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Israel Refiners Post Late-2021 Output Rebound
...th Q4’s 87,300 b/d still well shy of capacity. The two plants’ combined gasoline output increased 9% to 67,400 b/d for 2021, although this remains 20% below 2014’s record 84,500 b/d. Diesel – output of which fell by less than that of other transport fuels last year – saw a more modest 4% year on ye...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022 -
Oman Oil Output Hits New Heights In Q1 As Revenues Soar
...allenged. Said Bader al-Kharusi, the Executive Director of the North Oil Directorate at the Shell-led, part-state owned Petroleum Development Oman (PDO) stated in late March that the “government aims to benefit from [current] oil and gas prices’ by maximizing production output.” REVENUES SOAR TO 2014 LE...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022 -
Kuwait & Saudi To Develop Joint Offshore Dorra Gas Field
...oduction from the offshore portion was halted in 2014, and the onshore portion in 2015, due to disagreements between the two and only resumed in February 2020 (MEES, 28 February 2020). PNZ exports have since recovered to around 250,000 b/d according to data intelligence firm Kpler, well below the notional 50...
Volume: 65Issue: 12Published at Fri, 25 Mar 2022 -
Suez Canal Hikes Tanker Fees
...% rebate previously granted to LNG tankers. Toll rebates for LNG tankers were set at 35% in 2014 before being reduce to 25% in 2015 and finally to 15% in October last year....
Volume: 65Issue: 12Published at Fri, 25 Mar 2022 -
IEA Warns Of 3mn B/D Russian Supply Hit
...ys that OECD inventories dropped by 21.9mn barrels (707,000 b/d) in January to their lowest level since April 2014, and that “preliminary data for February show OECD inventories fell by an even steeper 1.06mn b/d.” If the IEA’s projections bear out, inventories will be drawn down much further ov...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Opec Set For Bumper Revenues In 2022: Could It Be A Trillion?
...As volatility from the Ukraine conflict roils oil markets, the 13-member Opec group is looking ahead to its highest annual export revenues in eight years for 2022. Even if prices cool slightly from their year-to-date figure, revenues should climb to their highest level since 2014, and if they ri...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Italy 2021 Crude Imports: Libya Volumes At 9-Year High
...so the lowest since 2014. But add in not only the bumper Libya volumes but Algeria supplies which more than doubled to 29,500 b/d and total Mena volumes rose to a three-year high 46% share. ITALY’S TOP CRUDE SUPPLIERS: AZERBAIJAN KEEPS TOP SPOT FOR 2021 AS LIBYA SURGES TO 9-YEAR HIGH (‘00...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Petronas To Exit Egypt: LNG & Upstream Stakes On The Block
...ar dispute between Cairo on one side and Shell (formerly BG) and Petronas on the other (MEES, 21 January 2014). Though Shell sought to calm the waters with a return to investment in 2018 (MEES, 23 March 2018), this remains a live issue. The major’s freshly-released 2021 annual report flags up as...
Volume: 65Issue: 10Published at Fri, 11 Mar 2022 -
Dana Petroleum Quits Key Egypt Assets
...it Bay, South October and South Wadi Dara – as well as 30% of the Eni-operated West Abu Gharadig in the Western Desert. The firm also retains 100% stakes in two Upper (southern) Egypt exploration concessions, West Dakhla-1 and -2, which it signed up for in December 2013 (MEES, 3 January 2014). PO...
Volume: 65Issue: 10Published at Fri, 11 Mar 2022 -
Egypt: Record 2021 Gas Output But Outlook Uncertain
...ices headed south in late 2014, with 2020 seeing further cuts to capex budgets. … NOW FOR THE REBOUND? However Cairo has now moved to stop the rot by updating production sharing contract (PSC) terms that, key producers argued, failed to incentivize investment in mature ac...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Abu Dhabi Gas Use Drops As Nuclear Meets Record Demand
...ctor. Despite a 9% annual increase in power generation last year, the power sector burned less hydrocarbons than in any year since 2014 according to state offtaker Ewec. Ewec purchases power from Abu Dhabi’s fleet of power plants as well as two plants in Fujairah with a combined power generation ca...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Libya Outages Heighten Global Oil Supply Fears
...anwhile, the swearing in of a parallel government in Libya this week has heightened concerns of a return to fighting as the incumbent (internationally recognized) government in Tripoli refused to wield power. The situation is eerily reminiscent of the political division between 2014 and 2021 when two rival pa...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Baghdad To Offer Gazprom Neft Better Terms
...oduction started in 2014. It has been a mainstay of mid-Euphrates oil production alongside CNPC’s Ahdab and Zhenhua Oil’s East Baghdad fields. Badra has a central integrated oil and gas processing facility with a capacity of 110,000 b/d and 155mn cfd. Gas is piped through a 100km pipeline to the 500MW Zu...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
India LNG Imports: Qatar Dominant As Buying Dips Amid Sky-High Prices
....16/mn BTU that India paid for Q4 supplies was the highest quarterly figure since 2014, it is well below the average price paid by other Asian importers. India’s average December import price of $13.66/mn BTU compares to $14.85/mn BTU for Japan and $19.50/mn BTU for China. This indicates that Indian im...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Saudi Arabia’s Oil Export Revenues Jump To Three Year High
...art 1), while the $64.2bn Q4 figure was the highest for any quarter since prices first collapsed in late 2014. The increase came despite Saudi Arabia’s crude oil production dipping by 100,000 b/d to an 11-year low of 9.12mn b/d for 2021, with gross oil exports in turn dropping to an 11-year low 7.56mn b/d ac...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Opec Basket Tops $100/B
...The Opec Basket of crude export grades hit $101.22/B on 24 February, up $5/B on a day earlier as Russia invaded Ukraine and $23/B up on the start of 2022. This marks the first time over $100/B in over seven years – since 1 September 2014. The basket opened up a gap on Brent, which settled at $99...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Iraq’s Supreme Court Rules Against KRG Oil Independence
...deral budget in February 2014” leading “to a major financial crisis in the region.” Adding that it started exports in March 2014 “in an attempt to secure salaries and public services.” In its litigation, Erbil also had said that Baghdad had agreed to its independent exports by budgeting for the re...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Upstream Gains Drive Taqa Revenue Boost
...venue gains came from Taqa’s smallest segment – the upstream sector. Upstream revenues jumped by 77% year-on-year to $2.02bn as the oil market rapidly recovered from 2020’s Covid-hit lows. Indeed, after dropping to 13-year lows in 2020 they bounced back to hit the $2bn mark for the first time since 2014...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Tunisia Draws Record Power From Algeria In 2021
...WER SUPPLY JUMPS TO ALL TIME HIGH ON RECORD IMPORTS FROM ALGERIA (TWH) *TUNISIA EXPORTED NEGLIGIBLE AMOUNTS TO ALGERIA IN 2011, 2014 AND 2015. IT ALSO EXPORTS POWER TO LIBYA WHICH CAME IN AT 649GWH IN 2020 AND 62GWH IN 2021. SOURCE: STEG, ENERGY MINISTRY, MEES CALCULATIONS. 2: TU...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Iraqi Kurdistan Gas Pipeline Boost: Turkey Exports Next?
...reement, Kurdistan was to supply Turkey with an initial 4 bcm/year from 2017, rising to 10 bcm/y by 2020 with the option of increasing to 20 bcm/y (MEES, 17 January 2014). A 2017 agreement for Rosneft to construct a pipeline with up to 30 bcm/y capacity also came to naught. Progress since then has been es...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022