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Tight LNG Market Drives $2bn Revenue Boost For Qatar
...ices work their way through the system. Already, April revenues were the highest since March 2014’s $12.46bn and were among the highest monthly figures ever (see chart 1). Hydrocarbon revenues of $10.5bn accounted for 88% of the April total, significantly above the 2021 average of 84%. High re...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Saudi Foreign Reserves Edge Up Over April
...art). *Nevertheless, sizeable increases are on the cards, with Minister of Finance Muhammad al-Jadaan telling the Financial Times last month that surplus oil revenues will be used to replenish reserves. *After peaking at $737bn in August 2014, foreign reserves tumbled when oil prices crashed in th...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Iraq’s Summer Power Provision Hangs On Emergency Financing Law
...at her ministry is drawing up a 2022 budget. But it is not clear how that will pass when the government is powerless constitutionally and parliament is in no position to enact one on its own. Iraq has failed to pass budgets before in recent years. This occurred in 2014 as oil prices collapsed and la...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
Saudi Reaps Rewards Of Oil Price Boom
...a whole. The surge in oil prices following the Russian invasion of Ukraine in late February has caused Saudi monthly oil export revenues to jump above $30bn for the first time since 2014. The kingdom’s flagship Arab Light crude grade averaged $113/B in March amid the fallout from the conflict, pu...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
Oman’s Finances Surge To Largest Surplus In Eight Years
...Oman recorded a $923mn budget surplus for Q1 2022, the largest surplus since 1Q 2014. Oil exporters around the region are notching up multi-year high budget surpluses, but the move into the black is especially notable for Oman which was struggling to achieve budget surpluses even in the pr...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
UAE President Khalifa Bin Zayed Passes Away
...Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and ruler of Abu Dhabi, passed away on 13 May at the age of 73. Sheikh Khalifa had been president since November 2004 and was the eldest son of the UAE’s founder Sheikh Zayed bin Sultan Al Nahyan. Since suffering a stroke in January 2014...
Volume: 65Issue: 19Published at Fri, 13 May 2022 -
Majors’ Russia Exit Puts Spotlight On Mena Portfolios
...om its role at the onshore Wafra field located in the Saudi-Kuwaiti Partitioned Neutral Zone (PNZ), where it partners Kuwaiti state firm KGOC in a 50:50 JV. Last year represented the field’s first full year of production after being completely shut-in between late 2014 and February 2020 (MEES, 14 Ja...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Yemen’s Two-Month Truce Revives LNG Export Hopes
...vernment’s “demand for adjustment of revenue shares.” According to a 2018 report by Yemen’s ministry of planning, the country’s share of Balhaf’s gas sales reached $753.5mn in 2014 while Mr Pouyanné says that the “cash flow per year of Yemen for TotalEnergies” was “around $1bn” in 2015. With some 80% of Ye...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Saudi Arabia Pledges To Invest Oil Export Windfall In Economic Reforms
...P in the first quarter of the year growing at the fastest pace since 2011. Unsurprisingly, the surge has been driven by resurgent oil markets, as the fallout from Russia’s 24 February invasion of Ukraine has pushed oil prices above $100/B for the first time since 2014. The kingdom launched its Vi...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
ExxonMobil Quits Iraqi Kurdistan
...initially handed back the Betwata, East Arbat and Qara Hanjeer blocks (see table), due to a combination of geological and geopolitical issues. Qara Hanjeer in particular was located in a sensitive area in territory disputed with the federal government in Baghdad, and work had been held up over 2014...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Asian LNG Importers See Record Import Bill For Q1 Despite Slump In Volumes
...2014, and then number two behind Australia for 2015-2020, suffer the ignominy of being overtaken by the USA for number three spot despite notching up a modest rise in absolute volumes (MEES, 21 January). What a difference three months makes. With the start up of key Qatar-China term deals at th...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Iran Braces For Summer Blackouts
...ta from the ministry of energy show that installed capacity stands at around 88GW, available capacity is almost 24GW lower at 64GW, a figure that has not budged since 2014 despite a nominal increase of almost 15GW in the headline figure over the same period. Available capacity peaked at 66.6GW in 20...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Qatar Exports Top $10bn For First Time Since August 2014
...ISED TO SURGE Export revenues totaled $10.08bn in March, the highest monthly figure since August 2014. The gains came despite relatively soft figures from Qatar’s key gas exports, hinting at significant increases in the coming months as the emirate begins to reap the lagging rewards from its oil-li...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Food & Fuel: Surging Prices Spell Mixed Fortunes In North Africa
...BYA (2018) AND ALGERIA (2017). SOURCE: WORLD BANK. 2: PRICES OF MAJOR FOOD PRODUCTS HAVE SOARED OVER THE PAST FEW MONTHS* *FAO FOOD COMMODITY PRICE INDICES SHOW CHANGES IN MONTHLY INTERNATIONAL PRICES OF MAJOR FOOD COMMODITIES. 2014-2016 PRICES USED AS BASE. SOURCE: FOOD AND AG...
Volume: 65Issue: 16Published at Fri, 22 Apr 2022 -
North Africa Gas Exports To Europe Fall Amid Russian Uncertainty
...th only limited upside possible. Algeria, Libya and Egypt’s combined 55.4bcm of exports last year – including volumes to Turkey and the UK – were the highest since at least 2014 (see chart 2). Simply keeping volumes at this level would be a massive achievement. ALGERIAN SUPPLIES TAPER OF...
Volume: 65Issue: 14Published at Fri, 08 Apr 2022 -
Baghdad Sends Fresh Oil Sector Demands to Erbil
...s resources in Iraqi Kurdistan back in 2014 it chose the more-lucrative production sharing agreement (PSA) contractual model allowing foreign operators a share of the volume of oil produced, rather than the technical services contract (TSC) model used by Baghdad. Baghdad meanwhile treats IOCs as se...
Volume: 65Issue: 14Published at Fri, 08 Apr 2022 -
Iran Starts Gas Storage Expansion
...Iran’s president Ebrhaim Raisi kick-started the second expansion phase of the Shourijeh-D gas storage facility. Phase 1 was inaugurated in 2014 with the facility receiving 10mn m3/d (353mn cfd) of gas via pipeline in the summer months and supplying 20mn m3/d (706mn cfd) to north, northeast an...
Volume: 65Issue: 14Published at Fri, 08 Apr 2022 -
Basrah Gas Proposals Risk Undermining TotalEnergies Megadeal
...d Zubair fields which were awarded in Iraq’s first licensing round (LR1) in 2009 is now unattainable after their production plateau targets (PPT) were revised down in 2014 (MEES, 5 September 2014). As a result BGC wants to expand the scope of its operations beyond this trio of fields. But de...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022 -
Israel Refiners Post Late-2021 Output Rebound
...th Q4’s 87,300 b/d still well shy of capacity. The two plants’ combined gasoline output increased 9% to 67,400 b/d for 2021, although this remains 20% below 2014’s record 84,500 b/d. Diesel – output of which fell by less than that of other transport fuels last year – saw a more modest 4% year on ye...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022 -
Oman Oil Output Hits New Heights In Q1 As Revenues Soar
...allenged. Said Bader al-Kharusi, the Executive Director of the North Oil Directorate at the Shell-led, part-state owned Petroleum Development Oman (PDO) stated in late March that the “government aims to benefit from [current] oil and gas prices’ by maximizing production output.” REVENUES SOAR TO 2014 LE...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022