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LNG Markets: Demand Robust As Prices Hit $12/mn btu
....4mn tons for 5M 2021. *Japan has been the top global LNG importer since the 1970s and was only topped by China for the first time ever on a monthly basis in November 2019 (MEES, 10 January). Having only overtaken South Korea for global number two spot in 2017, there is now a fair chance that Ch...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
Iran Goes To The Polls, Or Not
...ads the judiciary and is a close ally of Supreme Leader Ayatollah Ali Khamenei. Mr Raisi also stood in the previous election in 2017 when he was soundly beaten by then incumbent Hassan Rohani (MEES, 26 May 2017). Four years of progressively-tightening sanctions under US President Trump tempered su...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
Iraq: Qayara Restarts With 10,000 B/D Trucked To Kirkuk Refinery
...st $2/B (MEES, 11 September 2020). The difficult-to-handle grade was also blamed for inflicting infrastructure damage. With the nearby 14,000 b/d Qayara Refinery offline since March according to local media, output is most probably being trucked to the 56,000 b/d Kirkuk Refinery partly refurbished in 2017...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
Egypt’s Zohr Struggles With Water Breakthrough
...er the years proved the rule more than the exception for fields in Egypt’s Mediterranean deepwater. ‘Exhibit A’ in this regard is BP’s $9bn West Nile Delta project. By the time the ‘Phase 3’ Raven field came online in April output from Phases 1 and 2 – which only started up in 2017 and 2019 re...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Gulfsands Bullish On Syria Return As Key Russian Investor Consolidates Position
...nserving cash for potential Syria re-entry. Whilst Gulfsands says it has had no control over and received no revenue from its Syria assets since 2011, it was informed by Syrian state firm GPC that the Block 26 fields, having produced intermittently since 2014, “returned to regular production in January 2017...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Libya’s Oil Revenues Surge
...force intended to display his willingness to fight unless his interests are not catered for in the emerging political landscape. He is not the only one worried. LIBYA'S OIL REVENUES* SOAR ON THE BACK OF 1MN B/D-PLUS EXPORTS THIS YEAR *CBL 'OIL REVENUE' NUMBERS USED BETWEEN 2011 & 2017...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Lukoil Taps Yamama At West Qurna-2
...iticized Baghdad’s “delayed decision making,” and the firm has been frustrated by the slow pace of progression towards developing its 2017 2.5bn barrel-plus Eridu discovery located in Block 10 (60% op, 40% Inpex: MEES, 3 March 2017). The find was dubbed Iraq’s “largest in decades” and Iraqi officials say th...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Qatar Gets Post-Embargo Boost As Exports To Saudi Resume
...fferences remain between the two sides, but no winners had emerged since the onset of the embargo on 5 June 2017 (MEES, 9 June 2017) and bringing an end to this public rift was ultimately a pragmatic decision. With the embargo having forced a reshaping of regional trade links, a return to the pre-2017 st...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Shell Egypt Slump Opens The Door For Chevron
...ft Shell-predecessor BG unable to meet its export commitments from the 7.2mn t/y ELNG export terminal which adjoins the WDDM processing facilities at Idku (MEES, 7 February 2014). Even the addition of UK major BP’s West Nile Delta (WND) project from 2017 wasn’t enough to reboot LNG exports. This pr...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Libya Advances Power Projects
...ectric of the first unit for its 650MW Tobruk gas turbine plant. Such developments are the result of a brightening political and security outlook after years of division and war (MEES, 12 February). Contracts for both plants were initially signed in 2017 but construction was put on hold due to fi...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Saudi Crude Exports Tumble To Ten-Year Lows Amid Deeper Cuts
...proximately 60% of the liquids burned for power generation and water desalination, with crude oil accounting for approximately 40% (see chart 3). This is broadly in line with recent trends, with fuel oil having accounted for more than 50% on an annual basis since 2017. 1: SAUDI CRUDE EXPORTS FELL TO TH...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Adnoc Prepares To IPO Fertilizer & Drilling JVs
...19). When it comes to IPOs, Adnoc has prior experience. It initially floated 10% of its retail arm, Adnoc Distribution, in December 2017, raising $851mn (MEES, 16 February 2018), and followed this up last year with a further 10%-placement which raised $1bn (MEES, 18 September 2020). 20% of Adnoc Di...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Dana Gas Profits Jump As Oil Market Strengthens
...CEIVABLES ($MN, END OF PERIOD) SOURCE: DANA GAS, MEES. 2: DANA GAS NET OUTPUT: KRG VOLUMES ARE NOW CLEARLY AHEAD OF THOSE FROM EGYPT (BOE/D) SOURCE: DANA GAS, MEES. 3: DANA GAS CAPEX DROPPED TO ITS LOWEST LEVEL SINCE 2017 LAST YEAR ($MN)...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Homs Refinery Fire Sheds Light On Syria’s Murky Fuel Markets
...stribution. HTS itself is accused of being a covert branch of Al-Qaeda and has been labelled a terrorist group by, amongst others, the US and Turkey. Reported to be established in 2017 by a group of Syrian businessmen living in Turkey, Watad receives oil shipments from Turkish suppliers who deliver it to th...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
As Momentum Returns To KRG Oil Sector, Repayment Change Highlight Challenges
...peline connection. Pearl also has another big gas field in Kurdistan – the nearby 5.7tcf Chemchemal field – where it has conducted appraisal drilling. It was also awarded blocks 19 and 20 in 2017 as part of a deal with the KRG over receivables (see p5). ...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Oman State Firm Sees Oil & Gas Output Drop Amid Opec+ Cuts
...ose to Block 9. Block 30 is located to the east of Block 9 and is a gas play awarded to Oxy in 2017 (MEES, 24 November 2017). OQ says the partners are assessing the next phase of development, while Oxy has previously said that it intends for the nearby Block 62 to act as a hub for any Block 30 ou...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Iraq Offers To Buy Exxon Wq-1 Stake ‘In Kind’
...mmercial terms remain a major hurdle (MEES, 22 September 2017 & MEES, 3 April 2020). Iraq’s motivation in having BOC take over from Exxon may be due to continued hopes of a future sale to a western IOC, as well as concern over the extent to which its oil sector is becoming reliant on Chinese firms (ME...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Exxon Hikes 2020 Permian Forecast, Eyes Q4 Start-Up At Sabic JV Cracker
...orms. These knocked 800,000 b/d (18%) from Texas’ overall crude output and saw US production as a whole fall to the lowest level since 2017 (see chart 2). Despite the storms, Exxon’s Q1 figure was up 12% year-on-year. Exxon’s 2021 spending will be highly focused on “prioritized investments” where Ex...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Japan LNG Imports At 3-Year High As East Asia Sees Record Q1
...88mn tons, the highest quarterly figure since 1Q 2017. Number four was the USA with a record 2.72mn tons (see table). *The bumper Q1 Japan volumes coming on top of quarterly records from China (MEES, 23 April) and South Korea (MEES, 16 April) mean that overall East Asian imports were up 15% ye...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Another One Bites The Dust: Shell To Quit Tunisian Upstream
...bruary 2017), nor did state-power firm Steg’s chronic inability to pay Shell for gas produced. As of end-2018 debt-ridden Steg owed Shell some $230mn. With the current dire state of the country’s finances (see p10), it is unlikely matters have improved since. Shell has previously tried and failed to se...
Volume: 64Issue: 18Published at Fri, 07 May 2021