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Chevron Inches Towards Shale-Focused Algeria Entry
...pped to use their expertise to help Sonatrach develop Algeria’s supposedly huge shale gas reserves, which the US Geological Survey estimates at over 700tcf and Algerian officials have pegged higher still (MEES, 20 October 2017). Chevron says that “Algeria holds a world class petroleum system with th...
Volume: 67Issue: 25Published at Fri, 21 Jun 2024 -
Saudi-China Conference Highlights Growing Ties
...e US as the world’s largest importer with 8.40mn b/d in 2017, with volumes soaring further to a record 10.86mn b/d in 2020 as it gorged on cheap oil amid the pandemic. Chinese imports have since dropped but still averaged 10.2mn b/d last year. This has been mirrored in the two countries’ re...
Volume: 66Issue: 24Published at Fri, 16 Jun 2023 -
KRG Hands Baghdad Oil Sector Counter-Proposal
...om the Federal Court of Canada over 700,000 barrels in June 2017. In both cases, the KRG successfully re-routed the cargos elsewhere to avoid their seizure. Crucially, Iraq and Turkey are still party to lengthy arbitration over the KRG’s utilization of the pipeline to Ceyhan for exports. The le...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
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 2017...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Lebanon-IMF Talks Stall As Economy Deteriorates
...vernment. Saudi Crown Prince Muhmmad bin Salman has largely steered clear of Lebanon following the alleged kidnapping of former PM Saad al-Hariri in 2017 (MEES, 24 November 2017). Just this week, Emirati minister of state for foreign affairs Anwar Gargash told CNBC that “If we see some of our friends, ma...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Yemen: Political Standoff, Oil Sector Stability
...men’s current output. Volumes are piped to a 3.5mn barrel storage terminal at Ash Shihr, with export sales via tender. Trading giant Glencore emerged as an early buyer (MEES, 15 September 2017), but various other entities have emerged as takers since, with 2mn barrel cargoes lifted every 50 days or so...
Volume: 63Issue: 25Published at Fri, 19 Jun 2020 -
Houthis Expose Saudi Arabia’s Growing Desalination Dependency
...pulation’s need for potable water. This dependency is growing at a rapid rate. The latest data from state regulator ECRA puts demand over the course of 2017 at an average 6.73mn m³/d, up a massive 9.9% year-on-year (see chart). Demand has almost certainly continued to soar over the past 18 months. Me...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Rising Gulf Tensions Cast Spotlight Back On Iran’s Nuclear Capabilities
...named site in Iran. At the time AEOI was seeking to fabricate fuel rods itself for any new plants in Iran. However, the agency decided it would need to accept an expansion of existing arrangements for using Russian fuel and returning spent rods before work on Bushehr-2 could begin (MEES, 31 March 2017...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
GCC Rift Enters Third Year As Qatar PM’s Saudi Trip Ends In Acrimony
...abia, UAE, Bahrain and Egypt cut off diplomatic relations with Qatar (MEES, 9 June 2017). The rift shows no sign of easing. Qatari Prime Minister Abdullah bin Nasser Al Thani last week became the first senior official to visit Saudi Arabia since the June 2017 flareup when he attended a series of su...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Libya Port Attacks Derail Oil Export Prospects
...December 2017), resurgent political violence has torpedoed Libya’s oil sector. Militias commanded by Ibrahim al-Jathran attacked the Ras Lanuf and Es Sider oil terminals in mid-June, causing damage that the National Oil Corporation (NOC) describes as “catastrophic.” The Libyan National Army (LN...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Shaikan Output To Double After Deal With KRG
...rqala field in Q3, wrapping up Phase-1 development which has seen output rise from 5,000 b/d in early 2017 to more than 21,000 b/d now; 30,000 b/d by early 2019 looks eminently achievable. Elsewhere, Canadian minnow Oryx announced on 20 June that it has completed the first well at the Banan field wi...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
OMV Tests Yemen Restart
...turn. The country’s miniscule current output mostly comes from state firm PetroMasila’s Blocks 10 and 14 in the eastern Marib basin. This is largely shielded from the conflict and thus able to export about 44,000 b/d from Ash-Shihr port (MEES, 15 September 2017). OMV is clearly less skittish than ot...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Iran Looks East For Support As US Squabbles With Europe
...erhaul China in early 2017. CHINESE, RUSSIAN FIRMS STAND TO BENEFIT China’s state-owned CNPC (30%) last year signed up alongside Total to develop Phase 11 of Iran’s South Pars gas field (MEES, 23 June 2017). With Total set to relinquish its 50.1% stake in the project unless it manages a se...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Jordan Protests Victorious As Government Nixes Imf-Backed Tax Bill
...reign aid (MEES, 13 April)—the conflict in Syria has severely stunted Jordan’s growth. Jordan averaged 6.6%/year GDP growth from 2005 to 2011 versus 2.6% since, with 2016 and 2017 the lowest yet. The World Bank expects Jordan to average 2.4% growth in 2018 —only up marginally from 2017 (see chart). Fr...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Mena Remittances Up 10% In 2017
...Remittances are a crucial lifeline to the region’s cash-strapped oil importing economies. Thanks largely to Cairo’s floatation of the Egyptian Pound in late 2016, Mena remittance inflows topped $56bn in 2017 after having fallen year-on-year since 2014. Egyptian inflows hit $20bn ac...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Qatar’s Hydrocarbon Politics Sends Message to Saudi Arabia, UAE
...not under threat, with the emirate continuing to receive LNG cargoes from Qatar. But Dubai took just under 1mn tons last year, and it’s very possible that this will fall to zero in 2017. Egypt took a bumper 4.78mn tons, but its alliance with Saudi Arabia and growing domestic output means a fall is hi...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Tunisia: Oil Blockades Ease But Costs Keep Rising
...sts for Tunisia continue to mount. From being a net oil exporter as recently as 2010, domestic output fell to a mere 46% of demand for the first four months of 2017 (see table & chart 1). Were it not for the fall in oil prices the situation would be more dire still – indeed for gas, although output is al...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Egypt Ends Forex Controls
...bsidies and streamlining public finances in order to cut the budget deficit. He also expects inflation to fall to just 13% during 2018 from the latest figure of 31%. Egypt’s parliament is currently debating the 2017-18 draft budget which envisages total spending of E£1,206bn ($67bn) and a deficit of E£37...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Erbil Plays Russian Roulette With Independence Vote
...portunities than Iraqi Kurdistan. Meanwhile, Russia exported 24.5bcm of gas to Turkey in 2016, around 11% of total exports. Volumes are up 25% year-on-year in the first quarter of 2017 at 7.9bcm, which if sustained would result in a record 30.6bcm. And in Iraq, Gazprom Neft operates the 67,000 b/d Badra fi...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Lebanon Faces Looming US Financial Sanctions Over Hizbollah Ties
...falls Lebanon and its banking system,” Mr Torbey added. Like the previous legislation, the new draft entitled the “Hizballah International Financing Prevention Amendment Act of 2017” will target all political groups in Lebanon suspected to have a strong link with Hizbollah. For the first time the dr...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017