Middle East Oil & Gas News for the week of May 22, 2020
Here are 9 key Middle East Oil & Gas News snippets from stories we are following at MEES for the week of May 22, 2020:
Mena Renewables Projects Tap Chinese Funding
Chinese state and state-backed lenders have emerged as key financers of renewables and other Mena power projects, with Chinese firms also bagging key related EPC contracts. China’s state Silk Road Fund taking 49% of the renewables arm of key regional firm Acwa is the biggest move yet.
KRG Oil Sector Risks Unwinding In 2020
Iraqi Kurdistan’s patchwork oil industry is under immense strain. Numerous liens mean Erbil nets less than half gross earnings, with key producers near bankrupt.
Algeria’s Oil Revenues Test Record Lows
With Algeria’s 2020 oil export revenues on track for an 18-year low, the country’s finances, and potentially politics, could be stretched to breaking point.
Low Cost Qatar Sees Downturn Advantage
LNG prices are near record lows but Qatar has no intention of cutting output. “The most expensive priced producers will go first,” says QP’s CEO.
Saudi Focuses Exports On China & Japan
Saudi Arabia is doubling down on its two largest crude export markets, China and Japan, as it cuts exports to as low as 5mn b/d for June.
Eni Egypt: Two Steps Forward, One Step Back
Eni’s Egypt output ‘Zohred’ to record levels for 2019. But amid enforced shut-ins, 2020 looks set to see all of last year’s gains relinquished.
Adnoc Reduces Exports Amid Opec Cuts
The UAE is Saudi Arabia’s key ally in Opec and beyond. With heavier Upper Zakum in high demand, the deepest cuts have so far focused elsewhere.
Asian LNG Term Pricing Set To Collapse
April LNG import data show key term supplier Qatar continued to enjoy bumper pricing. But with both crude and spot LNG having slumped, this can’t last.
Turkey Halts Haftar’s Tripoli Advance
How will foreign backers of the Libyan general respond to battlefield losses? With reports of Russian jets arriving from Syria, will it be escalation or talks?
