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Aramco: Riyadh Refinery Deasphalter Award
...ut down in early 2017 for the tie-in of units including a new naphtha splitter and diesel hydrotreater and the debottlenecking of a hydrocracker as part of a clean fuels project to reduce the sulfur content of produced fuels to less than 10ppm (MEES, 3 March 2017). Refiners across the GCC are in...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Iraq Exports Slump In March
...Iraqi crude exports plummeted 244,000 b/d in March to their lowest levels since October due to Opec+ compliance cuts (see p9) as well as weather-related issues. Southern exports slumped to 3.255mn b/d – the lowest since September 2017 – after reported flooding hampered output from the 24...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Brazil Output Down
...Key non-Opec producer Brazil saw output fall to 2.40mn b/d in February, the lowest level in almost three years, a combination of delayed start-ups at key offshore fields and declining output at mature onshore acreage. 2018 output averaged 2.58mn b/d, down from 2017’s record 2.62mn b/d (ME...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Egypt Gas Market Liberalization: Set For Take-Off?
...Cairo in 2017 passed a law enabling the liberalization of Egypt’s gas transmission and distribution grid. Private firms would, for a fee, be able to make use of infrastructure that will remain under the ownership of state firm Gasco. With 18 firms recently awarded licenses, and supposedly-im...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Opec Output Slumps To 4-Year Low
...location. The two exceptions are the UAE and Nigeria. UAE output fell 30,000 b/d in March to 3.01mn b/d, putting it 60,000 b/d below its allocated figure – a notable reversal from the 2017-18 round of cuts when the UAE was a laggard. Meanwhile Nigerian output rose further to an 11-month high of 1....
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Aramco Bond Prospectus Sheds Light On Downstream Operations
...en lower than prices at which the company would otherwise have sold such refined products.” Because of subsidies, Aramco’s downstream business made a loss before 2017. But from 1 January 2017 Riyadh “implemented an equalization mechanism” to compensate Aramco for losses on sales of crude, ke...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Saudi Aramco’s Inner Workings: Bond Prospectus Lifts The Lid
...erations. Upstream is Saudi Aramco’s bread and butter. And the prospectus states that “As at 31 December 2017, the Company’s proved liquids reserves were more than five times the combined proved liquids reserves of the Five Major IOCs.” The firm is also increasingly focused on expanding its downstream fo...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Lebanon Kicks Off Bidding
...dders. Whilst some Arab countries have tentatively reached out to Israel in recent months (MEES, 29 March), and Jordan and Egypt have full diplomatic relations with Israel, Lebanon-Israel ties remain in the deep freeze. Lebanon’s first bid round took several years to close (MEES, 20 October 2017), an...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Soco Plans Egypt Expansion After $207mn Merlon Purchase
...s been on the slide. Production from the concession’s 10 fields averaged 5,692 b/d in Q1 down from 7,900 b/d for 2017. But Soco has ambitious plans to hike output to 15,000 b/d by 2023. The initial focus will be on “offsetting the recent decline and then growing producing through additional drilling an...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Egypt Cuts Receivables Bill Amid Arbitration Threat
...art-up of its 2017 South Disouq discovery in the onshore Nile Delta. SDX says by June it “will complete construction of the central processing facility, the 10km export pipeline” and tie-ins for the four wells drilled at the field. It’s targeting first gas by the middle of this year, plateauing at 50...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Libya: Key BP/Eni And Total Deals Yet To Materialize
...the time, saying it was eying output of around 400,000 b/d by end-2020, while Waha boss Ahmed Ammar in late-2017 talked of eventually reaching 600,000 b/d (MEES, 1 December 2017). But the other partners to the JV (Hess: 8.16%, ConocoPhillips: 16.33%) have shied away from making any investment co...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Bahrain Brings Chevron Aboard Its Unconventional Revolution
...evron, Total, Exxon.” Speaking about development of the KAB basin in January, the minister said that “we are drilling a few test wells. It’s onshore, with a chunk offshore, and we are drilling onshore now into this formation. We flowed oil in 2017… from the first test well. Now we are drilling wells to...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Bahrain Eyes Unconventional Oil For Economic Reboot
...ng Hamad Al-Khalifa in Manama in August 2017. Manama has been eyeing the potential of its offshore unconventionals for some time. State-owned Bapco’s 2012 Annual Report said it was testing unconventional resources off the South West coast with “potentially significant implications for the Ki...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
OMV Set For Adnoc Offshore
...abi, primarily in the downstream sector. OMV is a partner with Mubadala in petchems firm Borealis, which partners Adnoc in the Borouge joint venture, operator of three polyolefins plants at Ruwais, 240km west of Abu Dhabi city (MEES, 17 November 2017). It also has modest upstream activity. It pa...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Libyan Crude Exports At 5-Year High
...LIBYA MORE THAN DOUBLED CRUDE EXPORTS* TO 724,000 B/D FOR 2017. ITS RANGE OF DESTINATIONS IS WIDENING... ...BUT THOUGH CHINA TOOK 65,000 B/D AND THE US 57,000 B/D FOR 2017, OVER 77% STILL WENT TO EU COUNTRIES (‘000 B/D) *FIGURES ARE FOR IMPORTS TO GIVEN COUNTRY. LISTED CO...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Opec Output At 11-Month Low, Overshadows Latest Russian Gains
...Opec production fell to an 11-month low in March as “involuntary cuts” from its weakest members continued to pile up. Output averaged 32.14mn b/d, down 230,000 b/d on January and the lowest since April 2017’s 32.09mn b/d. March was the third consecutive monthly decline and so unsurprisingly th...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Algerian Crude Output: Temporary Dip, Long-Term Decline
...ll over 200,000 b/d. But output last topped this level in 2008. Output fell below 100,000 b/d for 2017, and was just 94,000 b/d in Q4 (see chart). Anadarko also operates the processing facilities for the nearby El Merk and Cepsa-operated Ourhoud fields. Collective output from these fields fell to 33...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Yemen: IOCs Eye Re-Entry Amidst Battlefield Stalemate
...Upstream return looks optimistic given lack of access to export outlets. With the third anniversary of the Saudi campaign against Iran-affiliated Houthi militants in Yemen the conflict looks ever more like a gory stalemate (MEES, 27 October 2017). With violence now largely confined to the Ho...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Iraq Eyes 70,000 B/D Refinery Boost By End-2018
...wnstream rehabilitation has included launching multiple greenfield refinery plans, but foreign investors have largely stayed away. As such, Iraq’s greatest prospects for boosting output in the near-term come from rehabilitating and expanding brownfield facilities such as Basra. In 2017 it brought back on...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Saudi: Ambitious Solar Push Could Spell The End For LNG Import Plans
...ll have spurred on greater measures than a more modest goal. His two most eye-catching domestic measures to-date are the Vision 2030 plan to radically overhaul the economy (MEES, 29 September 2017), and the $500bn “robot city” Neom (MEES, 27 October 2017). But, in terms of concrete progress, the om...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018