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QatarEnergy To Take Over LNG Marketing Role
...naging Director (subsequently CEO) in 2014 (MEES, 19 September 2014). Mr Kaabi’s tenure has been characterized by three primary tenets – aggressive expansion, streamlining of operations and squeezing IOC partners. This latest initiative arguably facilitates all three and underlines the extent to wh...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Saudi Efforts To Cut Oil Burn Take Backwards Step In 2022
...atistics (see p19 for full data) show a counter-seasonal increase in oil burn (crude and fuel oil) to 1.083mn b/d in December. This marked the second consecutive monthly rise, with December’s burn the highest on record for the month (see chart 2). The previous December record of 1.021mn b/d was set in 2014...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Chevron Eying Egypt Tie-In For Cyprus’ Aphrodite
...4bn last year – from selling LNG as gas prices have soared. Shell, which has in the past had its own beef when Cairo reneged on letting it and precursor BG directly export WDDM gas (MEES, 7 February 2014), is not prioritizing Aphrodite development and has left negotiations to Chevron and Cairo, ME...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
Qatar’s 2022 Asian LNG Sales: Focus On Key New Term Market China Limits Revenue Gains From Record Spot Prices
...22 this remains well down on the record $44.0bn sales to the same five buyers back in 2014 (see chart 3). Back then Japan was the key buyer and paid an average of almost $18/mn BTU for its 16.1mn tons of Qatari LNG. 1: QATAR’S TOP ASIAN* LNG CUSTOMERS (MN TONS): CHINA SURGED AHEAD FOR 2022 WI...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
Baghdad - Erbil Oil Law Deal Stuck In Limbo
...Maliki’s priority appears to be holding the SCF together given the ever-present threat of Mr Sadr. “Maliki cannot risk a Sadr comeback. The Kurds have been financially struggling since 2014 and [to Mr Maliki] it is not the end of the world if they struggle for another year” muses the KRG so...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
Abu Dhabi Power Sector’s Gas Needs Dwindle
...ergy plants” (MEES, 20 January). As a result, thermal power plants generated just 71.5TWh in 2022, the lowest annual figure since 2014’s 70.6TWh. Moreover, upgrades to this fleet of power plants means that more electricity can be generated with less gas than in 2014. Gas consumption dropped to an 11...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
India 2022 LNG Imports: Qatar Volumes Surge To 8-Year High For 52% Market Share
...nce 2014. *Unlike the key East Asian markets of Japan, China and South Korea, where Australia has in recent years overtaken Qatar as top supplier, Australia is nowhere in terms of Indian market share with a mere 0.44mn tons (2.1% market share) for 2022. *India paid an average of $16...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
Majors Outspend Capex Targets Amid Record Profits
...y of $100/B. But they were higher over the years to 2014. The big change since then has been that capital spending remains restrained. The five firms’ total 2022 outlay of $95.6bn was less than half 2013’s $195.5bn, meaning much plumper margins (see chart). All five firms, nevertheless, su...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
KRG’s Oil Sector Hangs By A Thread As Iraq-Turkey Arbitration Nears Closure
...mpromise on the region’s independent oil sector, or whether the KRG instead doubles down and pushes more volumes onto the grey market. WAITING ON PARIS The origin of the dispute is in 2014, when the KRG completed its own independent pipeline connecting its oilfields to the Turkish bo...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Opec Revenues Rise 50% To Eight Year High In 2022
...erged from 2020’s catastrophic Covid depths (see chart 1). Despite the huge back-to-back revenue gains, last year’s Opec export revenues look to have remained below 2014’s levels as the group’s fortunes have yet to fully bounce back from the price slump that began in the second half of that year. It is...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Oil Services Firms See Mideast Driving Growth, For 2023 And Beyond
...iven by massive capacity expansion programs in the UAE (see p2), Saudi Arabia and Qatar. “We are poised to certainly have record revenue in Middle East during this cycle, and eclipse the previous 2014 peak [of $11.9bn] by a margin,” SLB CEO Olivier Le Peuch told his firm’s 20 January earnings call. Al...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Iraq’s Trembling Currency Poses Fresh Budgeting Challenge
...od and basic goods prompted Iraqis to take their dissatisfaction to the streets, and the new government is wary of further such destabilizing protests. While having no legal remit over the CBI, the PM has replaced governor Mustafa Ghalib, bringing back his predecessor Ali al-‘Alak (2014-2020) on 23...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Libya’s Waha: Hess Confirms Total, Conoco Each Paid $75mn For Stakes...
...d restored three wells to production that had been offline since 2014, adding a total of 2,500 b/d to production....
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
South Korea: Record LNG Import Bill As Australia Overtakes Qatar
...$21.48/mn BTU for its 2022 LNG imports, including a monthly record $29.19/mn BTU in September, it should come as no surprise that the country’s overall import bill smashed previous highs: at a cool $50bn it was twice the 2021 figure and almost $19bn above the previous record of $31.4bn set in 2014...
Volume: 66Issue: 03Published at Fri, 20 Jan 2023 -
Can Iraq Use Gulf Football Tournament To Score GCC Investment Hike?
...urnament comes as the culmination of Washington-backed efforts to improve Iraq’s relations with its Arab neighbors, especially Saudi Arabia, something that is hoped to counterbalance Iran’s influence in the country. This process began in 2014 when former PM Nouri al-Maliki, an ally of Tehran, departed of...
Volume: 66Issue: 02Published at Fri, 13 Jan 2023 -
Qatar Takes FID On Huge Petrochemicals Complex
...at Qatar had axed its previous planned facilities in late 2014 and 2015 amid a reappraisal of its petrochemical strategy (MEES, 16 January 2015). Back in 2017, Mr Kaabi suggested the facility would have around 1.6mn t/y capacity. But by the time Chevron Phillips was awarded a 30% stake in June 20...
Volume: 66Issue: 02Published at Fri, 13 Jan 2023 -
Egypt Launches Bidding: Search For ‘More Zohr’, But More Tie-Ins More Likely
...ye-1 duster in mid-2021 (MEES, 18 March 2022). Tiba also surrounds two Shell (60%op, BP 40%) development leases that encompass the 2012 Harmattan and 2014 Notus discoveries. Hossam Zaki, head of BP’s Pharaonic Petroleum JV with state oil firm EGPC, told oil minister Tarek El Molla in September that sa...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
‘If You Want Gas, We Have The Supply’, Algeria’s Sonatrach Tells MEES
...2021 for the highest level since 2014. Echoing calls from the likes of Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei, Mr Hakkar sees a clear role for oil and gas in the energy transition and has made it clear that investments in the hy...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
Oman/Japan LNG Deals
...an’s energy ministry signed an MoU with Japanese state energy body Jogmec to deepen energy sector cooperation. The MoU adds “collaboration towards commercial and technical issues relating to clean energy” to a previous oil and gas-focused 2014 MoU. In expanding the scope of cooperation, Jogmec notes th...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
Iraq Eyes 2023 Budget Priorities: Can It Spend Oil Windfall Wisely?
...gh-level KRG source tells MEES that Erbil’s delegation is planning to return to Baghdad to resume talks end of this month.. MORE CAPEX, OR MORE PAYROLL? Last year marked the third year that Iraq has failed to pass a budget, after 2014 and 2020. If ID222bn ($153bn) is indeed the fi...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023