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BP/Equinor Algeria Gas Output Crash
...s in 2Q20. Partners BP, Equinor and Sonatrach have struggled to halt production declines over the years, despite the completion of field tie-in and compression projects at the fields in 2017 and 2018 (MEES, 7 February 2020). Though Algerian gas output has seen a major turnaround this year (ME...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
UAE Extradites Former Sonatrach Chief
...rrant related to alleged corruption surrounding the December 2018 purchase of a 200,000 b/d refinery in Augusta, Italy from ExxonMobil (MEES, 11 May 2018). Ould Kaddour was Sonatrach CEO from March 2017 to April 2019, with his ouster coming three weeks after that of former president Bouteflika to wh...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Egypt Nuclear Plans Knocked Back
...ES, 15 December 2017). The $30bn project has been mainly funded via a $25bn loan from Russia itself. Repayment was due to begin by 2029 when operations at the plant were set to begin but inevitably that has now also been pushed back. Mr Adham says construction will not begin for another 12 mo...
Volume: 64Issue: 30Published at Fri, 30 Jul 2021 -
Saudi Arabia Caps Gasoline Prices Amid Rising Inflation
...s slashed fuel subsidies over the past five years, and the upshot has been that even before the pandemic, domestic consumption of diesel and gasoline had fallen below their peaks of 2015 and 2017 respectively. However, the government’s decision to triple VAT from July 2020 has resulted in a sh...
Volume: 64Issue: 29Published at Fri, 23 Jul 2021 -
Iran Goes To The Polls, Or Not
...ads the judiciary and is a close ally of Supreme Leader Ayatollah Ali Khamenei. Mr Raisi also stood in the previous election in 2017 when he was soundly beaten by then incumbent Hassan Rohani (MEES, 26 May 2017). Four years of progressively-tightening sanctions under US President Trump tempered su...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
Cairn Finalizes Mauritania Deal
...mmercial discovery, Frégate, in 2012-13 (MEES, 13 February 2013), Dana and UK-based partner Tullow Oil quit the acreage in 2017, only for Total to snap up Block C-7 later the same year. When announcing the original farm-in in March 2020, Cairn flagged up possible drilling targeting a turbidite fan play an...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Egypt: Draft 2021/22 Budget
....8bn) and set to be the lowest spending figure since 2017-18 as Cairo’s finances finally show signs of the impact of Covid-19 (MEES, 5 March). Subsidy allocations are down around 40% to E£87.8bn ($5.6bn) while the budget forecasts a deficit of 6.6% of GDP, up marginally from the 6.3% forecast in the cu...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Saudi Arabia Reaps Benefit Of Gas Supply Boost
...9,000 b/d were the lowest January figure since 2017. Fuel oil consumption, primarily for power and water desalination, averaged 401,000 b/d, which was down 200,000 b/d on December and also a four-year low. SAUDI ARABIA direct Crude burn (‘000 B/D) HAS STARTED THE YEAR AT LOWS NOT SEEN SINCE 2017...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
Lamprell: First Saudi LTA Award
...o offshore production deck modules and associated pipeline and subsea cables. The UAE firm’s primary facilities are in Hamriyah, Sharjah, but in 2017 it signed a joint venture agreement with Saudi Aramco, national shipping carrier Bahri and Hyundai Heavy Industries to establish and operate a ma...
Volume: 64Issue: 08Published at Fri, 26 Feb 2021 -
KPC Prepares To Streamline Subsidiaries With Reshuffle
...5,000 b/d refinery and a 22mn t/y LNG import terminal are slated to start up this quarter. Kipic was only established in 2017, but looks set to be merged back into KNPC. Elsewhere, with Kuwait Oil Tanker Company (KOTC) CEO Ali Shehab retiring, he will be replaced as acting CEO by Abdulnasser al-Fulaij, th...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Tethys Spuds Oman Wildcat
...at could become a major exploration push for unconventional resources in the underexplored Omani south. Tethys acquired seismic in the area in 2017 (MEES, 24 November 2017), and received a significant boost in November when US shale powerhouse EOG signed up at the block as a junior partner with a 50% in...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Libya Power Plant Progress
...r four SGT5-PAC 2000E Siemens combustion turbine generator units,” the firm said in a 6 January press release. Enka’s German partner on the projects, Siemens, costed the two plants at a combined €700mn ($826mn) at the time of the original award by state-power firm Gecol in 2017. But construction ha...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Energean: $400mn Israel Buyout
...ivate equity fund Kerogen paid then-cash-strapped Energean $50mn for a 50% stake in its then pre-FID Israel assets back in 2017 (MEES, 17 February 2017). Energean expects the buyout, plans for which were initially announced last month (MEES, 11 December 2020), to close this quarter. Energean al...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021