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New Egypt Gas Projects To Boost Output
...d Atoll project (MEES, 14 December 2018). BP says it hopes to raise Atoll output to 400mn cfd. The field came online in December 2017, the same month as Zohr, and is one of three discoveries the UK firm has made in the North Damietta concession in the Nile Delta, along with Qattameya and Sa...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Algeria Oil Output On The Slide
...ude. Algeria’s average 2018 output of 1.04mn b/d was the lowest since 2003. Though Algeria ostensibly linked lower output for 2017 and 2018 to solidarity with Opec cuts, in reality a threadbare pipeline of new projects has translated into long-term output decline. Drilling activity fell to the lowest le...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Qatar Seizes Golden Opportunity For US Cooperation
...rst investment in the United States, and is certainly not going to be our last. It represents a significant part of the plans that Qatar Petroleum announced to invest $20bn in the US energy sector.” Mr Kaabi had told MEES in December 2017 that “we are working on buying upstream assets and reserves in...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Majors Take Integrated Approach To US Shale Boom, Gulf NOCs Join The Ride
...th deepwater Guyana and Brazil, the Permian forms the centerpiece of the major’s investment plans. Exxon only went big on the Permian with the $6.6bn purchase of key acreage in early 2017. But its Permian output rose 93% year-on-year to 300,000 boe/d (of which around 80% is liquids) for Q4 2018 with th...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
OPEC Production Dives Amid Venezuela Instability
...elds (see p5). Nigerian output has only just recovered from the conflict-induced outages that crippled production in 2016 and led it to be exempted from the 2017-18 round of cuts. Meanwhile, Iraq is a perennial flouter of Opec commitments and needs every dollar it can get to rebuild the country. Th...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Kuwait Oil Sector Risks Being Left Behind
...oduction capacity of 3.15mn b/d in its 2017-18 Annual Report, but the firm subsequently stated in December that capacity was languishing at just 3.0mn b/d. This was especially galling given that KOC had brought online 120,000 b/d of light oil from its Jurassic reserves between January 2018 (MEES, 19 Ja...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Sudan, South Sudan Claim Oil Production Boon, But How Much?
...most all crude exports from the Sudans, gives no indication of an uptick in volumes. 2018 imports from South Sudan, at 68,000 b/d, were level with 2017, whilst numbers for both Q4 and December were below the 2018 average (see chart). In a broader context, any increase in crude production is a ma...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
IMF: Praise, $2bn For Egypt
...rong remittances, while unemployment has declined to its lowest level since 2011.” A combination of “the authorities’ fiscal consolidation efforts and high nominal GDP growth” means Egypt’s public-debt-to-GDP ratio “declined markedly” from 103.2% for 2016-17 to 92.6% for 2017-18 and a forecast 86...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
UAE Power Strategy Sees Abu Dhabi, Northern Emirates Join Forces
...pporting role has seen its ‘exports’ of electricity (ie transfers outside Abu Dhabi) rise more than threefold over 10 years, from a total of over 6TWh in 2008, 15% of power generated, to 21TWh (25%) in 2017 (see chart). Abu Dhabi’s rise to UAE power domination was due to its holding most of the UAE’s ga...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Iraq: Gas Output Up As Crude Burn Falls To New Lows
...18). Iraq’s crude burn peaked in 2015-2016 when it averaged 170,000 b/d (see chart 2), falling to a still sizeable 119,000 b/d in in 2017 as volumes were progressively dialed back. But in 2018, Iraq brought the figure under 40,000 b/d, including two months where no crude was burned in powerplants (see ch...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Europe’s Iran Payments Mechanism: Too Little, Far Too Late?
...vember-December nadir of 800,000 b/d, but it is difficult to imagine the total hitting much more than half of the 2.64mn b/d 2017 volumes (MEES, 25 January). IRAN: INTERNAL DIVISIONS Whilst there appears little chance of Instex taking off anytime soon, its launch has shone a light on...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
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