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Key Russian Investor Takes Over Syria Producer Gulfsands
...ate firm Sinochem holding the other half, the block has de facto been operated by Syrian state firm General Petroleum Corporation (GPC) since its restart in 2014. This restart came via a deal with the local Kurdish authorities who receive part of the revenues. Gulfsands does not receive royalties from on...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Marib Conflict Threatens Yemen’s Struggling Oil Sector
...ipments for both crude feedstock and products output. Since Yemen’s civil war broke out in 2014 the damage inflicted on the country’s already long-suffering population has been severe. In 2015, Saudi Arabia entered the fray concerned that Houthi gains could essentially give rise to a Yemeni Hezbollah on...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Petrofac Shut Out Of Key Abu Dhabi Market
...eas in January by a former Petrofac employee [former sales chief David Lufkin] under the Bribery Act 2010 in relation to historic contract awards in the UAE in 2013 and 2014.” The SFO says that the specific contracts were for the 2013 engineering, procurement and construction (EPC) contract for th...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
IEA Shoots Down Speculation Of Emerging Super-Cycle As Oil Price Rally Stalls
...0,000 b/d for the quartet, but that is nothing in comparison to the 2.7mn b/d drop-off since 2014. As such, while the Call on Opec may remain below 2017 levels for the next five years, Opec’s strongest members can look forward to their market share hitting new heights. IEA SUPPLY & DEMAND FO...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
China’s Imports of Iranian Oil Jump: Will Biden Act?
...uld be the highest monthly figure since April 2019 according to Kpler. For what it’s worth the highest ever crude figure in the official Chinese import stats was 798,000 b/d set back in April 2014; April 2019 was just below this at 787,000 b/d. But whilst the official figures – which presumably re...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
Shell Sells Egypt Western Desert Assets To Cairn & Local Firm Cheiron
...ploration, with Shell and Apache securing a deal that would have paid them $4.60/mn BTU for shale gas production from the acreage (MEES, 19 December 2014). This compares to the $2.65/mn BTU paid for all current onshore gas output, including that of Shell. The three exploration blocks – South East Horus, We...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Egypt LNG Exports At 9-Year High Amid Seasonal Buying Bonanza
...rst made these claims at the start of 2014 they were somewhat spurious: MEES number-crunching at the time showed that, whilst Cairo had indeed diverted gas to the domestic market, output decline was the primary reason for BG’s failure to meet export commitments (MEES, 7 February 2014). With WDDM ou...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Saudi Deficit More Than Doubles To $78bn For 2020
...udi Arabia, bringing the cumulative deficit since 2014 to $437bn. Ministry projections point to continued deficits out to at least 2023, which would take the cumulative total to $502bn. This year’s deficit is at least projected to fall back closer to 2019 levels at $37.6bn. This is primarily pr...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Apache Resigned To Further Fall In Egypt Oil Output
...very measured.” With the firm’s Egypt capex and rig count already having fallen to the lowest in over a decade, further cuts are planned for 2021 with an average of just five rigs set to be active in Egypt versus a peak of 27 in 2013 and 2014 (see chart 2). This means output is all but gu...
Volume: 64Issue: 09Published at Fri, 05 Mar 2021 -
Repsol & Shell Leave Morocco; Repsol Quits Iraqi Kurdistan
...iting pending official ratification.” Repsol has since 2014 held 75% of Ghrab Offshore Sud, a deepwater ‘Atlantic margin’ block some 100km northwest of Rabat (state firm ONHYM has 25%) and further offshore from the firm’s 2009 'sub-commercial' Anchois discovery. The sole activity here in recent years ha...
Volume: 64Issue: 09Published at Fri, 05 Mar 2021 -
India LNG Imports Soar To Snag Top Spot For Qatar & Abu Dhabi
...tar remains well ahead in India, with a 39.5% market share for 2020. However, Qatar’s market share has fallen for each of the past seven years: the record 11.9mn tons Qatar supplied in 2014 gave it a market share of over 85%. *But Qatar isn’t the only Mideast producer for which India is the ke...
Volume: 64Issue: 09Published at Fri, 05 Mar 2021