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Baghdad-Erbil Oil Sharing Dispute Heats Up
...en Mr Abd al-Mahdi was oil minister (MEES, 5 December 2014). The deal didn’t last long as Iraqi funds failed to make their way to Erbil. Relations hit rock bottom when Iraqi Kurdistan voted to secede from Iraq in 2017 (MEES, 29 September 2017), and federal forces retook territories that included 28...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
BP Boosts Tortue Reserves With Drilling Success
...arf even Tortue (MEES, 14 December 2018). However, though BP reckons Greater BirAllah is potentially the biggest of the three planned hubs, at least for the moment Yakaar Teranga is ahead in the development stakes, with two successful wells drilled: Teranga-1 in May 2016 and Yakaar-1 in June 2017, bo...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
Energean Hits East Med Major League With Cut-Price Edison Purchase
...e in Egypt and Algeria. It operates the 270mn cfd Abu Qir field off Alexandria, and has 11.25% of the 280mn cfd Repsol-operated Reggane North development in southwest Algeria which started up in late 2017 (MEES, 22 December 2017). Both dwarf Energean’s current production of just 4,100 b/d, all fr...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
Opec Production Purgatory: Cuts And More Cuts With No End In Sight
...nister Suhail al-Mazrouei warned in 2017 that there “is too much fluctuation within one year. It is not healthy for producers, and it is definitely not healthy for consumers. We need some sort of stability” (MEES, 17 November 2017). He reiterated the message this week in Vienna, saying “once we are cl...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
Aramco Pushing Asian Downstream Projects In Major Crude-Buying Countries
...pacity of 2.68mn b/d, of which Asia refineries dominate with 2.04mn b/d. Aramco also operates the 635,000 b/d Motiva Port Arthur refinery in Texas, having bought out former JV partner Shell (MEES, 10 March 2017). Because of Aramco’s now outright ownership, Port Arthur is its largest overseas downstream as...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
Abu Dhabi Adds Solar Giant To Powergen Fleet
...S BURN HAS STEADIED (TWH) NUCLEAR DELAYS Abu Dhabi state nuclear firm Enec is developing four nuclear reactors with combined capacity of 5.6GW at Barakah on the coast 50km west of Ruwais. Start-up of the first unit was expected in 2017, with the others following at yearly in...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
DP World Buys Services Firm
...re Caspian Sea market but also in the Mena region and West Africa. DP World itself was the subject of the Gulf’s largest ever IPO, after the Dubai government floated 19.55% on the Dubai exchange in 2007. This raised $4.22bn to value the company at $21.58bn. Among the largest Gulf IPOs since are 2017...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
Iraq Oil Revenues Soar But Stretched Southern Export Capacity Caps Gains
...en monthly earnings averaged $7.84bn (see chart).If achieved, this would be a 40% increase on last year’s $59.32bn, itself a 36% gain on 2016. 2017’s oil revenue gains helped Iraq secure a rare budget surplus of ID1.79 trillion ($1.52bn) according to data from the Ministry of Finance, a major tu...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Saudi-Kuwait Neutral Zone: Supply Concerns Spur Restart Rumors
...CI) contract in 2015 for work at the Hout field. The work was scheduled for completion in 2Q 2017, but had yet to be finished at end-Q1. Meanwhile, vessel tracking site Marine Traffic shows two Saudi-flagged jackup rigs were this week at the Khafji field, including one which arrived on 3 July. Wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Tunisia: Petrofac Quits, DNO Cuts Its Losses
...nority shares in fields off Nigeria and Gabon with net 2017 output of just 300 b/d. Not only is Panoro not paying, DNO will effectively cover Panoro for $12mn of exploration commitments on the Sfax offshore permit, which Panoro sees as the most promising and where DNO has a 87.5% operator’s stake. DN...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Opec+ Leaders Make Head Start In Boosting Production
...ound 300,000 b/d from June levels. At 11.06mn b/d, Russian output was the most since March 2017 and 130,000 b/d above its previously allocated 10.93mn b/d (see chart). OPEC WELLHEAD PRODUCTION, June 2018 (MN B/D, MEES ESTIMATES) CONGO JOINED EFFECTIVE 22 JUNE, WILL BE INCLUDED IN TABLE FR...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Lebanon’s Recurring Power Nightmare
...stalled Available Fuel Zouk-1 ST (x4) 1984-87 607 365 HFO Zouk extension GT* 2017 194 194 HFO (gas) Jieh-1 ST (x5) 19...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Karadeniz Eyes 8.3gw Fleet
...wn regional allegations of neocolonialist ambition – began supplying power in Ghana in October 2017. The company also operates in Zambia and Indonesia. Dealing with cash-strapped nations is not always easy. Karadeniz began supplying Basra with 410MW in 2010, but operations came to a halt in 2016 wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Oman Reduces Peak Electricity Load Forecast, Targets Lower Gas Burn
...rough 2024, despite a steady 7% a year growth in electricity generation. OPWP says that in 2017 electricity demand in the MIS grid grew “at a relatively slow pace compared to the historical average.” Peak demand increased by 3.3% to 6.12GW in 2017, compared with an average 7% a year during 2010-17, wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
$11bn Egypt Petchems Project Belatedly Green Lighted
...ough Egypt’s overall economic fortunes have improved over the last 18 months the country’s overall quarterly trade deficit remains stuck at around $9bn (an annual $36.5bn for 2017) as higher prices for oil imports have cancelled out a rise in export earnings (see p13). Tahrir’s anticipated export re...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Egypt Indicators Show Recovery Is Gathering Pace
...yptian economy are looking firmer than they have for some time. The country’s current account deficit fell to $5.3bn for the first nine months of the 2017-18 financial year (ie 3Q17-1Q18), down 58% from $12.5bn a year earlier, though the country’s quarterly trade deficit remains stuck at around $9bn (see ta...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Libya Oil Output Breaches 1mn B/D
...25mn b/d (MEES, 10 February). 1: LIBYA CRUDE OUTPUT IS AT THE HIGHEST LEVEL IN 4 YEARS (‘000 b/d)... SOURCE: MEES ESTIMATES. 2: …BUT 2017’S INCREASES LAG THOSE TARGETED BY NOC AT THE START OF THE YEAR ^MABRUK OUTPUT REFERS TO JURF OFFSHORE FIELD, OPERATED BY THE NOC/TOTAL MA...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Egypt Gas Output Hits 3-Year High In May, Target 2018 Self-Sufficiency
...diterranean (WND) and the onshore Nile Delta (Nooros – see chart 2). These gains mean Egypt will “soon” be able to meet 90% of its fuels needs from domestic sources, Mr Molla says. 2017 gas output will likely average around 5bn cfd, still well short of 6bn cfd demand (up from 5.75bn cfd last year) with the de...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Iraq: Bumper Oil Export Volumes Cushion Impact Of Oil Price Drops
...ficial KRG provinces. But even without the KRG-controlled volumes, the projected 2017 revenue figures are good enough not only to overtake 2016 earnings, but 2015 too. They are, however, still less than 60% of the record-setting 2012, when Iraq took in an average $7.8bn each month. Although Iraq ha...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Americas To Asia Crude Shipments Set New Records In April & May-Data Analysis
...0 B/D) 5: THE USA IS THE BIGGEST GAINER IN ASIAN MARKETS WITH THE LAST TWO MONTHS OF IMPORTS THE TWO HIGHEST ON RECORD (‘000 B/D) *JAN-APRIL FOR INDIA, TAIWAN. **FOR 2017 USES EXPORT FIGURES FOR THE PRECEEDING MONTH (EG MAY ASIAN IMPORTS ARE CALCULATED AS A PERCENTAGE OF APRIL US EXPORTS). SOURCE: OF...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017