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Egypt: Are Power Shortages History?
...stalled powergen capacity over the five years to June 2019 (the end of the Egyptian financial year), from 32.0GW in June 2014 to 55.5GW currently. Central to the surge have been three giant combined cycle gas turbine (CCGT) projects taking EEHC’s total CCGT capacity to just over 30GW (see chart). Eg...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Kuwait Slashes 2018-19 Deficit Thanks To Higher Oil Prices
...P. Kuwait’s economic performance has been lackluster since oil prices slumped in late 2014. Real GDP contracted by 3.5% in 2017, before rising by 1.7% in 2018 and a forecast 2.5% in 2019, according to the IMF. The World Bank is more pessimistic, forecasting growth of just 1.6% for 2019. For th...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Oman’s First Wind Farm On Test
...oject was first given the go-ahead in 2014 (MEES, 25 August 2017). The farm will deliver electricity to state utility OPWP to supply customers via the local grid. Dhofar is Oman’s only wind project, although OPWP has announced a number of large-scale solar projects recently (MEES, 2 August). Only in Ma...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Egypt Falls Further Behind Oil Output Plan
...ntributed over 50% of the country’s overall oil output since 2014. The firm operates 25 concessions across the region through its two JVs with EGPC, Khalda and Qarun. Gross output from Apache’s Egypt fields, all in the Western Desert, fell to a two-year low of 200,400 b/d for Q2. This trend is due to co...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Opec Output Sinks To Five Year Low
...Opec output fell to its lowest level in more than five years in July despite Iraq posting record high production. The group’s output last month averaged 29.78mn b/d, down 140,000 b/d from the previous month, and the lowest figure since April 2014. Nevertheless, oil prices plummeted this week, wi...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
LNG Market Depressed, But For How Long?
...ere imports rose 19% to 28.5mn tons for 1H 2019, are volumes up year-on-year. And even here growth is well down on the stellar 50% year-ago figure. Japan, whose LNG buying peaked in 2014, saw volumes fall 8.2% to 38.6mn tons for 1H 2019. For number three South Korea, 1H 2019 volumes of 20.0mn tons we...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Iraq Crude Exports Edge Up In July
...opping 40% of oil revenues. Having posted seven consecutive quarters averaging $6bn/month oil export revenues (which per annum works out to at least $72bn), it is fair to say that Iraq has escaped the 2014-2017 mess of low prices and low revenues. The challenge now is even bigger: how does Iraq tr...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
QP Expands Overseas
...nce 2014), South Africa (MEES, 8 February), and, above all, in Qatar, where Total has 30% of the 300,000 b/d Al Shaheen field. And it’s not just upstream. Last month QP signed an $8bn US Gulf petchems tie-up with ConocoPhillips (MEES, 19 July). Following the latest deal, which awaits Guyana’s re...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Now Or Never For Leviathan As Partners Re-Float LNG Plans
...d Belgium’s Exmar to provide a Front-End Engineering and Design (FEED) study for the construction of an FLNG facility for Leviathan. This is not the first time that the partners have attempted to promote FLNG as part of Leviathan’s development. In 2014 Australia’s Woodside pulled out of a $2bn de...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Israel Awards 12 Blocks
...though that is due to be completely sold off by 2021 as part of another antitrust ruling from 2014 (MEES, 2 January 2015). Edison early this year said it was relinquishing Royee but later committed to drilling the block by September as part of a deal with 70% partner Ratio, which would in turn take 15...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
China Takes Record Saudi Crude As Iran Volumes Fall To 9-Year Low
...cord 5.61mn b/d from Opec and a record 4.27mn b/d from the Middle East. That said the Mideast share, at 43.2% of total 1H 2019 imports, is well down on the annual peak of 52% hit in 2014. China remains vulnerable to any disruption in the Straits of Hormuz, but much less so than Japan which sourced a wh...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Tunisia At The Crossroads
...2014. Mr Essebsi won Tunisia’s first free presidential election and his Nidaa Tounes party took the most seats in the legislative elections. Nidaa Tounes formed a coalition with the Ennahda party (alongside two others) which sought to tackle deep socioeconomic challenges. In 2016, the co...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Kuwait-Saudi Talks Spark Renewed Speculation Over Neutral Zone Restart
...tween the neighboring states, but was shut in over the course of 2014 and 2015 due to disputes over its management. Kuwait’s state news agency Kuna reported that the 24 July talks came amid a series of consultations and coordination over how to restart PNZ production. These discussions have resolved al...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Qatar Boosts Eni, Total Links With Kenya Entry
...isting work in Oman. QP works less with Total internationally, it has a 15% stake in Total Congo since 2014, while the pair made a discovery offshore South Africa in February (MEES, 8 February). More importantly, Total has a 30% stake in Qatar’s 300,000 b/d Al Shaheen field. CEO Saad al-Kaabi is ad...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Oman Cuts Deficit, But Oil Dependence Remains
...til the crash in oil prices in 2014, Oman ran near balanced budgets and only had around $4bn in gross debt, or 5% of GDP. But after four hard years of hard borrowing to cover costs and avoid civil unrest (MEES, 23 November 2018), the IMF projects that Oman will exit the year with $49bn in debt (61% of...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Mauritania: Tullow Quitting
...bsequent finds (MEES, 5 July). Prior to Tortue, Mauritania’s key (albeit more modest) gas find was the 1.5tcf Banda field. However then-operator Tullow shelved development plans after oil prices crashed in late 2014 (MEES, 13 February 2015). The firm hasn’t looked forward in Mauritania since....
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Algeria: Fresh Output
...19 averaged 1.025mn b/d, and while this is up 5,000 b/d year-on-year, it still represents a 15% fall over the past five years. Output averaged 1.209mn b/d in 2014, but has declined each year since amid investment declines. The picture on the gas front is also worrying. In the first four months of 20...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019 -
The Terror Risk To Tunisia’s Tourism Industry
...llion in 2014 to 5.4 million in 2015, and foreign currency earnings tumbling by 43% to $1.2bn (see chart). And while arrivals began to recover again after 2015, major European tour operators only just started to return last year after foreign government travel warnings were eased. Improved se...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
Algeria Adding Powergen Capacity, But Big CCGT Progress Piecemeal
...ojects in 2012, at Ain Arnat and Ras Djinet, with six more following in 2014. None has yet been declared fully operational and the rates of progress vary widely. Sonelgaz, which is constrained by government policy preventing it from seeking outside investment, can only pay contractors when it has cash in ha...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
End In Sight For Egypt’s Fuel Subsidies
...Egypt has ended fuel subsidies for the majority of oil products, bringing an end to four years of reform that has seen the average price of gasoline almost triple and diesel prices rise by a whopping 514% in local currency terms, since Cairo began removing subsidies on oil products in June 2014...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019