Middle East Oil & Gas News for the week of April 24, 2020
Here are 9 key Middle East Oil & Gas News snippets from stories we are following at MEES for the week of April 24, 2020:
Shell, Eni Halt Egypt Drilling Amid LNG Ban
Both Shell and Eni have cut short Egypt offshore gas drilling campaigns after Cairo banned LNG exports. Both firms are also slashing capex. Shut-ins have seen both Eni’s and overall Egypt gas output slump to the lowest since mid-2018.
Services Firms Hope For Mena Resilience
With their core US market in freefall, the global oilfield services giants eye the Middle East as a “pocket of resilience.” Is this realistic?
Baghdad-KRG Eye Gas Deal
Baghdad-Erbil talks eye development of KRG gas to supply federal provinces. Politics has long held back the simplest solution to resolving Iraq’s gas shortages.
Libya’s Financial Vulnerabilities Laid Bare
An ongoing war and a collapse in oil revenue is exposing the fragility of Libya’s divided financial ‘system’. How long can the country keep it up?
Markets’ Horror Week Ahead Of Opec+ Cuts
With a week to go until massive Opec+ cuts, global storage is filling rapidly, forcing unprecedented price movements and sparking renewed calls for deeper output cuts.
Saudi Arabia Set For Borrowing Spree
Saudi Arabia plans to borrow up to $58bn and once again lean on its foreign reserves in order to fill its widening 2020 budget deficit.
Israel Orders Noble & Delek To Play Fair
Israel has backed minority partners in the 11tcf Tamar gas field in their bid to secure independent gas sales after the majority partners favored Leviathan.
Egypt Sets New Refining, Export Records
New refining units have seen Egypt swing to being a net products exporter for the first time in almost 20 years whilst crude imports hit almost 300,000 b/d.
UAE Leads Mena Solar, Egypt Tops Wind
End-2019 data show the UAE and Egypt leading Mena in solar capacity. Egypt has regained top spot in wind. Yet Mena is still a laggard in global renewables.
