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Kurdistan Oil At Center Of Iraq Budget Disputes
...me after federal forces retreated from the Islamic State in 2014. The federal government reclaimed these assets in 2017 MEES, 20 October 2017). The Opec+ cuts are primarily from an October 2018 baseline, when KRG output was approximately 400,000 b/d. Whichever way you look at it, full-year pr...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
IEA Slashes Demand Outlook Amid Tighter Global Restrictions
...oduction. Again, these downgrades have been frontloaded (see chart 3). DEMAND FOR OPEC CRUDE The IEA sees the Call on Opec averaging 27.70mn b/d for 2021, up 4.8mn b/d on the 2020 level. As recently as 2017 it was 32mn b/d. And while the call doesn’t equate to actual demand for Opec cr...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Algeria Sees $10.6bn 2020 Trade Deficit With Revenues At 18-Year Low
...me (MEES, 17 June 2020), policy initiatives have been state-driven and focused on dealing with the symptoms rather than the underlying malaise: from printing money (MEES, 13 October 2017), to banning whole swathes of imports (MEES, 1 January 2018). Official foreign currency reserves collapsed from al...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
KRG: Key Firms DNO & Genel Expect Lower Output in 2020
...ck to around 500,000 b/d. But it isn’t always plain sailing. Whilst the region’s first new field startup since 2017 may be just months away, two of the region’s biggest foreign players appear set for output to dip over 2020. Operations reports from Norway’s DNO and Anglo-Turkish firm Genel, which pa...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Chevron To Bag Egypt West Med Blocks As Bidding Canned
...reage. In its 2017-18 annual report, Egypt’s state gas firm EGAS flagged up that the objective of the western Mediterranean offshore region was “to attract major international companies to operate in the region such as ExxonMobil, Statoil [now Equinor] and Chevron.” Two out of three ain’t bad, and begs th...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Crescent Petroleum Focused On Iraq Expansion, Keeps One Eye On Diversification
...escent-KRG relationship has been turbulent, with a long running legal dispute only resolved in late-2017 (MEES, 1 September 2017). Still, Crescent is not deterred. “Even though there are risks, we have been through a lot – whether it is the rise of ISIS, or local issues that all got resolved – and so we...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Egypt’s Cheiron Tipped For Dana Assets
...oject is West El Burullus in the Mediterranean which it purchased from France’s Engie in 2017 (MEES, 19 April 2017). The block contains “two gas and condensate discoveries [which] are currently being developed with an expected first gas delivery in 2020,” the firm says. Output of around 100mn cfd will be...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Israel Scores Gas Diplomacy Breakthrough As Leviathan-Egypt Flows Begin
...is marked the start of Israel-Jordan gas deliveries indicate just how successful Jordan has been at avoiding publicity for the modest imports that began back in 2017. Those initial volumes were of gas from the Tamar field to Jordan’s Arab Potash plant on the Dead Sea. GEOPOLITICAL WIN-WI...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Leviathan Reserves Get ‘Contingent’ Boost
...reserves is the same as for 2P. But the difference is the lack of an approved economic development plan for the “contingent” volumes. Leviathan development only moved forward in early 2017 on the basis of a scaled-back version of what had been dubbed ‘Phase 1’ development: with just four pr...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Korea 2019 Crude Imports: Gulf Down As Usa Soars
...th 387,000 b/d as recently as 2017, have been zero every month since May when US sanctions ‘waivers’ expired (MEES, 28 June). *The Saudi slump in volumes comes despite Aramco last year taking 17% in Hyundai Oilbank, which operates the 650,000 b/d Daesan refinery south of Seoul (MEES, 20 De...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Kuwait Budgets For Mega Deficit In 2020-21
...curate, then it will run up a cumulative $144bn deficit over the seven years to March 2021. Its last budget surplus was $16.5bn in 2013-14. This is particularly problematic as the government has been unable to issue new debt since October 2017 due to legislative gridlock holding up the passage of a ne...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Oman: Oil Revenues Rebound Despite Slide In Exports
...*Latest official data from Oman’s Ministry of Oil and Gas show that the sultanate produced 992,000 b/d of crude and condensate in December. This pegs average 2018 output at 978,000 b/d, up a fraction on 2017 but almost 3% down on 2016’s record 1.004mn b/d – the only time Oman’s output has ev...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Eni Completes Middle East Tour De Force
...arjah and Bahrain as it looks to diversify its portfolio. Net liquids output from the region – all from Iraq’s Zubair – averaged 40,000 b/d in 2017 out of a global 852,000 b/d (4.7%). Add in gas, and the net regional share was 43,000 boe/d out of 1.82mn boe/d (2.4%). By way of comparison North Af...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Qatar Cements Korea LNG Top Spot
...ter taking zero for October. Conversely, Korean LNG imports from the US hit a quarterly record of 1.48mn tons in Q4 and a monthly record of 610,000 tons in October. Not only is Qatar Korea’s top supplier but the feeling is mutual. Korea, having overtaken Japan to become Qatar’s top customer in 2017...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Oman: Bp & Eni Look To Repeat Khazzan Success
...tcome. BP upstream chief Bernard Looney says the firm aims to “further deepen its important position in Oman, building on the successful delivery of Khazzan in 2017 and its second phase of development that is currently under construction.” BP entered the Khazzan project in 2013 (MEES, 7 June 2013), an...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
IEA Points To Marathon Task Of Rebalancing Market
...growing rapidly, but Opec’s share of it is declining even more quickly. Opec’s own numbers show that the group is slated to supply just 30.8% of global demand in 2019 down sharply from 33.8% in 2017. Opec expects non-Opec production to grow by a massive 2.1mn b/d in 2019 – still less than 20...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
KRG Poised For Another Bumper Oil Year In 2019
...Iraqi Kurdistan’s oil sector overcame immense challenges in 2018. It countered expectations to boost production by some 90,000 b/d, ending the year at around 420,000 b/d. Despite the loss of around 280,000 b/d production from the Bai Hassan and Avana Dome to federal forces in October 2017 (ME...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Aramco’s Sabic Takeover: Are Assets Compatible?
...pacity of 10.2mn t/y of end products. While Sabic’s 66.9mn tons of chemicals output in 2017 included intermediate products (see chart), even assuming two thirds of this total was intermediates suggests its end-products capacity is more than double Aramco’s. Sabic is one of the world’s largest pe...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
UAE Plans 7GW Power Tenders
...wain (MEES, 30 November 2018). The 7GW of planned additional powergen capacity will be equivalent to 40% of the combined 17.4GW of current capacity in the Ewec (16.7GW) and Fewa (700MW) operating areas. Fewa is increasingly reliant on imports from Abu Dhabi, taking an average 1.59GW from Abu Dhabi in 2017...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Tunisia: 120MW Wind awards
...rm Steg, at a price of TD0.10-0.135/kWh ($0.034-0.046/KWh) for 20-years. The 130MW tender, initially launched in May 2017, went through a number of deadline extensions, finally ending in December 2018. 10MW of capacity reserves for smaller projects received no bids. Delays are becoming the no...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019