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Kurdistan Oil At Center Of Iraq Budget Disputes
...me after federal forces retreated from the Islamic State in 2014. The federal government reclaimed these assets in 2017 MEES, 20 October 2017). The Opec+ cuts are primarily from an October 2018 baseline, when KRG output was approximately 400,000 b/d. Whichever way you look at it, full-year pr...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
IEA Slashes Demand Outlook Amid Tighter Global Restrictions
...oduction. Again, these downgrades have been frontloaded (see chart 3). DEMAND FOR OPEC CRUDE The IEA sees the Call on Opec averaging 27.70mn b/d for 2021, up 4.8mn b/d on the 2020 level. As recently as 2017 it was 32mn b/d. And while the call doesn’t equate to actual demand for Opec cr...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Algeria Sees $10.6bn 2020 Trade Deficit With Revenues At 18-Year Low
...me (MEES, 17 June 2020), policy initiatives have been state-driven and focused on dealing with the symptoms rather than the underlying malaise: from printing money (MEES, 13 October 2017), to banning whole swathes of imports (MEES, 1 January 2018). Official foreign currency reserves collapsed from al...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Chevron And Energean Face Off For Israel Acreage
...7tcf Athena prospect. If substantial gas is discovered, Energean says it will prioritize development ahead of Tanin which lies further away from the planned Energean Power FPSO. MEES understands Energean is set to relinquish Block 22 offshore Israel, which it was awarded along with Block 12 in 2017...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
...nual figure since 2011, with Q3’s 284,000 b/d the lowest quarterly figure since 2010. Number three Iraq saw volumes fall 34% to a six-year low 220,000 b/d, whilst number four the UAE saw a 15% fall to 206,000 b/d. *As recently as 2017, Iran was Korea’s number three supplier (behind Kuwait). Bu...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Iraq Baiji Refinery Sees Restart Of Second CDU
...th Mosul and other parts of northern Iraq liberated from the Islamic State in 2017, demand for electricity (powered by fuel oil) and transport fuels has skyrocketed, leading to significant shortages. Furthermore, the 140,000 b/d additions from the two restored Baiji units help Iraq keep its costly im...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Qatar Keeps Crown As Largest LNG Exporter For 2020
...ven that Qatar is working to expand capacity to 126mn t/y by 2027 and expects first gas from its new trains in 2025 (MEES, 10 April 2020). Qatar’s continued presence at the top in recent years came despite the Saudi-led economic embargo of Qatar from June 2017. That embargo was finally lifted last we...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Latest Saudi Discoveries Boost Unconventional Outlook
...pacity now stands at 400mn cfd. Meanwhile, at Midyan Aramco commissioned a 75mn cfd gas processing plant in 2017 which supplies local facilities. SAUDI ARABIA: RECENT FINDS & KEY UNCONVENTIONAL BASINS ...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Exxon’s Star Shines Brightest Among Egypt’s Slew Of Mediterranean Awards
...ell (MEES, 24 March 2017). A 2018 paper from Eni’s Zohr discovery team notes that Shell was “targeting the extension of the classic Tertiary clastic play of the Nile Delta, which turned out to be not commercial,” whilst the Zohr find resulted from “something profoundly different… isolated carbonate bu...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Majors Write Off $69bn in Year To Forget
...ainst a long-term horizon rather than prevailing oil prices. 4: MAJORS CAPEX PLANS ($BN): HAVING BOOSTED SPENDING AGGRESSIVELY IN 2017-19, EXXON HAS NOW REVERSED COURSE *LATEST FORECASTS FOR 2020. 2021 PLANS AS PER LATE-NOVEMBER ANNOUNCEMENTS (MID POINT FOR EXXON). SOURCE: COMPANIES, ME...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Saudi Surprises Market With 1mn B/D Production Cut
...nter months. But such leniency was not afforded to Gulf producers such as Iraq and the UAE in the summer when their domestic demand peaked. Russia’s compliance ever since the initial start of Opec+ cuts in January 2017 has been patchy at best, but it is typically afforded a free pass so long as co...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Long-Running Qatar Embargo Ends With GCC Summit Agreement
...Three and a half years after it began, the embargo of Qatar is over as Saudi Arabia and its allies agreed to restore ties. The decision appears based on pragmatic economic calculations, with Saudi Arabia keen to attract foreign investment. But the scars from 2017’s actions mean that full re...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Tethys Spuds Oman Wildcat
...at could become a major exploration push for unconventional resources in the underexplored Omani south. Tethys acquired seismic in the area in 2017 (MEES, 24 November 2017), and received a significant boost in November when US shale powerhouse EOG signed up at the block as a junior partner with a 50% in...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Libya Power Plant Progress
...r four SGT5-PAC 2000E Siemens combustion turbine generator units,” the firm said in a 6 January press release. Enka’s German partner on the projects, Siemens, costed the two plants at a combined €700mn ($826mn) at the time of the original award by state-power firm Gecol in 2017. But construction ha...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Energean: $400mn Israel Buyout
...ivate equity fund Kerogen paid then-cash-strapped Energean $50mn for a 50% stake in its then pre-FID Israel assets back in 2017 (MEES, 17 February 2017). Energean expects the buyout, plans for which were initially announced last month (MEES, 11 December 2020), to close this quarter. Energean al...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Egypt Foreign Reserves Slump $5bn In 2020 Despite 2h Rebound
...*Egypt’s foreign reserves ended 2020 at $40.1bn, the lowest end-year figure since 2017 and down $5.4bn (12%) year-on-year. But it could have been much worse. *As of end May, reserves had collapsed to just $36bn as Covid-19 saw the Arab world’s most populous economy grind to a near ha...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Iraq Breaks From The Past In Fifth Bid Round
...ES, 22 September 2017). The addition of revenue sharing is new to this round, although cost recovery terms still differ from the production sharing agreement model prevalent elsewhere in the region. Still, the majors’boycotting of the licensing round – with the exception of Eni’s optimistic bi...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Energean’s Edison Purchase Thrown Off-Track By Algeria Bureaucracy
...f Alexandria, are in decline. Substantial investment in new ‘North Abu Qir’ wells in recent years saw a temporary boost. But underlying decline has again taken over. Production of 45,500 boe/d (225mn cfd gas and 5,500 b/d condensate) for 2019 is down from 270mn cfd in 2017 when the new wells ca...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Algeria & Morocco: Uneasy Neighbors
...fore GME crosses into Morocco) to the Medgaz jump-off point at Beni Saf (MEES, 22 November 2019). Morocco and Algeria also exchange electricity through three interconnection points. In 2018, Morocco exported 3.9GWh to its neighbor after importing 149.1GWh in 2017. But these numbers pale in co...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Dow Impairs $1.73bn At Sadara, Eyes Debt Rejig
...odwill impairment and asset-related charges” of $1.733bn in 4Q19 associated with Sadara. The 3.22mn t/y Sadara petchems project was developed at a cost of $20bn. Sadara started up its central cracker in August 2016 and the last of its finished chemicals units a year later (MEES, 18 August 2017)....
Volume: 63Issue: 05Published at Fri, 31 Jan 2020