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Mubadala Completes Israel Entry With Tamar Buy-In
...tting record output of 1.014bn cfd in the same year. But output from Tamar has fallen since, a trend that Mubadala will be looking to reverse. Output for Q2 this year fell to just 660mn cfd, the lowest quarter since Q1 2014, as Leviathan undercut Tamar’s price in sales to state utility IEC. Th...
Volume: 64Issue: 35Published at Fri, 03 Sep 2021 -
Power Struggles Threaten Libya’s Oil Rebound
...e east and west. This was the story of Libya between 2014 and 2021. DIVISION REDUX? The eastern-aligned speaker of the country’s parliament, Aguila Saleh, has already suggested a rival government could be set up in the east in the absence of a vote. And last week Mr Saleh accused the Pr...
Volume: 64Issue: 34Published at Fri, 27 Aug 2021 -
Libya Eyes Mabruk Field Redevelopment
...Libya’s Mabruk Oil Operations this month presented a redevelopment plan for the 34,000 b/d Mabruk field which has been offline since 2014 due to an Islamic State attack (MEES, 6 March 2015). Mabruk Oil, a 49:51 JV between France’s TotalEnergies and NOC, says it aims to restart the field in Oc...
Volume: 64Issue: 34Published at Fri, 27 Aug 2021 -
Baghdad-KRG Payment Woes
...aq’s International Chamber of Commerce arbitration with Turkey over of the KRG’s use of the Turkish section of the former Kirkuk-Ceyhan pipeline (MEES, 20 May 2014). Mr Allawi says he “hears that Iraq’s position is strong” and that the decision might be “favorable.” Iraq claims $26bn in losses, cl...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
LNG Prices Soar Yet Higher As Taiwan Enjoys ‘Qatar Discount’
...*Asian spot LNG prices have soared to $17/mn BTU as per the latest Reuters assessments. Values for the recently-completed September trading window averaged $15.50/mn BTU. Excepting an acute spike at the start of this year, the latest values are the highest since early 2014. *“Most of...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Apache Eyes 2H Western Desert Gains, More For 2022
...ypt, up from a Q2 average of six and just five – the lowest in well over a decade – for the preceding three quarters. But activity and spending remains low by any sort of historical perspective: the average 2014 rig count was 27 (see chart 2). Q2 saw 13 drilled and completed wells up from just six in...
Volume: 64Issue: 32Published at Fri, 13 Aug 2021 -
Eni Sees Egypt Receivables Again Raise Their Head
...Egypt. Eni’s Egypt receivables peaked at €1.20bn ($1.64bn) in mid-2014 as overall dues owed by Egyptian state oil firm EGPC to IOCs hit a record $7.5bn (MEES, 8 August 2014). Of course, the key event to have happened to Eni in Egypt since 2014 was the August 2015 discovery of the giant Zohr ga...
Volume: 64Issue: 32Published at Fri, 13 Aug 2021 -
Saudi Deficit Shrinks To Two Year Low
...Six months into 2021 and Saudi Arabia looks on course to post its smallest annual deficit since the 2014 oil price crash, even if spending picks up in the second half. Saudi Arabia has posted its smallest quarterly budget deficit in more than two years, with the figure shrinking to just $1....
Volume: 64Issue: 32Published at Fri, 13 Aug 2021 -
Kuwait Announces KHAFJI Gas Pipeline Completion
...afji Joint Operations (KJO). Additional gas volumes are key for Kuwait, which is increasingly turning to LNG imports to offset domestic shortages. The completion of the 100km pipeline is also notable as it will help reduce Khafji flaring. When Saudi Arabia shut down operations at Khafji in 2014 am...
Volume: 64Issue: 32Published at Fri, 13 Aug 2021 -
Algeria: Key Oil Fields At 20-Year Low
...eld operated by Spain’s Cepsa. From a peak of 470,000 b/d in 2007 and 384,000 b/d for 2014, the first full year of El Merk output, production has been in near continuous decline since, falling to just 220,000 b/d for 2020 and 175,000 b/d for the first half of 2021, according to MEES number-crunching ba...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Qatar Export Revenues Soar To Highest Level Since 2018
...bn+/quarter days of 2014 when oil prices were around $100/B. While those prices remain a long way off, Qatar is investing heavily in a bid to boost export revenues substantially. Qatar earlier this year took FID on the four-train $28.75bn North Field East (NFE) expansion project which is slated to in...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Saudi Arabia, Kuwait Discuss Neutral Zone Ramp Up
...proximately half the level from before its 2014-shut down. PNZ production also comes from the onshore Wafra Joint Operations (WJO), where Chevron represents Saudi Arabia alongside KGOC. Chevron’s net output in both quarters this year was 57,000 b/d, implying gross output of 114,000 b/d. This puts to...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Egypt’s Mature Onshore Sees Signs Of Output Growth
...s been on an almost continuous downward trend since upstream investment collapsed in 2015 following a halving of oil prices in late 2014 (see chart 1). Cuts to upstream budgets in 1H 2020 delivered a further kick in the teeth (MEES, 31 July 2021) But some smaller producers are beginning to boost in...
Volume: 64Issue: 30Published at Fri, 30 Jul 2021 -
Oman Unveils 2021 Upstream Bid Round
...ospect, which had been slated for 2020, appears to have been dropped amid the Covid-19 pandemic. The relinquishment “after an unsuccessful exploration programme” marks Mol’s departure from Oman after having relinquished Block 43B in 2014 (MEES, 31 March 2017). BLOCK 23: OFFSHORE APPETITE? Th...
Volume: 64Issue: 29Published at Fri, 23 Jul 2021 -
Morocco’s Disputes With Algeria & Spain Heat Up As Pipeline Deadline Looms
...me again in line with average 2014-18 Algeria-Spain volumes of 18bcm/y without recourse to GME. Algeria’s liquefaction facilities typically operate at below 50% of their combined 25.5mn t/y capacity, with the latter equating to around 30bcm/y of gas (MEES, 25 June: Algeria’s smaller Skikda plant re...
Volume: 64Issue: 29Published at Fri, 23 Jul 2021 -
Egypt Gas Output Slumps On Zohr Outages
...bruary’s record low (MEES, 9 April). Sustained falls in oil output have come as firms slashed spending following 2014’s oil price slump and then again last year (MEES, 12 February). Key Western Desert producer Apache says it hopes to raise investment in the second half of this year, with output growth to...
Volume: 64Issue: 28Published at Fri, 16 Jul 2021 -
Korea Crude Imports 1H 2021: Mideast & Opec Share At Record Low
...cades. This comes as overall volumes for the world’s number four crude importer fell by 5.4% to average 2.58mn b/d for 1H 2021, the lowest first half figure since 2014. Whilst Korea’s oil demand continues to be suppressed by Covid – and movement restrictions have been increased in recent weeks with fears of...
Volume: 64Issue: 28Published at Fri, 16 Jul 2021 -
QP, Exxon Ramp Up Barzan Gas Output
...tended to start up in the first half of 2014 (MEES, 12 October 2012), but a litany of delays pushed this back by a full six years. ExxonMobil only confirmed earlier this year that the $10.3bn project had finally started up in 2020 (MEES, 2 April). QP has now fleshed out the details somewhat in the pr...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Iraq’s Minister Of Oil Parliament Questioning Session Underscores Energy Sector Challenges
...re “close to accuracy” – and added that the ministry had “observations” on Kogas’ performance. Kogas declared force majeure on the field in 2014 as Islamic State overran the area, but after the area was retaken Baghdad became frustrated with the Korean firm’s continued security concerns and sought to br...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Abu Dhabi Reaps Clean Energy Rewards
...3 trillion BTU of natural gas last year, which equates to around 2.2bn cfd. This was the lowest figure since 2014, thanks in large part to the start-up of Barakah. Although Ewec’s total power generation also dipped last year, at 84.7TWh, it was still the second highest annual figure on record. NU...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021