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GCC Eyes 2022 As Year Of Stability
...is year saw Saudi Arabia host two GCC summits. The 41st summit was held in Al Ula in January and marked the end of the Qatar embargo, which had been in force since June 2017 and had defined the GCC ever since (MEES, 8 January). If that January summit was high profile, the 42nd iteration in Riyadh on...
Volume: 64Issue: 51/52Published at Fri, 24 Dec 2021 -
Algeria Plans ‘Year For The Economy’ In 2022
...creasingly difficult due to the Algerian market’s “modest absorption capacity.” Although the government has vowed not to resort to quantitative easing from the central bank – as it controversially did between 2017 and 2019 (MEES, 28 June 2019) – it continues to engage in what it calls “monetary fi...
Volume: 64Issue: 51/52Published at Fri, 24 Dec 2021 -
KRG Repayment Obligations Offset Oil Revenue Gains
...ghest since the Deloitte audits began in 2017, and was more than the KRG’s net receipts. With IOCs in Kurdistan having already reported increased Q3 revenues, payments will have risen to more than $1bn last quarter. PIPELINE PAYMENTS MOUNT Following a 2017 transaction, the KRG’s 95...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
Qatarenergy Egypt Entry Could Be Prelude To Further Energy Partnerships
...verage our joint expertise,” Shell Egypt country manager Khaled Kacem says. GEOPOLITICAL SHIFT QE’s upstream entry is of geopolitical significance in that Egypt under President Sisi was an enthusiastic backer of the Saudi and UAE-led embargo of Qatar from mid-2017 (MEES, 9 June 2017...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
Energean’s Karish Sales In Doubt As Israel Gas-To-Power Market Hots Up
...y customers for its 7.2bcm/y (700mn cfd) Karish development offshore Israel. Of 7.1bcm/y (684mn cfd) in gas sales contracts, more than half is under threat. Energean’s three largest customers are all looking to back out of their gas purchases on contracts signed with Energean in 2017, citing de...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
Jordan Plans Nine-Well Drilling Campaign
...50mn cfd. He says that around 20mn cfd of current output goes to the 150MW Risha power plant (MEES, 24 March 2017) and approximately 10mn cfd to local industrial users – figures that imply a doubling of production from the 2020 average. Another area with potential is the Sirhan Development bl...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Vienna Talks: Iran Holds Its Ground
...y 2017). But despite the major economic pressure the country is under (MEES, 25 June), Tehran is showing little in the way of urgency for an agreement to be reached. The negotiations last week ended in a deadlock after Tehran’s 40-strong team led by chief negotiator Ali Bagheri Kani submitted tw...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Saudi Government Approves Power Sector Shakeup
...14.9bn ($3.97bn) over the first nine months of 2021 versus a loss of $296mn for the same period of 2020. PRINCIPLE BUYER The SPPC was named as the ‘principal buyer’ of electricity from independent power producer (IPP) projects by the government in 2017. It describes its key responsibilities as...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Aramco’s Moonshot: Jafurah Development To Power Major Gas Drive
...oduction began in 2017 and Aramco puts current North Arabia gas processing capacity at 400mn cfd (MEES, 30 March 2020). Now, clear progress is being made on the two larger developments in Eastern Province – South Ghawar and the Jafurah Basin. At South Ghawar, Aramco reaffirmed this week that first ph...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Iran Unveils 10 Year Upstream Investment Plan
...Azerbaijan. Until 2019 Iran used to regularly import gas from Turkmenistan to supply northern areas. Volumes peaked in 2017 at around 9.3bcm, before steadily dropping as South Pars output ramped up and Iran struggled to make payments (MEES, 13 January 2017). Mr Owji now says that “debt settlement wi...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Iraq’s 2030 ‘Sustainable Transition’ Plan: Gas & Renewables To The Fore
...newables by 2030, and 2.3bn cfd of additional gas processing capacity by 2026. The ministry of oil has an even more ambitious gas plan to add 2.49bn cfd of gas processing capacity by 2027 and to achieve zero flaring by 2030 as per a 2017 pledge made to the World Bank. Details of these plans were ou...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Egypt’s Midsize Gas Producers: Output Down But Receivables Down Too
...ich saw production average 148mn cfd during the first nine months of 2021, down 45% from 2017’s 270mn cfd. Output was just 137mn cfd (28,100 boe/d including liquids) for Q3 with the firm guiding a further fall to just 127mn cfd for Q4 (see chart 1). Though output is set to fall yet further in the fi...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Qatar Quarterly Export Revenues At 7-Year High
...ports was the highest in MEES quarterly figures stretching back to 2013, as Qatar benefitted from the strongest market for refined products since its 146,000 b/d Ras Laffan II condensate splitter started up in December 2016 (MEES, 6 January 2017). ...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Iraq Appoints KPMG To Audit Key China Oil-For-Infrastructure Credit Line
...tractive Industries Transparency Initiative, these deductions were paused from 2015 to 2017 when Iraq faced “security constraints” as ISIS took large swaths of the country. After the UN-mandated Kuwaiti deductions, the funds are then moved to an oil settlement account in China where deductions ar...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Gulf Rig Count Surges In October
...ver mind 2019’s high of 68 (see chart 2). 2: ABU DHABI’S RIG COUNT ROSE BY FOUR IN OCTOBER, ALL OIL RIGS KUWAIT SLUMP *Kuwait long vied with the UAE as the GCC’s number two producer. Until 2017 Kuwait typically had a higher rig count than Abu Dhabi (MEES, 9 July). Bu...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
US Majors: Record Permian Output, More To Come
...me value for a lot less spend,” he adds, referencing a strategy first set out in 2017 (MEES, 17 February 2017) and expanded upon two years later (MEES, 15 March 2019). “We invested in the infrastructure to make sure that we were in a position, once we focused in on and identified the areas we wa...
Volume: 64Issue: 44Published at Fri, 05 Nov 2021 -
Japan Crude Imports: Record Mideast Share As UAE Overtakes Saudi
...ES, 6 August). Other UAE volumes for September included a 235,000-barrel cargo of Sharjah condensate, the first time Japan has taken the grade since March 2017. *Qatar, up 4% at 219,000 b/d for 9M 2021, has overtaken Kuwait, down 18% at 197,000 b/d for number three spot, though Kuwait was ah...
Volume: 64Issue: 44Published at Fri, 05 Nov 2021 -
Kuwait Sets Out Plan To Reverse Capacity Losses
...cilities to handle water produced alongside crude oil. DRILLING RAMP UP KOC drilled 431 development wells last year, the highest annual figure since 651 for 2017-18. Mr Hashem says that in order to achieve its goals, drilling will increase to average 500 wells per year. There will also be “ar...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
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 -
Egypt: Current Account Deficit Soars Amid Tourism Collapse & Record Trade Bill
...overall surplus of $1.9bn for 2020-21, the first such surplus since 2017-18, thanks to a 4-year high $18.3bn of “grants and other net investment” (see chart 4). 4: EGYPT’S BALANCE OF PAYMENTS SWUNG TO A SURPLUS FOR 2020-21 MAINLY DUE TO AN INFLOW OF IMF CASH, HELPING OFFSET A RECORD CU...
Volume: 64Issue: 42Published at Fri, 22 Oct 2021