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QP Triple Boost
...ES, 30 January 2015). But the state firm stepped up activities in 2017 and the number of deals reached a crescendo last year (MEES, 21 December 2018). Qatar is now reaping the benefits, reaching FID on the key US Golden Pass LNG export terminal this week (see p6) and notching up its first ever ov...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Iran Claims Gasoline Record
...rt of Bandar Abbas which would add 77,000 b/d. The previous Gulf Star phases were brought online in April 2017 and February 2018 (MEES, 26 October 2018). These gains may be sufficient to enable the halting of gasoline imports, which averaged 55,000 b/d over the first half of 2018. ...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Iraqi Kurdistan Government Formation Edges Closer
...chirvan Barzani himself has become president, having effectively held the position since November 2017 when his uncle (and Masrour’s father) Massoud Barzani stepped down in the wake of the September 2017 independence referendum (MEES, 22 September 20`7). The KDP’s opponents frequently accuse the party of ne...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Lebanon To Cut Electricity Subsidy
...ansfers’ to the state electricity company Electricité du Liban. The government forked out over $740mn in 1H 2018 alone on such payments, and $1.33bn in 2017. Subsidy cuts would also rationalize consumption, which given heavy subsidies (but also theft from the power grid), puts further strain on the el...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Tunisia’s Nawara Gas Project Delayed Again
...ergy firm ETAP was set to start up in June but Mr Seele on 6 February flagged up “start up… towards the end of 2019,” whilst the accompanying presentation indicated no significant output boost before 2020. The project previously targeted 2017 start-up (MEES, 9 May 2017). Bad news for Tunisia: the co...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Majors Plan Cautious Hike To 2019 Capex
...azil. *Whilst the majors continue to tout capital discipline, spending has edged up – only BP saw a fall for 2018. And even for BP spending rose towards the end of the year: it was $4.4bn for Q4, well above the 2017 figure on an annualized basis. *Shell is targeting $25-$30bn capex for 2019, leaving ro...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Iraq Seeks To Reboot Northern Oil Sector
...e Angolan state firm on 2 February officially agreed to return to northern Iraq where it has a 75% operating stake (NOC 25%) at the Qayara and Najma fields (see map). Current output is negligible. but at its peak Qayara produced 20,000 b/d (MEES, 27 January 2017). Sonangol was awarded 20-year te...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iraq Drilling Hits 3-Year High, Abu Dhabi Sets New Record
...rrying about any commitments to Opec to limit output (see p9). However, Iraq’s rig count remains at little more than half of the record 96 seen in the first half of 2014 before Islamic State overran large swathes of the country. The UAE is another country where Total, in its 2017 results and 2018 ou...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iran Eyes More West Karun Gains As Investment Concerns Deepen
...eds $200bn investment, of which 65-75% ($130-150bn) would be from international firms. But to date, the only post-sanctions deal remains June 2017’s $4.8bn agreement with France’s Total and China’s CNPC for Phase 11 of the South Pars gas field (MEES, 23 June 2017). At the time, the managing di...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iranian Oil Exports Hit Pre-Sanctions Levels As European Share Grows
...Iran produced an average of 3.79mn b/d of crude in 2017, up 10.5% on 2016, with output reaching 3.83mn b/d last month. Not surprisingly export volumes are also up. Buyers of Iranian crude and condensate took just over 2.50mn b/d last year, edging above 2.47mn b/d for 2011, the year before US-le...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Adnoc Plans $3.1bn Ruwais Upgrade To Free Up Murban For Export
...Processing Upper Zakum instead of Murban would’ve raised $275mn more in 2017. Abu Dhabi state Adnoc has awarded a $3.1bn contract for a long-planned Crude Flexibility Project (CFP) to enable its Ruwais West refinery to process 420,000 b/d of Upper Zakum crude, freeing up more valuable Mu...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Egypt: Increased Gas Availability Boosts Petchems Producers
...d, with Eni’s giant 24tcf Zohr field the most recent addition (MEES, 15 December 2017). Canada’s Methanex, operator (50%) of the 1.26mn t/y EMethanex methanol plant at Damietta on the Mediterranean, has received full gas allocations since late-2016. A lack of gas forced it to shut down for se...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Saudi Arabia Awards 300MW Sakaka PV, At Record Low Pricing
...dders range from the Masdar/EDF low to US¢3.27/kWh (MEES, 6 October 2017). PRICING CONCERNS That Repdo shortlisted second lowest bidder Acwa and third lowest bidder Japan’s Marubeni with Saudi firm Khaled Juffali for the Sakaka project suggests the agency feels that solar PV pricing has re...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Opec Steadies Production In January
...yadh is set to grow in 2018. January’s collective output was 560,000 b/d above the grouping’s nominal 31.92mn b/d production target – based on the agreed upon 32.5mn b/d plus Equatorial Guinea which joined in 2017, less Indonesia, which suspended membership in November 2016. Opec has never hit the ta...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Saudi War Aims Stumble (Again) In Fragmented Yemen
...With Salih dead and UAE-backed forces attacking Aden, Yemen is ungovernable. The harder Saudi Arabia pushes for military victory, the more it jeopardizes a settlement. On 2 December 2017, long-time strongman and former president Ali Abd Allah Salih abandoned his Houthi allies and called fo...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Major Threat For Opec With Offshore Exploration Boom
...e years to come. This the same message that the IEA has been seeking to drive home since late 2015, as it warns that “the recent spectacular decline in upstream oil and gas investment” presages “major concerns about the prospects for the adequacy of supply” (MEES, 21 July 2017). Based on ex...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Will 2018 Be Year Of Recovery For Egypt Independents?
...vestment. Egypt oil output slumped to a 35-year low of 629,000 b/d in 2017, with output from the Gulf of Suez, where smaller firms predominate, falling even more rapidly (see charts and MEES, 1 December 2017). Signs that 2018 will see an uptick in spending come from capex plans of Canadian-listed Gulf of...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
KRG Accelerates Payments But Suffers Further Production Setbacks
...ssavar-Rahmani says he expects 2017 output to average around current levels of 110,000 b/d. The firm plans 2017 capital investments of $100mn across its portfolio, with 65-70% of this earmarked for the KRG, and the remainder in Oman. The firm initially planned capex of $100mn for 2016, before re...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Dana Gas Restricts Egypt Investment As Receivables Rise In 2016
...st year, and we must therefore balance further investment in the country with collections going forward,” he says. The company’s overall finances are another reason for it to tighten its belt: “with Sukuk maturing in 2017, cash management remains a key priority,” it says. The firm’s cash balance wa...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Egypt Lays Out The Road To Gas Balance
...). Cairo plans to invest some $9.9bn to boost Egyptian gas production to 5.85bn cfd by the end of the country’s 2017-18 financial year in June 2018. As Oil Minister Tarek El Molla notes, this would mark a 50% hike from the 9-year low of 3.89mn cfd plumbed in May 2016. Output will “double” from mi...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017