Israel’s Delek Drilling Eyes $2.5bn Leviathan RBL Facility

...th which to meet fixed debt repayments. Exactly this pattern bankrupted Mena-focused Irish independents Circle Oil and Petroceltic in the wake of the halving of crude prices from $100/B-plus in the second half of 2014 (MEES, 19 June 2015). And it has near-bankrupted the Delek Group, which has be...

Opec Oil Revenues Set For 17-Year Low In 2020

...8% annual increase, but also the highest figure since 2014. This was thanks to a 19% increase to 207,000 b/d in crude export volumes as Gabon paid little, if any, heed to its Opec commitments. Gabon is also one of the very few Opec members to have shown little sign of improving compliance during the cu...

Korea Crude Imports Fall 9% In 1h 2020 Despite Saudi June Boost

...*Global number five crude importer South Korea has been hit less hard by Covid-19 than several key western economies. But its crude imports still fell 9% to 2.72mn b/d for 1H20. As yet there is no sign of a rebound, June imports at 2.47mn b/d were the lowest monthly figure since 2014, whilst Q2...

Iraq: Is China’s UEG Finally Ready To Realize Block 9’s Potential?

...ERGY GROUP: IRAQ ASSETS DEVELOPMENT STRATEGY    When first discovered in 2014 Faihaa – itself an extension of Iran’s 112,000 b/d Yadavaran field (see map) – was touted as the “largest discovery in Iraq in the last ten years” (MEES, 12 September 2014), although it has since been eclipsed by Lu...

Satorp Gets Cracking With Amiral Petchems Integration

...el, LPG, aromatics, propylene and petroleum coke. It was started up in two phases and reached initial full crude distillation capacity of 400,000 b/d in 2014 (MEES, 24 October 2014). Satorp has since been debottlenecked, first to 440,000 b/d in 2018 and again to 460,000 b/d throughput capacity ea...

Saudi-Kuwait Neutral Zone Back Online

...Saudi Arabia and Kuwait have brought production at their Partitioned Neutral Zone (PNZ) back online after a one-month hiatus (MEES, 22 May). There is now production from both onshore and offshore fields for the first time since October 2014 (MEES, 24 October 2014). After production wa...

US Output Bottoms Out As Exports Target China

...e result of the kingdom’s decision to hike output to record levels in April, saw arrivals in the US average 1.5mn b/d for the five weeks to 19 June – substantially higher than any monthly figure since 2014 – before dipping to 826,000 b/d for the week ending 26 June (see chart). ARMADA RECEDES: US...

Italy Crude Imports: Record Saudi Volumes, Overall Collapse

...2,000 b/d the highest monthly figure since 2014. Given the collapse in overall volumes, this was also enough to see Saudi surge past the top three 2019 suppliers Iraq, Russia and Azerbaijan (MEES, 6 March) to take the top supplier spot for the first time in at least six years. Iraq volumes slumped to 10...

Egypt’s Economy & Energy Sector Reel From Covid-19

...w for April (see chart, p7).  With the power sector accounting for 55% of Egypt’s gas consumption, and industrial activity also down, it is no surprise that overall gas use is also at the lowest level since 2016 (see chart 3). From a chronic gas shortage for 2014-17, Egypt rapidly switched to...

Saudi Arabia Oil & Gas Rig Count*: Gas Drilling Slashed In June, Rigs Down 10 To 41, Lowest Since October 2014. Oil Rigs See Minimal Rebound, Up One To 54

Ecomar Thinks Big After Fujairah Refinery Start-Up

...ly 2014). “The concept was changed,” says Mr Shaddick. “We currently process a mixture of Arab Heavy and Arab Light crudes [from Saudi Arabia], which are relatively low in sulfur among regional crudes. We are looking to add a coker and desulfurization units in the near future as part of our ex...

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...

IEA Backs Saudi Arabia To Lead Mena Gas Supply Push

...anned start-up date of 2014 (MEES, 12 October 2012) and is currently due online this year. Recent delays have been down to problems with the offshore pipeline. As for Iran, despite being subject to stringent US sanctions, it is still advancing the development of its South Pars gas field. Mohammad Me...

Petro Rabigh Adds Hydrotreater

...nthly Jodi data. Saudi refinery throughputs for April were 1.84mn b/d, their lowest level since the 1.81mn b/d processed in November 2014 (see chart). Saudi refinery operations in 2020 had earlier been impacted by a mid-January to end-February shutdown of 440,000 b/d Satorp refinery at Jubail, a jo...

Iraq Fights For Survival Amid Growing Pressure To Slash Oil Output

...the 6 June meeting, is for Baghdad to reduce crude output month-by-month in order to produce under its quota in August-September to make up for May-July overproduction. This would ultimately bring Iraqi output to 3-3.5mn b/d, its lowest since 2014. Needless-to-say such a scenario is difficult to im...

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...

Saudi Oil Exports Back On Top

...udi figure was the lowest since 4Q 2014, and was primarily due to a steep drop in exports of refined products (MEES, 22 May).  But Saudi Arabia surged back ahead of the US in April as it ramped up crude output to record levels amid its short-lived price war with Russia. Official data is not yet av...

US Data: Record Stocks, Record Cuts, Which Way From Here?

...om services firm Baker Hughes (see chart 1). The overall US oil rig count of 222 is the lowest since 2009 with the 72.3% year-on-year collapse the highest on record.   *Indicative of leaner drilling operations in the latest boom versus the years to 2014 is that March’s record 4.80mn b/d Pe...

Italy Imports At Record Low As Covid Hits But Iraq Bucks The Trend

...Italy’s crude imports fell to just 1.05mn b/d for February, the lowest figure since 2014 as the country became the first European nation to get battered by the Covid-19 pandemic. Italy is not only an important oil consumer in its own right, it is but also the location of several key re...

Energy Investment: Oil And Gas Bear The Brunt Of Unprecedented Cuts

...vestment, the sharp drop-off in investment could have profound ramifications down the line. Since the crisis struck, IOCs have sought to emphasize that they are in much better shape to handle this downturn than the previous oil price fall in 2014. That fall led to significant belt-tightening and ef...