Page 6 - MEOG Week 44 2022

MEOG PRICES & PERFORMANCE MEOG

Aramco announces Q3 results

SAUDI ARABIA SAUDI Aramco this week announced its Q3 oil producers following years of failing to main-
results, which were highlighted by a net income tain upstream investments, he added: “Against
of $42.4bn, up 139% against the same period last the backdrop of global underinvestment in our
year. sector, we are extending our long-term oil and
Despite some price volatility during the quar- gas production capabilities while also work-
ter, the company continues to benefit from the ing towards our previously stated ambition to
recovery experienced over the past year or so, achieve net-zero Scope 1 and Scope 2 green-
earning well in excess of the level required to house gas emissions from our wholly-owned
cover its $18.75bn quarterly dividend obligation. operated assets.”
Free cash flow was reported at $45bn, up Having increased oil production in line with
from $28.7bn during Q3 2021. The strong finan- OPEC+ quotas prior to recent reductions, Ara-
cial performance was driven by an almost $29 mco’s total hydrocarbon production, which cov-
increase in the average realised price per barrel ers oil, gas, condensates and NGLs, was reported
of crude to $101.7. at 14.4mn barrels of oil equivalent per day, up
The company’s president and CEO, Amin from 12.9mn boepd a year earlier.
Nasser, said: “Aramco’s strong earnings and While Aramco again failed to provide a
record free cash flow in the third quarter rein- substantive update on activities in either the
force our proven ability to generate significant upstream of downstream, it pegged Q3 CAPEX
value through our low-cost, low-carbon inten- at $7.3bn, up 25% year on year, with the spend
sity upstream production and strategically mainly directed towards “increased develop-
integrated upstream and downstream business. ment activity for crude oil increments and gas
While global crude oil prices during this period projects”.
were affected by continued economic uncer- It said that capital spending for the first nine
tainty, our long-term view is that oil demand months had risen to $20.5bn, with the $2.8bn
will continue to grow for the rest of the decade, increase in the period also attributable to the
given the world’s need for more affordable and company’s efforts to increase maximum sus-
reliable energy.” tainable capacity (MSC) to 13mn barrels per day
Reiterating criticism levelled at non-OPEC (bpd) by the end of 2027.™

EPDK shows Turkish gas

imports fell in August as oil rose

TURKEY TURKEY’S natural gas imports in August fell by 2021. Household consumption grew by 5.60%
7.62% y/y to around 3.85bn cubic metres (bcm) to 318 mcm, while the use of gas in power plants
from 4.17 bcm a year ago, the according to the declined by 22% to 1.90 mcm.
monthly natural gas market report issued by the The natural gas volume in storage in August
country’s Energy Market Regulatory Authority increased by 37.8% y/y to around 3.71 bcm.
(EPDK). Liquid petroleum gas (LPG) imports in
Total oil imports in August expanded by August decreased by 14.7% y/y to 275,733
5.60% y/y to 4.33mn tonnes, with crude oil tonnes, the energy watchdog report also showed.
imports up 3.04% y/y to 2.94mn tonnes. LPG production increased to 101,251 tonnes,
The EPDK data also showed that of the gas marking a year-on-year rise of 18.4%. LPG
imports, 3.55 bcm (up 0.86% y/y) were piped, exports rose to around 27,248 tonnes, up 80.8%
while 296mn cubic metres (mcm) (down y/y.
54.04%) arrived in the form of liquefied natural The majority of Turkey’s oil exports, 1.8mn
gas (LNG). tonnes, came from Russia. Iraq and Kazakhstan
Russia provided 2.11 bcm of the natural dispatech 1.09mn tonnes and 475,161 tonnes,
gas (up 1.54% y/y), while Iran and Azerbaijan respectively.
shipped 904 mcm (up 0.74%) and 538 mcm Oil refinery product exports moved up
(down 1.53%), respectively. by 57% to 1.22mn tonnes. Total domestic oil
The country’s total gas consumption shrank product sales increased by 4.49% y/y to 2.80mn
by 17.68% to 3.59 bcm compared to August tonnes.™

P6 www. NEWSBASE .com Week 44 02•November•2022