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Egypt Gas Crunch To Intensify Even Amid Record Israel Imports
...vember 2017, the month before the start-up of the country’s giant Zohr field (MEES, 15 December 2017). Output has fallen further to around 5.0bn cfd currently, MEES understands. Ominously for Cairo, LNG exports have remained threadbare in recent months despite the record receipt of Israeli gas. Egypt wa...
Volume: 67Issue: 08Published at Fri, 23 Feb 2024 -
Qatar Breaks Ground At $6bn Petrochemical Complex
...pacity in 2017, the facility’s scale has twice been revised up, to 1.9mn t/y in 2019 and subsequently to 2.08mn t/y. The new complex is slated for late-2026 start up when it will lift Qatar’s total petrochemicals capacity to 14mn t/y (MEES, 13 January 2023). The laying of the foundation stone ma...
Volume: 67Issue: 08Published at Fri, 23 Feb 2024 -
Eni Eyes ‘Best Fast-Track Development’ For Cyprus Cronos Find
...tal Cyprus blocks are due to expire in 2025, with Nicosia expected to agree to renewals despite several of the blocks not having been drilled since being awarded as far back as 2017. 2026 may also see Eni and Total revisit the Cuttlefish prospect on Block 3 where Turkish warships prevented dr...
Volume: 67Issue: 07Published at Fri, 16 Feb 2024 -
Sudan-Iran Diplomatic Thaw Raises Stakes In Battle For Red Sea Influence
...men (MEES, 20 January 2017). Iran and Sudan committed to reopening their respective embassies in the other’s capitals amid the “opening of a new chapter” between Tehran and Khartoum, according to an Iranian official statement. TIPPING THE SCALE Ç The diplomatic br...
Volume: 67Issue: 07Published at Fri, 16 Feb 2024 -
Oman’s Key Fields Hit By 2023 Output Constraints
...p created by ‘voluntary’ Opec+ cuts (MEES, 7 April 2023). KHAZZAN’S FIRST SLIP Oman’s gas output capacity gains of recent years began with the 2017 start-up of the massive Khazzan tight gas field on Block 61 (BP 40%op, OQ 30%, PTTEP 20%, Petronas 10%: MEES, 7 July 2023). But for th...
Volume: 67Issue: 07Published at Fri, 16 Feb 2024 -
Oman’s Long-Awaited 230,000 b/d Duqm Refinery Gets A Right Royal Reception
...y to inaugurate the Middle East’s newest refinery. The ceremony caps nearly twenty years of planning and work on the refinery (MEES, 4 December 2006), with start-up repeatedly delayed from its original 2012 plan (MEES, 12 October 2012). Kuwait joined the $9bn project in 2017 with the signing of...
Volume: 67Issue: 06Published at Fri, 09 Feb 2024 -
Qatar Awards $6bn Contracts In Bid To Restore Al Shaheen Oil Capacity
...e blockade instituted against it in 2017 (MEES, 7 December 2018). Since then, Qatar has pursued an independent crude output policy. Back in 2020 when Opec+ producers made deep cuts Qatar continued supplying the market with its medium-sour crude, capitalizing on the price boost of Opec+ cuts wi...
Volume: 67Issue: 04Published at Fri, 02 Feb 2024 -
QatarEnergy Signs Long-Term LNG Deal With Price-Sensitive Bangladesh
...ne 2017). Then in 2021, Qatar signed a deal with trading firm Vitol to supply 1.25mn t/y of LNG to Bangladesh until 2028. This was followed in June 2023 with another QatarEnergy-Petrobangla deal, this time for 1.8mn t/y for 15 years from 2026 (MEES, 2 June 2023). With the new deal’s full 1mn t/y ki...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
Egypt’s Upstream Independents Feel The Pinch Of Local Dollar Shortages
...aros saw its receivables position rise 54% to end 2023 at $37.3mn. Pharos’ Egypt output comes from 45% stakes in the El Fayum and North Beni Suef (NBS) concessions south of Cairo operated by privately-held Texas-based IPR. Here output fell 21% to 3,070 b/d for 2023, less than half of 2017’s 7,...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
Deadly Militia Attack On US Outpost In Jordan Underlines Iraqi Government’s Weakness
...litias could destabilize a fragile reconciliation between Iraq and its Arab neighbors, and possibly threaten the economic and trade gains that Baghdad hopes will bring much-needed investment from GCC countries (MEES, 8 December 2017). SOPHISTICATED AND STRATEGIC ATTACK The line be...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
Saudi Arabia’s Luberef Secures Samref VGO
...ceives up to 50,000 b/d of RCO through pipeline connections to Yanbu’s refineries, while the Jeddah plant has had to receive its 24,500 b/d via tanker since the Jeddah refinery shut in 2017 (MEES, 24 November 2017). Yanbu RCO supplies were increased by 5,000 b/d in June 2023 under a new 12-month su...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
Oman Hits Record Gas And Condensate Output For 2023
...tput increases (see chart 1). The biggest gains came with the 2017 start-up and subsequent expansion of the huge Khazzan tight gas field on Block 61 (BP 40%op, OOC 30%, PTTEP 20%, Petronas 10%: MEES, 7 July 2023). Gas sector momentum shows signs of continuing into 2024, with international companies pu...
Volume: 67Issue: 04Published at Fri, 26 Jan 2024 -
Saudi Investment Primes DME For Regional Expansion
...ainst the DME Oman contract, but DME has long targeted Iraq’s Somo (MEES, 15 September 2017) and Saudi Arabia’s financial backing may tempt it to make the switch from Platts Oman. The partners have sought to emphasize that “ensuring the integrity of the DME Oman contract” is of the utmost priority an...
Volume: 67Issue: 04Published at Fri, 26 Jan 2024 -
South Korea 2023 Crude Imports: Saudi Dominant, UAE Biggest Gainer
...*South Korea, the world’s number four crude importer after China, the US and India, imported 2.73mn b/d for 2023, down 3% year on year and 300,000 b/d below the record 3.03mn b/d set in 2017. *Saudi Arabia remained clear number one supplier with 955,000 b/d for a 35% market share de...
Volume: 67Issue: 03Published at Fri, 19 Jan 2024 -
Iran Faces Blowback After Rocket Attacks Hit Iraq, Pakistan & Syria
...nior Fellow at the Washington Institute for Near East Studies. “Iran is pressuring the KDP to align with its agenda for Iraq. Iran has not forgiven the KDP for spearheading the 2017 [Kurdistan independence] referendum and siding with Sadr and Halbousi against the PMUs after the 2021 elections,” he ex...
Volume: 67Issue: 03Published at Fri, 19 Jan 2024 -
Iran’s High Winter Gas Demand Dampens Transit Hub Ambitions
...llowing a five-year hiatus after Turkmengaz in 2017 halted flows over claims that NIGC owed it $1.8bn for previous deliveries (MEES, 13 January 2017). This was officially resolved last June according to NIGC after Baghdad paid some $2.76bn from Iran’s frozen energy dues in Iraq. The nature of the Tu...
Volume: 67Issue: 03Published at Fri, 19 Jan 2024 -
Egypt’s Nuclear Megaproject Faces Uncertainty As Russian Funding Squeezed
...the Mediterranean coast 170km west of Alexandria. This was followed by a 2017 agreement greenlighting several contracts for construction (MEES, 15 December 2017), which effectively began in 2022 (MEES, 8 July 2022). Under the agreements, Russian state nuclear energy firm Rosatom will build the fo...
Volume: 67Issue: 03Published at Fri, 19 Jan 2024 -
Kufpec Eyes Portfolio Optimization After Exiting Norway & China
...cord 107,000 boe/d set in 2019 (see chart). Kufpec had previously aimed to reach 200,000 boe/d by 2020, but ultimately fell well short of this goal (MEES, 8 September 2017). NORWAY CLOSURE Kufpec’s foray into Norway began in 2013 with the purchase of Norske AEDC, the Norwegian su...
Volume: 67Issue: 02Published at Fri, 12 Jan 2024 -
Iraq’s Oil Revenues Down 15% From 2022’s Record
...e country dropping by 105,000 b/d to 911,000 b/d according to data intelligence firm Kpler (see chart 2). This is the lowest annual figure since 2017’s 845,000 b/d. Exports to India dipped to 741,000 b/d in June 2023, some 530,000 b/d below their March 2022 peak of 1.27mn b/d. Volumes however re...
Volume: 67Issue: 02Published at Fri, 12 Jan 2024 -
Egypt Gas Output & LNG Exports Slump To Multi-Year Lows For 2023
...Egypt’s gas output slumped to a six-year low 5.82bn cfd for 2023 with LNG ex-ports halving to 3.32mn tons despite record 835mn cfd imports from Israel. Egypt gas output fell for the second consecutive year, slumping 11% to 5.82bn cfd for 2023, the lowest level since 2017. While Egypt’s ma...
Volume: 67Issue: 01Published at Fri, 05 Jan 2024