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Iran Boosts Uranium Upgrading As Domestic Problems Mount
...er 20mn t/y exported. This has likely fallen sharply since the US targeted major producer and exporter PGPIC (MEES, 14 June 2019). Crude and condensate exports averaged a record 2.66mn b/d in 2017 and hit 2.8mn b/d as recently as mid-2018 before collapsing later in the year with the imposition of US sa...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Kuwait Starts Up Naphtha Unit In CFP Upgrade
...se from 270,000 b/d to 454,000 b/d, whilst Mina al-Ahmadi’s will fall from 466,000 b/d to 347,000 b/d, an overall 9% increase to 801,000 b/d (MEES, 8 March 2019). KNPC originally intended the CFP to be fully operational in late 2017, but completion in the fourth quarter of 2020 now appears the best pr...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Oil Price Crash Puts Vulnerable Mena Economies At Even Greater Risk
...so see a slump. Doha projected a modest $100mn budget surplus this year and may well flip into deficit for the first time since 2017 (MEES, 31 January). KEY ECONOMIC DEVELOPMENTS *Without implementing swingeing cuts Saudi Arabia’s 2020 budget deficit risks ballooning by 70%. *Th...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Mauritania: Cairn Entry
...ES, 27 August 2012). After making a third sub-commercial discovery, Frégate, in 2012-13 (MEES, 13 February 2013), the two firms quit the acreage in 2017, only for Total to snap up Block C7 later the same year. BP and partner Kosmos are the key players off Mauritania with two major hub LNG de...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Egypt Launches Red Sea Bidding
...udi minister says Riyadh will intensify Red Sea gas exploration over the next two years (MEES, 8 March). In a bid to attract companies to the acreage Cairo signed a $750mn deal in December 2017 with Norway’s TGS and Houston-based oilfield services firm Schlumberger which included 2D seismic data ov...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Egypt: ‘Steep Decline’ At BP’s Key WND Gas Project
...ticipated decline,” 17.25% partner Dea acknowledges in its Q4 results, released 7 March. Output from the two Phase-1 fields, Taurus and Libra, began in late March 2017, with operator BP (82.75%) saying just over a month later that production had hit 700mn cfd (MEES, 12 May 2017). BP added at the time th...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Shell Boosts Egypt Gas Output, Retains LNG Force Majeure
...Anglo-Dutch major Shell’s Egyptian net gas output hit a four-year high 407.5mn cfd in 2018, up 21% from 2017’s 335.4mn cfd. But output remains less than half of 2012 levels with offshore fields formerly operated by BG (taken over by Shell at the start of 2016) responsible for the bulk of the co...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Algeria: Key Ain Tsila Gas Project Advances With Petrofac Awarded $1bn EPC Contract
...). Algeria’s gas output fell to around 92bcm for 2018 from 94.5bcm for 2017 and 2016’s record 94.8bcm despite the start up of the key Reggane (December 2017, 2.9bcm/y) and Timimoun (February 2018. 1.8bcm/y) fields. Ain Tsila is located around 1,100km southeast of Algiers, 70km south of Total’s 3b...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
QP Expands Eni Partnership With Morocco, Mozambique Deals
...pansion continued apace this week with two big agreements with Eni for assets offshore Mozambique and Morocco. QP CEO Saad al-Kaabi pledged in December 2017 to transform the firm beyond recognition through a major international expansion (MEES, 8 December 2017) and the firm has since snapped up a series of...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
KRG-Focused Firms Continue Production Push
...rathon’s 15% stake) planning to spend $137mn this year, Atrush could exit the year at more than double its 2017 average. The firms are also planning to test a couple of already-drilled wells in addition to drilling three new ones over the course of the year targeting a heavier column of 14-22°API oil – al...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
US Shale: Major Growth Planned, Indies Crimp Spending
...netheless opted in early 2017 for a second bite at Permian expansion with a $6bn purchase of more oil-focused acreage (MEES, 17 February 2017). The Permian is now central to Exxon’s global strategy. And key to Exxon’s Permian strategy is downstream integration: investment in petchems including with Sa...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
OPEC Faces Prospect Of Declining Global Clout
...e market to cut prices following the November 2014 meeting (MEES, 5 December 2014), Opec changed tack in November 2016 and agreed to cut output (MEES, 2 December 2016). The move initially paid dividends for Opec, which saw demand for its crude rise from 31.9mn b/d in 2016 to 32.6mn b/d in 2017 ac...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Crackers In The Gulf: GCC Refiners Advance Mixed-Feed Projects
...August 2017). Petro Rabigh’s delayed Rabigh-2 expansion, currently being commissioned, will expand petchems output capacity from 2.6mn t/y to almost 5mn t/y. Its key aromatics unit will consume 3mn t/y (67,000 b/d) of naphtha from the refinery to produce 1.34mn t/y paraxylene and 424,000 t/y of...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Saudi Arabia’s Oil-Fired Power Conundrum
...2020, situated further up the Red Sea coast. It is currently undergoing testing, despite state-owned power and desalination plant operator SWCC in January 2017 canceling the $1.5bn EPC contract that was awarded to Korea’s Samsung and partners China’s Sepco3 and Saudi firm Al Toukhi in late 2012 (ME...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Oman Looks To Privatization To Modernize Power Grid
...nai says. OPTIMISTIC VALUATION It is unclear how he arrived at this valuation. OETC, by far the larger of the two firms, owned assets with a net book value of $437mn as of end-2017 whilst its gross revenue was $38mn. MEDC’s earnings were just $3.7mn for 2017. Nama says 11 companies su...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Lebanon Power Overhaul Gathers Pace
...ill needs to approve the law. FSRUs would then be needed to supply gas to the grid. The energy ministry in 2017 called for expressions of interest to supply LNG via three planned FSRUs (one at Deir Ammar, one at Selaata and one at Zahrani). Eight prequalified firms reportedly submitted proposals la...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Sabic Merging Petrokemya & Sadaf Units
...clude ethylene as well as styrene and ethylene dichloride, which are respectively used to make ABS and PVC. Sabic aims to complete the merger during the second half of 2019. Sabic bought 50% partner Shell out of Sadaf for $820mn in 2017, terminating a joint venture deal due to end in 2020 (MEES, 27 Ja...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Eni Swoops For Abu Dhabi Offshore, Sells Mubadala 10% Of Egypt’s Zohr
...abi state investment firm Mubadala for $934mn. At current production rates, Eni ought to secure around 49,000 b/d net annual production from the two concessions (37,000 b/d for 2017 given its entry from March), rising to 69,000 b/d once the assets reach Adnoc’s planned production targets. Eni pa...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iran Makes Russian Breakthrough But Faces Increasingly Heavy Problem
...gning up Total and CNPC to South Pars Phase 11 in June 2017. Russian state firm Zarubezhneft signed a contract to develop two oil fields – 30,000 b/d West Paydar and 6,000 b/d Aban – and will be partnered by domestic firm Dana Energy (an 80:20 split). The Iran oil ministry’s Shana news agency re...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
DNO Quits Oman After Drilling Flop
...DNO is pulling out from its final Omani assets, located in the offshore Block 8 (DNO 50%, South Korea’s LG 50%), as it prepares to exit the Sultanate. The Norwegian firm confirmed in its 2017 Annual Report released 15 March that it has written down its Block 8 reserves to zero and “plans to re...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018