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Qatar Crude Exports Remain Firm As Neighbors Make Deep Cuts
...ws. That Qatar has been under an embargo from Saudi Arabia, UAE and Bahrain since June 2017 is an added dimension that won’t be lost on any of its neighbors (MEES, 9 June 2017). The friction between Qatar and Opec’s dominant forces undoubtedly played a key role in Qatar’s 2018 decision to quit Opec (ME...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Tethys Oil Expands In Oman With Extra Southern Block
...opted a similar strategy with blocks 49 and 56. Tethys acquired a 100% interest EPSA for Block 49 as part of Oman’s 2017 bid round, launching a 3D seismic campaign a year later (MEES, 14 December 2018). Per its Q1 report, Tethys says there have been no changes to 2020 plans to commence drilling – the 4,...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Israel Gas Market: Competition Heats Up, Litigation Abounds
...21 to sell the remainder of its current 22% stake (MEES, 30 June 2017). At Leviathan they have 39.66% and 45.34% respectively (see charts). This gives Noble, and especially Delek, a strong incentive to favor sales of gas from Leviathan over Tamar. Noble and Delek collectively have 47% of Tamar, ri...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Taiwan Crude Imports: Total & Mideast Volumes Stay Low
...cluded 236,000 b/d from Saudi Arabia, just above the quarterly low set in 2017. Saudi 1H 2020 volumes of 266,000 b/d were down 10% year-on-year despite record monthly arrivals of 475,000 b/d in February. Given the size of the overall fall in volumes, supplier countries chalking up sizable gains this ye...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Saudi Plans World-Beating $5bn ‘Green Hydrogen’ Project For Neom Future City
...abia’s now-Crown Prince Muhammad bin Salman to great fanfare in 2017 with a $500bn price tag (MEES, 27 October 2017). Whether it ever comes close to achieving its grandiose aims is unclear, but there is at least now movement towards developing innovative industries at the site. No-one can accuse Neom of...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Iran Exports: Gas & Petchems Become Key Revenue Streams As Crude Falters
...Since 2018, Iran’s economy has suffered as US sanctions caused Iranian crude and condensate exports to collapse. Oil and gas revenues brought in just $8.9bn for the last Iranian calendar year (March 2019-2020), versus $27.8bn in 2017-2018 – the last year before the renewed sanctions took ef...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Adnoc Shuts Onshore Bab Field For Maintenance
...the latest 370,000 b/d figure indicates that it was running around 50,000 b/d below capacity prior to shut-down. Adnoc is working to expand capacity at Bab from 420,000 b/d to 450,000 b/d under a contract awarded in 2017 to CPECC, the engineering subsidiary of Chinese state firm CNPC (MEES, 17 No...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Oman LNG Exports Dip In 1H 2020 Ahead Of Capacity Expansion
...rean buyers holding the rest). Production jumped from 8.60mn tons in 2017 to 10.4mn tons in 2018 – matching nameplate capacity – and last year the firm’s three LNG trains produced a record 10.7mn tons. “We reaped the rewards from investments in rejuvenation, debottlenecking, and the power project,” oi...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Energean Retains East Med Focus In Cut-Price, Cut-Scope Edison Deal
...9bcm/y Reggane, which started up in December 2017 (MEES, 22 December 2017), and Norwegian North Sea discoveries – were ones for the future, Abu Qir is in steep decline. Abu Qir output (100% Edison) was 45,500 boe/d (225mn cfd gas and 5,500 b/d condensate) for 2019. This is well down from 270mn cfd in 2017...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Aramco Committed To Crude-to-Chemicals But Delays Development Decision
...chnologies with a cracker (MEES, 1 December 2017). CRUDE OIL TO CHEMICALS CONCEPT SOURCE: MEES. ...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Egypt’s Economy & Energy Sector Reel From Covid-19
...rch alone, and a further $3bn in April and $1bn in May, to end the first five months at just $36.0bn, down almost $10bn on the start of the year and the lowest figure since 2017 (MEES, 12 June). The end-May figure would have been lower were it not for the mid-month receipt of $2.77bn in emergency IM...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Saudi Sees Rare Trade Deficit As Oil Earnings Collapse
...venues therefore dropping steeply to $3.5bn, their lowest level since September 2017, oil’s share of the mix remained high at 64.7%. RECORD HIGHS, RECORD LOWS April was in some ways a triumphant month for Saudi Arabia. As the previous-Opec+ production restrictions disintegrated, state en...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
US Oil Stocks* Hit All-Time High As Demand Collapses
...JUNE) AND MAY DIFFER. SLIGHTLY FROM THE YET-TO-BE-PUBLISHED OFFICIAL END-MONTH FIGURES. **26 JUNE CRUDE STOCKS ARE JUST BEHIND MARCH 2017 (538.6MN BARRELS) AS THE HIGHEST END-MONTH FIGURE ON RECORD BUT 19 JUNE SET A WEEKLY RECORD OF 540.7MN BARRELS. SOURCE: EIA, MEES. SEE ANALYSIS, P11. ...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Israel Bidding: Geopolitical Handicap Stymies Major Interest
...s five more Israel exploration blocks from the 2017 bid round. Whilst no-one can doubt the firm’s ambitions – it recently agreed to pay up to $850mn for the upstream assets of Italy’s Edison (MEES, 5 July) – it is unlikely to have spare cash for major exploration efforts anytime soon. So no ma...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Hormuz Escalation Spooks Major Asian Economies
...y of 420,000 b/d this year. The US has been making huge inroads into the Korean market, with volumes breaking records for the past five consecutive quarters. Having averaged just 36,000 b/d over the course of 2017, 2Q 2019 volumes averaged a massive 325,000 b/d. This was sufficient to place the US...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Hormuz Upheaval Spells Uncertainty For Fujairah Expansion Plans
...jairah (MEES, 19 July), and sales had already slipped since July 2017 when Qatar-vessels were banned. ADNOC PLANS FUJAIRAH TRADE BOOM Fujairah is central to Abu Dhabi state firm Adnoc’s plans to develop into a trading powerhouse. The firm is developing a massive 42mn barrel (6.8mn m³) un...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Oman Cuts Deficit, But Oil Dependence Remains
...llowing several years of troubling fiscal developments, Oman looks to have finally caught a break. Preliminary figures from the government’s National Center for Statistics and Information (NCSI) indicate that the sultanate ran a $6.9bn (OR 2.65bn) deficit in 2018, down from $9.8bn in 2017 and co...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Oman Increases Power Subsidies
...artups of the Ibri IPP and Sohar-3 gas-fired powerplants (see MEES, 7 July) will increase the need for subsidy spending, presumably due to higher generation costs being passed onto the consumer. Oman has made a concerted effort to cut its electricity subsidies in recent years following the 2017 Cost Re...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Eni: New Egypt Output
...ypt oil output is also up, from 72,000 b/d net for 2017 to 77,000 b/d in 2018. Egypt’s overall oil output averaged 640,000 b/d in the first five months of 2019, flat with 2018 levels. The Western Desert accounts for 55% of the total. But output here fell to 353,000 b/d in the first five months of 2019 fr...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
New Partnership Expands Qatar’s Footprint In The US
...tween Chevron and Phillips 66, says that FID on the petchems facility is expected to be “no later than 2021.” Mr Kaabi is keen to fix this aberration and a move into the US upstream sooner or later looks probable. He told MEES in late 2017 that “We are working on buying upstream assets and reserves in...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019