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Jordan Adds Gas Output
...s flatlined since BP walked away in 2014 (MEES, 24 January 2014), with the two recent wells adding a much needed boost in production. Gas from the field is burned at the nearby 58MW Risha powerplant, which supplies power to far-eastern Jordan. The power plant only needs negligible volumes to op...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Saudi Arabia Adds Record Volumes To Crude Stocks
...low 1mn b/d for the first time since April 2015. At 12%, refined products’ share of total liquids output was the lowest since June 2015. Total liquids exports fell to 8.02mn b/d, its lowest level since December 2014 (see chart 2). Volumes over the first 10 months of 2019 have averaged 8.31mn b/d, do...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
US Shale: 2019 Records But Is Growth Flatlining?
...A stats (see p11). Whilst 2019 growth is well below 2018’s record 1.64mn b/d it is only slightly below the previous record of 1.29mn b/d set in 2014 (MEES, 13 July 2015). And, whilst output largely flatlined in the first half of 2019, it has since leapt, with new records every month since Au...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Lebanon Creeps Toward Economic & Political Abyss
...GDP (see chart 3). The 2014 crash in oil prices and subsequent effect on the GCC economies (where many Lebanese work) was a major factor. To compensate, Banque du Liban continued to raise interest rates (which have routinely exceeded 10-15% in recent years) on bank deposits to attract foreign do...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Russia’s Tatneft Back In Libya For Seismic
...ab Geophysical Exploration Services Company (AGESCO) to complete 200 km² of seismic in Area 82’s Block 4 which was suspended in 2014. Tatneft was awarded eight exploration blocks (Areas 69, 82 & 98) in Libya in 2005 and 2007 (MEES, 28 July 2017, see map, p2). It struck oil several times, but was fo...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Leviathan: The Giant Stirs
...sult of the firm massively scaling back its plans. LEVIATHAN GAS SALES DEALS *IMPLIED AVERAGE VOLUMES. **PARTNERS' ESTIMATE BASED ON QUANTITIES CONSUMED ^MEES ESTIMATES SCALED-BACK AMBITIONS The original Phase-1 development plan filed in October 2014 was already modest in sc...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Economic Uncertainty Clouds Opec’s 2020 Vision
...dicate an additional 144mn barrels of crude will enter global stockpiles, while Opec’s numbers point to a more modest 39mn barrels. As for current inventories, the latest IEA numbers peg OECD stocks exiting October at 2.9bn barrels, fractionally (2.9mn barrels) below the 2014-18 five-year average, while Op...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Iraqi Kurdistan Poised For More Gains In 2020
...20’s potential gains are the product of sustained IOC investment in the region. Those IOCs have endured some lean times, with the share price of KRG-focused companies plummeting since early 2014 amid low oil prices, payment difficulties and delayed ramp-up plans. IOCs will feel the pressure to reward sh...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Opec Output On Track For Eight-Year Low
...om falling further. With output down 560,000 b/d this year, it is on track to come in at 9.76mn b/d, the lowest annual figure since 2014. Arguably the biggest question oil markets have regarding Opec now is, for how long will Saudi Arabia continue bearing the brunt of the cuts? The kingdom plans to...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Aramco Prices IPO
...ibaba’s $25bn 2014 listing in nominal terms at least. Aramco confirms that Stabilizing Manager Goldman Sachs may yet increase the share issuance by 15% (450mn shares) to stabilize the market price. The stabilization period is 30 days from the date at which shares begin trading, and if implemented the move wo...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Egypt: Current Account Deficit Widens Despite Strengthening Growth
...ficit fell in dollar terms in 2016-17, as share of GDP the deficit peaked at 6.1% that year. Whilst Egypt’s current account notched up successive record deficits of $12.1bn and $19.8bn in 2014-15 and 2015-16, President Sisi’s first two full years in power, the country’s finances were bailed out by re...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
China Takes Record Saudi Crude, Iran At Record Low
...spite diversification efforts that had seen the region’s Middle Kingdom market share fall from a 2014 peak of 52% (MEES, 27 September). *In a 26 November research note, Michal Meidan of the Oxford Institute for Energy Studies reckons that this year’s setback to China’s diversification efforts ha...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Baghdad And KRG Sign Preliminary Oil Sharing, Budget Deal
...ude-for-revenues agreement in 2014, which fell apart as Baghdad never made full payment (MEES, 5 December 2014). A year ago, Mr Abd al-Mahdi and his deputy PM (and Oil Minister) Thamir al-Ghadhban reached an agreement with the KRG to export 100,000 b/d via Iraqi Kurdistan’s export pipeline to Ceyhan, an...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Oman Set For Lowest Deficit Since 2014, But Investment Lacking
...what would be the lowest figure since 2014 offers a rare piece of good news as assessments of Oman’s long-term economic health continue to sour. Of course, the second half of 2014 saw oil prices collapse from the $100/B-plus average of the preceding four years. Oman is not the only oil pr...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Algerian Gas Exports Set For Quarter-Century Low
...e first nine months of 2019 is down 9% year on year: having received a boost from key field start-ups in 2016-18 production has fallen back to 2014 levels. And while the third quarter has historically seen output drops, 3Q 2019’s 18.89bcm (7.25bn cfd) was the lowest in years and down 5% year on ye...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Saudi Aramco: The $1.7 Trillion Company
...arter of the $100bn that Crown Prince Muhammad bin Salman (MBS) has been eying since he first floated the idea of the IPO in 2016 (MEES, 8 January 2016). It also means that it’s going to be a close-run thing as to whether Aramco can overhaul the 2014 $25bn flotation of Chinese e-commerce giant Ali Baba as...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Not So Rapid: Aramco Malaysia Downstream JV Delayed
...e Refinery and Petrochemical Integrated Development (Rapid) project (MEES, 3 March 2017). The main construction contracts for PrefChem were awarded in 2014. PrefChem is being built close to Singapore at the southern tip of peninsular Malaysia. The refinery will have capacity to process 30...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
KRG Eyes Major Boost As Exxon/DNO Firm Up Baeshiqa Light Oil Find
...rrent holdings are DNO (32%op), ExxonMobil (32%), and Turkish state partner TEC (16%), while the KRG holds the remaining 20%. Based on earlier drilling, Exxon and TEC previously estimated oil-in-place at 580mn barrels, before operations were halted in 2014 amid the Islamic State’s offensive. DNO’s la...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Kuwait Emir’s Son Unleashes Political Upheaval
...sponded by strenuously denying the allegations and slamming his accuser for going public. The Emir dismissed both men following their public spat. This is the most controversial public feuding within Kuwait’s royal family since 2014 when former deputy PM Sheikh Ahmed Fahd al-Sabah accused his long-time ri...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
New Hydrocracker Boosts Egypt To New Downstream Records
...llowing Cairo taking an ax to subsidies (MEES, 12 July). At 700,000 b/d for 9M19 domestic products demand is down 5% year-on-year. Fuel oil, down 36% at 81,000 b/d, has seen the biggest fall with the expansion of gas-fired power capacity. *Egypt has since 2014 been a net oil importer. But up...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019