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Iraqi Parliament Passes $17bn Emergency Bill
...ojects. But it also registers a negative precedent by renewing the practice of ex-budgetary spending decisions as were made in 2014 and 2020. Many observes had hoped that the lack of a 2022 budget would pressure politicians to reach a deal on government formation and exit the current gridlock. Former MP Al...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Iraq Unveils Optimistic Production Capacity Targets
...e planned production targets (PPT) at key fields were being revised down. For instance Iraq’s biggest field – the 1.45mn b/d capacity Rumaila (BECL: BP 47.63%, CNPC 46.37%, Somo 5%) – has had its PPT revised down from 2.85mn b/d to 2.1mn b/d in 2014 and then down to just 1.7mn b/d last year (ME...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Tight LNG Market Drives $2bn Revenue Boost For Qatar
...ices work their way through the system. Already, April revenues were the highest since March 2014’s $12.46bn and were among the highest monthly figures ever (see chart 1). Hydrocarbon revenues of $10.5bn accounted for 88% of the April total, significantly above the 2021 average of 84%. High re...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Saudi Foreign Reserves Edge Up Over April
...art). *Nevertheless, sizeable increases are on the cards, with Minister of Finance Muhammad al-Jadaan telling the Financial Times last month that surplus oil revenues will be used to replenish reserves. *After peaking at $737bn in August 2014, foreign reserves tumbled when oil prices crashed in th...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
QP, TotalEnergies Team Up Offshore Suriname
...gnificantly scale up its overseas production. The biggest contributor to QP’s overseas output is the firm’s 15% stake in Total Congo which it acquired back in late 2013 (MEES, 31 January 2014). MEES estimates that this provided QP with around 20,000 boe/d net in 2020, down slightly from 20,600 boe/d in 20...
Volume: 64Issue: 25Published at Fri, 25 Jun 2021 -
Algerians Boycott President Tebboune’s ‘New Algeria’
...ak oil prices since 2014 have resulted in steep fiscal and current account deficits. And the country’s lethargic state-led economic model has been unable to compensate. The planned solution, as ever, is to pursue diversification and a private-sector led growth model. But words have not been backed up by...
Volume: 64Issue: 25Published at Fri, 25 Jun 2021 -
IEA Calls On Opec+ To Open The Taps In 2022
...clines. Between them, combined capacity of the trio now stands 830,000 b/d below their 2014 production. It goes without saying that the situation is even worse for Venezuela, which produced 2.36mn b/d in 2014, but now has capacity to produce just 580,000 b/d according to the IEA. With that in mind, th...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
Israel: New Government, New Challenges
...ighbors, most notably the UAE (MEES, 7 May). Prior to that Mr Steinitz faced the aftermath of a late 2014 antitrust case against its two key players, US firm Noble (now Chevron) and Israel firm Delek (MEES, 2 January 2015). A gas outline agreement was signed in 2016 which allowed Noble and Delek to re...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
Libya’s NOC Plans Massive Upstream Opening
...timism. An October 2020 ceasefire between previously warring eastern and western forces has held, the country has a unified government for the first time since 2014 and preparations for nationwide elections in December are underway. But the peace process is extremely fragile (MEES, 4 June). “We are ve...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Iraq Confirms Negotiations With American-Saudi Consortium For Akkas
...s originally awarded to Korea’s Kogas (100%) in 2010’s third licensing round, with the firm targeting 400mn cfd for a remuneration fee of $5.50/boe (MEES, 25 October 2010). Kogas declared force majeure on the field in 2014 as Islamic State overran the area, but after the area was retaken, Baghdad be...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Gulfsands Bullish On Syria Return As Key Russian Investor Consolidates Position
...nserving cash for potential Syria re-entry. Whilst Gulfsands says it has had no control over and received no revenue from its Syria assets since 2011, it was informed by Syrian state firm GPC that the Block 26 fields, having produced intermittently since 2014, “returned to regular production in January 20...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Eni In Algeria: Looking For Growth
...Eni’s net Algeria output has steadily fallen since a peak in 2014, but recent moves by the Italian major look set to reverse this trend. The potential acquisition of sizeable BP assets would nearly double Eni’s net Algeria gas output. As many international oil companies have shunned Al...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Libya’s Oil Revenues Surge
...nthly numbers of Libya’s crude oil production have been pretty much non-existent for the past six years. But with the arrival of a new unity government in March, which includes an oil minister for the first time since 2014, Libya has begun to submit monthly production stats to Opec. Official figures pu...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Western Zagros Gets Green Light To Develop Kurdistan’s ‘Crown Jewels’
...rdamir partners had for years been seeking to secure approval from the KRG’s Ministry of Natural Resources (MNR) for a Kurdamir FDP, but progress proved frustratingly slow as the regional government struggled to deal with a series of crises. First came the advance of the so-called Islamic State in 2014, fo...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Iraq Targets 22GW Peak Supply This Summer
...rporation (CMEC) is now nearing completion. CMEC restarted work on the site in mid-2018 after leaving the project when large swaths of the country’s western and northern provinces fell to ISIS in 2014. On 17 May, the first 630MW unit was inaugurated, with the second 630MW unit due to enter service by Ju...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Ecomar Thinks Big After Fujairah Refinery Start-Up
...ly 2014). “The concept was changed,” says Mr Shaddick. “We currently process a mixture of Arab Heavy and Arab Light crudes [from Saudi Arabia], which are relatively low in sulfur among regional crudes. We are looking to add a coker and desulfurization units in the near future as part of our ex...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Oman Feels The Pain As Export Revenues Plummet
...onomic outlook. A succession of six sizeable annual deficits since the 2014 price crash has gradually pushed-up Oman’s debt levels, and another substantial rise this year seems inescapable (see chart 2). Current spending jumped in 2011 as Oman sought to ride out ‘Arab Spring’ protests through higher pu...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
IEA Backs Saudi Arabia To Lead Mena Gas Supply Push
...anned start-up date of 2014 (MEES, 12 October 2012) and is currently due online this year. Recent delays have been down to problems with the offshore pipeline. As for Iran, despite being subject to stringent US sanctions, it is still advancing the development of its South Pars gas field. Mohammad Me...
Volume: 63Issue: 25Published at Fri, 19 Jun 2020 -
Petro Rabigh Adds Hydrotreater
...nthly Jodi data. Saudi refinery throughputs for April were 1.84mn b/d, their lowest level since the 1.81mn b/d processed in November 2014 (see chart). Saudi refinery operations in 2020 had earlier been impacted by a mid-January to end-February shutdown of 440,000 b/d Satorp refinery at Jubail, a jo...
Volume: 63Issue: 25Published at Fri, 19 Jun 2020 -
Iraq Fights For Survival Amid Growing Pressure To Slash Oil Output
...the 6 June meeting, is for Baghdad to reduce crude output month-by-month in order to produce under its quota in August-September to make up for May-July overproduction. This would ultimately bring Iraqi output to 3-3.5mn b/d, its lowest since 2014. Needless-to-say such a scenario is difficult to im...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020