Middle East Oil & Gas News for the week of May 29, 2020
Here are 9 key Middle East Oil & Gas News snippets from stories we are following at MEES for the week of May 29, 2020:
Saudi Arabia Looks To Expand Iraq Footprint
Iraq’s new government is looking to Riyadh to help tackle its myriad challenges. With electricity interconnectivity and (possibly) development of the 5.6tcf Akkas gas field on the table, Saudi Arabia may use its energy sector might to score a diplomatic coup.
Bahrain Oil & Gas Revival Advances
Bahrain’s upstream revival continues. Appraisal of major unconventional reserves has shown positive results and the kingdom is optimistic on attracting more IOCs.
KRG Output Slump Looms
DNO, operator of the key Tawke license, expects output to fall 30% by end-2020. At least it’s earning some cash: Shaikan operator GKP’s April output netted it zero.
Lebanon Fuel Scandal Lays Bare Corruption
As Lebanon’s economy deteriorates, a scandal involving state officials, Algeria’s Sonatrach and shady traders exposes the extent of energy sector corruption.
US Shale: Record Slump; Now For The Rebound?
US output is down over 2mn b/d since March. But, with WTI seemingly steady above $30/B, curtailments are set to be unwound. How much of a rebound is likely?
Oil & Gas Investment Slashed
The IEA has oil and gas spending falling by a record 32% this year. Even a return to normal spending from 2021, would leave 2025 output some 2mn b/d lower.
GCC Gas Grid Edges Forward
Bahrain’s unused LNG import terminal and Kuwait’s larger under-construction one could supply Saudi Arabia as plans to link grids edge forward.
A Dhabi Ships Record Volumes To China
Whilst Saudi Arabia focused record April exports on Europe and the US, Abu Dhabi focused on Asia with China taking a record 774,000 b/d from the UAE.
GCC Renewables: Becoming Key
Saudi Arabia has ambitious solar plans. But the UAE’s two largest emirates, Abu Dhabi and Dubai, remain the region’s clear leaders.
