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Mena Drilling: GCC Records, North Africa Slump
...rth $18bn for the expansion of capacity at the Marjan and Berri offshore fields required merely to stand still (MEES, 12 July 2019). The last six years (2014 to 2019) saw the six highest Saudi annual rig count figures on record (MEES, 17 January), whilst at 114 for February and March the rig count re...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Syria Emerges As Iran’s Top Crude ‘Customer’
...e embattled Assad government lost key northeastern fields to Kurdish-led forces and key Euphrates fields (once Shell and Total-operated) to various rebel groups, sending oil output to 28,000 b/d in 2013 and 9,000 b/d in 2014, where it remained for four years. Damascus subsequently developed a sh...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Dana Gas: Egypt Sale Delayed, Looks To Ringfence Iran Deal
...tigation from Dana since breaking down seemingly irrevocably in 2005 (MEES, 15 August 2014). Dana, which typically devotes a sizable chunk of its reports to its various ongoing litigations – of which the long-running Iran saga is perhaps the most impenetrable – is evidently trying to simplify things. ...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Iraq Asks IOCs To Slash Spending As Export Revenues Halve
...sra Oil Company official told Reuters. In the short term, this will limit the dues Baghdad owes to Iraq’s foreign operators. But, as happened after the 2014 oil crash, it will also significantly hinder much-needed oil and gas investment. Especially if as in late-2014 and early-2015, the government st...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Firms In The KRG: How Low Can They Go?
...cluding Total, Exxon and Chevron, as well as Rosneft and Gazprom – work in Iraqi Kurdistan, the biggest producers (Kurdish firm Kar aside) are a collection of small-to-medium sized foreign independents whose fates are largely tied to revenues derived from Kurdish oil. And for that reason, the 2014-17 in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Egypt Cuts Oil Import Bill As Refineries Up The Pace
...ypt, it is fuel oil demand that has fallen the furthest: from a peak of 196,000 b/d in 2014 and 2015, when the country’s gas shortage was at its most severe, to just 76,000 b/d for 2019, by far the lowest figure in Jodi data stretching back to 2002 (see chart 2). Overall, the near 160,000 b/d fall in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Saudi Economy: Modest Diversification Efforts Face Bleak Outlook
...ckage aimed primarily at protecting small and medium sized enterprises (SMEs), but implementing this alongside budget cuts will be a delicate balancing act. As of end-February Riyadh also had $497bn foreign reserves to turn to. This is almost $250bn below their August 2014 peak and reserves look set to so...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Neutral Zone Exports Resume
...me since 2014 (MEES, 28 February) and volumes will be heading to Asia. ...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Algeria’s Sonatrach Halves Planned 2020 Spending
...ss cash to spend. This is truer this time around than the 2014 oil price crash when Algeria had a record $195bn in foreign reserves saved for a rainy day (MEES, 7 February). Algeria has been rapidly drawing this down as if recent years were as bad as things could get – by the end of 2019 reserves we...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Egypt Gas Burn Falls Despite Powergen Record
...el, although the fact that most of Egypt’s gas turbines can also burn HFO means that some of these plants burnt liquid fuel at times during 2014-17 when gas was scarce. Egypt also has 1.87GW or 3.3% of capacity for which light fuel oil (mainly diesel) is the primary fuel. These are mainly older pl...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Egypt Refiners Hit New Highs
...e lowest since February 2014. Products demand fell to 662,000 b/d for January, the lowest since July 2018. For 2019 as a whole, demand fell to a 10-year low 694,000 b/d. Egypt’s refiners processed a record 275,000 b/d of imported crude in January, helping to counter stagnating local production. Cr...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Asian LNG Prices ($/Mn Btu): Have Spot Prices Bottomed Out?
...JAPAN SPOT PRICES FALL TO RECORD LOW^, QATAR SALES TO KOREA STILL EARNED THREE TIMES THE SPOT PRICE IN FEBRUARY BUT TERM PRICES ARE SET TO TUMBLE IN LINE WITH OIL *AVERAGE OF REUTERS WEEKLY ASSESSMENTS FOR THE DELIVERY MONTH IN QUESTION. ^SINCE ASSESSMENTS BEGAN IN MARCH 2014. ALL DA...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
US Shale In The Time Of Lower Prices
...e heir to former Saudi oil minister Ali Naimi’s 2014-16 strategy of focusing on market share at the expense of price (MEES, 19 December 2014) Having been abandoned in late 2016 (MEES, 2 December 2016) this strategy was subsequently branded a failure. But it certainly succeeded in keeping US ou...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Oil Price Crash Puts Vulnerable Mena Economies At Even Greater Risk
...st – whose economies have never truly recovered from the late 2014 price-downturn – the economic and political implications of a prolonged price depression could be catastrophic. To be sure, the key Gulf monarchies of Saudi Arabia, the UAE, Kuwait and Qatar are robust enough to withstand a short-te...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Egypt Eyes Long-Awaited Oil Output Hike As Apache Plans Capex Boost
...en immune to the decline. The company slashed Egypt capex in the wake of the late-2014 oil price collapse: by 2016 spending of $477mn was just 35% of the 2014 figure. And the 2019 spend was lower still at $465mn, though at least lower costs mean that Apache got more wells for its buck (75 vs 60 for 20...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Algeria’s Hassi Messaoud Gets Boost, More To Come
...ude output, which came in at 1.03mn b/d for 2019 and 1.01mn b/d in February (see p9). Like most projects in Algeria, the new compression and reinjection facilities have been dogged by delays. Awarded in June 2014 to Dubai-based Dodsal Engineering, the AD50bn ($635mn) project initially had a 36...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Gas Project Set To Hike Eni’s Algeria Output
...mpany has a chance of topping its Algeria output record of 109,000 boe/d set in 2014. For 2018, the latest available data, Eni’s net Algeria production was 85,000 boe/d. But this still might not be enough to prevent the Italian firm from losing its No.1 foreign producer crown to Total, though this is...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
US Output:2019 Sees Slew Of Records But 2020 Forecasts Scaled Back
....23mn b/d for 2019, some 1mn b/d ahead of number two Russia (MEES, 3 January), with Saudi Arabia on 9.75mn b/d in distant third spot. The 1.24mn b/d (11.3%) of output gains that US producers notched up in 2019 were the third highest on record, behind 2018’s phenomenal 1.64mn b/d rise and 2014’s 1....
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Chevron Downplays PNZ Ramp-Up…
...vels prior to the shut in of the offshore Khafji field in 2014 and onshore Wafra in 2015. But US major Chevron, which operates the Saudi portion of the Wafra field, is much less bullish. The major, in the operations supplement to its 2019 annual report released this week, says it expects “ramp up to...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Heavy Oil Start Up Boosts Kuwait Upstream Sector
...en the onshore Wafra field was shut-in (MEES, 15 May 2015). That followed the shut-in of the offshore Khafji field in October 2014 (MEES, 24 October 2014). In the last year of full-production (2013), output from the PNZ averaged 460,000 b/d, with 250,000 b/d from the offshore and 210,000 b/d from th...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020