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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 -
Libya’s Financial Vulnerabilities Laid Bare By Dwindling Oil Revenue
...ccessive governments following the overthrow of Muammar Gaddafi in 2011 tried to reign in militias by co-opting them into the system and handing them salaries. The state ultimately failed to control them, but it continued to pay their wages. Fast forward a few years and some of those militias have al...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
UAE, Egypt Lead Mena Renewables Expansion
...e benefit of exporting oil rather than burning it for powergen. For countries with minor hydrocarbons resources, developing electricity capacity has always been a struggle, although international financial institutions have increasingly backed renewables projects in the wake of the ‘Arab Spring’ of 2011. ...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...llows through on Mr Jadaan’s statement, then reserves would drop to around $468bn. The lowest figure since early 2011, but comfortably above the sub-$400bn levels of 2009. Meanwhile, the balance between borrowing and tapping reserves mentioned by Mr Jadaan highlights the extent to which Saudi Ar...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Cyprus Drilling Plans Slashed With Capex Cuts
...kkotrypis says. How long is anyone’s guess. And what of Cyprus’ first ever gas discovery, 4.1tcf Aphrodite, made in 2011 but stuck on the shelf ever since. Operator Noble of the US (35%) together with partners Shell (35%) and Israel’s Delek (30%) had planned a second appraisal well late this or early ne...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020