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Israel Upstream To Continue Growing In 2022 Despite Minister’s ‘Green’ Pledge
...lek consortium were the two bidders but the award is currently awaiting arbitration (MEES, 15 January). Energean argues that Chevron and Delek were excluded from bidding for blocks in Israel’s bid rounds following a 2014 antitrust ruling (MEES, 2 January 2015). KEY EAST MED OFFSHORE FIELDS & IN...
Volume: 64Issue: 51/52Published at Fri, 24 Dec 2021 -
KRG Repayment Obligations Offset Oil Revenue Gains
...l prices first crashed in late 2014 the KRG has sold billions of dollars of oil in prepayment deals to secure up-front cash. It has also accrued debts to IOCs in its oil sector by failing to pay on time, and it sold a 60% stake in its key crude oil export pipeline to Russia’s Rosneft and must now pa...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
Saudi Budgets For 2022 Surplus: First In Nine Years
...ices began to tumble in the second half of 2014 (see chart 1). Since then, the kingdom has notched up eight consecutive deficits for a cumulative $460bn, if the kingdom’s initial estimates for this year are accurate. For 2021, the government’s latest expectations are that it will accrue a $22.7bn de...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
LNG Prices Show No Sign Of Easing
...*South Korea, the world’s number three LNG importer paid an average of $15.92/mn BTU for November-arrival cargoes, the highest since December 2014. Taiwan, the global number five, paid an all-time high $21.32/mn BTU. *This indicates that Taiwan’s imports contained a much higher pr...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
Delek & Mubadala Complete ‘Historic’ Tamar Deal
...nin and were found to be operating as monopoly by a late 2014 antitrust ruling (MEES, 2 January 2015). They remain the key partners at Leviathan with 45.34% and 39.66% respectively, whilst Chevron remains operator at Tamar with a 25% stake. “This step of the transfer of rights and the exit of De...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Opec Production Growth Picks Up In November, But Still Remains Well Under Output Ceiling
...awed” at the World Petroleum Congress in Houston this week. “It does not help when the pressure is mounting to stop all new investments in oil and gas. Across the industry, upstream capex fell by more than 50% between 2014 and last year, from $700bn to $300bn,” he says. TotalEnergies CEO Patrick Po...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Qatar Unveils Overly Conservative 2022 Budget
...tari monthly export revenues exceeded $8bn for the first time since December 2014 and with pricing for Qatar’s term LNG sales incorporating a lagging oil-price linkage, Doha can look forward to strong early-2022 revenues. WORLD CUP SPENDING BOOST On the expenditure side of the ledger, Qa...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Libya’s Mabruk Field To Restart In Early 2023
...Libya’s Mabruk Oil Operations says its eponymous field will restart production in the first quarter of 2023 at a rate of 25,000 b/d using Early Production Facilities. Mabruk has been shut in since 2014 when an Islamic State (IS) attack severely damaged its surface infrastructure (MEES, 6 Ma...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Chevron Eying Egypt Collaborations, Exxon Expands In Cyprus
...rth Africa. Woodside previously had Libya and Mauritania assets, and back in 2014 was in talks to take a 25% stake in Israel’s Leviathan (MEES, 23 May 2014). Egypt last year listed Woodside as being among international firms to have expressed an interest in West Med acreage (MEES, 17 January 2020), so it...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Iraq’s 2030 ‘Sustainable Transition’ Plan: Gas & Renewables To The Fore
...ld up by the Islamic State’s 2014-2015 rise, and in 2018 Iraq took the field away from a consortium led by Turkey’s TPAO. Even now, MEES understands that the Sinopec deal “has yet to be finalized.” As for Akkas, talks with the Saudis led by oil minister Ihsan Ismaael seem to have gone nowhere, an...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Libya: Total/Conoco Waha Deal Confusion Highlights Control Vacuum
...oject and the restart of the Dahra-Bahi field (MEES, 6 November 2020). Beyond Waha, Total wants to restart its Mabruk field which saw its surface facilities trashed by Islamic State in 2014. Mr Pouyanné says the target here is to restore output to 40,000 b/d. A Total source told MEES that this was cu...
Volume: 64Issue: 47Published at Fri, 26 Nov 2021 -
Iraq Lowers Rumaila Output Target
...Iraq appears to have significantly reduced the production plateau target (PPT) of its largest field, Rumaila, from 2.1mn b/d to 1.7mn b/d. This is another marked reduction, after operator BP negotiated a downwards revision from 2.85mn b/d to 2.1mn b/d back in 2014 (MEES, 5 September 2014). Ca...
Volume: 64Issue: 47Published at Fri, 26 Nov 2021 -
Spain Crude Imports: Mideast Share Down Again
...18. For 2020 Mideast volumes of 181,000 b/d were the lowest on record but volumes have since fallen further to just 150,000 b/d for 9M2021, whilst the region’s 13.5% market share is on track to come in below 2014’s record annual low of 15.4%. Key Gulf supplier Saudi Arabia, at 81,200 b/d for 9M 2021, is...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Egypt’s Midsize Gas Producers: Output Down But Receivables Down Too
...om the KRG and $125mn in Egypt where Dana’s receivables bill fell to $65mn as of end-September, the lowest level in over a decade and down $17mn versus the figure three months earlier. Energean, likewise, saw its receivables fall in Q3, to $145mn, the lowest level since 2014 though down only sl...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Asian LNG: Spot Prices Still At Record Levels, Term Prices Continue To Climb
...ese are also edging higher. Korean importers paid an average of $13.31/mn BTU for October imports, the highest since March 2015, whilst the $12.36/mn BTU paid by Taiwan was the highest since December 2014. *The key element in Asian LNG pricing formulas is crude prices, and back in 2014 crude pr...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Qatar Quarterly Export Revenues At 7-Year High
...The gradual increase in the price of Qatari LNG is much less dramatic than spot market gains, but it is lifting the emirate’s revenues to their highest level since late 2014. Qatari export revenues are running at seven-year highs as the LNG superpower benefits from the energy price cr...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Iraq Oil Export Revenues Hit Three Year High
...s soaring oil prices. The average price of Iraqi crude exports surged to $79.38/B for October, the highest figure since October 2014. With oil prices staying high in early November and Iraqi output set to rise further as Opec+ production cuts ease further (see p8), Baghdad can look forward to si...
Volume: 64Issue: 44Published at Fri, 05 Nov 2021 -
Saudi Petchems Firms Post Strong Results Despite Pricy Feedstock
...e first nine months of 2021 are already up to $18.09bn. This is likely to lead to the highest full year profits since 2014, even if there is further slippage in Q4. CEO Yousef al-Benyan says the results “marked a continuation of our recovery from the impact of Covid-19, albeit at a lower level th...
Volume: 64Issue: 44Published at Fri, 05 Nov 2021 -
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...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
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...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021