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Algeria-Spain Spat Leaves 1.26GW Power Plant In Limbo
...lguera,” adding that it is now seeking “a definitive solution for all parties.” The project was originally awarded back in 2014 at a price tag of $719mn (MEES, 7 March 2014), with civil works completed by end-2016 (MEES, 15 September 2017). Satellite imagery indicates that substantial work has taken pl...
Volume: 67Issue: 26Published at Fri, 28 Jun 2024 -
Chevron Inches Towards Shale-Focused Algeria Entry
...pped to use their expertise to help Sonatrach develop Algeria’s supposedly huge shale gas reserves, which the US Geological Survey estimates at over 700tcf and Algerian officials have pegged higher still (MEES, 20 October 2017). Chevron says that “Algeria holds a world class petroleum system with th...
Volume: 67Issue: 25Published at Fri, 21 Jun 2024 -
Powering The UAE’s Northern Emirates
...ound 14TWh over 2017-2020, it began climbing sharply in 2021 and last year’s 7% increase pushed it to a record 17.99TWh. At the same time, peak demand has also been on a sharp upwards trend, hitting 3.5GW in 2023 (see chart 2). As with elsewhere in the Gulf, demand is highly seasonal: the record of 3....
Volume: 67Issue: 25Published at Fri, 21 Jun 2024 -
Egypt Tenders For Bumper LNG Imports As Gas Demand Soars
...erwhelmingly gas-fed, for 95% of national power supply for 2023 (MEES, 3 May). *Egypt’s gas output fell again to just 5.115bn cfd for April, down a whopping 1.3bn cfd (20%) on end-2022 and the lowest figure since the start-up of the key Zohr field in late 2017 (MEES, 14 June), whilst the country’s di...
Volume: 67Issue: 25Published at Fri, 21 Jun 2024 -
Egypt Drilling At 2-Year Low As Oil & Gas Output Continue Downward Spiral
...vestment (MEES, 10 May) – Egypt’s overall April output of 5.115bn cfd was the lowest since November 2017, that is to say just before Zohr start-up. *The output slump has left Egypt in acute gas deficit and the country reliant on imports from Israel (see column). As such a 10-day shutdown to 1.1bn cf...
Volume: 67Issue: 24Published at Fri, 14 Jun 2024 -
Chevron Looks To Smash Egypt’s Gas Price Ceiling
...i managed to break the price ceiling when in 2017 it secured a Brent crude-linked pricing formula for Zohr with prices rising to a ceiling price of $6.20/mn BTU when the crude benchmark is at or above $70/B. It drops to $4.30/mn BTU when Brent is at or below $40/B. The first project to secure th...
Volume: 67Issue: 23Published at Fri, 07 Jun 2024 -
Iraq’s Hoped-For Opec Quota Boost Slips Away
...ES, 10 March 2017). Even if Iraq were to succeed with this, it could backfire given that its current quota is based on state-wide production inclusive of Kurdistan, and so would be revised down in such a scenario. Last month, Oil Minister Hayan Abdulghani said that his country “was not allocated it...
Volume: 67Issue: 23Published at Fri, 07 Jun 2024 -
IEA Backs Mena Renewable Surge After Late Start
...nstruction 600MW Al Shuaibah plant holding the record of just US¢1.04/kWh since 2021 (MEES, 16 April 2021). After previous false starts, the launch of Saudi Arabia’s National Renewable Energy Program (NREP) with its first tender in 2017 laid the foundations for the kingdom’s ambitious solar and wind po...
Volume: 67Issue: 23Published at Fri, 07 Jun 2024 -
Iran Revives 4mn B/D Production Target
...As key Opec members meet this weekend to decide whether to extend their ‘voluntary cuts’ into the second half of the year (see p9), Iran will as always cast its support from the sidelines. The country has essentially been exempt from cuts ever since Opec+ cuts began in January 2017, while ev...
Volume: 67Issue: 22Published at Fri, 31 May 2024 -
First Oil Export From UAE’s Belbazem
...velopment of Bu Haseer’s modest reserves economical, and Al Yasat has pursued a similar approach with Belbazem (MEES, 28 May). Outside of Al Yasat, CNPC is also present at Abu Dhabi’s largest concession, the 2mn+ b/d Adnoc Onshore concession. CNPC was awarded an 8% stake at Adnoc Onshore in 2017, ce...
Volume: 67Issue: 22Published at Fri, 31 May 2024 -
Sudan’s Army Turns To Russia For Weapons In Exchange For Naval ‘Supply Point’
...stored diplomatic relations with Sudan (under the SAF), having severed ties under President Bashir in 2016, when Khartoum sided with Riyadh following an attack on the Saudi embassy in Tehran, and later deployed troops to join the Saudi-led coalition fighting the Houthis in Yemen (MEES, 20 January 2017...
Volume: 67Issue: 22Published at Fri, 31 May 2024 -
Iraq Bidding: Shell & Adnoc Locked Out By Inflexible Criteria
...ar, the firm declared commerciality on its 2017 Eridu discovery on Block 10 in nearby Dhi Qar province (MEES, 10 March 2023) with plans for 30,000 b/d pilot production in 2027. Reaching that milestone took two years after submitting a development proposal, leaving Lukoil and its Japanese partner Inpex di...
Volume: 67Issue: 21Published at Fri, 24 May 2024 -
Iraq Bidding: Chinese Firms Dominate
...gion’s rebounding oil output (see p5). In the upstream, it operates the Kurdish-controlled Khurmala dome portion of the giant Kirkuk oilfield and between 2014 and 2017 it controversially operated the field’s Avana Dome, and the nearby Bai Hasan field after Kurdish forces moved in claiming to secure th...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Rising Kurdistan Oil Production Gives Iraq Opec Headache
...mmitments (MEES, 10 March 2017). The collapse of Kurdistan production in mid-2023 had been a boon for Baghdad, which swiftly increased its directly-controlled crude exports from the south to boost revenues but has been slow to cut again as northern output has returned. An agreement was struck with Erbil in Ap...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
QatarEnergy Boosts ExxonMobil East Med Collaboration With Egypt Farm-In
...up in breaking off relations – returning $7bn in loans and throwing Al Jazeera journalists in jail, among other measures (MEES, 8 July 2018). Egypt was more than happy to jump on the bandwagon of the Saudi-led embargo of Qatar from 2017 which finally came to an end in January 2021 (MEES, 8 Ja...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Kuwait’s Emir Suspends Parliament;Can He Quell Tumultuous Divisions?
...ss a crucial debt law since 2017 due to opposition by MPs, these onerous spending commitments saw Kuwait rack up some $108bn in cumulative deficits over 2014-2022 (see chart 2). A 2024-2027 government program published earlier this year envisages a further surging of deficits to a colossal total of KD...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
UAE-Oman Relations: Brotherly Love Or Sibling Rivalry?
...licy. Muscat has generally followed a regional foreign policy guided by mediation and diplomatic engagement. Meanwhile, Abu Dhabi has been keen to flex its military and economic strength, most recently in Sudan (MEES, 3 May). When the UAE joined Saudi Arabia and Bahrain in its blockade of Qatar in 2017...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Gas Output: From Bad To Worse
...Egypt’s gas output woes go from bad to worse. Output slumped to a six-year low 5.21bn cfd for March, almost 2bn cfd down on the record 7.19bn cfd hit in September 2021. On a quarterly basis, output was down 3% sequentially at 5.31bn cfd for Q1, the lowest since 4Q 2017 and some 25% below 3Q...
Volume: 67Issue: 19Published at Fri, 10 May 2024 -
Saudi Arabia Targets Foreign Investment To Bolster Economic Growth
...eated the Future Investment Initiative (FII) conference which it has held in Riyadh annually since October 2017 and which was swiftly dubbed ‘Davos in the Desert.’ Last month Davos, home to the WEF’s flagship event, truly came to the Desert. While the 28-29 April WEF Special Meeting had more of a ge...
Volume: 67Issue: 19Published at Fri, 10 May 2024 -
Bahrain Plans 2GW Wind Capacity
...y to net-zero by 2060. And the country’s 2017 National Renewable Energy Action Plan (NREAP) targets renewables capacity of 225MW by 2025 (equivalent to 5% of forecast peak demand) and 710MW (10%) by 2035. Bahrain’s current installed capacity is 5GW from a fleet of five thermal plants. Renewables ca...
Volume: 67Issue: 18Published at Fri, 03 May 2024