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Iraq’s Somo Pursuing Strategic Shift Toward Crude Trading
...ghdad HQ (see transcript, p6). Mr Alyasri assumed the post in September 2017, replacing Falah Al-Amri who initially envisaged the shakeup of Somo the year before (MEES, 15 September 2017). “Once taking over office, I immediately turned to the medium- and long-term plans, and the mechanisms that will ma...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Saudi Keeps Crude Exports Tight Despite Us Pressure
...12mn b/d, the lowest quarterly figure since 4Q 2017 (see chart 1 and p18 for full data). They appear on track to dip further in Q2. MEES pegs exports at a shade over 7mn b/d during April, and slightly less than this over the first half of May. Of course, this could all change. Saudi Arabia could ramp up pr...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Iran Sets New Rules For Repatriation Of Petchems Forex
...rrency earnings, as Tehran struggles to access its export revenues under tough US sanctions. State petrochemicals firm National Petrochemical Company (NPC) and its subsidiaries and affiliates earned some $10bn in the Iranian 2017-18 calendar year before the US unilaterally reimposed sanctions in May 20...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Bahrain Seals Finance For Refinery Upgrade Amid Oil Optimism
...visors. While the amount of funding to be provided has not been disclosed, reports have placed it at over $4bn. Bapco awarded a $4.2bn engineering, procurement, construction and commissioning (EPCC) contract for the BMP project in late 2017, an amount that tallies with this financing. BNA says that th...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Egypt Hikes Power Prices But Delays End To Subsidies
...e increase in fuel prices could see another spike in inflation, which rose to 33% in July 2017 but has been brought back down to 13% last month. Egypt’s central bank hopes to reduce inflation to single digits in the medium term. EGYPT ELECTRICITY TARIFFS (BY MONTHLY USAGE BAND): AVERAGE USER TO PA...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Sharjah Pushes Gas Power Despite UAE Backing Alternatives
...pacity of 1.39GW, and is likely planned to replace the more inefficient existing plants while reducing (if not eliminating) imports from Abu Dhabi which hit a record 1.3GW peak delivery in 2017. The snag is that Sharjah’s gas production is negligible and the emirate is dependent on importing Qatari ga...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Algeria’s Export Revenue Buffeted By US Shale Hurricane
...the 2.9bcm/y Reggane field and the March 2018 start-up of 1.8bcm/y Timimoun (MEES, 22 December 2017). This year’s only significant boost will come from the Touat field, which like Reggane and Timimoun is in the country’s far southwest. Here private equity-led operator Neptune Energy is ta...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Korea’s Hyundai Signs Up To $2.45bn Iraq Seawater Project
...sra’s oil fields to boost production. While not yet finalized, this is a major step forward for a project that has struggled to get off the starting line, with Baghdad initially hoping for 2017 start up (MEES, 7 June 2013). Talks are ongoing with ExxonMobil and PetroChina for the South Iraq In...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Petroceltic Renamed Sunny Hill
...ES, 8 April 2016). The firm’s key asset is the 3.5bcm/y Ain Tsila project in Algeria, where start-up is scheduled for 2022 (MEES, 15 March). Its other North Africa assets are in Egypt where it produced 79.8mn cfd of gas from three concessions in the onshore Nile Delta in 2017. The firm is also em...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Sonatrach Goes West
...servoir but without disclosing further details. Such opportunities may be a long time coming given that Tindouf is over 500km from the nearest producing gas field, Reggane, which entered service at the end of 2017. ...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Libya: Security Situation Worsens
...most 20,000 b/d for Q1, up from 2018’s 7,600 b/d and 2017’s 12,100 b/d. While there was no damage to the Zella field or its facilities, the assault highlights the security challenges facing Libya’s lifeline oil sector. It also comes on the back of a 29 April rocket attack on the frequently shut-in 30...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Saudi Arabia 1Q19 Key Oil Data (‘000 B/D): Exports At Lowest Since 2017
...CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL FIGURES ARE PERCENTAGES. *EXCLUDES FIELD LPG (650-700,000 B/D). **NAPHTHA REFINERY OUTPUT INCLUDED IN ‘OTHER PRODUCTS TO DEC 2017 (479,000 B/D FOR 2017). ^PRESUMES ALL FUEL OIL CONSUMPTION IS BURNT IN POWER PLANTS. SOURCE: JO...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
The Dragon Rises In The Middle East
...cember 2017, but only officially signed on 23 May (MEES, 5 January). Finalization of the agreement came less than a month after two other small Chinese firms enjoyed great success in Iraq’s fifth licensing round on 26 April (MEES, 27 April). Of the six blocks awarded, three went to two Chinese firms, wi...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Egypt Gas Output At Record Levels As Cairo Launches Bid Rounds
...Egypt gas output is close to topping 6bn cfd for the first time since 2012 as Eni’s flagship Zohr field continues to ramp up. Far from resting on its laurels, Cairo has launched two bid rounds as it hopes to offset high decline rates. The December 2017 start-ups of both Eni’s 21.5tcf Zohr an...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Can Egypt Garner Interest In Its Oil Heartlands?
...500 b/d and Burg El Arab 1,700 b/d for 2017. The firm has been shifting away from its Egypt assets towards its Iraq acreage (see p8). Block 11, SE Siwa, is surrounded by acreage operated by Western Desert stalwart Apache, TransGlobe, new player Apex and Eni. The block is just south of Eni’s SW Meleiha bl...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Rosneft Discovery Adds To Growing Iraq Presence
...oject, however (MEES, 14 September 2012). Rosneft drilled its first exploration well, Salman-1, in February 2017 just months after the completion of its controversial acquisition of the block’s operator Bashneft. Rosneft’s 70% stake in Block 12 (MEES, 3 March 2017) was swiftly upgraded to 100% as an ag...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Kuwait Energy: Could Stretched Finances Force Firm From Key Iraq Asset?
...d Iraq. These soared from $77mn at end-2016 to $125mn at end-2017; alongside the $69mn from Egypt lay $46mn from Iraq. KEC’s 2017 report released in April says $46mn trade receivables were settled from Iraq since December (MEES, 11 May). This came in the form of an 800,000-barrel crude cargo re...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Trump’s China Trade Deal: Will Saudi Lose Out?
...ich came into effect at the start of 2017, but also due to an increased downstream focus: oil products exports hit a record 1.89mn b/d in Q1, with products’ share of the kingdom’s oil exports at a record 20.8% (see data, p18). In China, Saudi Arabia has seen its market share fall from 20% in 2012 and 15...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Qatar Diversifies Trade Links Post-Embargo
...With the first anniversary of the Qatar embargo looming on 5 June, Doha’s finances look to have largely coped with the upheaval. New import and export routes were quickly established, enabling the emirate to capitalize on rising oil prices and cut its budget deficit by a third in 2017. La...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Kuwait Seeks $2.6bn Finance For Al-Zour LNG Plans
...intends to integrate petrochemicals plants (see table). K-sure signed an agreement with KPC in October 2015 – before Kipic was formed to operate the Al-Zour downstream and LNG operations, which it took over in May 2017 – to provide $6bn of support for Korean companies involved in two refinery pr...
Volume: 61Issue: 21Published at Fri, 25 May 2018