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Saudi Arabia Caps Gasoline Prices Amid Rising Inflation
...s slashed fuel subsidies over the past five years, and the upshot has been that even before the pandemic, domestic consumption of diesel and gasoline had fallen below their peaks of 2015 and 2017 respectively. However, the government’s decision to triple VAT from July 2020 has resulted in a sh...
Volume: 64Issue: 29Published at Fri, 23 Jul 2021 -
Offshore Declines Prevent Qatar From Capitalizing On Opec Exit
...tar’s biggest field is the offshore Al Shaheen field off the north coast, which forms the emirate’s Al Shaheen export grade (28° API, 2.4% Sulfur). The field was previously operated by Denmark’s Maersk under a production sharing agreement (PSA) which expired in 2017. Upon expiry, France’s TotalEnergies re...
Volume: 64Issue: 28Published at Fri, 16 Jul 2021 -
Shamaran Expands Kurdistan Presence With Transformative Sarsang Entry
...turned to the region in 2017 when it acquired the minority Sarsang stake as part of its takeover of Denmark’s Maersk Oil. Shamaran says that “the Acquisition is highly accretive and transformative to Shamaran as it grows from a single asset company to a multi-field producer and paves the way for fu...
Volume: 64Issue: 28Published at Fri, 16 Jul 2021 -
Iraqi Parliament Seeks To Block NOC Appointments
...iticized the 2017 creation of Dhi Qar Oil Company (DQOC) . CAN INOC DELIVER? With Exxon heading to the exit, Baghdad may sooner or later have to step in and operate the 470,000 b/d WQ-1 field. But whether it has the capacity to manage this on top of the other fields, such as 250,000 b/d Majnoon, is an...
Volume: 64Issue: 28Published at Fri, 16 Jul 2021 -
Taiwan Crude Imports Edge Back Towards Normal; Mideast Share Still Depressed
...er 71% for both Q1 and Q2 compares to an average of 78% for 2017-19. Add in the record low figure of 69.2% for Q4 last year and the last three quarterly figures are the lowest since 2010. *Saudi Arabia remains number one supplier but saw volumes fall 5% year-on-year and 11% quarter-on-qu...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Aramco Trading Caught In Crossfire Of UAE-Saudi Rivalry
...ding, its presence in Fujairah, it would be the second time in less than five years that geopolitical developments have impacted the emirate’s role as a regional hub. The UAE’s participation in the Qatar embargo from 2017 until January this year prevented Qatari vessels from calling at Fujairah. The up...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Sparks Fly As Saudi-Emirati Economic Competition Intensifies
...aditionally held a clear dominance. In the UAE, Abu Dhabi’s Adnoc is planning to invest $122bn over 2021-2025, much of which is dedicated to expanding its crude oil production capacity from around 4mn b/d to 5mn b/d by 2030. Just five years ago, before the first Opec+ cuts came into force in 2017, the UAE wa...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
GCC Rig Count Stuck At 10-Year Low Levels For 1H 2021
...e first half of the last decade Kuwait consistently had a higher rig count than the UAE. For 2017 and 1H 2018 the two were neck and neck. But the UAE has been more than 10 ahead for every quarter since Q4 2018, save Q2 and Q3 2020 when the UAE was more dynamic than Kuwait in cutting rigs and the gap fe...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Mauritania’s Tortue Delayed To 2H 2023 Amid 15% Cost Hike
...llow majors TotalEnergies, Exxon and Shell snagged swathes of Mauritania acreage in 2017 and 2018, they to date have drilled just one well between them – TotalEnergies’ August 2019 ‘Richat’ dry well on block C-9. TotalEnergies has since relinquished both this block and two others leaving it with just tw...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
QP, Exxon Ramp Up Barzan Gas Output
...e onshore processing facilities, which has forced a complete rebuild. The Barzan partners had eyed 2017 start-up until they detected a gas leak in the offshore pipeline network. QP CEO Saad Sherida al-Kaabi told MEES in late 2017 that “we have had issues with the pipeline. That is not a secret. Th...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Energean Advances Israel Drilling Plans
...2017 (MEES, 15 December 2017), These blocks include the sites of the potential fourth and fifth wells of Energean’s 2022-23 program: wildcats targeting the 1.1tcf Hermes prospect on Block 31 and the 2.7tcf Hercules prospect on Block 23 (see map). These are potentially costed at $50mn each ve...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021 -
KRG Finances Remain Precarious Despite Export Revenue Boost
...arters of 2021 will doubtless have been markedly higher than in late 2020. EXPORTS ON THE RISE KRG crude exports from Ceyhan in 1Q 2020 averaged 465,000 b/d, their highest figure since Erbil lost control over most of Kirkuk’s producing fields to the federal government in October 2017 (MEES, 20 Oc...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021 -
India’s Reliance Signs Up To Key Abu Dhabi Downstream Project
...gn up to a ‘world-scale’ project. In 2017, Adnoc announced plans to more than triple its petrochemicals capacity to 14.4mn t/y by 2025 (MEES, 1 December 2017). As well as expanding its petrochemicals facilities, Adnoc is also working to move further along the value chain through the production of mo...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021 -
BP Drilling Offshore Egypt
...% TO JUST 1.1BN CFD FOR 2020 (BN CFD) SOURCE: ENI, MEES CALCULATIONS. Further to the west, BP’s largest project offshore Egypt, West Nile Delta (WND) has suffered even steeper declines. Output from its first two phases, which only started-up in 2017, has fallen precipitously to ap...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021 -
Tethys Banks On Oman Knowledge To Develop Hidden Gems
...19). Starting in 2017, Tethys made the jump into becoming an operator in its own right in Oman, snapping up Block 49 on the Saudi border (MEES, 24 November 2017). In 2019 it acquired a 20% stake in Block 56 on the south east coast of Oman (MEES, 1 November 2019) and last year it acquired a further 45% in...
Volume: 64Issue: 25Published at Fri, 25 Jun 2021 -
QP, TotalEnergies Team Up Offshore Suriname
...out at the same level as ExxonMobil, Shell, ConocoPhillips, Total” (MEES, 8 December 2017). He subsequently added that “we want to be with the main players, we don’t see ourselves as a national oil company per se anymore, we look at ourselves as like any other IOC. We always say we want to be one of...
Volume: 64Issue: 25Published at Fri, 25 Jun 2021 -
Baghdad Wary That BP Is Looking To Exit Iraq
...mpany (BOC) does not hold a share of ROO, it is contractually the owner of the field. Since 2017, BOC has seconded almost 5,800 employees to ROO. ROO plays a huge role in Basra’s economy, and employs 22,000 people “via contractors who support Rumaila’s activities through a large supply chain” according to...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
Gulf Keystone Provides Timely Boost To KRG Oil Sector
...ich is supplemented by a heavier 250 meter column of 14-22°API crude (MEES, 10 March 2017). Shamaran’s latest presentation says that the firm expects to “generate quarter-on-quarter production growth with increasing contribution of heavy oil.” OUTPUT GETS HEAVIER The KRG has been de...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
IEA Calls On Opec+ To Open The Taps In 2022
...tention turns to ending the production cuts. If they are unwound entirely then the market will be oversupplied, but with Opec+ having had some form of cuts in place for most of the period since January 2017, “cuts fatigue” will play a major role. 1: WHICH OPEC MEMBERS HAVE THE CAPACITY TO REGAIN BA...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
Saudi Arabia Burning Record Oil Volumes
...ar. Crude oil burn is up year-on-year, but is broadly within historical norms. At 407,000 b/d in April, it was up by 52,000 b/d year-on-year to the highest April figure since 2017. For fuel oil meanwhile, consumption of 637,000 b/d was up nearly 100,000 b/d from 2020, to by far the biggest April fi...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021