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Opec Faces Uncertain Outlook As Focus Turns To Vienna
...16, 2017 and 2018 as well and isn’t merely the reclassification of NGLs as crude. STORM CLOUDS OVER VIENNA This reduced market share has hit Opec’s weakest members the hardest. Iran and Venezuela are both facing major political challenges, while cash-strapped countries such as Algeria an...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
Yemen: Second IOC Returns Despite No End In Sight To Conflict
...rm PetroMasila’s Blocks 10 & 14 – the main producers of Masila grade crude – and sent via a 150km, 300,000 b/d pipeline to the Ash Shihr terminal which has storage capacity of 3.5mn barrels. PetroMasila was the first firm to restart production in Yemen back in 2016 (MEES, 15 September 2017). Ca...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
Shell’s Oman GTL Proposal: What’s Changed This Time Around?
...e major upscaling from Bintulu to Pearl, the years of operating Pearl will give guidelines as to how both the technology and the economics of the process can be improved further. Pearl’s early years of service saw several unplanned outages (MEES, 12 May 2017). Global interest in GTL has since wa...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
Morocco Grows Renewables, But Grows Coal More
...reement. ONEE’s overall installed capacity data, particularly the surge in the overall figure to 10.9GW, needs to be treated with caution, however: aging, often mothballed, plants are included. The fact that imports were still needed to meet Morocco’s 2018 peak load of 6.31GW (up 2% on 2017) is suggestive of...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
Korea: April Iran Imports At 18-Month High
...Korea’s crude sourcing in recent times has been the sliding share from the Middle East: from 86.4% of 2016 imports to 82.3% for 2017, 74.4% for 2018 and 74.0% for the first four months of 2019. And this has been the result of a deliberate policy with the government offering the country’s im...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
LNG Markets Under Pressure From Soaring Us Exports
...nce the 10% tariff was introduced last year trade has slowed to a trickle, with just three US cargoes sailing for China in the first three months of 2019, versus a quarterly record of 20 for Q4 2017. *In the absence of former top buyer China, US cargoes have headed far and wide. India took a re...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
Rosneft Begins Pilot Production in Iraqi Kurdistan
...Russia’s Rosneft announced in its Q1 results this week that “experimental production started at the Bijeel field at Block 11.” This is one of the five blocks that the state-led firm signed up to in Iraqi Kurdistan in 2017 (MEES, 16 June 2017). Bijeel has production facilities with capacity of...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
Oman Eyes Ambitious Downstream Gas Projects With Total, Shell MOUs
...d 2.71bn cfd of gas in 2017, 67% and 72% of the national total respectively. But development of “several gas discoveries located in the Greater Barik area” is slated to be undertaken by Shell (75%) and Total (25%) rather than PDO. Further down the line, the Omani government may farm back into th...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
China’s Anton Oil Expands Iraq Presence As Shell Exits
...eld, but the Anglo-Dutch major announced last September it would walk away from its 45% stake citing dissatisfaction with Iraq’s cumbersome technical service contract (TSC) effective 30 June (MEES, 22 September 2017). Malaysian state firm Petronas is also relinquishing its 30% stake end-June, leaving Ir...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
UK Firm Gulfsands Vies To Outlast Syria Sanctions
...erated several of the region’s fields under a 2014 understanding. GPC reportedly produced around 17,000 b/d through 2017 as well, but due to EU sanctions on the state firm, Gulfsands does not receive a cent of revenue from its crown jewel asset. That the block’s fields and infrastructure escaped the wr...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
US Shale Records Test Infrastructure Limits
...tput is now forecast to top 12mn b/d by the end of 2019 (see charts). For this year the EIA now forecasts 10.72mn b/d, up a whopping 1.37mn b/d on 2017 – a record annual gain, beating 2014’s 1.29mn b/d. The hike in forecasts comes in on the back of soaring oil prices. US marker WTI, having av...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Oil Price Gains Prompt Debate Over Demand Slowdown
...e group cut its expected global demand growth rate from 1.47mn b/d to 1.44mn b/d (see Chart 1). “Crude oil prices have risen by nearly 75% since June 2017. It would be extraordinary if such a large jump did not affect demand growth” says the group. Demand growth cuts have fallen solely on 2H 20...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Libya: What Hope For The UN’s Ambitious ‘Action Plan’?
...The UN Action Plan to resolve Libya’s political morass has made some progress. But renewed security concerns mean the country’s future is as uncertain as ever. Since the incoming UN Special Representative to Libya Ghassan Salamé set out an ‘Action Plan’ in September 2017, he has come up ag...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
UAE’s Adnoc Plans $45bn Five-Year Downstream Expansion
....4mn t/y by 2025 under Adnoc’s 2030 Strategy unveiled in November, the strategy is now taking shape (MEES, 1 December 2017). Adnoc says the program will upgrade the Ruwais complex "to produce greater volumes of higher value petrochemicals and derivative products.” Central to the plan is the co...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Algeria Advances Downstream Plans
...0,000 t/y polypropylene plant (PP). Sonatrach (51%) and Total (49%) plan to start front-end engineering and design this summer. Feedstock for the PDH unit will be locally produced propane: the requirement will be up to 23,000 b/d. Algeria produced just under 500,000 b/d of NGLs in 2017. Total is a key fo...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Algeria Eyes Solar To Power Oil Operations, But ‘It’s A Long-Term Job’
...om renewables. These will be small projects whose capacity is around 100MW.” Algeria’s solar capacity has risen quickly of late, although from a low level, to 425MW at the end of 2017, while wind capacity has languished at 10MW since 2014 (see chart). The solar increase is attributable to small-sc...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Mubadala’s SWF Acquisitions To Create Global Champions
...vereign wealth funds have been watched with a keen interest since their inception - particularly over the last year. After acquiring International Petroleum Investment Co (IPIC) in January 2017 (MEES, 24 February 2017), Mubadala announced in March this year that it is planning a takeover of Abu Dhabi In...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Qatar Boosts Earnings
...trochemicals expansion strategy and plans to construct a 1.6mn t/y ethane cracker (MEES, 8 December 2017). Qatar Petroleum (QP) announced on 15 May that “engineering design of the Petrochemicals Complex should commence shortly, leading to a planned start-up in 2025.” It will receive feedstock from the 4....
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Tunisia: Key Gas Project Faces Further Delays As Unrest Grows
...rget start-up date remained 2017 (see table). Nawara, a project previously flagged up as key to OMV, was totally missing from prepared Q1 results material. The firm’s more detailed May capital markets presentation indicates that the overall project is 77% complete with the 95mn cfd gas treatment pl...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Egypt Gas Boost Cuts Import Needs, But Self-Reliance Still A Distant Goal
...er 70% of total output at the end of 2011 and the beginning of 2012, that share fell to just 38% in Q1 2017 (see chart 4). It’s not just the Eni/BP fields; production at the Shell (ex-BG) West Delta Deep Marine project has fallen even more steeply. ENI/BP OFFSHORE NILE DELTA PRODUCTION (MN CF...
Volume: 60Issue: 20Published at Fri, 19 May 2017