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Oman Gas Output Surges To Record 54.5bcm For 2024 With Further Expansions Eyed
...e single largest addition to upstream gas output since BP’s massive 1.5bn cfd Khazzan gas field started in 2017. Indeed, the gains at Mabrouk North East – whose output averaged 480mn cfd for 1H 2024 – were more than those for Oman overall, implying that output was cut at other gas fields to make sp...
Volume: 68Issue: 04Published at Fri, 24 Jan 2025 -
BP Spuds Egypt Well As Shell Eyes Higher WDDM Gas Price
...fshore infrastructure was sparse. But that has since changed with BP developing WND which came online from early 2017 (MEES, 12 May 2017). BP’s WND facilities have 1.4bn cfd of gas processing capacity, so there will still be 800mn cfd spare even after the two recent Raven wells are brought online. An...
Volume: 68Issue: 04Published at Fri, 24 Jan 2025 -
Trump’s Twin Desires: Energy Dominance & Low Prices
...rst term started in 2017. The year prior to his first term, liquids exports of 5.26mn b/d were well behind Saudi Arabia and Russia, but they have since doubled and have been running at more than 10mn b/d for the last two years. The US overtook Saudi Arabia in 2020 to seize the crown as the world’s la...
Volume: 68Issue: 04Published at Fri, 24 Jan 2025 -
Oman Hits Record Gas And Condensate Output For 2023
...tput increases (see chart 1). The biggest gains came with the 2017 start-up and subsequent expansion of the huge Khazzan tight gas field on Block 61 (BP 40%op, OOC 30%, PTTEP 20%, Petronas 10%: MEES, 7 July 2023). Gas sector momentum shows signs of continuing into 2024, with international companies pu...
Volume: 67Issue: 04Published at Fri, 26 Jan 2024 -
Saudi Investment Primes DME For Regional Expansion
...ainst the DME Oman contract, but DME has long targeted Iraq’s Somo (MEES, 15 September 2017) and Saudi Arabia’s financial backing may tempt it to make the switch from Platts Oman. The partners have sought to emphasize that “ensuring the integrity of the DME Oman contract” is of the utmost priority an...
Volume: 67Issue: 04Published at Fri, 26 Jan 2024 -
Cyprus Gas Ambitions: From Dreams To Reality In 2023?
...e border. And with Eni either operating or partnering TotalEnergies on the key blocks on the Cypriot side of the border, it was well placed to look for ‘more Zohr’ in Cyprus. Though the first such well, July 2017’s Onesiphoros on Block 11 (Total 50%op, Eni 50%), only discovered sub-commercial vo...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Imminent Russian Embargo Set To Boost Middle East-Europe Oil Flows
...ve-year average. However, middle distillate inventories only reached 240.2mn barrels in November, 31.9mn barrels below the 2017-2021 average.” Preliminary Euroilstock data shows a modest 800,000-barrel December rise, which would have left middle distillate inventories still well below average le...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Kuwaiti Government Resigns. Again
...quired to ease the government’s reliance on direct oil revenues by tapping into its dollar reserves has been stuck since October 2017. With government ministers objecting to the debt relief bill, and MPs seeking to “grill” two cabinet ministers, the cabinet opted to resign. Prime Minister Sheikh Ah...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Power Generation Set To Drive Middle East Oil Use Gains
...dustrial activity typically rises with economic activity. Consumption averaged 572,000 b/d for the first 11 months of 2022, up 70,000 b/d year-on-year. This is the highest figure since 2017, when the government implemented subsidy reforms to curb consumption and effectively pushed it out from power pl...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Oman: Block 60 Oil Field Inauguration
...0,000 boe/d, and provides a welcome boost to Oman’s overall production capacity. But with renewed Opec+ production cuts in place until the end of the year, Oman will be unable to fully tap into this additional capacity (see p3). Block 60 was first discovered in 2017, with the first crude oil pr...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Oman Oil Output Back Above 1mn B/D
...0,000 b/d for the first time in June 2020 it has stayed well above that mark ever since. Essentially, Oman is capitalizing on the December 2019 decision by Opec+ to bring the non-Opec cohort in line with Opec and exclude their condensate production from the cuts (MEES, 6 December 2019). Between January 2017...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Iran Targets 3.5mn b/d Refining Capacity
...ocessing facilities at Assaluyeh. The facility was one of the key projects awarded after sanctions were lifted in 2016. A heads of agreement (HoA) for a $3bn deal to construct the facility was signed with Korea’s Hyundai Engineering and Construction, Daelim, and Japan’s Chiyoda in 2017, with estimated co...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
NEW EGPC CHAIRMAN
...Egypt’s Petroleum Minister Tarek El Molla this week appointed Alaa El Batal as the new Chairman of state oil firm Egyptian General Petroleum Corporation (EGPC). Mr Batal succeeds Abed Ezz El Regal, who is retiring having headed EGPC since March 2017. Mr Batal took up his duties on 26 January, ha...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Egypt Oil Output: Any Chance Of A Rebound?
...cord 61,800 b/d for 2H 2020, a record 12% of Egypt’s total output, effectively maintaining the monthly record 62,000 b/d hit last August (MEES, 18 September 2020). Having averaged 40,000 b/d for the decade to 2017, GPC output from onshore fields in the Eastern and Western Desert, has rapidly increased si...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Adnoc’s Sour Crude Wins Over Buyers In China
...0,000 b/d production capacity (Adnoc 60%, Exxon Mobil 28%, Inpex 12%: see chart 2). The partners are working to expand capacity to 1mn b/d by 2024 (MEES, 17 November 2017). Upper Zakum is one of the deliverable grades for the Shanghai International Energy Exchange (INE) oil futures contract which was la...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Thailand Crude Imports: Mideast Share Falls To Record Low
...the UAE in 2017 when Saudi notched up a record 259,000 b/d, Saudi volumes have since slipped back: 2020’s 195,000 b/d was a six-year low. *The USA was number three with volumes rising 12,000 b/d to a record 98,000 b/d for 2020. *Gaining market share at the Gulf’s expense have be...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Algeria’s Power Output Falls For First Time On Record In 2020
...20, but was also the second highest on record ahead of 2017’s 14.45GW (see chart 2). The good news is that peak demand remains well below Algeria’s installed capacity, which rose by 900MW to 22.9GW last year. That buffer isn’t as large as it looks, however. In reality, Algeria’s ‘available ca...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Saudi Arabia Unveils PIF’s Five Year Strategy
...erall, Saudi GDP growth has been slow since the late-2014 oil price crash (see chart 1). The late-2017 decision to end austerity measures (MEES, 22 December 2017) that were crimping growth had been paying dividends, but the unprecedented turmoil of last year derailed the economy. The IMF’s latest es...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
KRG: Key Fields Set For 2020 Gains
...ate firm Taqa 47.4%op, Canada’s Shamaran 27.6%, KRG 25%) and the Sarsang license (HKN 62%, Total 18%, KRG 20%). Atrush is the newest producing field in Kurdistan, with production only beginning in 2017. It has swiftly become a key producer, and output rose to a record 32,000 b/d last year. This wa...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Oman: Blocks 3 & 4 Finish 2019 In Style
...ocks’ partners, it has to be noted that this comes while Omani output was capped at 970,000 b/d under the Opec+ agreement. Under the initial round of cuts in 2017-18, the blocks’ output was capped at 41,000 b/d (MEES, 20 January 2017), and while the cap was increased minimally in 2019, it is hard to see ho...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020