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Tunisia Gas Output At Record Lows
...the region, implements a 2017 agreement to over pay and working conditions. ...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
US LNG Exports Hit New Record
...ns for 11M19, already well ahead of 2018’s annual record of 2.35mn tons) a clear second. China, with 1.99mn tons was the US’ second largest overseas market in 2017 after South Korean) volumes collapsed in the second half of 2018 with the onset of a still-ongoing trade dispute; just four cargoes sa...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Taqa Completes $3.5bn Refinancing
...ter oil prices collapsed in 2014. This focused on cutting capital expenditure and reducing debt (MEES, 17 November 2017). Taqa’s main business segments are power and water, mainly in the UAE but also internationally, as well as upstream oil and gas. Upstream Taqa has producing operations in Iraqi Ku...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Saudi, UAE Tighten Pakistan Links With Downstream Dollar Diplomacy
...tar, which supplied 84% of Pakistan’s 4.6mn tons 2017 LNG imports. Qatari exports to Pakistan are booming and hit an all time high of $640mn in 3Q 2018, up $240mn year-on-year. There is no sign of any slowdown either with vessel tracking showing that Qatar remains the dominant supplier as of early Ja...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Iraq Nears 5mn b/d Production Capacity Ahead Of Schedule
...its parts. Iraq’s oil sector rounded off months of record form in December, with wellhead production at an all-time high of 4.70mn b/d (see p6). For 2018 as a whole, output averaged 4.53mn b/d, up 100,000 b/d year-on-year from 2017, which itself was a record year. That Baghdad has managed to gr...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Libya Revenues At 5-Year High But Remain Unstable As Noc Eyes Gas Boost
...venues for 2018, a figure that could have been substantially higher if it wasn’t for intermittent outages at key fields and export terminals, mainly due to civil strife, storage capacity woes and bad weather. 2018’s 78% hike in revenues comes thanks to average oil prices almost $20/B higher than 2017...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Aramco Readies For Sabic Acquisition, IPO With Reserves Upgrade, Bond Plans
...nds have exactly matched output of 10mn b/d or so. DeGolyer & MacNaughton assessed Aramco’s crude and condensate reserves – essentially the entirety of Saudi Arabia except for the Neutral Zone shared with Kuwait – as of 31 December 2017 at 268.5bn barrels. Gas reserves were placed at 325.1 tr...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Saudi Kicks Off 2019 Fundraising With $7.5bn Bond Issue
...gan in 2016 to tap the international debt market to cover its fiscal deficit. Saudi Arabia raised $17.5bn worth of bonds in 2016, a record $21.5bn in 2017. Issuance dipped to $13bn for 2018 as oil prices hit a four-year high, erasing the strain on Riyadh’s finances (MEES, 21 December 2018). But, with oi...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Opec December Output Tumbled Ahead Of Latest Round Of Cuts
...vember’s 33.13mn b/d (see table). This was the largest monthly fall since the previous round of cuts kicked in back in January 2017. That said, October and November output was at the highest level since late 2016 as countries sought to maximize revenue ahead of the cuts and also to ensure high baselines fo...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Qatar Petchems To Benefit From QP’s Upstream Ambition
...pco 20%) at Ras Laffan was canned in September 2014, while the $6.5bn 1.5mn t/y Al-Karaana facility (QP 80%, Shell 20%) was shelved in January 2015 (MEES, 16 January 2015). When Mr Kaabi told MEES in December 2017 that QP was launching a new “world scale” 1.6mn t/y ethane cracker it therefore ma...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Saudi Firm Acwa Power Eyes Funding Options For Bumper Projects Portfolio
...ices have subsequently (and quietly) been renegotiated upwards. For concentrated solar power (CSP) the world record low award was Acwa’s offer to supply power for just US¢7.30/kWh from the 700MW fourth phase of Dubai’s MBR solar park at Seih al-Dalal 50km south of Dubai city (MEES, 22 September 2017...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Egypt Delays Subsidy Reform With Economy On The Mend
...ansport fuel subsidies in 2H 2018, the first half of the country’s 2018-19 financial year. This puts the country bang on target to hit the 2018-19 budget plan of E£89bn ($5.2bn). It also marks a real-terms fall of 21% versus the E£45bn ($2.9bn) spend for 1H 2017-18 given 12% inflation. But the co...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Algeria Set For 11th Straight Deficit In 2019
...dget anticipating a $17.4bn deficit. Algeria has run up cumulative budget deficits of over $100bn since 2009, with deficits recorded even in 2011-14 when oil prices were over $100/B. They have ballooned since as oil prices tanked (see charts 1 &2). 2017 was the closest Algeria has got to ba...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Aramco JV Refinery On Test
...Malaysian state oil firm Petronas has begun trial runs of the CDU at the 300,000 b/d Rapid JV refinery in the southern Johor province, according to Reuters. Saudi Aramco is equal partner with Petronas in the project, having paid $7bn in 2017. The partners are looking to reach full commercial op...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
EDF Seeks Buyer For EDISON Egypt, Algeria Assets
...committed to the plans in an attempt to quash rumors that the company planned to quit Egypt (MEES, 21 December 2018). Edison’s other key production is in Algeria, where is has 11.25% of the 2.9bcm/y Reggane North development in the country’s far southwest which started up in late 2017 (MEES, 22 December 2017...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Iraq Rushes To Jumpstart Projects Ahead Of May Election
...cremental gains this year are set to come from the 200,000 b/d Halfaya field (CNPC 45% and operator, Petronas 22.5%, Total 22.5% and Iraqi state Maysan Oil Co. 10%) in Maysan province. Phase 3 to double output to 400,000 b/d by end-2018 was greenlit in April (MEES, 28 April 2017). Work is underway, with CN...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Key Middle East Producers Ease Off Drilling Going Into 2018
...Last year saw record low global oil and gas discoveries. The 2018 picture looks similar, despite a nascent major return to deepwater drilling. The Middle East, a bright spot in the downturn, kept drilling at near-record levels in 2017, but dwindling cash reserves mean activity has eased. Th...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Aramco Ramps Up Domestic Petchems Supply Slate, Boosts Saudi Manufacturing
...ansformational’ JVs, notably with Sabic for a crude oil to chemicals plant in Saudi Arabia and with ExxonMobil for an ethane cracker and polyolefins plants in Texas (MEES, 1 December 2017). ...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Saudi Shortlists Two In Solar Tender – But Not The Cheapest
...wer at US¢2.34/kWh and US¢2.66/kWh respectively – were the second and third lowest of eight bids announced by Repdo in October. A consortium of UAE state firm Masdar and France’s EDF offered US¢1.79/kWh (MEES, 6 October 2017). Repdo did not explain its decision to reject the Masdar/EDF bid, saying on...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Opec’s 2017 Output The Second Highest On Record; What Does 2018 Hold?
...another “full year” of cuts in accordance with November’s agreement (MEES, 1 December 2017). For sure, Opec last year secured its first annual output fall since 2014: production averaged 32.49mn b/d. However, the big caveat is that this was just 130,000 b/d shy of 2016’s record 32.62mn b/d and th...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018