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Qatar Plans For 2019 Drilling To Fuel Massive LNG Expansion
...ntractor McDermott a “Detailed Design” contract for offshore jackets on 5 May as it presses ahead with its major LNG expansion plan. After ending its 12-year moratorium on North Field gas development in April 2017, Qatar swiftly doubled its expansion plan and intends to add 4.6bn cfd (MEES, 7 July 2017...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Saudi Petchems Sector Gets Oil Price Boost As Sabic, Sipchem Eye Expansion
...ar. And combined net income fell short of the bumper returns in 3Q 2017, which neared $9bn for the first time since crude prices plunged in late 2014 (see chart). State-led Sabic, the biggest Saudi petchems firm by far, attributed its Q1 income boost to higher average selling prices and sales vo...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Oman Finalizes Bangladesh LNG Deal
...Bangladesh state oil firm Petrobangla on 6 May finalized an LNG import deal with Oman LNG, its second such deal after a 2.5mn t/year agreement with Qatar inked last year (MEES, 28 July 2017). The Oman deal is for 15 years. Volumes are slated to rise from an initial 500,000 t/y to 1mn t/y wh...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Egypt’s Western Desert: Is Capex Boost Enough For Output Rebound?
...mpany’s oil output took a while to fall as a result – it peaked at 217,000 b/d in 3Q 2015, it slumped the following year. Rapid decline rates in Egypt mean substantial drilling is needed just to keep output steady. But 1Q 2017’s 195,000 b/d appears to have been a low point. As capex has picked up si...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Egypt Producer Merlon For Sale
...oduction rose to 7,000 b/d in 2015 and 10,000 b/d in 2016 before dipping to 7,900 b/d for 2017 – just over 1% of Egypt’s total output (MEES, 9 March). Output has since fallen back to 7,000 b/d but, Petrosilah, the firm’s JV with Egypt’s state oil firm EGPC, says it hopes to raise output in the coming mo...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Total’s Libya Expansion: The Plot Thickens
...e 2011 Revolution. “Drilling operations and construction of the associated gas plant were completed in 2010. Final commissioning was halted in 2011 and again in 2013 due to civil unrest and subsequent declaration of Force Majeure. In 2017, teams conducted an assessment of the facilities to determine th...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Blow To Nuclear Deal Forces Opec Output Reappraisal
...18mn b/d the highest since October 2017. Moreover, export volumes have been more than 5mn b/d for four consecutive months, a feat not achieved since August 2017. Q1 exports to China of 1.345mn b/d were a record high, while the 193,000 b/d to South Korea was the most since 3Q 2015. OPEC WELLHEAD PR...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
US Violation Of Iran Nuclear Agreement Sends Buyers Scrambling
...r Iran that includes the strategic objective of denying Iran all paths to a nuclear weapon.” But having abrogated an agreement that had at least paused this, the US appears to be left with an objective but no clear strategy. 1. EU IMPORTS OF IRANIAN CRUDE DOUBLE IN 2017, NUMBER OF BUYERS RISES FR...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Sonatrach Buys Italian Refinery In Bid To Plug Products Shortfall
...feat, an acceptance that highly-ambitious plans to expand Algeria’s domestic refining capacity have gone nowhere. On the other hand it can be seen as a further indication that Abdelmoumen Ould Kaddour, one year in to his tenure as head of Sonatrach (MEES, 21 April 2017), has managed to inject a much-ne...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Egypt Hopes To Kick-Start Wind Financing With Switch To BOO Contracts
...nistry’s feed-in-tariffs offer developers US¢4.60-11.48/kWh for electricity generated from wind projects. While tariffs for both wind and solar are quoted in the US currency, payments are to be made in Egyptian pounds, putting off some potential investors (MEES, 7 April 2017). For wind, payments would fall fr...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Economic Reforms Boost Saudi Non-Oil Fiscal Revenue In 2018
...n-oil income: oil revenue, at $30.3bn, was up just 1.7% year-on-year. However, oil still retains its stranglehold on the economy, contributing 68.5% of total revenue, more than the full year 2017 figure of 63%. The Finance Ministry attributes the 63% year-on-year increase in non-oil revenue to “th...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
South Sudan Coffers Empty Amid Crippling Crude ‘Diversions’ To Khartoum
...e newly-independent country struggles to clear arrears with its new neighbor to the north (see charts, p16). South Sudan has received just 15% of the $3.62bn in gross export revenue for its crude since the start of 2017. Some $1.97bn has gone to the foreign partners (largely government-owned fi...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Output Slump, Revenue Slump
...le state in the northeast has also dropped, from about 220,000 b/d in November 2013 to an average of 150,000 b/d for 2015 and just 120,000 b/d for 2016 and 2017 (see chart). The collapse in global oil prices from mid-2014 compounded the woes. CRUDE ‘DIVERSIONS’ SINCE 2Q 2015 HAVE LAGGED EVEN ON...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Saudi Oil For Sudan
...dan and Saudi Arabia, which backed the lifting of key US sanctions against Sudan in October (MEES, 13 October 2017). Riyadh’s ambassador to Khartoum, Ali Hasan Ja’far, said on 6 May that the kingdom plans to sign several defense and economic cooperation agreements with Sudan involving “unlimited Saudi in...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Lebanon Bidding Risks Stalling Amid Major Pullback
...ficially listed as qualified as operators (the 12 from 2013, plus Indian state firm ONGC Videsh which was upgraded from ‘non-operator’), only six have actively expressed an interest this time round. LEBANON 2017 BID ROUND BLOCKS LEBANON BID ROUND PRE-QUALIFIERS AS OP...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
BP’s WND Starts Up
...essentially two, with Taurus-Libya developed fast-track using mostly existing infrastructure to “accelerate gas production commitments to Egypt…before peak demand in summer 2017,” BP says. Phase 2 involves the Giza, Fayoum and Raven fields, which will be tied back by two separate 65km 24” tr...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Oil Firms Experience Mixed Start To 2017 In Iraqi Kurdistan
...port from Canadian field partner Shamaran in March said first oil was expected in Q2. Taqa’s Q1 report released 11 May merely says production is expected to begin in 2017, but the firm tells MEES the “export pipeline is nearing completion” and there has been “no deviation” from earlier forecasts. On...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Iraqi Coffers Reap Reward Of Higher Oil Prices
...Iraqi crude export revenues in the first four months of the year are up 75% year-on-year as significantly higher oil prices have more than offset a slight dip in volumes. January-April revenues totaled $18.9bn in 2017, against $10.8bn last year and $15.9bn in 2015, although they are well be...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Germany Q1 Crude Imports: Libya Boost Raises Opec Share
...• Russia remained the dominant supplier of crude oil to Germany in the first quarter of 2017 according to the latest imports figures (see table), but the Opec share was up year-on-year, boosted by an increase in supplies from Libya. • An average 705,000 b/d of crude arrived in Germany fr...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Oil Price Rebound Boosts Saudi Petchems Sector, Sabic Touts Restructuring Benefit
...ghest since 2013’s total SR555bn. As usual the petrochemical sector results are dominated by state-owned giant Sabic, which reported an 80% hike in first quarter net profits year-on-year to SR5.24bn ($1.40bn) and a 51% increase over returns for the fourth quarter 2016. Sabic’s Q1 2017 net profit co...
Volume: 60Issue: 19Published at Fri, 12 May 2017