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Israel’s Delek Drilling Eyes $2.5bn Leviathan RBL Facility
...so has around 26% (22% directly, 3.8% indirectly – see chart) of 11.9tcf Tamar which it is obliged to sell by end-2021 under a 2016 anti-trust ruling (MEES, 19 August 2016). The firm’s only other significant assets are 30% of Cyprus’ undeveloped 4.1tcf 2011 Aphrodite discovery (MEES, 26 June), and th...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
Algerian Gas To Italy & Spain Sees First Half Crash
...rst half, the lowest figure since Medgaz’ 2011 start up. Algeria is uneasy with the fact that the Moroccan section of the GME reverts to Rabat’s control next year. In anticipation of this, state-oil giant Sonatrach purchased a controlling stake in the Medgaz pipeline earlier this year and is wo...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
Tethys Oil Expands In Oman With Extra Southern Block
...,000 b/d Blocks 3&4. Athens-based CCED holds 50% and Japan’s Mitsui holds the remaining 20%. Outside Blocks 3&4, Tethys’ only other producing asset is a 25% non-operating stake in a small Lithuanian field, netting it less than 100 b/d. Blocks 3&4 began pumping in 2011 and gradually ramped up to an an...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Taiwan Crude Imports: Total & Mideast Volumes Stay Low
...y major importer, suggest the world is in for a long slog in terms of the rebound of oil demand from Covid-19. At an average of 790,000 b/d for the first half of 2020, volumes are down almost 14% year on year (see table), putting the country on pace for the lowest annual figure since 2011. And th...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Saudi Arabia Gas: New Facilities, Greater Flexibility
...RIL ('000 B/D) PRESUMES ALL FUEL OIL BURNT IN POWER PLANTS (SOME IS USED AS INDUSTRIAL & BUNKER FUEL). SOURCE: JODI, MEES. 3: SAUDI ARABIA SALES GAS OUTPUT HAS BEEN CONSISTENTLY CLIMBING YEAR-ON-YEAR (BN CFD) CONVERTED FROM BTU TO CFD UNTIL 2011. SOURCE: SAUDI ARAMCO, ME...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
US Rigs Fall To New Low
...cord 76%. Of the latest fall, half (five) were in the Permian, leaving the total for the key Texas/New Mexico shale basin at 132, level with the April 2016 nadir as the low point in data since 2011. Permian drilling has actually been more resilient than elsewhere – all other key basins had already hi...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Oman Feels The Pain As Export Revenues Plummet
...onomic outlook. A succession of six sizeable annual deficits since the 2014 price crash has gradually pushed-up Oman’s debt levels, and another substantial rise this year seems inescapable (see chart 2). Current spending jumped in 2011 as Oman sought to ride out ‘Arab Spring’ protests through higher pu...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Algeria’s Sonatrach & Spain’s Naturgy Prepare For Gas Price Battle
...ttled for €1.5bn ($1.9bn), with Sonatrach taking a stake in the Spanish firm as part of the settlement (MEES, 20 June 2011). This stake stood at 4.1% in 2019. Naturgy and Sonatrach also partner each other on the Medgaz pipeline and recently upped their stakes to 49% and 51%, respectively (MEES, 5 Ju...
Volume: 63Issue: 25Published at Fri, 19 Jun 2020 -
Syria’s Block 26 Continues To Pump As UK’s Gulfsands Waits On Standby
...lfsands’ Block 26 was one of Syria’s most promising oil assets when the war erupted in 2011, forcing the UK minnow (and every other western firm) to declare force majeure and halt operations. The firm still retains 50% of the block, with Chinese state firm Sinochem holding the other half. But since 2014 wh...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Algeria Looks To Reduce Reliance On Morocco Pipeline
...rocco and Spain, Medgaz was the more recent to start up in 2011. Capacity lags that of the 11.5bcm/y Maghreb–Europe Gas Pipeline (GME) which connects Algeria to Spain through Morocco. But Morocco is set to take ownership of its GME section next year. With the clock ticking the two countries have yet to...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Qatar Signs Record-Breaking Deal For LNG Tankers
...mn t/y, which it reached in 2011 (MEES, 8 April 2011). Nakilat lists its current LNG fleet as comprising of 69 LNG tankers including 31 Q-Flex (210-217,000m³) and 14 Q-Max (263-266,000m³) tankers. These Qatari tankers are literally in a class of their own: almost all non-Qatari LNG tankers are of a re...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Mena’s Poor Relations Turn To IMF To Weather The Covid-19 Storm
...START? Egypt’s tourism sector accounts for 6% of GDP, employs a tenth of the workforce and is a key source of foreign exchange (MEES, 20 March). And it had only just begun to get back on its feet following the 2011 Arab Spring and its ensuing instability. Tourism revenues hit a record high $13.03bn fo...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Saudi Arabia Taps Foreign Reserves To Fund Overseas Investments
...BRUARY 2011 IN APRIL ($BN) SOURCE: SAMA, MEES....
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Eni Offshore Egypt: Two Steps Forward, One Step Back
...ars ago having peaked at 2.05bn cfd, almost 35% of Egypt’s gas output in 2011. But the two firms got a boost to their overall regional output with the 2017 start-up of the 1bn cfd Nooros field in the Abu Madi West concession (Eni 75%, BP 25%). But it was Zohr, which started up at the end of 2017, pr...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Saudi Gasoline, Jet-Kero Consumption Slumps In Lockdown
...abia gasoline and jet-kerosene consumption plunged in March as large parts of the economy were shuttered in response to the Covid-19 pandemic. Consumption of gasoline collapsed to its lowest level since August 2011, when the kingdom’s population was some six million less than current levels. The la...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...coming 100% owner in 2011 when it bought out remaining partner Total. IPIC was merged into Mubadala in 2016 (MEES, 8 July). Following an abortive attempt at a Cepsa IPO (MEES, 21 September 2018) Mubadala last year sold 37% to the Carlyle Group (MEES, 12 April 2019). In January Mubadala sold an additional 1....
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Can Iraq’s Power Sector Maintain Momentum? .
...ll inherit several imminent startups that will add another 2-3GW of available capacity to Iraq’s electricity capacity. The first addition should come from China’s CMEC which is nearing completion on its 1.26 GW powerplant in Samarra, Salahuddin province. The $1.2bn project was initially awarded in 2011...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Saudi Nuclear Plan: Slow Progress, But Expanded Scope Eyed
...nounced by government nuclear and renewables agency Kacare in 2011 that called for 16 nuclear power plants with a combined capacity of 18GW and an expected investment of more than $80bn (MEES, 3 May 2013). In a shake-up of power sector plans by Crown Prince Muhammad bin Salman in 2016, Kacare reduced it...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Qatar Slumps Into Recession
...ril). LNG: PAINFUL PRICES Qatar’s expansion to 77mn t/y liquefaction capacity was completed in 2011 (MEES, 8 April 2011) and drove Qatar’s GDP ever-upwards, especially while oil-linked LNG prices were booming. Mining and quarrying accounted for 58% of the economy in 2011, before the sh...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Saudi Arabia Posts $9bn Q1 Deficit, Worse To Come
...e $32bn that Finance Minister Muhammad al-Jadaan just last week stated that the government would use (MEES, 24 April). Despite the latest steep fall in reserves, they still stood at a massive $465bn in March. And while this was their lowest level since March 2011, it still represents more than th...
Volume: 63Issue: 18Published at Fri, 01 May 2020