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Gulf Crude Exports To Korea On The Rise
...ghest since October 2017 and 452,400 b/d from Kuwait. Although volumes from Kuwait are down on month-ago levels they are above the 2018 average of 447,000 b/d. Volumes from Qatar though fell to 65,800 b/d, the lowest MEES has on record dating back to January 2008, while Korea imported a record 43...
Volume: 62Issue: 10Published at Fri, 15 Mar 2019 -
Tunisia’s Nawara Gas Project: Too Little Too Late?
...18 that crippled gas output the previous year (MEES, 2 June 2017), but worryingly still managed to oversee a 9% drop in production to an 11-year low of 193mn cfd. 2018 crude output fell to its lowest level since the country started producing in 1966 - a mere 38,400 b/d (MEES, 22 February). Lower ou...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Iran’s South Pars Gas Development Edges Forward
...maining six, but Iran has suffered major setbacks on Phase 11. Having tied up a $4.8bn contract with France’s Total (50.1%) and China’s CNPC (30%) to develop Phase 11 to produce 1.9bn cfd and 80,000 b/d condensate alongside local firm Petropars (19.9%) in July 2017 (MEES, 7 July 2017), the project has fa...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Egypt Oil Output To Fall As Key Producer Apache Slashes Investment
...llen in line with changes in drilling activity but with a lag of between 12 and 24 months. Most notably, the firm’s gross Egypt output slumped by 20,000 b/d between late 2015 and early 2017 as the firm slashed capex by 35% in 2015 and a further 45% in 2016 (see chart 3). This suggests that Apache’s gr...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
KRG-Pearl Reach 20yr Gas Sales Deal
...pipeline connection from the Kurdistan Region to its neighbors. Russia’s Rosneft agreed in 2017 to construct a 30 bcm/y pipeline to Turkey by 2020 but the absence of concrete progress means that deadline now looks unlikely (MEES, 22 September 2017). Elsewhere, partners at Pearl have told MEES th...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Can Iraqi Kurdistan’s Bickering Factions Grasp Key Opportunities?
...ferendum in September 2017 which saw longstanding KRG president Masoud Barzani (KDP) resign – he still plays a major role behind the scenes – and Federal Iraqi forces retake large swaths of territory including key oil fields in Kirkuk (MEES, 10 November 2017). The crisis further eroded relations with Ba...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Kuwait Eyes Revenue Boost From Clean Fuels Upgrade
...dullah, are expected to be fully online by the end of 2019. In the meantime, work at the refineries has contributed to reducing Kuwait’s throughput to its lowest level in more than 20 years. The CFP was originally intended for start-up in late 2017. The first unit testing was eventually carried out la...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Egypt Launches ‘Wealth Fund’, Awaits Wealth
...untry’s oil output is more likely to fall than rise over the coming years (see p5). Egypt posted a deficit of E£186.7bn ($10.4bn) for the first six months of the 2018-19 financial year (July-December 2018), more or less unchanged from the E£187.3bn ($10.6bn) for the first half of the previous 2017-18 fi...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Oman: Junk Rating
...an a sub-investment rating in late 2017 (MEES, 24 November 2017); Fitch followed suit at the end of 2018 (MEES, 21 December 2018). Moody’s says the “key driver” of its downgrade is the “expectation that the scope for fiscal consolidation will remain more significantly constrained by the go...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019