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DME Oman Trades Soar As It Clinches Tadawul Investment
...ont-month trading volumes soared by 22% year-on-year over the first half of 2024, rising to the highest level since 2H 2017 (see chart 1). Momentum has been building for some time as physical traders grow increasingly confident in the contract. The DME Oman futures contract is a physically de...
Volume: 66Issue: 37Published at Fri, 05 Jul 2024 -
Oman Gas Sector Set For Leap Forward In 2024
...Oman’s gas renaissance continues apace, with both Shell and TotalEnergies set to advance key projects in 2024. The key near-term limiting factor is not upstream potential but outlets for new production, Shell’s country chief tells MEES. Until 2017 the outlook for Oman’s gas sector was wo...
Volume: 66Issue: 51/52Published at Fri, 22 Dec 2023 -
Angola Quits Opec Over Quota Reform Process
...ll. Angola signed up to a 1.673mn b/d Opec+ allocation from January 2017, but even when production restrictions eased, it was unable to bring output back to anything approaching pre-2017 levels (see chart). Luanda will be hoping that free from the prospect of Opec+ production limitations, the country wi...
Volume: 66Issue: 51/52Published at Fri, 22 Dec 2023 -
Kuwait’s New Emir Criticizes Political Divisions
...tober 2022 did KPC finally began operations at its long-awaited 120,000 b/d GC-32 project which was due online in 2020 after a $1.3bn 2017 award to the UK’s Petrofac (MEES, 31 March 2017). …WITH DELAYED PROJECT AWARDS The minister’s claims are backed up by a 30 Oc...
Volume: 66Issue: 51/52Published at Fri, 22 Dec 2023 -
Harbour Expands With Wintershall Takeover
...ich in turn was formed in a 2017 merger (MEES, 1 December 2017). That deal left Wintershall Dea with substantial Russian assets, which, in a further complicating factor will be excluded from the Harbour transaction. As will one of Wintershall Dea’s key Mena assets, the ‘Wintershall’ fields in Li...
Volume: 66Issue: 51/52Published at Fri, 22 Dec 2023 -
Kuwait’s Cabinet Looks Ahead To A Troublesome 2024
...rrorism related charges. As well as the political figures, those pardoned included Shafi al-Ajimi who was jailed in 2021 for financing Al-Qaeda-linked Al-Nusra Front in Syria, and Hassan Abdul Hadi Hajeyah who was sentenced in 2017 to life in prison for heading the infamous ‘Abdali Cell’. The group ha...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Egypt’s Financial Woes Mount: Record Debt & Deficit As Devaluation Looms
...th the IMF. But as oil prices have risen in recent years gasoline and diesel subsidies have reappeared by the back door (MEES, 10 November). The E£119.4bn ($3.9bn) budgeted for 2023-24 spending on oil products subsidies is the highest since 2017-18 in Egyptian pound terms and 2018-19 in dollar te...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Iran Plans Major Gas Storage Expansion To Face Winter Shortages
...a pipeline to consumers. In addition to meeting local demand in the high season, the gas storage facilities were envisioned to reduce reliance on imports from Turkmenistan, which peaked at around 9.3bcm in 2017. GAS GIANT WITH PUNY STORAGE Iran boasts the world’s second largest proven gas re...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Saudi Arabia Budgets For $21bn Deficit In 2024
...sults, which show a 41.5% year-on-year increase to $54.1bn in capital expenditure. This is the highest figure since 2017, and with much of the investment responsibilities having been moved off-budget to state entities such as PIF, this indicates significantly higher investments than six years ago. De...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Egypt Looks To Kickstart WestMed Exploration With Seismic Surge
...fine their exploration strategies,” PGS says. Cairo previously commissioned PGS to shoot 2D seismic right across the Herodotus Basin in 2017-18 (MEES, 25 January 2019), before choosing to only offer up blocks comprising the nearer-shore portion of the Basin in subsequent drilling. BP DE...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Yemen’s Breakthrough Truce Threatened By Houthi Military Attacks
...mbined cycle power plant. Yemen’s oil and gas sector had been declining since long before the onset of civil war. Production peaked in 2002 at 457,000 b/d with exports remaining above 100,000 b/d until 2014 (MEES, 15 September 2017). However, since the start of the conflict and the Saudi-led in...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
India Crude Imports: Iraq Rebound As Russia Remains Dominant
...Latest official Indian crude import stats for October show volumes from Iraq rebounding to 1.06mn b/d, the highest since March, and the first over 1mn b/d since April. Iraq was India’s top supplier every year from 2017 to 2022 but Russia has surged ahead this year. India’s imports from Ru...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Algeria-Turkey LNG Deal
...gerian LNG. Nevertheless, Turkey has taken in excess of its contractual term volumes of Algerian LNG every year since 2017, whilst Turkey has been Algeria’s top export market for each of the past six years. For 2023, Algeria-Turkey volumes are on track to challenge the annual record of 4.37mn to...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Zubair To Add 200,000 B/D Surface Capacity By End-2024
...commissioning, and it is now unclear if it will replace or supplement the existing facility. The previous addition to Zubair’s degassing capacity came in 2017 when Samsung Engineering delivered the 200,000 b/d Hammar-Mishrif station. ...
Volume: 66Issue: 47Published at Fri, 24 Nov 2023 -
Inpex To Sell Eridu Stake To Lukoil
...eviously offered to Chevron in 2021 under the now-defunct “Nasiriya District” project (MEES, 15 October 2021). Lukoil’s move might be well calculated given that Block 10’s appraisal program saw 797km2 of 3D seismic and 5,561 km of 2D seismic conducted in the area. When discovered in 2017, Eridu was es...
Volume: 66Issue: 47Published at Fri, 24 Nov 2023 -
Adnoc Agrees Egypt Entry As UAE East Med Footprint Grows
...addition to the stalled NewMed deal. QATAR: CYPRUS & LEBANON FOCUS Abu Dhabi is not the only Gulf state to take a firm interest in the East Mediterranean. Qatar, through its state giant QatarEnergy has been in the East Med since entering Cyprus in 2017 alongside US major Ex...
Volume: 66Issue: 47Published at Fri, 24 Nov 2023 -
Divided Kurdistan Struggles To Be Heard In Baghdad
...rum were cautiously optimistic that momentum is building behind the scenes to close the dangerous political divide between the two parties. The KDP had sought to take advantage of PUK divisions following the 2017 death of the party’s founder Jalal Talabani, but his son Bafel Talabani has now co...
Volume: 66Issue: 47Published at Fri, 24 Nov 2023 -
Oxy’s Oman Strategy Struggles To Hit Its Stride
...ock 9 for gas lift and sale.” However, any gains from this work have evidently been more than offset by declines elsewhere. Oxy still holds three blocks it is exploring which could make the difference. The company picked up Block 51 under Oman’s 2017 bid round (MEES, 21 December 2018). Oxy last year fl...
Volume: 66Issue: 46Published at Fri, 17 Nov 2023 -
Algeria-Italy Gas Slump
...,300 b/d for an implied 60,000 b/d gross Ourhoud figure, less than half 2017 levels. Cepsa cites “scheduled maintenance turnarounds in Algeria” as a key reason for a fall in 9M 2023 upstream output versus a year earlier, as well as the sell-off of its UAE assets (MEES, 3 March). *Algerian state gi...
Volume: 66Issue: 46Published at Fri, 17 Nov 2023 -
Saudi Aramco Completes Key Gas Expansion Project
...wiyah and Haradh gas compression projects, but both have suffered delays since contracts were awarded in 2017 (MEES, 15 December 2017). Aramco noted in its Q3 results on 7 November that “the Hawiyah Gas Plant expansion, part of the Haradh gas increment program, was successfully commissioned and br...
Volume: 66Issue: 45Published at Fri, 10 Nov 2023