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Egypt’s Financial Woes Mount: Record Debt & Deficit As Devaluation Looms
...th the IMF. But as oil prices have risen in recent years gasoline and diesel subsidies have reappeared by the back door (MEES, 10 November). The E£119.4bn ($3.9bn) budgeted for 2023-24 spending on oil products subsidies is the highest since 2017-18 in Egyptian pound terms and 2018-19 in dollar te...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Iran Plans Major Gas Storage Expansion To Face Winter Shortages
...a pipeline to consumers. In addition to meeting local demand in the high season, the gas storage facilities were envisioned to reduce reliance on imports from Turkmenistan, which peaked at around 9.3bcm in 2017. GAS GIANT WITH PUNY STORAGE Iran boasts the world’s second largest proven gas re...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Saudi Arabia Budgets For $21bn Deficit In 2024
...sults, which show a 41.5% year-on-year increase to $54.1bn in capital expenditure. This is the highest figure since 2017, and with much of the investment responsibilities having been moved off-budget to state entities such as PIF, this indicates significantly higher investments than six years ago. De...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Egypt Looks To Kickstart WestMed Exploration With Seismic Surge
...fine their exploration strategies,” PGS says. Cairo previously commissioned PGS to shoot 2D seismic right across the Herodotus Basin in 2017-18 (MEES, 25 January 2019), before choosing to only offer up blocks comprising the nearer-shore portion of the Basin in subsequent drilling. BP DE...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Yemen’s Breakthrough Truce Threatened By Houthi Military Attacks
...mbined cycle power plant. Yemen’s oil and gas sector had been declining since long before the onset of civil war. Production peaked in 2002 at 457,000 b/d with exports remaining above 100,000 b/d until 2014 (MEES, 15 September 2017). However, since the start of the conflict and the Saudi-led in...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
India Crude Imports: Iraq Rebound As Russia Remains Dominant
...Latest official Indian crude import stats for October show volumes from Iraq rebounding to 1.06mn b/d, the highest since March, and the first over 1mn b/d since April. Iraq was India’s top supplier every year from 2017 to 2022 but Russia has surged ahead this year. India’s imports from Ru...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Algeria-Turkey LNG Deal
...gerian LNG. Nevertheless, Turkey has taken in excess of its contractual term volumes of Algerian LNG every year since 2017, whilst Turkey has been Algeria’s top export market for each of the past six years. For 2023, Algeria-Turkey volumes are on track to challenge the annual record of 4.37mn to...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Zubair To Add 200,000 B/D Surface Capacity By End-2024
...commissioning, and it is now unclear if it will replace or supplement the existing facility. The previous addition to Zubair’s degassing capacity came in 2017 when Samsung Engineering delivered the 200,000 b/d Hammar-Mishrif station. ...
Volume: 66Issue: 47Published at Fri, 24 Nov 2023 -
Inpex To Sell Eridu Stake To Lukoil
...eviously offered to Chevron in 2021 under the now-defunct “Nasiriya District” project (MEES, 15 October 2021). Lukoil’s move might be well calculated given that Block 10’s appraisal program saw 797km2 of 3D seismic and 5,561 km of 2D seismic conducted in the area. When discovered in 2017, Eridu was es...
Volume: 66Issue: 47Published at Fri, 24 Nov 2023 -
Adnoc Agrees Egypt Entry As UAE East Med Footprint Grows
...addition to the stalled NewMed deal. QATAR: CYPRUS & LEBANON FOCUS Abu Dhabi is not the only Gulf state to take a firm interest in the East Mediterranean. Qatar, through its state giant QatarEnergy has been in the East Med since entering Cyprus in 2017 alongside US major Ex...
Volume: 66Issue: 47Published at Fri, 24 Nov 2023 -
Divided Kurdistan Struggles To Be Heard In Baghdad
...rum were cautiously optimistic that momentum is building behind the scenes to close the dangerous political divide between the two parties. The KDP had sought to take advantage of PUK divisions following the 2017 death of the party’s founder Jalal Talabani, but his son Bafel Talabani has now co...
Volume: 66Issue: 47Published at Fri, 24 Nov 2023 -
Oxy’s Oman Strategy Struggles To Hit Its Stride
...ock 9 for gas lift and sale.” However, any gains from this work have evidently been more than offset by declines elsewhere. Oxy still holds three blocks it is exploring which could make the difference. The company picked up Block 51 under Oman’s 2017 bid round (MEES, 21 December 2018). Oxy last year fl...
Volume: 66Issue: 46Published at Fri, 17 Nov 2023 -
Algeria-Italy Gas Slump
...,300 b/d for an implied 60,000 b/d gross Ourhoud figure, less than half 2017 levels. Cepsa cites “scheduled maintenance turnarounds in Algeria” as a key reason for a fall in 9M 2023 upstream output versus a year earlier, as well as the sell-off of its UAE assets (MEES, 3 March). *Algerian state gi...
Volume: 66Issue: 46Published at Fri, 17 Nov 2023 -
Saudi Aramco Completes Key Gas Expansion Project
...wiyah and Haradh gas compression projects, but both have suffered delays since contracts were awarded in 2017 (MEES, 15 December 2017). Aramco noted in its Q3 results on 7 November that “the Hawiyah Gas Plant expansion, part of the Haradh gas increment program, was successfully commissioned and br...
Volume: 66Issue: 45Published at Fri, 10 Nov 2023 -
Asian LNG Demand Remains Weak As Winter Approaches
...maining weak ahead of the key winter demand season. Collective buying by the top five Asian importers – China, Japan, South Korea, India and Taiwan – of 51.9mn tons for Q3 marked the lowest figure for the quarter since 2017, with imports remaining weak for October according to the latest Kpler data. Of...
Volume: 66Issue: 45Published at Fri, 10 Nov 2023 -
Cairo Eases Power Cuts Amid Returning Volumes of Israel Gas
...ypt initially brought in two FSRUs to import LNG in 2015 as gas demand outstripped domestic gas output. But with the 2017 start-up of the 21.5tcf Zohr field domestic gas output soared (see chart, p2) and the need to import LNG lessened: Egypt most recently imported LNG in September 2018. For security of...
Volume: 66Issue: 45Published at Fri, 10 Nov 2023 -
Oman’s Blocks 3&4: Output Rebound Hopes Recede
...her operators the space to hike output. Oman’s upstream optimism received a boost in 2017 with the discovery of the Khazzan tight gas field in Block 61 (BP 40%op, OOC 30%, PTTEP 20%, Petronas 10%). Sparking a gas renaissance in the Sultanate, the completion of the Ghazeer development lifted ca...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
DME Looks To Build On Momentum Into 2024
...utinely exported to China (see chart 1). Despite China’s dominance as an end-destination, trading on the exchange is conducted by a broad range of global participants. BACK TO THE FUTURE For DME Oman, the period 2017-18 was its heyday, during which all records for activity were set. Ho...
Volume: 66Issue: 43Published at Fri, 27 Oct 2023 -
Crescent Activates Iraq Contracts, Targets 250mn cfd In 18 Months
...wer Plant through a 24 inch pipeline.” The executive adds that supplying the 1GW gas-fired facility was agreed with state firm Midlands Oil Company, “with a focus on delivering much needed gas for power generation.” The 700MW plant built in 2017 houses four 180MW GE GT13E2 gas turbines, and was bu...
Volume: 66Issue: 42Published at Fri, 20 Oct 2023 -
Qatar Breaks Ground On Historic LNG Expansion Project
...eld. These figures stand to be turbocharged by the expansion project. The critical importance of Qatar’s LNG exports to the global economy was also pivotal in enabling the emirate to withstand the 2017-2021 embargo imposed by many of its neighbors. Saudi Arabia and the UAE could not realistically pu...
Volume: 66Issue: 40Published at Fri, 06 Oct 2023