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Saudi Arabia Pledges To Invest Oil Export Windfall In Economic Reforms
...P in the first quarter of the year growing at the fastest pace since 2011. Unsurprisingly, the surge has been driven by resurgent oil markets, as the fallout from Russia’s 24 February invasion of Ukraine has pushed oil prices above $100/B for the first time since 2014. The kingdom launched its Vi...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Russia’s Gazprom Seeks North Africa Expansion
...e years running up to the 2011 revolution. But production has been badly hit by years of instability (see chart). Last year, SOO output was entirely shut-in for eight months during a forced nationwide oil blockade led by an eastern-based warlord (MEES, 25 September 2020). Tumanov says that SOO pl...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Homs Refinery Fire Sheds Light On Syria’s Murky Fuel Markets
...om government-controlled territories at 20,000 b/d, whilst plans to boost production to 100,000 b/d at fields Damascus has re-captured have gone nowhere (MEES, 17 January 2020). Prior to the outbreak of civil war in 2011, national oil output, all government controlled, was 390,000 b/d (MEES, 22 Ja...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Yemen Takes Delivery Of Saudi Products Shipments
...started in 2019 and is currently running at around 10,000 b/d (MEES, 15 January). A planned second phase 400MW expansion was awarded to India’s BHL for $436mn in 2011 with work beginning in 2014 (MEES, 9 August 2013). The project was financed by the Arab Fund for Economic and Social Development, the Sa...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Oman’s OQ Raises $750mn Bond As It Looks To Bring Delayed Downstream Projects Online
...nterpiece of a new industrial city – the Special Economic Zone (SEZAD) of Duqm, which was established in 2011 to “diversify the national economy.” To provide power and water to SEZAD, Oman is building a 326MW combined cycle power plant integrated with a 36,000m³/day reverse osmosis desalination plant close to...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Delek Readies New East Med Spin-Off
...8% of Tamar (see charts and MEES, 4 December 2020). The 22.7tcf Leviathan field produced 1.04bn cfd for Q1, whilst operator Chevron (36.66%) has advanced expansion plans since taking over Noble Energy late last year (MEES, 23 April). Cyprus’ 4.1tcf 2011 Aphrodite discovery, also now operated by Ch...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Eni Offshore Egypt: Two Steps Forward, One Step Back
...ars ago having peaked at 2.05bn cfd, almost 35% of Egypt’s gas output in 2011. But the two firms got a boost to their overall regional output with the 2017 start-up of the 1bn cfd Nooros field in the Abu Madi West concession (Eni 75%, BP 25%). But it was Zohr, which started up at the end of 2017, pr...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Saudi Gasoline, Jet-Kero Consumption Slumps In Lockdown
...abia gasoline and jet-kerosene consumption plunged in March as large parts of the economy were shuttered in response to the Covid-19 pandemic. Consumption of gasoline collapsed to its lowest level since August 2011, when the kingdom’s population was some six million less than current levels. The la...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...coming 100% owner in 2011 when it bought out remaining partner Total. IPIC was merged into Mubadala in 2016 (MEES, 8 July). Following an abortive attempt at a Cepsa IPO (MEES, 21 September 2018) Mubadala last year sold 37% to the Carlyle Group (MEES, 12 April 2019). In January Mubadala sold an additional 1....
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Can Iraq’s Power Sector Maintain Momentum? .
...ll inherit several imminent startups that will add another 2-3GW of available capacity to Iraq’s electricity capacity. The first addition should come from China’s CMEC which is nearing completion on its 1.26 GW powerplant in Samarra, Salahuddin province. The $1.2bn project was initially awarded in 2011...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Saudi Nuclear Plan: Slow Progress, But Expanded Scope Eyed
...nounced by government nuclear and renewables agency Kacare in 2011 that called for 16 nuclear power plants with a combined capacity of 18GW and an expected investment of more than $80bn (MEES, 3 May 2013). In a shake-up of power sector plans by Crown Prince Muhammad bin Salman in 2016, Kacare reduced it...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Qatar Slumps Into Recession
...ril). LNG: PAINFUL PRICES Qatar’s expansion to 77mn t/y liquefaction capacity was completed in 2011 (MEES, 8 April 2011) and drove Qatar’s GDP ever-upwards, especially while oil-linked LNG prices were booming. Mining and quarrying accounted for 58% of the economy in 2011, before the sh...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Saudi Arabia Posts $9bn Q1 Deficit, Worse To Come
...e $32bn that Finance Minister Muhammad al-Jadaan just last week stated that the government would use (MEES, 24 April). Despite the latest steep fall in reserves, they still stood at a massive $465bn in March. And while this was their lowest level since March 2011, it still represents more than th...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Libya’s North Hamada: Development At Last?
...t the 2011 ‘revolution’ marked the beginning of years of instability. Though Tripoli in late-2011 approved Medco’s declaration of commerciality on structures A+L, D and F, by then the firm like most other foreign companies had pulled its staff out of the country. It returned in 2013 and drilled th...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Gulf Monarchies Look To Score In Soft Power Premier League
...ampions League performance under Abu Dhabi ownership is the semis in 2015-16. At least this is one stage better than the Qatar Investment Authority (QIA) has managed to achieve since paying $100mn in 2011 for French Ligue-1 club Paris St Germain (PSG). QIA subsidiary Qatar Sports Investments (QSI) has si...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Jordan’s Nepco: An End To Operating Losses?
...ars of 2011-14 when Nepco racked up a cumulative $5.4bn in operating losses (see chart 2). Like many Mena countries, Jordan heavily subsidizes electricity consumption. But unlike most of its neighbors, Jordan’s dearth of domestic energy supplies (Jordan imports some 94% of its energy) means that Nepco pa...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Egypt’s Offshore Delta Output: Nooros Boost, Rapid Decline
...ing finalized by BP and Eni.” The plan is for the field to be developed as a tie-in to the existing Ha’py infrastructure and to “build on BP’s success in the Atoll project” where the firm produces 300mn cfd. The 2011 Salmon discovery, also on the North el Burg offshore license, is “currently under ev...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Tunisia Struggles To Halt Oil And Gas Decline
...ocessing facilities that serve its Cercina, El Hajeb/Guebibba, Rhemoura and Gremda/El Ain concessions, bought from OMV in 2018. Output was 3,900 b/d for Q1, down from 2018’s 4,100 b/d. Mr Feriani hailed the fact that the number of exploration permits granted has reached 30 for the first time since 2011...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Cyprus Says Drill Plans Unchanged
...used us to think a little bit more about the geological concept. It’s led us to think about other development opportunities in Block 10 (MEES, 15 March).” It’s unclear where the minister envisages well number eight. US firm Noble Energy plans an appraisal well at the 4.2tcf 2011 Aphrodite di...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Egypt: Record Gas Output, Exports At Seven-Year High
...pped 1bn cfd for the first time since December 2011. They have likely risen further since, with Egypt’s gas consumption typically bottoming out in March. Though rising domestic demand as summer approaches would normally crimp volumes available for export, continued production gains are of course a co...
Volume: 62Issue: 20Published at Fri, 17 May 2019