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KRG: Shewashan Production Suspended
...oducing a mere 1,000 b/d last year before production was halted altogether. The main culprit was water-cut issues which also saw output phenomenally collapse at nearby Taq Taq (MEES, 31 March 2017). Despite the disappointing news, the KRG’s recovering oil sector has cause for considerably optimism: MEES fo...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
KRG: Foreign Firms Press On Amidst Uncertainty
...rlier (the vast bulk is from the KRG which accounted for 96% of 2017 output, MEES, 23 February). “We have the wind on our back…With higher oil prices [and] timely export payments in Kurdistan,” DNO Executive Chairman Bijan Mossavar-Rahmani says. DNO plans to hike KRG spending by 50% to $250mn for 20...
Volume: 61Issue: 17Published at Fri, 04 May 2018 -
Iraq Bid Round Flatters To Deceive
...bstantially larger with 2017 gross output of around 80,000 boe/d, of which 80-90% was gas. UEG’s production is all in Pakistan, after acquiring BP Pakistan’s assets for $775mn in 2011. Output has increased under UEG, from around 35,000 boe/d under BP (10,000 b/d oil, 200mn cfd gas). ...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
New ADNOC Trading Unit
...erations.” Adnoc plans to hike refining capacity by 60% to 1.44mn b/d by 2025, while in petrochemicals the aim is to more than triple capacity to 14.4mn tons/year by 2025 (MEES, 1 December 2017). “We aim to capture more value further along the value chain,” says Mr Jaber. “Our goal is to become a major gl...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Iraq’s Southern Infrastructure Constraints Take Their Toll On Export Capacity
...e Jordanian port of Aqaba, with a spur to Jordan’s 70,000 b/d Zarqa refinery (MEES, 3 November 2017). Mr Shatari confirmed the “project is still in place and of course we will go with it. We have to have another outlet for our crude oil and not depend entirely on the Gulf area and Ceyhan.” The 1m...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Waha: Total Says Done & Dusted, Libya Thinks Otherwise
...November 2017). Whilst there has been little recent talk of the Waha partners coming under similar pressure, it would have been surprising if Marathon had been allowed to transfer these privileged terms to another firm without this catching NOC’s eye. “The terms of the concession did not ch...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Services Firms: Margins Remain Squeezed Despite Higher Oil Prices
...growth has slowed. Oilfield services firms Schlumberger, Halliburton, Baker Hughes (now a GE subsidiary) and Weatherford saw their revenues fall by a combined $1bn in 1Q 2018 versus 4Q 2017. Their CEOs remain cautious. Despite oil prices recently topping $70/B for the first time since 2014, th...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Abu Dhabi Banks On Booming Petchems Demand
...ES, 1 December 2017). Mr Sheikh highlights the centrality of Adnoc’s downstream facilities at Ruwais as a major strategic advantage. The official also flagged up Adnoc’s wealth of feedstock available for an expanded petrochemicals sector. The UAE regularly exports in excess of 400,000 b/d of NGLs – in...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Lebanon's Gas Hype: Is It All Hot Air?
...e Lebanese Petroleum Administration (LPA) toward tendering a second bidding round. Lebanon’s first ever round ultimately offered only five of the total ten blocks delineated in 2013 (MEES, 20 October 2017). There was just one bidder, albeit a consortium consisting of three heavyweights (Total 40...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Sabic Seeks Big Projects As Reorganization Continues
...With petchems competition up, Sabic targets a US shale and oil-to-chemicals boost. Saudi Basic Industries (Sabic), one of the world’s largest petrochemicals producers, says total production fell by 1.8% to 71.2mn tons in 2017 from its 2016 output record of 72.5mn tons. While 2017 was it...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Solar Drives Mena Renewables In 2017, But Region Remains Global Laggard
...Mena governments have been slow to adopt renewables, but economic diversification plans and competition for conventional generation fuels suggest growth may pick up. Mena region utilities added 1.64GW or 5.7% to their capacity to generate power from renewable sources in 2017. While this wa...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Iran Doubles Down On Unpopular Currency Exchange Controls
...2017, the economy is projected to rise by 4% in 2018, according to the IMF’s April WEO. Official reserves in fiscal 2017-18 (ending 20 March 2018) were estimated at $112bn and are projected to rise to $125bn in 2018-19, although the easy accessible reserves might be less. MEES estimates Iranian oi...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Benchmark Crude Prices ($/B)
... 26Apr 16-20 Apr 9-13 Apr Mar18 Feb18 Q1 2018 Q4 2017 Q3 2017 2018 (>26Apr) 2017 2016 2015 WTI 68.19 67.58 66.04 62...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
BP & Statoil’s Two Algeria Gas JVs: Combined Output At Six-Year High Of 1.66bn CFD In Q1
...IN SALAH OUTPUT OF 889MN CFD WAS THE HIGHEST SINCE Q1 2013 WITH GAINS CONTINUING TO COME FROM THE TIE-IN SINCE 2016 OF FOUR ‘SOUTHERN FIELDS’* AT IN AMENAS Q1’s 768MN CFD WAS DOWN ON 2017 ANNUAL RECORD OF 815MN CFD AS THE PLANT FINALLY GOT BACK TO FULL CAPACITY AFTER A Q1 2013 TE...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Kuwait Energy Reaps Reward From Iraq Investments
...bsidiary of Dubai state firm Enoc) with 30%, and Egyptian state firm EGPC (10%). KEC’s net output rose from 6,490 b/d in Q4 2016 to 8,030 b/d in Q1 2017. KEC did not provide information on Block 9’s gross output this quarter, but previous statements put the firm’s net share at 60% of the total. This im...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
KRG: Major Pullback Continues; Gazprom Success Softens The Blow
...stern Zagros 40%, KRG 20%), where production averaged 4,000 b/d in 2016. Output had settled at around 5,000 b/d. Western Zagros previously guided that output was set to remain at this level throughout 2017, with a second well set to be spudded in July that would boost output to 15,000 b/d in 2018. Bu...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Iraq Greenlights Halfaya Phase 3 Development
...lfaya is one of five fields providing crude for the Basra Heavy stream launched in 2015 and the second largest contributor to the grade behind Lukoil’s West Qurna II, which averaged a record 408,000 b/d last year. Lukoil expects 2017 output to remain relatively flat. Basra Heavy exports fluctuate bu...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Sadara Polyolefins Fully Operational, Rabigh 2 Slated For 2H 2017
...dara" in 2017. With the olefins and polyolefins chain now operational, Sadara will next bring online the ethylene oxide and propylene oxide and derivatives units, before completing the aromatics plant and linked isocyanates and polyols units. Sadara expects most of its final products to be ex...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Jordan Pushes Ahead With Oil Shale-Fired Power Plant, Lining Up More Solar
...velopment: 957 2017: Enviromena/TSK Quweira Solar 103 2018:Sepco Sa...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Algiers Aims For The Sun; Is Its Head In The Clouds?
...ntracts, 55% of revenues from taxes on gas flaring and (as of the 2017 budget) 10% of revenues from VAT on energy-consuming goods and appliances. It is also seeking funding from overseas. On 6 April, Energy Minister Noureddine Boutarfa met in Algiers with Rémy Rioux head of France’s foreign aid de...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017