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Norway’s Yara Quits Libya
...st year (MEES, 24 January 2020). Yara has made a loss each year since Libya’s 2011 revolution. The firm wrote down $112mn of its investment in 2015. “Yara’s book value of the investment is zero,” Yara said on 4 January. ...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Thailand Crude Imports Slump, Mideast Share Down
...*Thailand’s crude imports slumped to 938,000 b/d in 2019, down 16% (183,000 b/d) from 2018’s record 1.12mn b/d and the lowest since 2011 (see table & chart). *The country’s oil output and demand are steady at around 500,000 b/d (half crude, half NGLs) and 1.5mn b/d respectively. The sl...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Saudi Net Foreign Assets Stabilize At $500bn In 2019 But Government Reserves Fall To New Multi-Year Low Of $125bn
...RESERVES FIGURES ARE END-YEAR, OIL PRICE ANNUAL AVERAGE. *GOVERNMENT RESERVES FIGURES PRE-2012 ARE NOT DIRECTLY COMPARABLE DUE TO CHANGES IN METHODOLOGY. HOWEVER UNDER THE OLD METHODOLOGY 2011 WAS LEVEL WITH 2012. SOURCE: SAMA, MEES. ...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Saudi PIF Eyes Premier League
...wcastle United for around £350mn ($454mn). Riyadh would be following in the footsteps of Qatar’s state Sports Investment which bought French football club Paris Saint-Germain in 2011 and the UAE’s Sheikh Mansour bin Zayed Al Nahyan who acquired Manchester City in 2008. PIF wouldn’t even be the first Sa...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Egypt Squeezes More Out Of Its Refining Fleet
...uge for 2019 as a whole, most products’ output grew year-on-year. However, jet-kero is the only product to reach a new record high, averaging 58,000 b/d. Analysis of the latest Jodi monthly data shows diesel at 149,000 b/d in 11M19, short of the record 163,000 b/d in 2011, while gasoline’s rally to 86...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Jordan Budgets For Big 2020 Spend
...ectricity is heavily subsidized, Nepco amassed $1bn+ annual deficits from 2011-2014 when high oil prices combined with a shift to costly oil products as Egyptian gas imports dried up (MEES, 31 May 2019). The situation has since improved, but the debts remain. Lucky for Amman, the recent start up of gas im...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Oman At The Crossroads As New Sultan Takes The Reins
...at increasingly threaten the country’s outlook. Problems started during the 2011 ‘Arab Spring’ when protests rocked Oman, resulting in two deaths amid a security clampdown (MEES, 7 March 2011). Muscat responded by ratcheting up government spending 26% to OR13.48bn ($35.2bn) in 2012, with spending gr...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Korea LNG Imports: Australia Threatens Qatar For Top Spot
...6mn t as a result. In Q4 2019 Australia with 2.12mn tons only just failed to pip Qatar (2.22mn tons) for top spot. Australia supplied a record 1.26mn tons (17 cargoes) in December, two more than Qatar. The last time a country other than Qatar was top on a quarterly basis was Indonesia back in 2011; on an...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Tunisia’s Pending Economic Transformation
...t, Tunisia will head to the polls once again with no guarantee of a decisive result. Many Tunisians have lost hope in the current political system. The 2011 Jasmine Revolution successfully brought about a measure of democracy, but has so far failed to deliver economic prosperity. In fact, plenty of...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Opec Responds To Turbulent Start To 2020
...s, Opec exited 2019 with average production of 29.38mn b/d in December. This represented a massive 2.40mn b/d year-on-year decline. Over 2019 as a whole Opec production averaged 29.86mn b/d, down 2.18mn b/d on the 2018 average of 32.03mn b/d and the first time since 2011 that production has av...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Taiwan Makes Slow Progress In Cutting Gulf Crude Dependence
...nce 2011 whilst the 72.3% 4Q19 Gulf share was the lowest since 2010 and December’s 68.2% the lowest monthly figure since 2011. A TALE OF TWO REFINERS Taiwan’s 1.14mn b/d of crude distillation capacity is split between two refiners. And the two have markedly differing records in diversifying su...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Global LNG: China Challenges Japan As Top Importer
...ough here price will be a key factor. *As for Japanese LNG demand, the key variable has been the status of the country’s nuclear power fleet. Japan’s LNG imports peaked at 87-88mn t/y in 2012-14 in the wake of the 2011 Fukushima nuclear disaster which led to all of the country’s then-op...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Israel Accelerates Coal To Gas Shift
...e in electricity production, with coal supplying 30% of the country’s electricity needs in 2018, from 59% in 2011, whilst gas has risen from 35% to 65% over the same period. Prior to Leviathan coming online the country’s gas needs were met by the 11tcf Tamar gas field which produces at around 1bn cf...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Libya: Output At Seven-Year High; Can It Last?
...solved two long-running contractual disputes with industry heavyweights Total and Wintershall Dea. Both firms committed to fresh exploration and development projects (MEES, 13 December 2019), something of a rarity for Libya since 2011. Success for Libya will depend on how much of a return IOCs and co...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Egypt Bags Major Investment In Frontier Areas
...stern neighbor Libya (see p5). The other seven blocks garnered no bids. These include Block 2, the northernmost of the coastal blocks on offer and the only one to have seen significant past exploration – US firm Hess drilled a duster in 2011. All bidders were given access to 2D seismic shot across th...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Genel Farm-In Boosts Development Prospects At Chevron KRG Blocks
...20. The first well was drilled in 2011 but then-operator, Canada’s Niko Resources deemed the quantities of light 43-46°API crude non-commercial (MEES, 12 November 2012) and relinquished the asset the following year. Chevron pounced on the block in early 2013 (MEES, 1 February 2013) as it was sn...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Iran: Exports Edge Up But Outlook Remains Bleak
...UTERS REPORTS. GREECE NOV18 FIGURE IS ALSO AN ESTIMATE. **BONDED STORAGE IN DALIAN, CHINA (ESTIMATES BASED ON DIFFERENCE BETWEEN SHIPPING ARRIVALS IN CHINA AND OFFICIAL CHINA IMPORT STATS). ^^FRANCE, AUSTRIA INCLUDED IN 'OTHER EU' FOR 2011, 2012. SOURCE: NATIONAL IMPORT STATISTICS, REUTERS, BLOOMBERG, ME...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Libya Halves 2018 Budget Deficit But Remains Hostage To Oil And Conflict
...Libya recorded its highest revenues in five years in 2018 on the back of a leap in oil prices and six-year high oil output. But it is no closer to exiting its now eight-year ‘transition’ to normality: its destiny, as always, remains tied to oil. Libya entered its revolutionary year of 2011...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Eni Completes Middle East Tour De Force
...sin modeling and seismic sequence studies. An exploratory well will be drilled in 2011.” Clearly there is potential in Block 1, but it was insufficient for Oxy. Will Eni fare any better? BAHRAIN OIL & GAS BLOCKS SHARJAH 2018 BID ROUND OMAN ON THE RISE Oman ar...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Libya Revenues At 5-Year High But Remain Unstable As Noc Eyes Gas Boost
...volutionary year of 2011. At a press conference in Benghazi on 6 January NOC chief Mustafa Sanalla said the country’s current output is 953,000 b/d, with a 2018 average figure of 1.107mn b/d. The latter figure, presuming that it is accurate, almost certainly includes NGLs. MEES estimates Libya’s 2018 cr...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019