Tamar Shutdown Highlights Israel Upstream Risk

...3 May during a protest against the continued blockade of Gaza, the worst violence the region has seen since July and August 2014, when Israel launched a ground offensive on Gaza. Whilst Israel’s defense ministry says some 90% of rockets were intercepted by Israel’s ‘Iron Dome’ defenses, four Is...

Iran Threat To Nuke Deal As Exports, Revenues Face Collapse

...uters ship-tracking indicates a record 800,000 b/d. If correct this would be an all-time high, eclipsing the previous record of 798,000 b/d set in April 2014 and the more recent July-August 2018 highs of 770-775,000 b/d. That said, more generally Chinese imports from Iran are down: 475,000 b/d for 1Q...

Iraq Rig Count Hits 73 For April, Highest Since 2014 Oil Price Slump

Adnoc Eyes Unconventional Riches As It Launches Second Bid Round

...rge new ones. The firm has broadened its partner-base considerably since 2014 as it replaced expiring multi-decade concessions. Last year’s bid round saw existing partners secure further acreage, but Thailand’s PTT was the only new partner brought in to the emirate. Previously Adnoc officials have fl...

Saudi Government Posts First Surplus Since 2014 In Q1

The Dragon Rises In The Middle East

...stream sector (MEES, 23 March). Conversely, China’s dependence on the Middle East for more than 40% of its oil imports (though this is down from 52% for 2014), means that the region is strategically crucial for Beijing. Having Chinese firms participating in the production of these imported volumes af...

Kuwait Energy: Could Stretched Finances Force Firm From Key Iraq Asset?

...The 2014 discovery of the 1.13bn barrel Faihaa field by Kuwait Energy was the biggest  exploration success of Iraq’s post-2009 upstream opening. But plans to develop the field to 250,000 b/d by the mid-2020s are threatened by an onerous debt burden.   Iraq has been the great success st...

China’s Anton Oil Expands Iraq Presence As Shell Exits

...th BOC on 11 May, thereby lowering its PPT from 1.2mn b/d to 800,000 b/d by 2025. Current output stands around 400,000 b/d, which Lukoil vows to increase to 480,000 b/d by 2020. The Russian giant had already managed to renegotiate its PPT down once before, from 1.8mn b/d to 1.2mn b/d in 2014. ...

UK Firm Gulfsands Vies To Outlast Syria Sanctions

...erated several of the region’s fields under a 2014 understanding. GPC reportedly produced around 17,000 b/d through 2017 as well, but due to EU sanctions on the state firm, Gulfsands does not receive a cent of revenue from its crown jewel asset. That the block’s fields and infrastructure escaped the wr...

US Shale Records Test Infrastructure Limits

...tput is now forecast to top 12mn b/d by the end of 2019 (see charts). For this year the EIA now forecasts 10.72mn b/d,  up a whopping 1.37mn b/d on 2017 – a record annual gain, beating 2014’s 1.29mn b/d. The hike in forecasts comes in on the back of soaring oil prices. US marker WTI, having av...

Oil Price Gains Prompt Debate Over Demand Slowdown

...The IEA is seeing signs that the global oil market is overheating, with recent price gains towards $80/B Brent potentially dampening demand growth. Opec meanwhile is sticking to the line it pursued in January when prices edged above $70/B for the first time since December 2014, that short-te...

Libya: What Hope For The UN’s Ambitious ‘Action Plan’?

...te April between Ageela Saleh, head of Libya’s Tobruk-based House of Representatives (HOR), and Khalid Mishri, head of parliament’s Tripoli-based consultative chamber, the High Council of State (HSC). The HOR and HSC broadly represent the political factions whose 2014 split led to Libya’s effective di...

Algeria Advances Downstream Plans

...ssaoud, and a new naphtha reformer and hydrocracker at the Skikda refinery,” according to the firm’s comments in announcing the Exxon deal. Plans for the two new units at Skikda intended to boost the country’s diesel and gasoline output have been around in some form since at least 2014. Spain’s Te...

Algeria Eyes Solar To Power Oil Operations, But ‘It’s A Long-Term Job’

...om renewables. These will be small projects whose capacity is around 100MW.” Algeria’s solar capacity has risen quickly of late, although from a low level, to 425MW at the end of 2017, while wind capacity has languished at 10MW since 2014 (see chart). The solar increase is attributable to small-sc...

Mubadala’s SWF Acquisitions To Create Global Champions

...namic state organizations in the region. It was formed just over 15 years ago in 2002 and is chaired by Abu Dhabi Crown Prince Muhammad bin Zayid Al Nahyan whose influence has increased significantly since UAE President Khalifa bin Zayid Al Nahyan’s stroke in 2014 (MEES, 29 August 2014). The Crown Pr...

Qatar Plans For 2019 Drilling To Fuel Massive LNG Expansion

...ceeded 14mn tons in Q1 2018 for the first time since Q1 2014, although March data is not yet available for India and Taiwan. The increase was driven by China, which imported a record 2.92mn tons, up 1.1mn tons year-on-year, as its insatiable appetite continues to grow. South Korea also saw a 780,000 to...

Saudi Petchems Sector Gets Oil Price Boost As Sabic, Sipchem Eye Expansion

...ar. And combined net income fell short of the bumper returns in 3Q 2017, which neared $9bn for the first time since crude prices plunged in late 2014 (see chart). State-led Sabic, the biggest Saudi petchems firm by far, attributed its Q1 income boost to higher average selling prices and sales vo...

Egypt’s Western Desert: Is Capex Boost Enough For Output Rebound?

...e second half of 2014. But the rebound in oil prices over the past year has seen key regional producer Apache double capex to $156mn for 1Q 2018 from the low of $78mn plumbed in 3Q 2016. With spending having averaged $154mn for each of the last three quarters, up from $83mn for the same period a ye...

Blow To Nuclear Deal Forces Opec Output Reappraisal

...5,000 b/d. This is due to the startup of the first 50,000 b/d unit of the Hammar Mishrif Degassing Station facilities (DGS North). This consists of four units for a total 200,000 b/d and is being installed by South Korea’s Samsung under an $840mn 2014 contract (MEES, 4 April 2014). Completion was due for 20...

Sonatrach Buys Italian Refinery In Bid To Plug Products Shortfall

...ficit shrink to ‘just’ $490mn for Q1, the nearest Algeria has come to breaking even on trade since oil prices tanked in late 2014. Export revenue rose 19.9% year-on-year to $10.72bn, with oil and gas revenues up 19.6% at $10.03bn (almost 94% of the total) – a seemingly impressive gain but actually less th...