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China Imports Record Russian Crude With Xi In Moscow
...the original Power of Siberia route in the statements following bilateral China-Russia meetings at the start of last decade. The original Power of Siberia negotiations lasted well over a decade before a deal was finally struck in 2014 as the West ramped up sanctions on Russia in the wake of Mo...
Volume: 66Issue: 12Published at Fri, 24 Mar 2023 -
KRG-Baghdad Rapprochement To Be Tested By Budget Agreement
...ll under central government monitoring and all other similar accounts shall be closed.” These points have also been enshrined in Article 14 of the proposed 2023 budget legislation. Since the KRG began independent oil exports in 2014, revenues have been paid into an escrow account with Turkey’s Ha...
Volume: 66Issue: 12Published at Fri, 24 Mar 2023 -
Iraq Drafts Blowout Budget: More Energy Capex, But More Wages Too
...cludes exports from the Kurdistan Region of Iraq, with which the government hopes to finalize a political agreement over monitoring the region’s 400,000 b/d exports (see p10). The oil price assumption is the largest in an Iraqi budget since 2013’s $90/B – the planned 2014 budget was also based on $90...
Volume: 66Issue: 12Published at Fri, 24 Mar 2023 -
Saudi Arabia Nets $27.7bn Surplus For 2022
...th a 22% increase to $38.3bn. Further gains are planned for this year, with budgeted capex of $41.9bn up 9.4% on last year’s levels. These capex figures remain well below historic levels. Saudi capex peaked at $85.2bn in 2014 before being slashed as oil prices dropped. But it was still running at $45...
Volume: 66Issue: 11Published at Fri, 17 Mar 2023 -
Baghdad’s New Contract Model: Can It Reverse IOC Exodus?
...rdistan, where Production Sharing Contracts (PSCs) were on offer, despite Baghdad threatening to blacklist any firms which signed deals with the KRG (MEES, 12 September 2014). Lack of interest in new acreage was just the beginning. Things soon deteriorated further, with IOCs beginning to exit the co...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
Chariot Advances Morocco Gas Development Plan
...her nearby leads on the Lixus permit could take reserves to 6tcf. Spain’s Repsol discovered Anchois back in 2009, before declaring it uneconomic and relinquishing the acreage in 2014. Repsol’s discovery formed part of a surge of exploration interest in Morocco’s ‘Atlantic Margin’ that petered ou...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
ARA PetroleumTargets 30,000 boe/d Oman Output
...aller firms such as CCED, Medco and Tethys. One player which often escapes the limelight is Omani independent E&P firm ARA Petroleum which operates three assets in the country. ARA was founded in 2014 by parent company Al Zubair, formally known as Muscat Trading Company. The firm specializes in “un...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
Iraqi Kurdistan Unilaterally Imposes New Payment Formula On IOCs
...pacted by government diktats. Payment delays are not a new development in Kurdistan, with previous instances following the 2014/15 price collapse and the Covid-19 pandemic. But firms speaking at a SpareBank 1 conference in Norway earlier this month expressed puzzlement at the delays this time. DNO CF...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
Iraq Looks To New Karbala Refinery To Cut Record Fuel Import Bill
...Hyundai Engineering awarded the EPC contract nine years ago (MEES, 10 January 2014). Since then, the primary gains to Iraq’s refining capacity have come from repairing existing units such as those at the Baiji refinery. Another key project is the construction of a 55,000 b/d FCC complex at the 35...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
Egypt Oil Output Turns A Corner With Apache Drilling At 8-Year High
...evated levels. Apache says it plans to maintain a 17-rig program for 2023 for the highest annual figure since 2014 and up three from the average 2022 figure of 14 (see chart 4). As for capex, Apache reveals in its latest annual filing that it is committed to spend at least $1.8bn in Egypt between Ja...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Mena’s No.1 Producer Total Doubles Down On UAE Presence
...dn’t warrant a namecheck. 1: TOTALENERGIES' NET ABU DHABI LIQUIDS OUTPUT ('000 B/D) *2014 VOLUMES DROPPED DUE TO EXPIRY OF ADNOC ONSHORE (ADCO) CONCESSION. SOURCE: TOTALENERGIES, MEES. 2: CEPSA'S NET SARB & UMM LULU* PRODUCTION ('000 B/D) *BASED ON OMV'S EQUIVALENT 20% ST...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Saudi Export Revenues Topped $400bn For First Time For 2022
...SPITE A LATE-YEAR DIP AS CRUDE PRICES FELL BACK BELOW $90/B, OIL EXPORT REVENUES REMAIN WELL ABOVE RECENT LEVELS ($BN)... SOURCE: GENERAL AUTHORITY FOR STATISTICS, MEES. 3: ...AND WERE THE HIGHEST SINCE THE 2014 OIL PRICE CRASH FOR EVERY MONTH LAST YEAR($BN) SOURCE: GE...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Qatar Achieves Eight-Year High $24.5bn Surplus For 2022
...bounded following a $2.9bn deficit just two years earlier amid the Covid-19 pandemic. The latest figures from the Ministry of Finance show that last year’s surplus was the biggest since $29.8bn for 2014-15 (see chart 1). Qatar entered last year budgeting for a $2.3bn deficit. While few could have pr...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Kuwait & Saudi To Develop Joint Offshore Dorra Gas Field
...oduction from the offshore portion was halted in 2014, and the onshore portion in 2015, due to disagreements between the two and only resumed in February 2020 (MEES, 28 February 2020). PNZ exports have since recovered to around 250,000 b/d according to data intelligence firm Kpler, well below the notional 50...
Volume: 65Issue: 12Published at Fri, 25 Mar 2022 -
Suez Canal Hikes Tanker Fees
...% rebate previously granted to LNG tankers. Toll rebates for LNG tankers were set at 35% in 2014 before being reduce to 25% in 2015 and finally to 15% in October last year....
Volume: 65Issue: 12Published at Fri, 25 Mar 2022 -
IEA Warns Of 3mn B/D Russian Supply Hit
...ys that OECD inventories dropped by 21.9mn barrels (707,000 b/d) in January to their lowest level since April 2014, and that “preliminary data for February show OECD inventories fell by an even steeper 1.06mn b/d.” If the IEA’s projections bear out, inventories will be drawn down much further ov...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Opec Set For Bumper Revenues In 2022: Could It Be A Trillion?
...As volatility from the Ukraine conflict roils oil markets, the 13-member Opec group is looking ahead to its highest annual export revenues in eight years for 2022. Even if prices cool slightly from their year-to-date figure, revenues should climb to their highest level since 2014, and if they ri...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Italy 2021 Crude Imports: Libya Volumes At 9-Year High
...so the lowest since 2014. But add in not only the bumper Libya volumes but Algeria supplies which more than doubled to 29,500 b/d and total Mena volumes rose to a three-year high 46% share. ITALY’S TOP CRUDE SUPPLIERS: AZERBAIJAN KEEPS TOP SPOT FOR 2021 AS LIBYA SURGES TO 9-YEAR HIGH (‘00...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Petronas To Exit Egypt: LNG & Upstream Stakes On The Block
...ar dispute between Cairo on one side and Shell (formerly BG) and Petronas on the other (MEES, 21 January 2014). Though Shell sought to calm the waters with a return to investment in 2018 (MEES, 23 March 2018), this remains a live issue. The major’s freshly-released 2021 annual report flags up as...
Volume: 65Issue: 10Published at Fri, 11 Mar 2022 -
Dana Petroleum Quits Key Egypt Assets
...it Bay, South October and South Wadi Dara – as well as 30% of the Eni-operated West Abu Gharadig in the Western Desert. The firm also retains 100% stakes in two Upper (southern) Egypt exploration concessions, West Dakhla-1 and -2, which it signed up for in December 2013 (MEES, 3 January 2014). PO...
Volume: 65Issue: 10Published at Fri, 11 Mar 2022