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Japan’s PM Eyes Oil, Gas Cooperation From Middle East Tour
...G. The end-2021 expiry of Jera’s contract to purchase 5mn t/y of LNG from Qatar resulted in volumes plummeting. Having tussled with Australia and Malaysia to be Japan’s largest LNG supplier a decade ago, Qatari supplies have slumped from 16.14mn tons in 2014 to just 2.88mn tons for 2022 (see ch...
Volume: 66Issue: 29Published at Fri, 21 Jul 2023 -
Libya Oil Outages Highlight Continued Instability
...vel with late-2019 as the highest monthly figure since February 2014 (see chart 3). 1: LIBYA’S CRUDE OUTPUT LEVELS HAVE BEEN HIGHLY VOLATILE SINCE THE EARLY 2011 REVOLUTION (‘000 B/D)… *AS PER OPEC ASB FOR SOME YEARS (INCLUDING 2022) THIS DOES NOT TALLY WITH NOC’S BY-CONCESSION FIGURES. NA...
Volume: 66Issue: 29Published at Fri, 21 Jul 2023 -
Algeria Oil & Gas Revenues Fall Back From Record 2022
...*Algerian state firm Sonatrach earned $21bn in oil and gas export revenues for the first five months of 2023. On an annualized basis this equates to $50.8bn, well down from 2022’s 9-year high $60bn, but is still the second highest since energy prices tanked in late 2014 (see ch...
Volume: 66Issue: 28Published at Fri, 14 Jul 2023 -
Egypt Rig Count At 8-Year High As Western Desert Activity Ramps Up
...e highest since December 2014. However, to date there is little sign of an increase in output. Despite Apache and the Capricorn/Cheiron JV having focused drilling on oil-rich prospects rather than less remunerative gas (MEES, 30 June), the region’s oil output has yet to pick up: the latest figure of 28...
Volume: 66Issue: 28Published at Fri, 14 Jul 2023 -
Israel’s Leviathan: FID For 1.4bn Cfd Expansion, But FLNG Plans Stall
...own) and its then partners at the Tamar field came close to an agreement with a Korean consortium to secure an FLNG for Tamar expansion. A year later a deal to sell 25% of Leviathan to Australia’s Woodside also fell through – the deal had targeted FLNG for the field’s development (MEES, 23 May 2014...
Volume: 66Issue: 27Published at Fri, 07 Jul 2023 -
Questions Over Australia’s LNG Future Open Opportunity For Qatar
...June). These alone added to current supplies would propel Qatar above Australia’s 2022 volumes. Should Australian supplies fail to return to 2021’s record levels, then Qatar could be challenging for the No.1 position in China in the second half of the decade for the first time since 2014. Qa...
Volume: 66Issue: 27Published at Fri, 07 Jul 2023 -
Iraq: Another New Gas-Focused Bid Round – Can It Attract Major Interest?
...curity in western Iraq is still a concern despite the threat from Islamic State having been much diminished in recent years. In 2014, Anbar fell to the group with little to no resistance from government forces and whether Baghdad wants to admit it or not, this will be a major consideration for IOCs po...
Volume: 66Issue: 25Published at Fri, 23 Jun 2023 -
BP & Adnoc’s Landmark NewMed Deal: Testing the Water or Troubled Waters?
...structive, it could potentially damage relationships and credibility with existing key partner Chevron as well as with prospective partners as BP and Adnoc. “Look at what happened in prior Delek negotiations with how close they came with [a $2.5bn, 2014 deal to sell 25% of Leviathan to Australia’s] Wo...
Volume: 66Issue: 23Published at Fri, 09 Jun 2023 -
Oman Achieves $1.17bn Surplus for Q1
...ffers to pay down debt.” 2022’s annual surplus of $2.98bn saw Oman end the run of 13 consecutive deficits stretching back to 2009 (MEES, 23 December 2022). The consecutive budget deficits meant debt levels have ballooned in recent years, especially after the 2014 oil price crash. Debt surged from 4....
Volume: 66Issue: 21Published at Fri, 26 May 2023 -
Gulf Rig Count Surges As Services Firms Eye More To Come
...WN ON 2014-2019 LEVELS 3: ABU DHABI’S RIG-COUNT HIT A 3-YR HIGH 56 FOR APRIL WITH THE 42 ONSHORE RIGS WITHIN FIVE OF 2019’S RECORD 4: QATAR HAS BEEN STEPPING UP GAS DRILLING AS NORTH FIELD EXPANSION WORK GATHERS PACE SOURCE: BAKER HUGHES. 5: KUWAIT’S RI...
Volume: 66Issue: 19Published at Fri, 12 May 2023 -
Tatneft Libya Find
...opped to two for much of 2022 with port and field shut-ins, relative stability in recent months has seen drilling activity bounce back with Baker Hughes recording 14 active rigs for April, within three of the post-revolution high of 17 hit in early 2014....
Volume: 66Issue: 19Published at Fri, 12 May 2023 -
Egypt Output Gains Threatened By Mounting Receivables
...erating costs with substantial drilling and investment needed just to keep output stable. As such, several firms suffered near death experiences (indeed, some went bust) when oil prices tanked in 2014-15 and again in 2020. Having not fully recovered from the previous slump, spending and drilling were sl...
Volume: 66Issue: 18Published at Fri, 05 May 2023 -
Libya’s Oil Revenues Hit By Soaring Products Import Bill
...22’s products import bill of $4.4bn was also a record, topping 2014’s $3.5bn, with 2023 on track to hit $4bn. Prevailing volumes and prices imply gross crude and condensate export earnings of $7.74bn for Q1, some $2.4bn above the official NOC/LCB figure of $5.3bn. The former figure equates to gross ea...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Australia’s Woodside Finally Enters East Med, Teaming Up With Chevron On Egypt Blocks
...mmissioned for a world beating 4.6mn t/y facility (MEES, 24 February). As for whether Woodside may look to expand its Chevron collaboration to other regional assets, intriguingly the Australian firm back in 2014 came close to paying $2.5bn for a 25% stake in Leviathan before the deal was kyboshed due to re...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Oman’s State Energy Firm Profits From Improved Credit Rating As Economy Picks Up
...pths of the Covid-19 pandemic. The sultanate even achieved a $2.98bn surplus in 2022 which brought an end to a run of 13 consecutive budget deficits. That extended run in the red meant debt levels ballooned in recent years, especially after the 2014 oil price crash. From 4.9% of GDP in 2013 debt surged to...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Iraq: Sinopec Back At Mansuriya?
...e southern gas grid. The pipeline is slated for completion this year. PEG has won multiple projects in Dhi Qar and has a strong working relationship with SCOP that dates to at least 2014. ...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Iraq’s Gharaf: Gas Award
...e southern gas grid. The pipeline is slated for completion this year. PEG has won multiple projects in Dhi Qar and has a strong working relationship with SCOP that dates to at least 2014. ...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Egypt’s Liquidity Crisis Sends IOC Receivables Bill Soaring Towards $3bn
...yptian independent EKH also grew in 2023, rising 38% year on year to $46.5mn, the highest end year total since 2014. The firm produces around 50mn cfd from the Tao and Kamose shallow-water fields north of the Sinai peninsula. While these amounts are nowhere near those owed by the big three, they re...
Volume: 66Issue: 16Published at Fri, 21 Apr 2023 -
QatarEnergy’s Overseas Strategy Enters Pivotal Phase
...d MEES calculates that QatarEnergy’s net output last year was 13,235 boe/d (primarily oil). QatarEnergy also nets around 9,000 boe/d from the Shell-operated Parque das Conchas license in Brazil. It has been present at the development since 2014. There are also modest volumes of approximately 2,...
Volume: 66Issue: 16Published at Fri, 21 Apr 2023 -
Iraq’s New Karbala Refinery Set To Lighten Summer Fuel Import Bill
...finery is providing the first significant modern addition to Iraq’s delipidated refining fleet since at least the 1980s. Nine-years after its 2014 award to a consortium led by Korea’s Hyundai Engineering (MEES, 10 January 2014), the plant began commercial operations earlier this month (MEES, 7 Ap...
Volume: 66Issue: 16Published at Fri, 21 Apr 2023