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Egypt Refining Runs Rise To Record High
...22 were the lowest since 2014, whilst Egypt’s overall oil products imports of 144,000 b/d were also less than half 2016-17 levels (see chart 2). Egypt’s overall oil products demand has been edging up to its highest levels since around 2018 – even when excluding this year’s sharp uptick in fuel oi...
Volume: 65Issue: 39Published at Fri, 30 Sep 2022 -
Shell’s Incoming CEO Set To Oversee Streamlined Mena Growth
...adership of CEO Ben van Beurden, who has been at the helm of the major since 2014. Rather than turning its back on the region, Shell has instead focused its efforts on a small number of core countries and is now turning its focus onto regional expansion. Incoming chief executive Wael Sawan takes over th...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
China Crude Imports: Mideast & Russia Both ‘Winners’ For Now
...are of 53.3% for 8M 2022 puts this year on track to top the previous record high of 52.2% set back in 2014 (see chart 1), especially as a 55.5% share for August shows there is no sign of the region losing ground. So if the Middle East is up, and Russia is up, whilst overall volumes are falling, th...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Aramco CEO: Flawed Assumptions Promise A Hard Winter For Europe
...spite oil prices spending months well above $100/B. “Oil and gas investments crashed by more than 50% between 2014 and last year, from $700bn to a little over $300bn. The increases this year are too little, too late, too short-term,” bemoaned Mr Nasser at the Schlumberger Digital Forum 2022. Co...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Lebanon Blocks 4 & 9: Qatar Energy To Replace Novatek?
...19 Glaucus discovery – and the recently-awarded Block 5 (MEES, 22 April). A recent diplomatic rapprochement with Egypt, with President Sisi this week visiting Qatar for the first time since taking office in 2014, also lays out the prospect of further investment in the region’s leading gas producer. Qa...
Volume: 65Issue: 37Published at Fri, 16 Sep 2022 -
Egypt’s Western Desert Output Hit By Rig Delays As Gas Drilling Shunned
...the lag between handing over produced volumes to the state firm and EGPC paying for them. And though total receivables remain a far cry from the $6bn-plus figure that EGPC owed in 2013 and 2014, latest corporate filings show that dues are again edging higher – perhaps not surprisingly given Eg...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Iraq’s Parliamentary Speaker Proposes Roadmap To End Political Chaos
...so in 2014 when ISIS took over large swaths of the country and in 2020 when the country was hit by the triple shocks of Covid, an oil price collapse and political turmoil. With no government yet formed, the prospects of a fourth year without a budget are looming for 2023. Even passing another em...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Libya’s NOC Moves To ‘Save’ Key Oil & Gas Project
...(MEES, 27 November 2020). The development has since 2014 been operated by the Nafusah Oil Operations consortium consisting of Medco (24.5%op), Libyan Investment Authority (LIA 24.5%) and NOC (51%). In a bid to “save the project”, Mr Bengdara has, according to Mr Sanalla, set up a committee to ne...
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Qatar Export Revenues Surge Above $12bn
...As Europe’s gas crisis rumbles on, gas exporters are cashing in. Qatar’s export revenues topped $12bn in July for the first time since early 2014 and the gains could keep coming. Qatar’s export revenues jumped to $12.18bn in July, driven largely by its gas sector, enabling a mammoth $9....
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Kuwait Starts Up Key Northern Oil Facility
...thering center in the north of the emirate. GC-31 is one of three gathering centers for which contracts worth $2.3bn were awarded in 2014 (MEES, 11 July 2014). All were initially slated to come online in late 2017, but were delayed. The first two, GC-29 and GC-30 were brought online in 2018, but GC-31’s co...
Volume: 64Issue: 38Published at Fri, 24 Sep 2021 -
Adnoc Adopts Targeted Approach In Search For Unconventional Partner
...rategy.” This strategy has seen Adnoc radically shakeup its foreign partnerships in recent years. On the upstream side the expiry and renewal of long-term concessions over 2014-2018, coupled with the launch of exploration bid rounds, enabled Adnoc to bring in a range of new foreign partners based primarily on...
Volume: 64Issue: 37Published at Fri, 17 Sep 2021 -
Mubadala Completes Israel Entry With Tamar Buy-In
...tting record output of 1.014bn cfd in the same year. But output from Tamar has fallen since, a trend that Mubadala will be looking to reverse. Output for Q2 this year fell to just 660mn cfd, the lowest quarter since Q1 2014, as Leviathan undercut Tamar’s price in sales to state utility IEC. Th...
Volume: 64Issue: 35Published at Fri, 03 Sep 2021 -
Asian LNG Demand Up This Year Despite Covid
...ers (MEES, 11 September). The slump in prices is now being felt in Qatar, and Taiwan paid an average of just $4.78/mn BTU for Qatar volumes in August (the latest data): as with its overall import price this is the lowest figure since 2014. *Other bargain-basement recent buying by Taiwan saw su...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Turkey Unites Rival East Med Players As Regional ‘Gas Forum’ Expands Ambitions
...peline plans for the photo-opportunity this affords them. Plans for an Israel-Cyprus-Greece-Italy gas pipeline have been included on a list of the EU’s ‘projects of common interest’ since 2014 (MEES, 12 December 2014), with EU energy commissioners a regular fixture at related meet-ups. Never mind the gl...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Saudi Petchems Firms: Consolidation Ahead?
...ead in December 2018. Sipchem and Sahara had revived a merger plan that was shelved in 2014 as a massive collapse in crude prices slashed petchems earnings (MEES, 7 December 2018). Many of the other listed Saudi petchems firms – the Aramco/Dow Sadara joint venture is not traded on Tadawul – are su...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Kuwait Burns Record Crude To Meet Power Surge
...quid used in the utilities sector this summer, with a record 184,000 b/d burned in July. This is the highest figure in at least 18-years. Even in the unlikely event that no crude oil is burned in the final five months of the year, the annual average would still be the highest since 2014. Diesel co...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
OPEC At 60: Much Achieved, More Still To Come
...wnturn of 2014-16, and has played a major role in reviving the oil industry on the back of the unprecedented oil demand impact as a result of the Covid-19 pandemic. The decisions taken by the 23 DoC countries in April and June 2020 were well-informed and well-communicated and provided reassurance to th...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Morocco Renewables Plans Get Wind In Their Sails
...nfirmed it would supply twenty-seven 3.2MW wind turbines for the €140mn project, with commissioning scheduled for 2022. The US firm already manages Moroccan firm Nareva’s 200MW Akhfenir wind farm which was completed in 2014. 20-YEAR PPA As with Enel and Nareva’s Midelt and Boujdour wind farms, Ed...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
SEC ‘Green Sukuk’ Raises $1.3bn
...ans to fund capital projects, although the largest contribution was a $13.3bn loan in March 2014 from the Ministry of Finance. The utility has a strong credit rating, enabling it to borrow at attractive rates. Earlier this month Moody’s (which gives SEC an A2 rating) said “the company enjoys a do...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Opec Secretary General Mohammad Sanusi Barkindo Speaks With MEES On The Occasion Of The Organization’s 60th Anniversary
...ving the way for a future supply crunch? A: To put the investment conundrum in some perspective, our projections show capital expenditure in non-OPEC countries plummeting by 23% in 2020, to about half the $741 billion record set in 2014. And as we all know from the oil market’s sharp downturn in 2014...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020