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Egyptian Med: Ha’py Days For Eni As Virgin Acreage Attracts Major Interest
...the Mena Congress in Cairo this week. In its 2017-18 annual report Egas delineated 11 possible blocks that could be put on offer (MEES, 25 January). But the official tells MEES that the state-run firm has changed the shape of the area and the size of some of the blocks with Norwegian firm PGS ha...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Adnoc Targets Big Gains From Transformational Foreign Partnerships
...reamlining of subsidiaries in 2017 (MEES, 20 October 2017). Equally notable is the revolution underway in reshaping Adnoc’s partnerships with foreign oil firms. The number of such firms partnered with Adnoc in its upstream operations has soared from 12 in 2014 to 17 currently (see chart 1). Moreover, th...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
UAE Gas Production, Consumption Rise To Record Levels
...2018, despite imposing an embargo on its neighbor in June 2017 (MEES, 9 June 2017). Qatari stats show that the emirate exported $1.41bn worth of goods to the UAE in 2018, the bulk of which will have comprised gas supplies through the Dolphin consortium’s pipeline (Abu Dhabi state firm Mubadala 51...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Opec Faces Extended Demand Slump
...mand for Opec crude peaked at 32.55mn b/d in 2017, more than 3mn b/d above the 2020 forecast. Will this peak ever be regained? *The bright side for Opec is that the IEA projects that global demand growth will accelerate in 2020 to its highest level since 2017. The IEA sees demand growth ri...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Iran Looks To Protect Lucrative Petchems Earnings From Tightening US Sanctions
...reements with foreign firms for a variety of petchems plants (MEES, 11 August 2017 and MEES, 17 March 2017). Among the firms signing agreements, Denmark’s Haldor Topsoe has since closed its Tehran office (MEES, 31 August 2018), while the other seven projects have not progressed further. One of these wa...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Dubai Looks To Clean Up Powergen Act With 2050 Plan
...r later release to turbines (MEES, 16 June 2017). The flagship project in Dewa’s solar program is the 5GW MBR Solar Park under development 50km south of Dubai city at Seih al Dalal. In March Dewa invited developers to submit qualification documents for an independent power producer (IPP) project fo...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
KRG To See Output Increase From Smaller Fields
...gion are increasingly willing to reinvest. The results are beginning to show. Russia’s Gazprom Neft plans to drill a third well at its Sarqala field in Q3, wrapping up Phase-1 development which has seen output rise from 5,000 b/d in early 2017 to more than 21,000 b/d now; 30,000 b/d by early 2019 looks em...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Algeria: Total, Repsol Recommit But More Investment Needed
...the reins (MEES, 21 April 2017), and followed this up with broad partnership deals with many of Algeria’s key existing upstream investors – including Eni and Anadarko as well as Total and Repsol. On the other hand, the fact that commitments to date have come from existing investors indicates th...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Aramco Downstream Strategy: Plastic Fantastic As Sadara Park Ramps Up
...ants targeting the automotive industry, while local firm Rufayah will process pyrolisis by-products to make hydrocarbon resins. Sadara started up the cracker at the heart of its complex in August 2016 and started up the last of its 26 units in August 2017. The plant processes naphtha, ethane, be...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Markets Face Precarious 2019 Amid Supply Uncertainty
...ne. It’s difficult to see the common ground that unites Opec’s 14 members. OPEC SUPPLY & DEMAND FORECASTS, JUNE 2018 (MN B/D) 2016 2017 vs’16...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
US Output Set For Record 2mn B/D 2018 Growth; 2019 Forecasts Trimmed On Pipeline Constraints
...ble). • NGLs output is also slated to grow by almost 600,000 b/d to 4.33mn b/d for 2018, taking total 2018 oil output to a whopping 15.12mn b/d. This smashes 2017’s previous annual record of 13.09mn b/d, whilst forecast year-on-year gains of 2.03mn b/d top 2014’s previous record of 1.75mn b/d. • But, wh...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Iran Looks East For Support As US Squabbles With Europe
...erhaul China in early 2017. CHINESE, RUSSIAN FIRMS STAND TO BENEFIT China’s state-owned CNPC (30%) last year signed up alongside Total to develop Phase 11 of Iran’s South Pars gas field (MEES, 23 June 2017). With Total set to relinquish its 50.1% stake in the project unless it manages a se...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Egypt Looks To Delayed Midor Expansion, ERC Start-Up To Ease Products Shortfall
...0,000 b/d in 2017 while gasoline imports averaged 90,000 b/d (MEES, 26 January 2018). While additional Midor capacity could cover just 8% of 2017 diesel imports and 13% of gasoline, next year’s planned start-up of the Egyptian Refining Company (ERC) 81,500 b/d hydrocracker, will make a sizable dent in th...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Mena Countries Eye Oil, Gas Savings From Renewables Plans
...ficient CCGT plants) or 78,000 b/d of liquid fuel (see table). This is less than 10% of the oil burnt by Saudi Arabia alone (974,000 b/d for 2017: 458,000 b/d crude and 465,000 b/d fuel oil). Only for Morocco, and to a lesser extent Jordan and Tunisia (MEES, 1 June), have new renewables significantly de...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Egypt: Power Price Hike, Or Back To The Future?
...nancial year. But it saw spending on power subsidies soar to hit E£64bn for 2016-17. The 2017-18 budget estimated a fall to E£28.6bn (MEES, 25 May). The plan was that electricity subsidies would have been completely phased in the upcoming financial year. But, wary of public opinion, President Sisi re...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Gulf Countries Throw Jordan A $2.5bn Lifeline Amid Unrest
...cent recovery in oil prices, the GCC states are in a better position to fulfill their latest promises and disburse the pledged aid promptly to cash-strapped Jordan, but the aid still won’t even meet the gap left between 2017 and 2018 after the 2011 GCC package expired. PLAYING HA...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
US Shale Output Soars But Permian Productivity Falling
...ODUCTIVITY STEADY DESPITE DOUBLING OF RIG COUNT OVER LAST 5 MONTHS 3: BAKKEN: RIG COUNT REMAiNS AT JUST 20% OF 2012 PEAK *FOR NEW WELLS. SOURCE: EIA DPR, JUN 2017. US SHALE OUTPUT FORECASTS (MN B/D, BY DATE OF FORECAST) 4: OVERALL US SHALE OUTPUT* RE...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Aramco Seeks Talks On Indian Refinery, Part Of Asian Downstream Push
...649 1,480 *MOTIVA SPLIT IN Q2 2017 GAVE SHELL 100% OF CONVENT & NORCO REFINERIES, ARAMCO 100% OF PORT ARTHUR. ^ARAMCO OWNS 63.4% OF S-OIL WITH THE REMAINDER FLOATED. SOURCE: SAUDI ARAMCO, PARTNERS. RECENT DEALS Aramco’s interest in the Indian downstream is also in line wi...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
EBRD Kick-Starts Egypt Solar With $500mn Investment In 16 PV Projects
...nstruction before the end of 2017.” SOLAR STORM The Abu Dhabi-based International Renewable Energy Agency (Irena) pegs Egypt’s total end-2016 renewables capacity at 3.66GW. However almost 3GW of this is hydropower – primarily Nasser’s flagship 1960s Aswan High Dam megaproject – some 750MW is wind, wi...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Opec Revenue Purgatory Stretches On
...rong non-Opec growth of 660,000 b/d for 2017, global stocks are on track to fall by 260mn barrels by the end of the year unless Opec output falls (see table and chart). It’s a sizeable amount, but insufficient to bring stocks down to their five-year average, which Opec says would constitute “re...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017