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Syria’s Block 26 Continues To Pump As UK’s Gulfsands Waits On Standby
...lfsands’ Block 26 was one of Syria’s most promising oil assets when the war erupted in 2011, forcing the UK minnow (and every other western firm) to declare force majeure and halt operations. The firm still retains 50% of the block, with Chinese state firm Sinochem holding the other half. But since 2014 wh...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Saudi Oil Exports Back On Top
...udi figure was the lowest since 4Q 2014, and was primarily due to a steep drop in exports of refined products (MEES, 22 May). But Saudi Arabia surged back ahead of the US in April as it ramped up crude output to record levels amid its short-lived price war with Russia. Official data is not yet av...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
US Data: Record Stocks, Record Cuts, Which Way From Here?
...om services firm Baker Hughes (see chart 1). The overall US oil rig count of 222 is the lowest since 2009 with the 72.3% year-on-year collapse the highest on record. *Indicative of leaner drilling operations in the latest boom versus the years to 2014 is that March’s record 4.80mn b/d Pe...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Italy Imports At Record Low As Covid Hits But Iraq Bucks The Trend
...Italy’s crude imports fell to just 1.05mn b/d for February, the lowest figure since 2014 as the country became the first European nation to get battered by the Covid-19 pandemic. Italy is not only an important oil consumer in its own right, it is but also the location of several key re...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Chevron Phillips Wins Stake At Major Qatar Petchems Project
...a key pillar of Qatar’s efforts to diversify its revenue base away from oil and gas – although clearly the level of diversification is limited. The planned petrochemicals complex marks a considerable turnaround from 2014-15 when QP axed its two petrochemicals projects amid lower prices and a st...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Aramco Crude Oil To Chemicals Vision Takes Shape
...chemicals plant it will not be the first. In 2014 ExxonMobil started up a 1mn t/y crude-to-olefins unit at its 592,000 b/d Singapore refinery which “can crack anything from light gases to heavy liquids, including crude oil” (MEES, 1 December 2017). ...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Algeria Calls Time On Quantitative Easing
...vernment said it was an “urgent response” to the hole in Algeria’s finances left by the collapse in oil prices from the second half of 2014. Algeria notched up a record $24.3bn deficit in 2015. Though the country slashed spending in 2016, a further fall in oil prices (to an average of $44/B for Saharan Bl...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Qatar: Long-Delayed Barzan Gas Approaches Start-Up
...shed startup well beyond the initially planned 2014 (MEES, 12 October 2012). Mr Kaabi told MEES in late 2017 that the latest delays were “because we have had issues with the pipeline. That is not a secret. The contractor did not perform as well as we wanted them to…we are proceeding to rectify the is...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Egypt-Israel Settlement Paves Way For Groundbreaking Gas Shipments
...om the already-producing 11tcf Tamar field (MEES, 23 February 2018). Dolphinus was founded in 2014 by Egyptian businessmen including Khaled Abu Bakr, former CEO of Egyptian power firm Taqa Arabia and current Executive Chairman of the Egyptian Gas Association (MEES, 5 April 2019). POLITICAL BA...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Egypt Gas: Nour Disappoints
...erated West Delta Deep Marine (WDDM) field, where output collapsed from 1.3bn cfd in late 2013 to just 250mn cfd currently, due to Cairo’s demand for more gas (MEES, 7 February 2014). ...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Thailand’s PTTEP Expands In Gulf With Partex Purchase
...abi’s key onshore concession until January 2014 (MEES, 10 January 2014) – and brings it partnerships with international majors (see table). The key upstream asset is 2% of Oman’s state-led PDO which operates the Sultanate’s largest portfolio of fields, the 610,000 b/d Block 6 (12,200 b/d net). This is...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Rising Gulf Tensions Cast Spotlight Back On Iran’s Nuclear Capabilities
...wever, are uranium upgrading plants at Natanz and Fordow (see table). Bushehr-1 was started up in 2011 after a much-delayed gestation and suffered teething problems before commercial operation was declared in September 2013 (MEES, 10 October 2014). Russia’s Atomstroyexport provides uranium enriched to...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Libya Fights To Keep The Lights On
...BYA: KEY POWER STATS... *1ST UNIT OF 350MW CAME ONLINE IN 2014. ^NO LONGER LISTS PROJECT ON ITS WEBSITE. SOURCE: WORLD BANK, MEES....
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Adnoc Targets Big Gains From Transformational Foreign Partnerships
...reamlining of subsidiaries in 2017 (MEES, 20 October 2017). Equally notable is the revolution underway in reshaping Adnoc’s partnerships with foreign oil firms. The number of such firms partnered with Adnoc in its upstream operations has soared from 12 in 2014 to 17 currently (see chart 1). Moreover, th...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
UAE Gas Production, Consumption Rise To Record Levels
...2bcm, to 76.6bcm. Despite the improvement, this still resulted in a shortfall of 11.9bcm over the course of 2018. This was at least the lowest since 2014 and almost 1bcm down on the 2015 peak of 12.5bcm. The UAE has had a gas shortage since 2008, and as this deficit has grown it has increasingly tu...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Tunisia Cuts It Fine With Just-In-Time Power Start-Ups
...ill below 2014’s 260mn cfd when FID was taken on Nawara. Tunis aims to curb its 96% reliance on gas for power generation and consequent import bill via a renewables revolution first outlined in 2016. It currently only has 302MW (240MW wind, a nominal 62MW of mostly-ancient hydro capacity, and pr...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Dubai’s Dragon Roars In To Egypt With BP Purchase
...r 2018, up on 2017’s 84,000 b/d: the firm aims to “maintain” output at “around 100,000 b/d” in the coming years. Enoc has released few figures since taking Dragon private in 2015, but an entitlement share in line with 2014’s 56% would net it 52,000 b/d from Cheleken for 2018. The firm’s only ot...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Opec Output Rises In May Ahead Of Latest Crunch Meeting
...2014’s $914bn (see chart). The Opec Basket aggregate of prices rose by 33% for 2018 to $69.78/B, while the group’s crude oil exports edged up from 24.66mn b/d to 24.67mn b/d. Products exports also rose, from 3.92mn b/d in 2017 to 4.71mn b/d last year. It is therefore something of a mystery ho...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Venezuela’s Extraordinary Drilling Exploits
...st 32 rigs, down from 49 the previous year. That number was 74 as recently as 2014. Yet Opec’s ASB shows that Venezuela led Opec in the number of wells completed last year. The South American country completed a massive 710 over the course of 2018, up from 478 the previous year, and well clear of No...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Oman’s 2019 Power Start-Ups Are Last Gas Burners In Project Pipeline
...gas in 2018, equalling its record consumption in 2015. While consumption for power generation has remained in the 8.0-8.3bcm/y range since 2014, the upstream rally has boosted LNG exports (see chart). Although Sohar-3 and Ibri IPP would require around 420mn cfd of gas to operate at full ca...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019