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Kurdistan’s Shaky Outlook For Gas Exports
...The Kurdistan Regional Government (KRG) of Iraq has ambitious gas export plans. In 2017 it signed up Russian state firm Rosneft to construct a 30bcm/year pipeline to supply Turkey with gas by 2020 (MEES, 22 September 2017). But there is little sign of any progress on expanding the existing pi...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Egypt Falls Further Behind Oil Output Plan
...ntinue, at least in the short term as Apache slashes spending. Apache’s spending in Egypt was reduced to $107mn (including Chinese state firm Sinopec’s 1/3 stake in Apache Egypt) in Q2, the lowest quarter since 1Q 2017 and 35% down on the same quarter last year. Apache plans to reduce its average rig co...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Egypt Gas Output At Record Level
...bra and Taurus fields (MEES, 15 March). BP says Giza and Fayoum output is around 340mn cfd, implying around 360mn cfd from Libra and Taurus, a significant fall from the initial 700mn cfd the two fields produced when they were brought online in May 2017 (MEES, 12 May 2017). Phase 3 of the project, th...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
LNG Market Depressed, But For How Long?
...rsus a year earlier. Key Asian importers of LNG, China in particular, were left short of cargoes in the 2017-18 winter (MEES, 5 January 2018). Fearing a repeat, they took in a bumper 58.8mn tons in 4Q 2018, up 11% year-on-year, boosting average prices to over $11/mn BTU. But the winter turned out to...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Saudi Utility SEC Cuts Spending Plans As Power Demand Levels Off
...fline as more advanced facilities are developed. Total capacity available to supply the grid – including firms which generate electricity to supply their own operations and deliver any excess to the grid – peaked in 2017 at 79.1GW and declined to 75.1GW at end-1H 2019. 2018’s demand peak represents 82...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Saudi Arabia Slashes Budget Deficit In 1H 2019
...rtails its capital spending programs. Real GDP growth is forecast by the IMF to fall to 1.7% this year from 2.2% for 2018 and a 0.7% contraction for 2017. Revenue was $135bn for 1H 2019, up 15% year-on-year. The key element was unsurprisingly oil revenue, which rose by 15% to $92bn, 68% of the total. Th...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Qalaa Hydrocracker Stake Shrinks
...the plant, built alongside the aging Cairo refinery to upgrade its residual fuel oil output into transport fuels. The ERC plant, whose capital requirement was estimated at $4.3bn at the time of project go-ahead, was first scheduled to start up in early 2017, but construction has been slowed by fu...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Qatar’s Kahramaa Targets Solar
...gust. Full commercial operation is scheduled for first quarter 2022. Qatar originally intended the project’s capacity to be 500MW and envisaged start-up in mid-2020 (MEES, 29 September 2017). However, gas-rich Qatar has been slow to recognize the benefits of solar power, with solar capacity amounting to ju...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019