Page 15 - MEOG Week 48 2021

MEOG NEWS IN BRIEF MEOG

other countries to release emergency crude columns in the table are in millions of barrels hub received a boost last week after the
reserves to temper energy prices. per day. Madbouly government signed agreements
OPEC+ has been gradually winding REUTERS with Greece and Israel that could help it
down record supply cuts of 10 million bpd expand exports to Europe. A number of
implemented last year and currently has some Cash-strapped Iran memoranda of understanding (MoUs) were
3.8 million bpd of reductions still in place. inked during the East Mediterranean Gas
The increase in OPEC’s oil output in considering oil-for-buses Forum in Cairo that could see Egypt import
November has again undershot the rise more natural gas from Israel to be used as
planned under a deal with allies, a Reuters swap feedstock for re-exporting liquefied natural
survey found. gas (LNG) shipments to Greece from the Idku
REUTERS The Iranian government is considering an and Damietta LNG plants.
oil-for-buses swap, Tehran’s Financial Tribune The increased Israeli supplies could be
OPEC oil output rises by has reported. channelled through a new pipeline linking
Egypt and Israel, the latter’s energy minister
If the plan goes ahead, Iran would
220,000 bpd in November reportedly offer to barter oil for around 3,600 reportedly said.
Both countries are discussing the
new buses with low emissions.
The following table shows crude output by Deputy interior minister Mehdi construction of a new $200mn onshore
the Organization of the Petroleum Exporting Jamalinejad was reported as referring to rising pipeline that would connect Israel and Egypt
Countries (OPEC) in millions of barrels air pollution in Tehran while suggesting that via North Sinai. The pipeline could allow
per day (bpd) in November and October, Tehran, as a megacity struggling with a large Egypt to import an additional 3-5bn cubic
according to a Reuters survey published on population (towards 9mn people in the city metres of gas per year.
Tuesday. proper, and 15mn across its metropolitan The MoU signed between Greece and
OPEC and allies, known as OPEC+, are area), would receive most of the acquired Egypt will see the two countries work more
unwinding record output curbs made in 2020, buses, namely around 1,200. closely on LNG marketing and natural gas
but are still withholding millions of barrels. In Isfahan, Tabriz and Mashhad would also exploration and production activities in the
November, the cuts required of OPEC stood be prioritised for bus fleet expansions, IRNA EastMed as well as potentially set up a new
at 2.636 million bpd, according to Reuters reported Jamalinejad as adding. subsea pipeline linking the two countries, the
calculations and OPEC figures. “The oil-for-buses swap plan is a solution Greek energy ministry said in a press release.
Compared with the levels from which to the government’s lack of financial resources, The agreement will also lay the foundation
they agreed to cut, which in most cases was which has been exacerbated by US sanctions,” for Greek companies to sign agreements with
their output in October 2018, the 10 OPEC it also quoted the deputy minister as saying. Egypt’s state gas company EGAS as well as
members bound by the deal reduced output BNE Greek importer DEPA.
by 3.173 million bpd in November, the survey The Egypt-Greece pipeline would be in
found. addition to the planned link between Cyprus’
Since the actual cut made is 3.173 million GAS Aphrodite natural gas field and Egypt, which
bpd rather than the 2.636 million bpd would allow Cyprus to export its gas to
pledged, OPEC’s compliance stands at 120% Egypt partners with Greece, Europe via Egypt’s liquefaction facilities. The
versus 118% in October. pipeline is currently expected to come on
October’s output was revised up by 20,000 Israel to boost gas exports stream in 2024/2025.
bpd after a change to the Libyan estimate. BNE
The figures in the first, second and fourth Egypt’s ambitions to become a regional gas

Week 48 01•December•2021 www. NEWSBASE .com P15