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Israeli Utility IEC Bags Price Cut For Tamar Gas
...ke or pay volume of 3bcm/y under a 15-year deal signed back in 2012, although this was due to carry forward volumes. This contract set a fixed base price of $5.042/mn BTU as of 2011 with subsequent annual adjustment according to US inflation (CPI) plus 1%, switching to minus 1% from 2020. By 2020 th...
Volume: 64Issue: 29Published at Fri, 23 Jul 2021 -
Qatar Looks To Bolster Share Of Taiwan LNG Market
...Australia edged out longtime number one Qatar as top LNG supplier to global number five importer Taiwan for the first half of 2021. Qatar has been top in Taiwan for every year since 2011. But its lead over Australia narrowed from 2.3mn tons for 2018 to just 0.4mn tons for 2020. For 1H 20...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Egypt Raises Power Prices, Waiting on Fuel Prices
...vels (see chart 1). For March, household electricity use was 4.62TWh, the lowest March use since 2013 while the previous month’s 4.33TWh was the lowest February figure since 2011. Egypt power demand typically peaks in the sweltering summer months. 1: EGYPT HOUSEHOLD POWER USE FELL TO A MULTI-YEAR LO...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Sparks Fly As Saudi-Emirati Economic Competition Intensifies
...latively recent development. Bilateral relations between the neighbors have traditionally been more fraught, and it was arguably the start of the ‘Arab Spring’ in 2011 which caused their geopolitical priorities to converge. The relationship then deepened with the rise to power of Saudi Arabia’s Crown Pr...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
GCC Rig Count Stuck At 10-Year Low Levels For 1H 2021
...e higher than the 9-year quarterly low seen in Q4 last year (see chart 1 and MEES, 18 December 2020). As such the average figure of 184 for 1H 2021 was the lowest half-year figure since 1H 2011. 1: THE GCC RIG COUNT AVERAGED JUST 184 FOR 1H 2021, THE LOWEST HALF-YEAR FIGURE IN 10 YEARS AND LI...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Libya’s Gas Exports To Italy Collapse To Zero On Plant Outage
...en their output curtailed. *The outages, coupled with already lower supplies so far this year, mean Libya’s first half 321mn cfd exports to Italy were lowest since the 2011 revolution (see chart 2). Natural decline at Wafa and Bahr Essalam, as well as soaring domestic consumption continue to we...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021 -
BP Drilling Offshore Egypt
...REAGE Output at BP and Eni’s offshore Nile Delta fields peaked in 2011 and continues to slump: Ras El Bar output fell 20% to 107mn cfd for 2020 whilst El Temsah was down 23% at 136mn cfd (see chart and MEES, May 21). GAS OUTPUT FROM ENI & BP’s OFFSHORE NILE DELTA CONCESSIONS PEAKED IN 2011 AND FELL 29...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021 -
Egypt: Condensate Output Record As Gas Slumps
...erall output here, and that of key producer Apache in particular, has been on the slide. 2020 output was the lowest since 2011 with production falling further to an 11-year low of just 282,000 b/d for February. However production has risen in each of the past two months – it was 290,000 b/d for April – wh...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Libya’s NOC Plans Massive Upstream Opening
...drocarbons. With the dust barely settled from Libya’s third civil war since 2011 and last year’s devastating oil blockades (MEES, 25 September 2020), NOC is looking to kickstart a fresh wave of foreign investment to reach its ambitious goal of boosting output to 2.1mn b/d by 2025. There is room for op...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Opec Production Rises To 12-Month High As Tapering Begins
...anted an exemption as it seeks to reverse the damage inflicted in the persistent conflicts since the ousting of Muammar Gaddafi in 2011. Libya plans to boost production further this year (see p4), but recent history has shown that major production outages are an ever-present risk. Meanwhile all eyes ar...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Gulfsands Bullish On Syria Return As Key Russian Investor Consolidates Position
...0 B/D) *2020 TOTAL INCLUDES 1,100 BOE/D (6.6MN CFD) OF GAS. SOURCE: GULFSANDS, SYRIA REPORT, MEES. GULFSANDS BLOCK 26 IN SYRIA MODEST OUTLAY, MASSIVE UPSIDE With no ongoing income since declaring force majeure on its Syria assets in late 2011, Gulfsands is entirely re...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Libya’s Oil Revenues Surge
...byan oil exports have similarly stayed at above 1mn b/d since November 2020, according to data intelligence firm Kpler. If such levels are sustained until the end of the 2021, Opec member Libya could be looking at its best performance since the collapse of the Gaddafi regime in 2011. While pr...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Iraq Targets 22GW Peak Supply This Summer
...ant in north-east Baghdad awarded to the French company in 2011. ...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Russia’s Gazprom Seeks North Africa Expansion
...e years running up to the 2011 revolution. But production has been badly hit by years of instability (see chart). Last year, SOO output was entirely shut-in for eight months during a forced nationwide oil blockade led by an eastern-based warlord (MEES, 25 September 2020). Tumanov says that SOO pl...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Homs Refinery Fire Sheds Light On Syria’s Murky Fuel Markets
...om government-controlled territories at 20,000 b/d, whilst plans to boost production to 100,000 b/d at fields Damascus has re-captured have gone nowhere (MEES, 17 January 2020). Prior to the outbreak of civil war in 2011, national oil output, all government controlled, was 390,000 b/d (MEES, 22 Ja...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Yemen Takes Delivery Of Saudi Products Shipments
...started in 2019 and is currently running at around 10,000 b/d (MEES, 15 January). A planned second phase 400MW expansion was awarded to India’s BHL for $436mn in 2011 with work beginning in 2014 (MEES, 9 August 2013). The project was financed by the Arab Fund for Economic and Social Development, the Sa...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Oman’s OQ Raises $750mn Bond As It Looks To Bring Delayed Downstream Projects Online
...nterpiece of a new industrial city – the Special Economic Zone (SEZAD) of Duqm, which was established in 2011 to “diversify the national economy.” To provide power and water to SEZAD, Oman is building a 326MW combined cycle power plant integrated with a 36,000m³/day reverse osmosis desalination plant close to...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Delek Readies New East Med Spin-Off
...8% of Tamar (see charts and MEES, 4 December 2020). The 22.7tcf Leviathan field produced 1.04bn cfd for Q1, whilst operator Chevron (36.66%) has advanced expansion plans since taking over Noble Energy late last year (MEES, 23 April). Cyprus’ 4.1tcf 2011 Aphrodite discovery, also now operated by Ch...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Total Eyes 1mn b/d Of Gross Libya Output
...test to fly in on 21 April. Frequently hit by forced production shutdowns – whether due to civil unrest, budgetary issues or worker grievances – Libya has been a source of major disappointment to IOCs since the fall of long-time ruler Muammar Gaddafi in 2011. But even though Total’s net output ne...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Oilfield Services Firms See Mideast NOCs Driving Long Term Growth
...contribution is the lowest since 2011, whilst the region’s share of Halliburton’s overall earnings has rapidly slid since peaking at 35% in Q2 2020: the Q1 2021 figure was just 25%. Halliburton says the largest contributor to its 6% fall in Mideast & Asia revenue for Q1 was “lower stimulation an...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021