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Algeria’s Sonatrach Halves Planned 2020 Spending
...re just $62bn, less than a third of the 2014 peak. Many in Algiers seem to have convinced themselves that oil prices in 2015 (then 2016, then 2017…) were unusually low and would revert to ‘normal’. But far from being ‘rainy days’ this period now looks like the calm before the storm. While many lo...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Gulf Capex In the Crosshairs As Majors Eye Spending Cuts
...nounced it was cutting further to just $2.7-2.9bn for 2020, a whopping 47% midpoint reduction from its original $5.2-5.4bn plan. Oxy has since 2017 reversed a previous pullback from Mena, acquiring a swathe of exploration acreage across Oman as well as Abu Dhabi’s Onshore-3 block (MEES, 6 March). Fo...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Saudi Renewables: Seconds Out For Round Three As Heavyweights Enter The Ring
...ase two and 800MW phase three, were awarded to Acwa and TSK and to Masdar and EDF, respectively. Phase two started up in 2017 while two phases with 500MW combined have been started up at phase three and the third is due online in April (MEES, 11 October 2019). The three Saudi firms in the key bi...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Oman Aims To Double Products, Petchems Exports
...ports from late next year. Since expanding its 197,000 b/d Sohar refinery in late 2017 (MEES, 23 February 2018), Oman has seen rapid growth in its exports of key refined products – diesel, jet-kerosene, gasoline and LPG – as it seeks to move up the value chain and maximize oil export revenue. Pr...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020