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Kuwait Upstream Capacity Tops 3mn B/d
...pacity back up from 563,000 b/d in 2020 to 700,000 b/d (MEES, 26 July 2024), though capacity will remain below its 2017/18 peak of 760,000 b/d. Also in northern Kuwait, a boost came from heavy oil reserves, with KOC earlier this month stating that capacity here has hit 90,000 b/d from 75,000 b/d in 20...
Volume: 68Issue: 05Published at Fri, 31 Jan 2025 -
MBS-Trump Investment Pledge Boosts Aramco US LNG Investment Plans
...int venture with Shell. This operated three refineries with a combined crude processing capacity of 1.065mn b/d, but was split up in 2017 with Aramco ending up with a 100% stake in the 600,000 b/d Port Arthur refinery (MEES, 10 March 2017). The Port Arthur plant accounted for 115,000 b/d of Saudi cr...
Volume: 68Issue: 05Published at Fri, 31 Jan 2025 -
KRG: Genel Finalizing Taq Taq Exit
...6,000 b/d in 2015, but it suffered a catastrophic output collapse as geological challenges prompted huge reserve downgrades from 2017 (MEES, 31 March 2017). Output was below 5,000 b/d even prior to the 2023 closure of the KRG’s export pipeline, and Genel opted not to produce from it last year (MEES, 26 Ja...
Volume: 68Issue: 05Published at Fri, 31 Jan 2025 -
QatarEnergy Signs Long-Term LNG Deal With Price-Sensitive Bangladesh
...ne 2017). Then in 2021, Qatar signed a deal with trading firm Vitol to supply 1.25mn t/y of LNG to Bangladesh until 2028. This was followed in June 2023 with another QatarEnergy-Petrobangla deal, this time for 1.8mn t/y for 15 years from 2026 (MEES, 2 June 2023). With the new deal’s full 1mn t/y ki...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
Egypt’s Upstream Independents Feel The Pinch Of Local Dollar Shortages
...aros saw its receivables position rise 54% to end 2023 at $37.3mn. Pharos’ Egypt output comes from 45% stakes in the El Fayum and North Beni Suef (NBS) concessions south of Cairo operated by privately-held Texas-based IPR. Here output fell 21% to 3,070 b/d for 2023, less than half of 2017’s 7,...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
Deadly Militia Attack On US Outpost In Jordan Underlines Iraqi Government’s Weakness
...litias could destabilize a fragile reconciliation between Iraq and its Arab neighbors, and possibly threaten the economic and trade gains that Baghdad hopes will bring much-needed investment from GCC countries (MEES, 8 December 2017). SOPHISTICATED AND STRATEGIC ATTACK The line be...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
Saudi Arabia’s Luberef Secures Samref VGO
...ceives up to 50,000 b/d of RCO through pipeline connections to Yanbu’s refineries, while the Jeddah plant has had to receive its 24,500 b/d via tanker since the Jeddah refinery shut in 2017 (MEES, 24 November 2017). Yanbu RCO supplies were increased by 5,000 b/d in June 2023 under a new 12-month su...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
KRG’s Oil Sector Hangs By A Thread As Iraq-Turkey Arbitration Nears Closure
...,000 b/d through the link. PIPELINE TO THE WORLD The stretch of pipeline in Kurdistan was built and operated by domestic firm KAR and had an initial capacity of 300,000 b/d. This was expanded to 700,000 b/d and then in June 2017 Russian state-firm Rosneft took a 60% stake and invested in ex...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Iraq Eyes Japanese Replacement For Inpex Stake
...ch as JX Nippon are unlikely to be willing to replace Inpex given the risky operational environment. Located in Dhi Qar province and discovered by Lukoil in 2017, Eridu is one of Iraq’s largest discoveries in recent years....
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Iran Sets New Production Targets As Owji Offers Oil To The World
...rget is a flashback to 2015 when the Joint Comprehensive Plan of Action (JCPOA) was signed and Iran sought to bring foreign firms back into the country. Back then Iran targeted 5.7mn b/d by 2017-18 (MEES, 25 September 2015), but few firms were willing to take the plunge. TECHNICAL & FINANCIAL CH...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Exxon Eyes 25% 2022 Permian Growth
...ficiencies and driving technology applications… has worked very, very well, and we’re seeing the results of that.” This references a strategy first set out in 2017 (MEES, 17 February 2017) and expanded upon two years later (MEES, 15 March 2019). Exxon also stuck to its guns and doubled down on the Pe...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Egypt To Seek More IMF Aid Amid Growing Budget Deficit
...se. Preliminary figures for the first half of the current 2021-22 financial year (ie for 2H 2021) show subsidies and grants spending rising to E£136bn ($8.6bn), the highest first half figure since 2017-18 and up 36% from the 1H 2020-21 figure (see table and chart 1). Whilst comparing part year ac...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Kuwait Cuts Long Term Targets For Giant Burgan Field
...ude oil and associated gas recovered from the Arifjan, Marat, Minagish Oolite and Burgan Wara sour reservoirs. The EPC for the facility was awarded to British firm Petrofac in March 2017, and the plant was originally due online in mid-2020. Start-up has since been delayed and the latest timeframe an...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
LNG Trade: China Set To Overtake Japan As Top Importer
...rket share is down from the record 46.1% hit the previous year. Qatar remains a clear number two in the Chinese market, but a distant one, with 2020 supplies of 8.2mn tons less than a third of Aussie volumes. Having overtaken Japan in 2017, South Korea was Qatar’s top export market in 2018 and 20...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Libya’s Power Sector In A Race Against Time
...ka said last month it was “about to start construction” on two gas turbine power plants – 650MW Misrata and 690MW Tripoli West – worth a combined 1.3GW (MEES, 8 January). Enka’s partner on the projects, Siemens, will provide the turbines. At the time of the original award in 2017, Siemens costed th...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Oman 2020 Refining: Output Down, Exports Up, Jet Crashes
...Oman’s two refineries, 197,000 b/d Sohar and 106,000 b/d Mina al-Fahal, saw a second consecutive dip year-on-year in key products yields in 2020 though volumes remain well ahead of pre-2018 levels. The Sultanate saw a major capacity boost when Sohar was upgraded in 2017 (MEES, 23 February 20...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Egypt: BP Readies Raven
...ril 2017 (MEES, 15 March 2019). The condensate output should also help boost Egypt’s oil output which fell to a new 40-year low in November of 572,000 b/d (MEES, 29 January). ...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
KPC Prepares To Streamline Subsidiaries With Reshuffle
...5,000 b/d refinery and a 22mn t/y LNG import terminal are slated to start up this quarter. Kipic was only established in 2017, but looks set to be merged back into KNPC. Elsewhere, with Kuwait Oil Tanker Company (KOTC) CEO Ali Shehab retiring, he will be replaced as acting CEO by Abdulnasser al-Fulaij, th...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Iraq Breaks From The Past In Fifth Bid Round
...ES, 22 September 2017). The addition of revenue sharing is new to this round, although cost recovery terms still differ from the production sharing agreement model prevalent elsewhere in the region. Still, the majors’boycotting of the licensing round – with the exception of Eni’s optimistic bi...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Energean’s Edison Purchase Thrown Off-Track By Algeria Bureaucracy
...f Alexandria, are in decline. Substantial investment in new ‘North Abu Qir’ wells in recent years saw a temporary boost. But underlying decline has again taken over. Production of 45,500 boe/d (225mn cfd gas and 5,500 b/d condensate) for 2019 is down from 270mn cfd in 2017 when the new wells ca...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020