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Israel-Egypt Gas Flows Top 1bn Cfd For November, Helping Cairo Cut LNG Imports
...pplement gas, domestic output of which fell to a seven-year low 4.494bn cfd according to latest oil ministry stats (MEES, 6 December). Egypt burned an eight-year high 214,000 b/d of fuel oil in August and while it has dipped since, October’s 188,000 b/d was the highest for the month since 2014 (see ch...
Volume: 67Issue: 51/52Published at Fri, 20 Dec 2024 -
BP Agrees Technical Terms For Redevelopment Of Iraq’s Kirkuk
...lks fell apart in 2020 following a three-year study initially commissioned in 2013, which was interrupted by the rise of the Islamic State in 2014. Since then, Baghdad has revamped its contract models, launching a ‘profit sharing’ Development and Production Contract (DPC) model intended to provide fi...
Volume: 67Issue: 51/52Published at Fri, 20 Dec 2024 -
Egypt To List Military-Owned Companies for Sale In Renewed Privatization Drive
...power in 2014. And just last week, the military-owned Mostakbal Misr Agency for Sustainable Development took over Egypt’s import of strategic commodities, according to a letter seen by Reuters. The agency replaces the state-owned General Authority for Supply Commodities (GASC), which has fo...
Volume: 67Issue: 50Published at Fri, 13 Dec 2024 -
BP Eyes Kirkuk Deal By February
...der the auspices of a 2013 MoU which was disrupted by the Islamic State’s 2014 takeover of much of northern Iraq, with the major restarting work in 2018. BP has decided to give Kirkuk a second chance due to Iraq’s willingness to offer improved contract terms under its ‘profit sharing’ Development an...
Volume: 67Issue: 48Published at Fri, 29 Nov 2024 -
Will Iraq Be Caught In The Crossfire Of Trump’s Iran Policy?
...gures including leaders of the Popular Mobilization Units (PMUs). The PMUs were formed to fight Islamic State terrorists in 2014 but have also encompassed many of the Iran-backed militias. The PMUs, by law, are part of Iraq’s official security apparatus but the line between them and the militias has so...
Volume: 67Issue: 47Published at Fri, 22 Nov 2024 -
Jordan Eyes Gas Expansion On Risha Reserves Hike
...frastructure and develop a gas network. And, while the numbers quoted by the minister are promising, further evaluations will be needed. Risha’s reservoir is seen as complex, with UK major BP walking away from the field in 2014 (MEES, 26 September 2014). JORDAN GAS & POWER INFRASTRUCTURE ...
Volume: 67Issue: 47Published at Fri, 22 Nov 2024 -
Tunisia Oil & Gas Output Falls To New Record Lows
...*Tunisia’s crude and condensate output fell to a new multi-decade low of 26,400 b/d for 3Q 2024. This is exactly half decade-ago levels (3Q 2014 was 53,000 b/d). Output has been on a consistent downward trend since hitting its 21st century peak of 99,000 b/d in 2007. The all-time high of 11...
Volume: 67Issue: 47Published at Fri, 22 Nov 2024 -
LNG Markets: Strong But Steady Growth With New Supply Set To Cap Prices
...llen 26% since peaking in 2014. *Australia remained Japan’s dominant supplier for 9M 2024, with 18.68mn tons, despite a 9% slump from the year-ago period which also saw Japan fall behind China as Australia’s top customer (see p22 for full data). Malaysia with 7.63mn tons was number two ahead of...
Volume: 67Issue: 44Published at Fri, 01 Nov 2024 -
Iraqi Fuel Oil Export Surge Raises Smuggling Concerns
...bsidized prices, especially those producing asphalt. Michael Knights, Senior Fellow at the Washington Institute for Near East Policy, has looked closely at the trade, and says “these plants existed since at least 2014 and have bloomed in recent years with licenses issued by the Ministry of Trade and fu...
Volume: 67Issue: 44Published at Fri, 01 Nov 2024 -
Algeria Launches ‘Bid Round 2024’: Still Plenty Of Unanswered Questions
...geria. The acreage looks impressive, and with majors and other IOCs already beating a path to Algiers, the country will surely do better than its previous flopped bid round way back in 2014 (MEES, 3 October 2014). However, interested parties will still have plenty of questions as to what exactly is be...
Volume: 67Issue: 42Published at Fri, 18 Oct 2024 -
Tunisia’s Presidential Election: Strongman Saied Set For Re-election
...tober, observers say President Kais Saied is poised for re-election, with most of his critics and other candidates behind bars. Tunisia, which has long prided itself as the birthplace of the Arab Spring, was briefly touted as the only successful democracy in the region (MEES, 24 October 2014). But th...
Volume: 67Issue: 40Published at Fri, 04 Oct 2024 -
Saudi Arabia Revises Down Mid-Term Revenue Expectations
...ands at $96.20/B, with speculation that this means the kingdom needs to target an oil price of around $100/B (MEES, 27 September). What this ignores is that Saudi Arabia has only achieved a surplus once since 2014 – during 2022 when Russia’s invasion of Ukraine disrupted oil markets (see chart 1) – and ye...
Volume: 67Issue: 40Published at Fri, 04 Oct 2024 -
Oman’s OQEP Eyes New Gas Discovery In Upstream Reshuffle
...40%, OQEP 30%, PTTEP 20%, Petronas 10%) home to the massive 1.5bn cfd Khazzan & Ghazeer tight gas development. In 2014 it acquired a 40% interest in the gas giant before divesting 10% to Malaysian state firm Petronas in 2018 (MEES, 26 October 2018). BOOSTING BLOCK 60 Despite its ga...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Eni & BP Set To Kick Off Libya Exploration Drilling Campaign
...relative stability (MEES, 4 June 2012), these never came to fruition. BP declared force majeure in 2014 and in 2015 wrote off the $598mn it had spent up till then on its sole Libya assets (MEES, 31 July 2015). However, Eni, unlike BP which has no production in the country, retained Libya as a co...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Aramco Ups LNG Stake
...e facility since 2014. Overall, Shell supplied 67mn tons of LNG to buyers in 2023, making it the largest IOC portfolio player. INCREASED LNG EXPOSURE The transaction further strengthens MidOcean and Aramco’s position in the global LNG market, says MidOcean, adding that it “will pr...
Volume: 67Issue: 38Published at Fri, 20 Sep 2024 -
Aramco The Big Winner In Egypt LNG Import Tender
..., TotalEnergies and Shell as well as trading houses Trafigura, Glencore, Gunvor, Vitol and BB Energy as well as the less well-known Hartree and Mex International. Saudi Arabia has been a staunch ally of Egypt President Abdel Fattah al-Sisi since he took power in 2014 and Riyadh has helped fi...
Volume: 67Issue: 38Published at Fri, 20 Sep 2024 -
Iraq: Pakistan Firm Exits Block 8
...rms Japex and Itochu, undercutting them with a remuneration fee of $5.38/boe. However, the firm has since made little effort to develop the block amid security concerns following Islamic State’s 2014 offensive. Of the other blocks awarded in 2012, UEG’s Block 9 is now producing nearly 100,000 b/d (ME...
Volume: 67Issue: 38Published at Fri, 20 Sep 2024 -
Adnoc’s Giant Onshore Concession Central To Future Bond Issues
...24 as a result of the CFP, and are set to easily break 2014’s record of 1.14mn b/d according to Kpler data. Exports this year peaked at 1.54mn b/d in April but have since eased off slightly averaging 1.31mn b/d for August (see chart 2). ADNOC ONSHORE RESERVES In preparation for th...
Volume: 67Issue: 37Published at Fri, 13 Sep 2024 -
BP Back At Iraq’s Kirkuk
...der the auspices of a 2013 MoU which was disrupted by Islamic State’s 2014 takeover of much of northern Iraq, with the major restarting work in 2018. BP says the scope of the new MoU encompasses rehabilitation of existing facilities, construction of new facilities including gas expansion projects, an...
Volume: 67Issue: 31Published at Fri, 02 Aug 2024 -
Oman Posts Record Gas Output For 1H 2024
...om 2023’s record 5.0bn cfd. Production has been on a sharp upwards trajectory over the past decade, rising from 3.5bn cfd in 2014 thanks to the commercialization of sizeable unconventional gas deposits. Total gas availability is higher still at 5.4bn cfd, a figure that includes approximately 20...
Volume: 67Issue: 30Published at Fri, 26 Jul 2024