Middle East Oil & Gas News for the week of July 17, 2020
Here are 9 key Middle East Oil & Gas News snippets from stories we are following at MEES for the week of July 17, 2020:
Opec Oil Revenues Set For 17-Year Low In 2020
Early last decade Opec annual oil revenues topped $1 trillion. A distant memory. Since the late-2014 oil price slump, earnings have remained stuck below $700bn. And they are set to fall below $350bn this year. Not since 2003 have the group’s collective coffers looked so bare.
Is Algeria Now Taking Reforms Seriously?
Algeria’s new president appears to be thinking the unthinkable. One of the world’s most dirigiste states is finally realizing that it needs a private sector.
Israel’s Delek Eyes $2.5bn Leviathan Loan
Looming debt repayments mean key Israel producer Delek Drilling needs to raise money fast. Hopes rest on mortgaging future output from the 23tcf Leviathan field.
Iraq’s Lights Go Out, Mood Darkens
Baghdad is planning a flurry of quick fixes to try and avoid acute blackouts this summer. But serious strategy to tackle chronic problems is in short supply.
Waters & Tensions Rise In Dam Dispute
The Grand Ethiopian Renaissance Dam has begun to fill despite the absence of an agreement between Egypt, Sudan and Ethiopia on future use of Nile waters.
Libya’s NOC Struggles To Restart Output
Libya’s hopes of restarting onshore oil output have been dashed for now at least as Egypt and Turkey square off over key regions.
Iran Taps Local Firm For Yaran Border Field
As US sanctions continue to hamper foreign investment, Tehran is tapping local companies for watered-down development projects at border fields.
Opec+ Eases Supply Growth Concerns
With Opec+ reaffirming that output constraints will be eased from August, senior figures were this week keen to stress exports will remain low.
Aramco Downstream Shake-Up
Saudi Aramco has followed last month’s Sabic takeover with a downstream shake-up. But the purchase of 20% of India’s Reliance, has been pushed back to 2021.
