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Sudan Looks To Reverse Upstream Decline With 2021 Bidding
...Sudan’s crude output is running at 64,000 b/d, down 44% on 2014 levels and some 86% below the 457,000 b/d produced before South Sudan seceded in July 2011, taking with it 75% of Sudan’s production. Acting Energy Minister Kheiri Abdelrahman says Sudan hopes to add 20,000 b/d next year. But he...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Korea Imports At 7-Yr Low
...pplier with 811,000 b/d for November. The kingdom has increased supplies to Korea by 6% year-on-year to 871,000 b/d for 11M 2020 for a market share of 32.8%. Not only is this well up on 2019’s 27.7%, but a bumper December could yet see Saudi top the annual record of 33.0% set in 2014. ...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Italy Crude Imports: Q3 Bounceback, Libya Volumes Set To Soar In Q4
...rong rebound in Q3 volumes to leave 9M 2020 imports down just 3% year-on-year (MEES, 4 December). *With little sign of a buying upturn in Q4, 2020’s Italian imports are set to come in below 2014’s 1.09mn b/d as the lowest this century. *Imports from key supplier Saudi Arabia almost halved in Q3 to...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
TransGlobe Egypt Deal: The Key To Reversing Oil Decline?
...covery techniques to eke out maximum production from mature fields. Investment (and output) collapsed along with oil prices from late 2014, but 2018 and early 2019 had been seeing something of a rebound. The turbulence of the past year has unsurprisingly caused a renewed slump. Glance at company fi...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Chevron’s Emerging Mena Portfolio
...tions.” While Chevron’s presence in Mena does indeed go back decades, recent years haven’t been bountiful. In 2014 the firm looked to the Middle East to play a pivotal role in planned upstream expansion, with a $3.2bn exploration and appraisal plan focusing on Iraqi Kurdistan, Morocco and Australia (MEES, 18...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Japan Imports: Still Rock Bottom
...utral Zone, the first such volumes since 2014. Kuwait volumes (excluding the PNZ) are down 9% at 233,000 b/d for 10M 2020 but may be set to rise next year with state firm KPC this week inking a deal to lease 3.14mn barrels of Japan storage capacity (see p17). JAPAN CRUDE IMPORTS REMAIN AT MULTI-DE...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Iraq Plans Oil Prepayments To Alleviate Financial Meltdown
...epayment contract with Vitol and local firm Matrix Energy in July. But governments walk a fine line when leveraging long-term revenues for an immediate cash injection. And Baghdad needn’t look far for examples. When oil prices collapsed in 2014-2015, Iraq’s Kurdistan Regional Government (KRG) turned to pr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Covid To Cost Opec $250bn In Lost Revenues
...at would be bad enough, but it will merely be the low point of a lackluster run of earnings in recent years (see chart). Oil prices dropped below $100/B back in late 2014 and over the subsequent six-year period of 2015-2020, Opec’s export revenues are on course to come in at a combined $3.0 tr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Libya: Oil Still Flowing But Revenues In Limbo
...vision of Libya since 2014 between rival eastern and western administrations has devastated the country’s finances and fostered a severe liquidity crisis which can only be addressed through the unification of the parallel administrations. A UN-led political process aimed at ending Libya’s nine-year ‘tr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Kuwait Starts Up CDU In Delayed ‘Clean Fuels’ Expansion
...though work on 19 new units at MAB is ongoing. The CFP contracts were awarded in 2014, with KNPC expecting at the time that construction work would be finished completed in late-2017 (MEES, 21 August). Meanwhile state firm Kipic, formed to develop downstream projects in the Neutral Zone between Ku...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
The Curious Case Of Algeria’s Hassi R’Mel
...S IS LESS THAN HALF GROSS OUTPUT (BCM) *JODI FIGURES USED FROM 2014. SOURCE: ALGERIA’S ENERGY MINISTRY, OPEC ASB, JODI, GCEF, IMF, MEES. ALGERIA’S BEATING HEART: HASSI R’MEL SACRIFICING GAS FOR OIL The massive use of reinjection means that Algeria’s sales gas output de...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Kuwait Oil Company Looks To Heavy Oil To Offset Capacity Declines
...nventional fields in North Kuwait. There, capacity has dropped by 130,000 b/d since 2017-18 to just 640,000 b/d. As with Burgan, capacity at North Kuwait has been hindered by project delays. Kuwait awarded contracts for three gathering centers (GC-29, 30 and 31) in 2014: at the time start-up was slated fo...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Gulf Offshore Drilling At 10-Year Low As Saudi, Abu Dhabi Stall On Contracts
...abia, also the lowest figure in almost 10 years (see chart). The UAE also had 10 rigs for October, the lowest since August 2014, whilst Qatar accounted for the remaining five. Recent earnings calls of offshore drilling firms add some color to the factors behind this slump in activity. They also su...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Opec+ Looks Ahead To Crunch Meeting
...t more than 500,000 b/d beyond its allocation in order to comply – a highly unlikely move that would necessitate producing below 3.3mn b/d for the first time since 2014. Iraq undeniably faces severe economic challenges (MEES, 16 October), but failure to comply risks fomenting divisions within Op...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Oman To Introduce Income Tax: Will Rest Of GCC Follow?
...er $100/B prior to late 2014, Oman was still unable to balance the budget as Muscat looked to avoid contagion from the 2011 ‘Arab Spring’ with 2012-14 spending blowouts. While the government is seemingly unable to reduce spending on salaries, the looming implementation of 5% VAT will have a si...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
India Crude: Saudi Squeezed
...India’s crude imports remain well down on year-ago levels as Covid-19 infection rates and the impact on the country’s economy remain high. September’s crude imports of 3.14mn b/d were the third lowest since 2014; only May and July, at the height of lockdown, were lower. Average 9M 2020 im...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Petrofac Seeks $530mn From Bp/Equinor Algeria Gas Project As Finances Stretches By Continued Saudi Boycott
...four southern fields to “maintain production at 9 bcm/year [870mn cfd] … for years to come” (MEES, 19 February 2016). Recent output has been just a third of this level (see box). Petrofac fully remobilised in early 2014, but the firm has since issued “multiple Variation Order Requests (VoRs) re...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Oman Sees Economic Weaknesses Play A Geopolitical Role
...l revenues. But it never fully recovered from 2014’s oil price crash. Coupled with a post-Arab Spring spending spree, this saw its debt balloon from $4bn in 2013 to $50bn just seven years later. This year’s collapse in oil prices added insult to injury. Revenues fell from $14.3bn in 1H 2019 to $12...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
Eni’s Zohr Under Threat From Water Infiltration
...2.7bn cfd was raised to 3.2bn cfd at the behest of Egypt’s President Abdel Fattah al-Sisi as Egypt suffered gas shortages between 2014-2017, causing countrywide power cuts. In June last year at a conference in Cairo delegates warned that over-drilling could result in the reservoir’s collapse but th...
Volume: 63Issue: 42Published at Fri, 16 Oct 2020 -
Korea Crude Imports 6-Year Low, Taiwan Lowest In Decades
...e lowest annual figure since 2014. MIDEAST SLUMP Not only are Korean imports down but Middle East volumes are down further, by 10% for the first nine months of 2020 with Korea taking an 11-year low of just 1.68mn b/d from the Middle East in September. The region’s share of th...
Volume: 63Issue: 42Published at Fri, 16 Oct 2020