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Iraq Crude Exports Edge Up In July
...rticularly to the post-2014 oil price crash when Iraqi revenues halved to less than $50bn a year. Higher oil prices have nonetheless given Baghdad some breathing room in the last couple years. The government ran a slight surplus in 2017 and a whopping $21.6bn surplus last year. Central Bank of Iraq data fo...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Now Or Never For Leviathan As Partners Re-Float LNG Plans
...lek and Ratio, are eying the further expansion of the field. Discovered back in 2010, the partners only stumbled to a final investment decision in 2017, and this for a greatly scaled back ‘Phase-1A’ project (MEES, 24 February 2017). Though first gas is on track for the end of this year, full field de...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Israel Awards 12 Blocks
...rael Opportunity took Zone D’s four blocks. All three zones are in the southern half of Israel’s EEZ (see map). The small blocks were grouped together in larger zones after a bid round launched 12 months earlier had failed to yield any big names (MEES, 15 December 2017). This tactic also appears to ha...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Total Sees Algeria Revenue Fueling Mozambique LNG Plans
...quired via last year’s Maersk takeover (MEES, 25 August 2017). So the Anadarko deal triples its output from the acreage to just shy of 100,000 b/d. Not surprisingly, Mr Pouyanné says the company “anticipate[s] some efficiency gains” in Algeria as a result of the deal. Total’s overall Algeria output also in...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Tunisia At The Crossroads
...der 25, whose inability to secure formal employment was a key catalyst for the 2010-11 revolution. Creating jobs is thus a political imperative for Tunisia. And an economic one too if is to reach its stated aim of a 3.9% fiscal deficit, down from 2018’s 4.6% and 2017’s 6% (see table). PUBLIC SE...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Oman Cuts Power Growth Forecast, Eyes Lower Gas Burn
...r powergen and instead views incremental gas volumes as a source of additional export revenues. GAS BILL While the reduction in gas burning would be expected to reduce OPWP’s gas bill, it is not clear whether the introduction of time-of-use tariffs for electricity consumers in 2017...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Kuwait In IMO 2020-Inspired Al Zour Rethink
...vised RFCC unit’s capacity will be 98,000 b/d. The upgrading project eventually moved forward in 2017 when UOP was awarded projects for a 50,000 b/d RFCC, a 66,000 b/d CCR and 74,000 b/d naphtha hydrotreater within the Al Zour complex (MEES, 8 December 2017). These latter two units will also likely se...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Yemen: OMV’s Risky Reentry Pays Dividends
...ude exports come from Blocks 10 and 14 in the east of the country (MEES, 15 September 2017). State firm PetroMasila operates the blocks, using some of the crude for local power generation and sending the rest via a 138km pipeline to Ash Shihr where it is exported to Asia. Exports in 2017 averaged 44...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Iraq Takes On Mansuriya
...er development. Kuwait Energy, in its 2017 financial statements, bemoaned the Iraqi government for having “so far refused to entertain any request for change in terms.” It reclassified the field’s 2P reserves as contingent resources whilst impairing the asset in full (MEES, 25 May). The oil ministry sa...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Libya: Companies Crave Elusive Stability
...,000 b/d for 1H 2017. However the firm is clearly not banking on these gains continuing. “Production in Libya is forecasted to be at a similar level to that of 2017,” the firm said on 2 August. Average 2017 output was 25,000 b/d. Repsol also continues to insert the caveat that its 2018 global output fo...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Iran Suffers Korea Export Blow Ahead Of Sanctions
...d been an increasingly important customer for Iran and took record volumes in 2017. The 361,000 b/d that South Korea imported from Iran over the course of 2017 was more than any country bar China and India. This marked the third consecutive year in which the country has held the number three sp...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Iraq: Saudi Power Play As Protests Continue
...sengaged entirely, creating a vacuum on which rival Iran capitalized. Riyadh is now belatedly seeking to engage, particularly since now-Crown Prince Muhammad bin Salman began deciding the kingdom’s foreign policy in 2015 (MEES, 27 October 2017). Though few concrete developments have so far ma...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Cash-Rich Gulf State Refiners Seek Overseas Capacity, Integration
...18mn b/d, while refinery throughputs have risen from 5.41mn b/d in 2009 to a record 7.18mn b/d in 2017 (see charts). Gulf refinery throughputs averaged around 6.97mn b/d in the first half of 2018 but this figure is likely to increase as consumption of fuels for both power generation and transport rises du...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Egypt’s New CCGTs Take Pressure Off Power Generators
...ypt’s installed generating capacity close to 50GW (see table). This is two-thirds higher than 2017’s record peak power load, with demand topping 30GW for the first time last July. With such a comfortable excess, EEHC can now afford to shut down some older and more inefficient power plants, at least fo...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Qatar Export Revenues Hit Three-Year High Despite Continued Embargo
...position in June 2017 (MEES, 9 June 2017). Internationally flagged vessels can still load up with cargoes from Qatar’s oil and gas terminals before calling on ports from embargoing nations – such as Saudi Arabia’s Ras Tanura or the UAE’s Das Island. Moreover, Qatari vessels can easily refuel at Oman’s So...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Kuwait Fiscal Deficit Falls By 19% To $16bn For 2017-18
...-year real terms fall in its budget deficit for the year to 31 March 2018. The Ministry of Finance this week announced that the deficit fell from $19.5bn to $16bn. Predictably the deficit was much smaller than the $26.1bn laid out in the original 2017-18 budget law which underestimated oil prices an...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Brazil Crude Output And Exports Flatter To Deceive (Mn B/D)
...KE A MAJOR 2H18 REBOUND IF 2018 VOLUMES ARE TO EVEN MATCH 2017’S RECORDS SOURCE: ANP, MEES....
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Iraq Signs Baker Hughes Gas Deal
...e use of a 200mn cfd modular gas processing plant at Nasiriya. An initial contract was penned more than a year ago in July 2017 (MEES, 21 July 2017). Seeking to assuage local citizens who have joined nationwide protests, Oil Minister Jabbar al-Luaibi stressed that the work would create 500 jobs an...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Zohr Almost There As Egypt Plots Further Gas Gains
...ntracted by Eni to drill two wells offshore Cyprus at the end of 2017 and start of 2018. “Regarding our wells in Cyprus, we plan to restart a drilling campaign before the year end with new wells, two additional wells, to be drilled back-to-back,” Chief Exploration Officer Luca Bertelli says. Eni op...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Libya: Cautious Optimism With Output At 3-Year High
...C? Output from the key Sharara fields in the southwest of Libya averaged 189,000 b/d in Q2, and 251,000 b/d in June according to figures given in the H1 2017 interim report of Spain’s Repsol, leader of the Akakus JV which operates the fields. Repsol’s net figures were 23,000 b/d for Q2 and 29,800 b/d fo...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017