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China Q1 Crude Imports: Iran Volumes Hiding In Plain Sight?
...me 840,000 b/d to discharge in April, potentially topping China’s highest ever ‘official’ Iran import figure of 798,000 b/d set in April 2014. Of the March volumes, Kpler recorded some 264,000 b/d as having arrived “relatively directly from Iran,” albeit after ship-to-ship transfers in the Gulf re...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Iraq’s Central Bank Reserves Rebound To Top $60bn
...rrowed, with $13bn through domestic loans, while in November the total was $12bn for a total of $30bn. This allowed Baghdad to limit its reserves drawdown during the course of 2020 to around $10bn. This is broadly similar to the annual drawdowns seen for 2014-2016 when Iraq was grappling with both an oi...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Jordan Plans Nine Block Upstream Offering
...sha is operated by Jordan’s tiny National Petroleum Company (NPC), after BP pulled out of the tight gas development in 2014 as the reservoir failed to live up to initial expectations (MEES, 26 September 2014). NPC also has a production sharing agreement (PSA) for East Safawi and is assessing the Hamza fi...
Volume: 64Issue: 15Published at Fri, 16 Apr 2021 -
Korea Crude Imports: Mideast Volumes Tumble To Multi-Year Lows
...*South Korean crude imports continue to tumble, slumping to 2.475mn b/d for 1Q 2021, the lowest quarterly total since 2Q 2014 as March imports also fell 14% month on month to 2.299mn b/d, marginally above November 2020’s seven-year low 2.294mn b/d. *Prospects for a swift rebound are lo...
Volume: 64Issue: 15Published at Fri, 16 Apr 2021 -
Israel Oil Demand Falls To 9-Year Low Amid Record Imports
...cond for 2020 with volumes falling by 43% to 39,900 b/d. The KRG was third on 19,300 b/d, less than half 2019 levels and the lowest annual figure since 2014. However, Israel’s imports of Kurdish crude have surged since the start of 2021, averaging 46,800 b/d for Q1 as a whole, ahead of Azerbaijan on...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Cyprus Gas-Fired Power Plans Warming Up
...untry’s main port of Limassol. The jetty will be approximately 1.2km in length and will have a berthing position for the FSRU and mooring dolphins on either side for LNG tankers (see map). It is situated next to trading firm Vitol’s 545,000m³ VVTV oil products storage terminal which was built in 2014 (ME...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Iraq Passes 2021 Budget With Strong Emphasis On Power Projects
...penses. In 2014, when large swaths of the country’s northern and western provinces fell to ISIS, Iraq failed to pass a budget as well. 20% OF REVENUES FROM ‘NON-OIL’?… Of course, as per every year, oil income is slated to make up the lion’s share of the total $69.88bn in revenues. The bu...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Egypt: Draft 2021/22 Budget
...rrent financial year. It also forecasts a primary surplus of 1.5% of GDP, which does not take into account interest payments, which have made up the largest portion of the budget’s spending allocation since 2014-15. The budget will now need to be approved by parliament before its final approval from th...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Qatar Petroleum Moves To Take Full Ownership Of LNG Facilities
...ctor in recent years, especially following Mr Kaabi’s appointment as Managing Director and CEO in 2014 (MEES, 19 September 2014). The state firm has taken a firm stance with IOCs, opting to either tighten contractual terms or take over concessions entirely upon expiry. When Total’s PSA for the 25...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Long Delayed Barzan Gas Project Starts Up
...ExxonMobil confirmed in its recently released 2020 Annual Report that “The Barzan project started up in 2020.” Qatar's $10.3bn, 1.4bn cfd Barzan project (QP 93%, Exxon 7%) development has been a lengthy saga, with start-up ultimately coming six years after its initially planned 2014 date (ME...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Tunisia Oil & Gas: Major Exodus Looms
...er. There have been no major exploration campaigns or projects of late. And if it wasn’t for the need to see Nawara, on which it took FID in 2014, through to start up, there is little reason to believe OMV would still be in Tunisia. Instead, would it not be better to have smaller but more en...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
India Crude Imports: Saudi Slumps To No.5 With Volumes At 10-Year Low
...arterly figure in a decade or more is the Middle East share of the Indian market. This fell to 54.4% for February, the lowest monthly figure since 2015. January was only just higher at 54.7%. The lowest quarterly figure in the last 10 years was 56.0% for Q3 2014. For Opec the drop off is even more se...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Key Russian Investor Takes Over Syria Producer Gulfsands
...ate firm Sinochem holding the other half, the block has de facto been operated by Syrian state firm General Petroleum Corporation (GPC) since its restart in 2014. This restart came via a deal with the local Kurdish authorities who receive part of the revenues. Gulfsands does not receive royalties from on...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Marib Conflict Threatens Yemen’s Struggling Oil Sector
...ipments for both crude feedstock and products output. Since Yemen’s civil war broke out in 2014 the damage inflicted on the country’s already long-suffering population has been severe. In 2015, Saudi Arabia entered the fray concerned that Houthi gains could essentially give rise to a Yemeni Hezbollah on...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Petrofac Shut Out Of Key Abu Dhabi Market
...eas in January by a former Petrofac employee [former sales chief David Lufkin] under the Bribery Act 2010 in relation to historic contract awards in the UAE in 2013 and 2014.” The SFO says that the specific contracts were for the 2013 engineering, procurement and construction (EPC) contract for th...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
IEA Shoots Down Speculation Of Emerging Super-Cycle As Oil Price Rally Stalls
...0,000 b/d for the quartet, but that is nothing in comparison to the 2.7mn b/d drop-off since 2014. As such, while the Call on Opec may remain below 2017 levels for the next five years, Opec’s strongest members can look forward to their market share hitting new heights. IEA SUPPLY & DEMAND FO...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
China’s Imports of Iranian Oil Jump: Will Biden Act?
...uld be the highest monthly figure since April 2019 according to Kpler. For what it’s worth the highest ever crude figure in the official Chinese import stats was 798,000 b/d set back in April 2014; April 2019 was just below this at 787,000 b/d. But whilst the official figures – which presumably re...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
Shell Sells Egypt Western Desert Assets To Cairn & Local Firm Cheiron
...ploration, with Shell and Apache securing a deal that would have paid them $4.60/mn BTU for shale gas production from the acreage (MEES, 19 December 2014). This compares to the $2.65/mn BTU paid for all current onshore gas output, including that of Shell. The three exploration blocks – South East Horus, We...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Egypt LNG Exports At 9-Year High Amid Seasonal Buying Bonanza
...rst made these claims at the start of 2014 they were somewhat spurious: MEES number-crunching at the time showed that, whilst Cairo had indeed diverted gas to the domestic market, output decline was the primary reason for BG’s failure to meet export commitments (MEES, 7 February 2014). With WDDM ou...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Saudi Deficit More Than Doubles To $78bn For 2020
...udi Arabia, bringing the cumulative deficit since 2014 to $437bn. Ministry projections point to continued deficits out to at least 2023, which would take the cumulative total to $502bn. This year’s deficit is at least projected to fall back closer to 2019 levels at $37.6bn. This is primarily pr...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021