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Egypt Oil Output Slump To Continue. Import Dependence To Deepen
...ll – but not by much. The leap in Egypt’s gas output over the last 18 months has been spectacular – having slumped below 4bn cfd in mid-2016, by the end of 2017 output had rebounded to 5.6bn cfd, just shy of 6bn cfd demand (MEES, 16 February). Oil Minister Tarek El Molla’s target of achieving self-su...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Rising Libyan Crude Output Hit By Outages At Key Southwest Fields
...e activity of a number of militias operating in different regions of the country generates a high level of insecurity,” Repsol said on 28 February. Sharara output resumed in December 2016 after a two-year outage: average 2017 output of 208,000 b/d was the highest since 2013 (see chart). But both Sh...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Total Closes Maersk Deal
...Total’s $7.5bn acquisition of Denmark’s Maersk closed on 8 March, barely six months after the plan was announced (MEES, 25 August 2017). Maersk’s net output fell to around 160,000 boe/d for the second half of 2017 after the company handed over its largest asset, Qatar’s 300,000 b/d Al-Shaheen fi...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Total Expands In Libya With Marathon Waha Purchase
....33% partner ConocoPhillips 45,000 b/d each. Hess has 8.16% with Libya’s National Oil Corporation (NOC) the remainder. Though output was shut in for two years from late 2014, it has since rebounded strongly, averaging 210,000 b/d for the last quarter of 2017 and 120,000 b/d for the year as a whole, ne...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Opec’s Falling Production Capacity Strengthens Saudi Control
...are Capacity IEA 2018 Capacity Jan18 Dec17 Feb17 2017 vs 16...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Syria’s Eastern Oil Fields: The Post-War End-Game
...In the second half of 2017, the US-backed Syrian Democratic Forces (SDF) stormed down the east bank of the Euphrates taking village after village from the Islamic State (IS) while the Syrian Arab Army (SAA) and its allies liberated besieged Deir Ez-Zor and the river’s western bank. IS now ho...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Iraq’s Politicized 2018 Budget Aims To Slash Deficit
...om the revised 2017 budget. While current spending is set to decline only marginally in real terms (see table), parliament opted for a substantial 15.3% cut from $24.1bn in 2017 to $20.8bn in capital expenditures real terms a surprising decrease given the emphasis Baghdad is rightly placing on th...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Kuwait’s Overseas Downstream Expansion Stutters On Vietnam Refinery Delays
...nounced readiness for start-up operations, seven months after Kuwait despatched a 2mn-barrel crude cargo for the plant’s commissioning (MEES, 4 August 2017). No reason has been given for the further schedule slippage. Refinery manager Junzo Yamamoto announced on 28 February that “the project is now re...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Oman Taps Major Players For 500MW OPWP Solar Project
...cal firms (see table). OPWP revealed plans for a first utility-scale solar project in October 2016 (MEES, 21 October 2016). Encouraged by a string of record low bids for regional solar projects, OPWP announced in late December 2017 that the project would be a 500MW plant to be built 300km west of Mu...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Saudi: Major 2017 Oil Revenue Gains, But Non-Oil Disappoints
...Saudi Arabia strengthened its trade balance in 2017 with its surplus more than doubling to $95bn. Healthier oil prices more than offset lower export volumes, boosting export revenues, but the government’s efforts to invigorate the non-oil sector continue to fall flat. Saudi Arabia has be...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Saudi Arabia Starts Year Of Heavy Borrowing
...Saudi is gearing up for another year of heavy borrowing on the back of record 2016-17 fundraising (MEES, 29 September 2017) as it seeks to kickstart its economy. It’s starting with refinancing a $10bn international loan raised in 2016. The original loan, for five years, was Saudi Arabia’s fi...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Indian Crude Imports ('000 B/D): Iraq Overtakes Saudi For Top Supplier Spot, Iran And Oman Send Record Volumes
...INDIA’S TOP 3 CRUDE SUPPLIERS ('000 B/D): IRAQ HAS DECISIVELY OVERTAKEN SAUDI FOR TOP SPOT SINCE THE START OF 2017... SOURCE: INDIA CUSTOMS, MEES CALCULATIONS. …WITH 2/3 OF INDIA’S RECORD 4.32MN B/D IMPORTS COMING FROM MENA COUNTRIES ...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018