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Baker Hughes Finally Inks Gas Processing Contract in Southern Iraq
...Oil, amounting to a huge 51.3% of wellhead output (see chart). Yet for Iraq, these poor figures count as something of a success. Total gas flared last year was the lowest since 2014, while the proportion flared is similar to that of 2010. Since then, crude output grew rapidly following contract aw...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Gas Plant Inauguration Boosts Iran’s Petchems Outlook
...an’s demand for gas feedstock (MEES, 10 October 2014). Much of this has been sourced from the giant South Pars gas field which Iran shares with Qatar, but Iran’s routine flaring of associated gas has long offered another source. Iran’s wasteful flaring puts it behind only Iraq (see p4) in the re...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Jordan Nears 20% Renewables Generation, Oil Shale In Limbo
...e start of imports from Israel’s giant Leviathan field under a 15-year, 45bcm supply deal signed in 2014 (MEES, 5 September 2014). The US-backed deal faced significant opposition on the Jordanian street, but its prompt 1 January startup last year saw Israel emerge as the biggest supplier to Jo...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Kurdistan Oil At Center Of Iraq Budget Disputes
...tlines a mechanism for KRG debt repayment by the federal government whereby Erbil is expected to share data on its external debts and loans accumulated in 2014-2019 with the Ministry of Finance 30 days upon approving the budget by parliament. Ninety days later, a joint committee that includes Iraq’s state au...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Algeria Sees $10.6bn 2020 Trade Deficit With Revenues At 18-Year Low
...aded south in late 2014 (see chart 1). Other oil exporters were forced to adopt emergency measures when the Covid-19 pandemic saw prices and demand collapse in March last year. But Algeria has never come close to exiting crisis mode since 2014. Even then, on the back of three years of blowout sp...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Iraq Awards New Refinery At Nasiriya - ref
...stribution and marketing sectors are wholly state-owned and end-user prices are heavily subsidized. Investors are therefore only attracted to refining projects targeting export markets. Iraq’s oil ministry has however made some progress in restoring norther refining capacity taken out by Islamic State in 2014...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Saudi Crude Exports To Take Fresh Hit Amid Voluntary Cuts
...fining runs at the height of lockdown. Jodi data up to October shows Saudi refining runs averaging 2.14mn b/d over the first ten months of the year, putting throughputs on course for their lowest year since 2014. Nevertheless, refining runs had recovered to pre-Covid levels by the end of 2020 and so th...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
The US Oil Rig Count’s 2020 Rollercoaster Ride
...FROM 670 AT THE START OF 2020 THE US RIG COUNT SLUMPED TO 172 BY MID AUGUST BUT HAS SINCE ADDED 103 RIGS, 60% OF THESE IN THE PERMIAN... ...DESPITE THIS, THE US END-YEAR OIL RIG COUNT FOR 2020 WAS THE LOWEST IN 14 YEARS AND LESS THAN A FIFTH OF THE 2014 PEAK SOURCE: BA...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Opec Keeps Demand Forecast Stable Amid Cloudy Outlook
...ventories in OECD countries. Saudi Energy Minister Prince Abdulaziz bin Salman announced after last week’s Opec+ ministerial meeting that inventories will be judged against the 2014-2019 five-year average, rather than 2015-2020 so as to not be affected by last year’s bloating of global stocks. The la...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
...port volumes in the more recent monthly data. The last three quarters of 2020 were the three lowest quarterly figures since 2014, with Q4 2020 at 2.54mn b/d the lowest of the lot. 1: KOREA CRUDE IMPORTS ('000 B/D): OVERALL VOLUMES SLUMP BUT MIDEAST DOWN MUCH FURTHER.... 2: ...TO...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Yemen: 2020 Oil Exports Up, But Conflict Remains
...nflict. OIL EXPORTS RISE Given the dire situation, the slow but steady progress of the country’s oil sector remains an anomaly. Current production and exports remain at just a fraction of pre-2011 days when production averaged 300,000-400,000 b/d, and even short of the 127,000 b/d produced in 2014...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Iraq Baiji Refinery Sees Restart Of Second CDU
...,000 b/d Salahuddin-2 unit at the Baiji refining complex in northern Iraq, boosting the country’s effective refining capacity by around 10%. The once-310,000 b/d Baiji complex – also called al-Samoud – was completely destroyed in 2014 by Islamic State militants leading to a sizeable drop in the co...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Exxon’s Star Shines Brightest Among Egypt’s Slew Of Mediterranean Awards
...ild-up immediately lying below the Messinian Salt.” BETTER TERMS One reason Shell’s earlier modest discoveries were deemed uneconomic was that at the time Cairo was only willing to pay a fixed $2.65/mn BTU for domestic output. By 2014, and with investment from IOCs drying up, Eg...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Saudi Surprises Market With 1mn B/D Production Cut
...tput to barely 3mn b/d in the 1980s while other producers simply filled the void. As then-oil minister Ali Naimi told MEES in 2014 as Saudi Arabia was withstanding pressure to cut unless Russia participated, “If I reduce, what happens to my market share? The price will go up and the Russians, the Br...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Oman Fiscal Dilemma Shows No Signs Of Abating In 2021
...art 1). On paper, this amounts to around 75% of GDP – not particularly bad – but given years of low growth and perennial budget deficits since the 2014 oil price crash, the concern is that it will continue to grow to unmanageable levels. Oman’s economic outlook is growing increasingly grim, and an im...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021