Abu Dhabi Plans Further Offshore Reshuffling

...pplier (with just under 300,000 b/d for H1 2017), with Thailand in turn Abu Dhabi’s #3 customer (see data, p17). PTT has both production and development projects in Algeria and is a pre-qualifier for Iranian upstream awards. Russian state-firm Rosneft was prequalified for Adco but in the end didn’t su...

Egypt Oil Output: Apache Looks To Low Hanging Fruit For Output Rebound

...Whilst gas has grabbed the headlines since Eni’s mid-2015 Zohr discovery, oil production has remained on a downward trajectory. Egypt’s crude and condensate output averaged just 623,000 b/d in the first half of 2017, the lowest for any comparable period since 1981. Egypt was a net crude ex...

Iraq Makes Progress On Chronic Gas Shortage

...average 711mn cfd over the course of 2017 and plans to hit 1bn cfd the following year. So far this year, Iraq is certainly posting strong gains. Sales gas volumes are up 20% in the first half of the year to average 1.12bn cfd. The proportion of gas flared has fallen from 64.4% to 59.0% over th...

Offshore Exploration: What Chance Of A Rebound?

...cent Q2 results of taking advantage of lower prices to increase investment in long-term projects. Exxon plans to increase capex over the coming years – albeit modestly. “As a rule going forward we are sticking with around $22bn in 2017, slowly ramping up [to $25bn] through the end of the decade,” IR...

Mauritania: 15 Tcf Tortue FLNG Targets 2021 Start Up

...ars. In addition to being the largest discovery of 2017 in creating a second LNG hub in the region, the Yakaar results further de-risk the key play elements of the basin… Subsequent wells in our drilling program [have] a similar geologic setting,” Mr Inglis says. But with “~75% of undrilled pr...

Oman Lines Up Duqm Contractors, Targets Products Exports

...oducts, to Asia and Africa in particular (see map). Oman produced 968,000 b/d of crude and condensate in H1 2017 and exported 809,000 b/d. Products trade in either direction is minimal, though most months see some diesel exports. Spain’s Tecnicas Reunidas and Korea’s Daewoo E&C have been selected by DR...

Opec Banks On Oil Demand Boost From Stronger Economic Growth

...Waning compliance with the Opec/non-Opec “declaration of cooperation” to curb crude output is severely hampering efforts to rebalance the crude market. Allied with strong production gains elsewhere, this poor compliance has helped keep global stock levels high, putting a lid on prices in 2017...

SK Inks Tabriz Refinery Deal As Korean Investment Hits $19bn

...re need of upgrade and modernization.” The upgrade is intended to reduce Tabriz’s fuel oil output to 2% of total production. One of the aims of Iran’s refinery upgrade program is to reduce the need for gasoline imports, which averaged 49,000 b/d in 2016 and 64,000 b/d in the first four months of 2017...

Iran’s Rohani Targets More Foreign Investment, Shadow Lenders

...eraged 3.8mn b/d compared to 2.85mn b/d in 2015 (MEES, 4 August). Latest Central Bank of Iran (CBI) statistics show that real GDP grew at 12.5% for the Iranian year ending 20 March 2017, driven by the rise in oil production. But the economy in general is still suffering from lack of liquidity, large de...

Italy Crude Imports ('000 B/D): Iran Overtakes Iraq & Saudi Arabia As Top Middle East Supplier In 2017

US Output: New Records, But Gains Slow

...1H 2018 – reflecting the delayed impact of the recent drilling slowdown (see p7) – before breaking 10mn b/d for the first time in November 2018, in line with previous projections. •  2017 output is now forecast at 9.345mn b/d, just below 2015’s 9.409mn b/d, before rising to 9.911mn b/d for 20...