seemingly-comfortable 2.1mn tons ahead of number two Malaysia with Australia a further 230,000mn tons behind in third place (see data, p22). That said Qatar’s 4.89mn tons for 2018 was down almost 8% on 2017 and the lowest annual figure since 2011. Qatar’s 29% market sh...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Gulf Loses Patience With Sudan
...an 450,000 b/d prior to the secession of South Sudan to 115,000 b/d in late 2011 and has fallen further since. The government puts current production at between 70,000-75,000 b/d; even this is probably an overestimate, says Mr Elhaj. On 13 February the Sudanese pound fell to a record low of SP 83 to...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Upstream Investment: Is ‘More For Less’ The New Normal?
...E HIGHEST SINCE 2016 3: SAUDI ARABIA RIG COUNT: JANUARY’S OFFSHORE TOTAL OF 25 IS UP 7 YEAR-ON-YEAR AND JUST ONE OFF THE ALL-TIME HIGH SET IN APRIL 2015 4: MIDDLE EAST RIG COUNT SOARED IN 2011-14 WITH $100/B-PLUS CRUDE AND HAS CONTINUED TO EDGE HIGHER SINCE SO...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Iran Exports: Korea Restart Amid French Euro-Hope
...17 *TURKEY DEC FIGURE is ESTIMATE BASED ON SHIPPING DATA AND REUTERS REPORTS. ^^FRANCE, AUSTRIA INCLUDED IN 'OTHER EU' FOR 2011, 2012. SOURCE: NATIONAL IMPORT STATISTICS, REUTERS, BLOOMBERG, MEES....
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
IOCs ‘Exclude’ Libya From 2019 Plans
...6mn b/d by end-2019 – a level last reached before the 2011 revolution (see chart 1) – and ultimately 2.1mn b/d by 2021. But the outlook remains bleak. The central bank and internationally-recognized government based in Tripoli have yet to agree a 2019 budget, whilst the key 315,000 b/d-capacity El Sh...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Spain: Record Opec Crude…
...lumes hit a quarterly record of 823,000 b/d in Q4. Despite zero buying for the last two months of 2018, Iranian volumes, at 97,000 b/d, were their highest since 2011. Those from Iraq were also up at 94,000 b/d, boosting overall Gulf volumes to a 7-year high of 342,000 b/d (see p24 for chart and full da...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
New Egypt Gas Projects To Boost Output
...y IOCs for their gas. But this price was increasingly seen as unattractive by IOCs, contributing to a 2011-15 investment hiatus: output had slumped to a 12-year low of 3.891bn cfd by early 2016. Cairo evidently needed to revise terms if it was to re-attract the big firms. It changed the pricing fo...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Oxy Advances Mena Strategy 2.0
...ploration blocks in November (MEES, 9 November 2018). Prior to that, it hadn’t added to its Mena portfolio in 11 years, since signing up to develop the Shah field in 2011 (MEES, 24 January 2011). The reason for the hiatus was a 2013 decision to move forward with a strategic restructuring aimed at st...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Algeria Oil Output On The Slide
...ng-term decline, collective output is the lowest since El Merk’s first full year of output in 2014 (see chart). At just 174,000 b/d for 2018, combined HBNS and Ourhoud output is half 2011 levels and a mere 31% of the 470,000 b/d 2007 figure. Anadarko says the completion of a water treatment pr...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Sudan, South Sudan Claim Oil Production Boon, But How Much?
...OC), a consortium of China National Petroleum Corporation (CNPC), Malaysia’s Petronas and ONGC Videsh (all state-owned) and local firm Nilepet. Since South Sudan’s independence in July 2011, GPOC has been responsible for operating those parts of Blocks 1, 2 and 4 that lie south of the border with Su...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
IMF: Praise, $2bn For Egypt
...rong remittances, while unemployment has declined to its lowest level since 2011.” A combination of “the authorities’ fiscal consolidation efforts and high nominal GDP growth” means Egypt’s public-debt-to-GDP ratio “declined markedly” from 103.2% for 2016-17 to 92.6% for 2017-18 and a forecast 86...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019