Houthi Terminal Attacks Risk Regional Escalation

...rlier this year.     Marking the 8th anniversary of capturing former capital San’a (MEES, 19 December 2014), Houthi leader Abdul-Malik al-Houthi launched on 21 September an attack on “foreign companies” that “plunder national wealth” in collusion with “the coalition of aggressors [Saudi Arabia and UA...

Jordan Aims To Supply Iraq With Power In 2023

...habilitating damaged power infrastructure in the western Anbar province. Transmission infrastructure in Anbar underwent extensive damage with the rise of ISIS in 2014. Work includes rehabilitating the key Qaim 400kV substation needed for interconnecting to Jordan (MEES, 26 August). GE will eventually bring the li...

Iraq: New Akkas Gas Plant

...livering the 300km transmission line from the station to the border (MEES, 17 June). The 2013 built plant was rehabilitated starting early 2020 after it was destroyed by ISIS in 2014. In August, Oil Ministry subsidiary State Company for Oil Projects (SCOP) was working on laying a 30km 16-inch pipeline be...

Iraq Shakes Up Fuel Exports

...TSUBISHI BERTH’   The long-awaited addition to Iraq’s product terminals is the 340m long and 12m deep “berth number 2” at KAZ which has been funded through a $380mn JICA loan package approved in 2014 (MEES, 21 February 2014). The plan to turn KAZ to a products hub had involved a subsidiary of BP at on...

LNG Drives Record Qatar Export Revenues

...nths. As a result of this lag, August’s LNG prices were set by oil prices from March and April. These were the first months since 2014 when Brent crude averaged in excess of $100/B, and with monthly prices peaking at $117.5 in June, Qatar could well secure further revenues gains in September and Oc...

Israel’s New Med: Leviathan Expansion ‘First Priority’

...sis this is a very viable option.” While FLNG is a relatively-new technology, increasing the risk of delays, Mr Abu says that the Leviathan partners are confident of the technology, having “started to analyze that in 2013, 2014.” This is a reference to talks the Leviathan partners held with Au...

India Lng Imports Down Again

...ack to run close the record annual figure of $8.43bn set in 2014. Back then Qatar enjoyed an overwhelming 86% market share versus just over 50% for 8M 2022....

Iraq Reserves Record

...Central Bank of Iraq (CBI) reserves hit $87bn as of end-September according to CBI Advisor Ihsan Al-Yasiri. This is up $23bn on the end-2021 figure and higher than their previous $81.14bn record set in May 2014 prior to Baghdad tapping them as a result of the 2014 double shock that saw ISIS ta...

Kuwait Sets Out Plan To Reverse Capacity Losses

...e long-overdue facility is one of a trio of identical plants which were originally intended to boost North Kuwait conventional output up to 1mn b/d (MEES, 11 July 2014). Instead, North Kuwait capacity last year was just 563,000 b/d. Looking ahead, Mr Hashem says that a central plank of KOC’s pu...

Services Firms Eye ‘Exceptional’ 2022 Upstream Growth With Gulf NOCs In The Vanguard

...s the highest since Q1 2020, but for all three, revenue remains well down on 2018 and 2019, never mind the boom years to 2014 (see charts) Cost-cutting efforts mean that profits have rebounded by more than revenue. Whilst collective ‘big 3’ revenues of $12.1bn (OFS only for Baker Hughes) are so...

Asian LNG Prices ($/mn btu): Spot Prices Soar To Over $30/mn btu, Average Chinese Price Highest Since 2014

China LNG Imports Soar, Prices At 7-Year High

...s well above Korea’s $11.36/mn BTU and China’s highest monthly price since 2014....

China Crude Imports: Mideast Volumes Hit Record Highs

...r full data).   CHINA CRUDE IMPORTS ('000 B/D): MIDEAST VOLUMES AT RECORD HIGH FOR 9M21 SOURCE: CHINA CUSTOMS, MEES CALCULATIONS.   The Middle East’s share of the China market peaked at 52% in 2014 but slid in the following years amid record volumes from the likes of Br...

Russia’s Tatneft Returns To Libya

...’, as well as three onshore blocks in the Ghadames Basin known as ‘Area 64’.   Another potential returnee is Polish state oil firm PGNiG which was forced to cut short an exploration program on its Area 113 concession in 2014 and had appeared to be on the cusp of exiting the country co...

Egypt Gas Market Tightens As Fuel Oil Burn Returns

...oothly since an extended 2019 shutdown for repairs, and before that chronic 2014-16 gas shortages (MEES, 17 May 2019), it is worth noting that Q2’s 268,000 tons of methanol output was well down on the average of around 300,000 tons for the preceding three quarters. Whilst the firm’s most recent results in...

Kuwait Oil Company Capacity Slumps To 12-Year Low

...pacity dropped to 1.391mn b/d, down by 97,000 b/d from 2019-20’s 1.488mn b/d for a cumulative loss of 320,000 b/d over the past five years (see chart 3). BP was brought in during 2014 (MEES, 14 November 2014) under a technical service agreement – later upgraded to an enhanced technical service agreement (ET...

Iraq Picks Up The Pace On Exploration; Can It Snag Chevron?

...6tcf of 5.6tcf gas in place is estimated to be recoverable. Akkas was originally awarded to Korean state firm Kogas (100%) in 2010, with the firm targeting 400mn cfd for a remuneration fee of $5.50/boe (MEES, 25 October 2010). Kogas declared force majeure on the field in 2014 as Islamic State ov...

Algeria’s Sonatrach Greenlights Key Gas Project

...tput will be far lower than the headline 5bcm/y figure. Sonatrach last published a production figure for Alrar way back in 2014 when output was 5.5bcm. UK engineering firm Petrofac is currently carrying out an EPC contract for Tinhert Phase 1, which  sees another group of Illizi basin fields tied ba...

World Faces Oil & Gas Investment Chasm

...ice collapses in 2014-15 and again in 2020. As a result, it is geared towards a world of stagnant or even falling demand…We are not investing enough to meet for future energy needs.” But whilst even a year ago the IEA viewed the collapse in energy investment as clearly unsustainable, it is now ca...

South Korea Crude Imports: Mideast Share At Record Low

...*South Korea’s crude imports, at 2.58mn b/d for 9M 2021 are down 4% year-on-year putting this year on track for the lowest imports since 2014.   *And volumes from Middle East and Opec countries are down much further as Korea continues a drive to diversify supplies.   *Mideast vo...