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Oman’s 2019 Power Start-Ups Are Last Gas Burners In Project Pipeline
...-field operations across the huge Block 6 (MEES, 2 November 2018); and rural electricity provider Raeco’s 50MW wind farm being built at Harweel in the Dhofar region (MEES, 3 February 2017). OPWP has proposed a 1.5GW coal-fired power plant at Duqm on the Arabian Sea coast, but this project may be...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Algeria Cuts Deficit For 2018: Gains Will Likely Prove Short-Lived
...venue. Overall 2018 state revenues, at AD6,620bn ($56.5bn), were up 9.5% on 2017 in nominal dinar terms, though the gains fall to 4% in dollar terms given the continued slide of the Algerian currency against the greenback. $1 bought AD111 in 2017, AD117 in 2018 and an average of AD119 so far in 2019. Sp...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Oman Nears ‘Sin Tax’ Startup
...abia was the first to impose excise taxes in June 2017 (MEES, 2 June 2017), followed by the UAE in October 2017 (MEES, 6 October 2017) and Bahrain at the end of 2017. Qatar followed suit in January 2019, but Kuwait has yet to announce a date to impose excise taxes. Though the GCC is looking in...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Israel Extends Bidding
...ich took five blocks, while a consortium of Indian firms led by state giant ONGC Videsh took one (MEES, 24 November 2017). Israel hopes that, having purchased a data package, US major ExxonMobil will be the breakthrough entrant in the latest bidding (MEES, 15 March)....
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Iraq-Iran Oil Swaps: Less Than Meets The Eye
...der to consume the crude domestically. KIRKUK’S WASTED CAPACITY The deal was initially reached in December 2017 as a supposedly quick solution to shut-in Kirkuk crude, but security concerns in Diyala and Kirkuk provinces have been a constant impediment (MEES, 23 February). When Federal Ir...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Qatar Embargo One Year On: Anatomy Of Resistance
...One year on, Qatar has made no meaningful concessions to Saudi Arabia and its allies. Unimpeded oil and gas exports have enabled it to largely offset the disruption. The anniversary of the 5 June 2017 Qatar embargo summed up the entire situation in a nutshell. Qatari officials bizarrely cl...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Qatar Marks Embargo Anniversary With Exxon Tie-Up
...Doha has marked the 1st anniversary of the Saudi-led embargo with a high-profile Exxon hook-up. The move highlights the futility of efforts to isolate Qatar. After Saudi Arabia, UAE, Bahrain and Egypt imposed an economic embargo on Qatar on 5 June 2017 it swiftly became clear that Doha’s hy...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
ExxonMobil’s Rapidly-Expanding Mediterranean Presence
...7,000 b/d, just 16.5% of the total for 2017. US output has soared past MENA to account for 22.5% of the total. The share accounted for by North Africa and the Mediterranean remained steady. At zero that is. The firm’s only regional interests at the start of the decade were three deepwater blocks off Li...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Tunisia Upstream: Strikes Over, Decline Continues, Hope Delayed To 2019
...mand. Whilst output was slightly higher than the average figure for 2017 this was only ‘thanks’ to the massive series of strikes and sit-ins which crippled output last summer (MEES, 2 June 2017): output for 2017 as a whole, at 38,700 b/d was the lowest since 1966, Tunisia’s virgin year of oil pr...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Morocco Gas: Sound Plans
...s Maghreb-Europe line which connects Algeria with Spain via Morocco. Ownership of the Moroccan section is set to pass from Algeria to Morocco in 2021. Moroccan offtake from the route was 110mn cfd for 2017: the country’s sole gas imports, meeting 93% of consumption. This is the target market for Te...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Opec Eyes 25% Revenue Boost Ahead Of Vienna Meeting
...18 will hinge on the upcoming discussions. When the deal was initially struck in November 2016, uppermost among concerns were that as the market approached balance the incentive for members to cheat could grow too strong to resist (MEES, 26 May 2017). But the lean years of 2015-2016 when the group’s an...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
2017’s Biggest Opec Winners
...On a dollar basis, Saudi Arabia was the biggest Opec winner in 2017 with revenues up $23.5bn year-on-year. But as by far the biggest producer in the grouping, its annual revenue swings are typically the greatest. When looking at revenue changes on a percentage basis the clear winner was Li...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Jordan Protests Victorious As Government Nixes Imf-Backed Tax Bill
...reign aid (MEES, 13 April)—the conflict in Syria has severely stunted Jordan’s growth. Jordan averaged 6.6%/year GDP growth from 2005 to 2011 versus 2.6% since, with 2016 and 2017 the lowest yet. The World Bank expects Jordan to average 2.4% growth in 2018 —only up marginally from 2017 (see chart). Fr...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Iran: $19bn Korean Deals Threatened As Daelim Pulls Plug Over Funding Woes
...al to be completed – in the near-year between its original signing of the deal at the start of 2017 and Trump entering office (MEES, 13 January 2017). The contract was awarded to Daelim by Iranian state refiner NIORDC in early 2017, with a view to boosting output of light products and reducing fu...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
UAE Delays, Jordan Rethink Blur Mena Nuclear Vision
...nstruction nuclear reactors, has announced that fuel rods for the first of the plants will be loaded into the reactor in early 2020. This means that the first electricity from the Barakah-1 unit will not hit the grid until later in 2020 at the earliest – over three years after the May 2017 announcement of...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Iran: Growing Capital Outflow Threatens Economy Ahead Of Sanctions
...port on the crisis in Iran’s forex market. This showed a doubling of capital outflows from $20.2bn for the Iranian year to March 2017 to $39.2bn the following year; outflows soared to $13bn for the last quarter of that year. And that was before the US pulled out of the nuclear deal. The MRC also es...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE. SAUDI ARABIA RAISES ASIA OSPs FOR JUNE 2018, KEY ARAB LIGHT TO HIGHEST SINCE JULY 2014 VERSUS OMAN/DUBAI BENCHMARK ($/B) OMAN/DUBAI=ZERO...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Qatar Shrugs Off Restrictions With Continued Oil, Gas Exports
...OVIDE 2017 BOOST (‘000 B/D, NET)… …WHILE QATAR SUPPLIES 82% OF TOTAL’S MIDDLE EASTERN** GAS PRODUCTION (MN CFD) *MEES PROJECTIONS.**EXCLUDES NORTH AFRICA SOURCE: TOTAL, MEES. TOTAL HEADACHE Cosmo has only a modest upstream presence in both countries, but the sa...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
UAE Gas Supplies: Qatar Dependence Remains Despite LNG Diversification
...eraged $7.7/mn BTU in Jan-April 2016, down from $12.97/mn BTU in Jan-April 2015. They averaged $8.03/mn BTU in Jan-April 2017, though have since eased (see chart, p7). LNG IMPORT CAPACITY… The UAE has two LNG import terminals. Dubai has had a 960mn cfd floating storage and regasification un...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Rig Count: Iraq Drilling Resurgent, Saudi Offshore Growth Slow To Materialize
...gs in Iraq (all are onshore oil rigs) hit a 17-month high of 51 in May. Drilling is still well down on 2014’s highs, but has been steadily increasing since the second half of 2016. How much further it will rise in 2017 is unclear as IOCs are still cautious on investment in Iraq. Shell has mo...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017