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...

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...

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).  ...

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...

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...

US Oil Output Soars: Did Opec Create A Frankenstein’s Monster?

...The US government’s Energy Information Administration (EIA) this week came out with its most bullish 2018 output forecasts yet. Further massive gains are slated for 2019. Crude output will average 10.27mn b/d this year, the EIA says, a new record and up almost 1mn b/d on 2017. It will co...

Libya: New Year, Same Output Wobbles

...ior to the explosion, with output having doubled in the second half of 2017 (MEES, 1 December 2017). The Es Sider terminal, along with those at Brega and Zueitina, was closed between 21-25 December due to bad weather, but exports were not affected. No explanation has been given for the explosion, th...

Saudi Aramco IPO: New Year, New Promise Or More Headaches?

...Aramco continues preparations towards an IPO. But relatively minor ones. The key disclosures needed for the favored location of New York within the stipulated end-2018 timeframe are nowhere to be seen. With Aramco IPO planning ending 2017 on a muted note, the state energy giant has st...

Acwa Reaches Financial Close On Egyptian Solar

...ojects at Benban. This came after Egypt’s power Ministry gave in to international financiers’ insistence that disputes be subject to international arbitration (MEES, 16 June 2017). Subsequently the World Bank (IFC) joined the EBRD in supporting the Benban projects, taking combined backing to $1.1bn out of...

KEC: Merger Cash Boost

...25. But fulfilling these plans requires investment way beyond KEC’s meagre $43mn Q3 2017 cash reserves. The firm’s key revenue stream comes from mature fields in Egypt which produced 15,200 b/d net for Q3 2017 (of a company total 28,300 b/d – the highest figure on record thanks to continued ramp-up...

Algeria Bans Imports In Latest Move To Curb Deficit

...geria has knocked $2bn off the expected deficit in its final 2018 budget. But the final figure of AD1.914bn ($16.9bn at the budget exchange rate of $1=AD113.5; $16.6bn at the latest actual rate of $1=AD115) still represents a rise of over 70% on an expected 2017 deficit of $9.6bn. Some scope for a su...

Saudi: $13bn Handouts

...crease in the kingdom’s tax take (MEES, 22 December 2017). Tax revenue was slated to rise by $12bn, thanks to the introduction of VAT at 5% from 1 January as well as a hike to road fuel and electricity prices (MEES, 5 January). But, in the face of popular protest, Saudi Arabia is to counter the im...

US Key 2017 Oil Data (‘000 B/D): NGLs, Total Output, Exports At Record Highs

South Korea 2017 Crude & Condensate Imports, ('000 B/D): Iran Overtakes Iraq As #3 Supplier, US Moves Into Top 10

...  SOUTH KOREA 2017 TOP 6 CRUDE IMPORTERS (‘000 B/D): IRAN MOVES AHEAD OF IRAQ INTO #3 SPOT, QATAR SLIPS TO 8-YEAR LOW (‘000 B/D)   SOUTH KOREA 2017 CRUDE SUPPLIERS: MID-EAST SHARE DOWN WITH RUSSIA, UK AND THE USA THE BIG WINNERS...

Crude Official Selling Prices ($/B):Iran Cuts Heavy Crude OSP To Record 55¢/B Discount To Saudi Arab Medium In Battle For Market Share In Asia

...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE.   SAUDI LPG ($/T)...

Chinese LNG Imports (Mn T):

...AUSTRALIA WAY AHEAD WITH 46% OF 2017 SUPPLIES, QATAR CLEAR #2 WITH 19%, US LEAPS TO THIRD PLACE WITH RECORD 407,000T IN NOVEMBER *TOP 6 FOR JAN-NOV 2017 ACCOUNTING FOR 31.4MN TONS, 94% OF TOTAL 33.3MN TONS IMPORTS. SOURCE: CHINA CUSTOMS, MEES.   JAN-NOV 2017 TOTAL (MN T)...