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Egypt Gas Exploration Focus Shifts East As Output Record Nears
...ison says output here rose in the first half of 2018 thanks to new wells added in late 2017. Three further wells were drilled in the first half of 2018. Eni is not the only company to have evidently seen renewed attraction in waters north of Sinai that it had previously abandoned. Anglo-French in...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Gulf Of Suez Output Falls To 40 Year-Low
...While Egypt gas output receives the plaudits (see p2), oil output has shown only tentative signs of recovery from 2017’s 35-year low of 629,000 b/d (MEES, 9 March). Output was 643,000 b/d for the first six months of 2018 with key Western Desert producers Apache and Eni highlighting output bo...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
DNO Chief: ‘Kurdistan Is Back, And So Is DNO’
...en a pipeline outage saw quarterly output temporarily fall to 92,000 b/d (MEES, 11 March 2016). Production fell from 109,400 b/d in 1Q to 102,500 b/d in 2Q due to substantial declines at Tawke. From 2Q 2017 to 2Q this year output from the field has fallen almost 20,000 b/d—so far enough to offset ga...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Opec: More Crude Needed, Now
...TPUT VS CALL ON OPEC CRUDE (MN B/D): BOTH OPEC AND IEA FORECASTS IMPLY* A SHORTFALL IN OUTPUT FOR 2017 TURNING INTO A SIZABLE SURPLUS FOR 2019. BUT FORECASTS FOR 2H 2018 DIFFER CONSIDERABLY: THE IEA HAS THE MARKET MORE OR LESS IN BALANCE, WHILST OPEC FIGURES IMPLY A 1.1MN B/D DEFICIT *OPEC OU...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Libya’s Financial Black Hole
...ude prices, which at an average of $69.2/B for Libya’s light Es Sider crude, are up $19/B (38%) year on year. Hydrocarbons earnings, at LD15.6bn ($11.3bn) for 1H 2018, were 16% above the budget figure. They were also more than double the LD6.8bn earned from hydrocarbons in the first half of 2017: as we...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Libya Power Expansion Going Nowhere, Blackouts Continue
...gineers were kidnapped last November (MEES, 24 November 2017). Three Turkish engineers (though apparently not their South African colleague) were released in late June, but work has yet to restart. Enka’s website gives the planned completion date as 1 August 2015. Sharply lower gas output resulting fr...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Oman: Oil Prices Bolster Economy, For Now
...om a nearly balanced budget in 2013 to consecutive deficits of $12.03bn, $13.76bn, and $9.76bn from 2015 to 2017. This saw Oman’s public debt balloon from $3.96bn at end-2014 to $28.96bn at end-2017. And while this equates to only about 40% of GDP (the equivalent of, say, Sweden or Australia), in...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Oman Hits Record Gas Output In July
...rst seven months of 2018 . 2018 is likely to break records for the sultanate’s gas sector, with total ‘production’ on track to hit 45.24bcm compared with 40.91bcm in 2017, a solid 10.5% increase. Oman does not give production figures because the National Centre for Statistics and Information in...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Qatar: $15bn For Turkey
...erican pastor Andrew Brunson. Ankara responded with tariffs of its own on cars, cigarettes and alcohol. Qatar’s pledge is scant on details: Qatar, which benefitted from Turkey’s support during the June-2017 economic blockade (MEES, 9 June 2017), already promised to invest up to $20bn into the Turkish ec...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Korea: Iran Vols Steady, For Now
...South Korea imported 185,000 b/d of crude and condensate from Iran in July, up slightly on May and June but down substantially on both the first four months of 2018 (285,000 b/d) and 2017 as a whole, when Korea was Iran’s #3 customer taking 361,000 b/d. Imports can be expected to fall to zero fo...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Caspian Five Sign Historic Deal
...erbaijan have the lion’s share. Iran’s Caspian reserves are relatively small, although very little exploration has taken place so far. Iran has also received cross-Caspian cargoes of Turkmen crude in a ‘swap’ deal which was revived last year (MEES, 13 October 2017). ...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Iraq: Majnoon Expansion Deal
...ntracts is proving to be a key alternative to Iraq’s cumbersome technical services contracts which continue to ward off IOCs (MEES, 22 September 2017). ...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Israel-Hamas Deal Enters Effect
...ich is characterized by the world’s highest unemployment rate (27.9% in 2017), daily power cuts (MEES, 30 March) and crippling goods shortages. But hostilities are never far from resumption. ...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
South Korea’s Key LNG Suppliers
...THE US IS GAINING MARKET SHARE, OVERTAKING OMAN FOR #3 SPOT FOR JAN-JULY 2018 (MN TONS)... ...THANKS TO PRICES ($/MN BTU) THAT IN RECENT MONTHS HAVE UNDERCUT THE COMPETITION BY $2/MN BTU *NO REGULAR VOLUMES BEFORE 2017. SOURCE: KOREA CUSTOMS, MEES. ...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Libya’s Oil Production Gains May Flatter To Deceive
...bya’s oil sector since late 2014 did not give much reason for hope. Prior to 2017, the last time that oil output had exceeded 600,000 b/d was in the first half of April 2015; the last time that it averaged more than 600,000 b/d over the course of a month was in November 2014. The figures for 2017 ha...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Iran Bags Changuleh Oil Field Studies, Qualifies More Local JV Partners
...16 Study South Azadegan & Cheshmeh Khosh PNOC (Philippines) May 2017 Study Pazanan and Darkhovin Gazprom (Russia) May 2017...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Saudi Petchems Firms Report Higher First Half Income As Profits Track Oil Price Rise
...ter than normal, as with the first quarter, due to new accounting rules introduced at the end of 2016 (MEES, 12 May). One firm, Alujain whose end-H1 2017 market capitalization was among the smallest at SR1.5bn, said on 17 August that it was unable to publish results on time but would issue them when “re...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Gulf Crude Burn Falling In 2017, But By Less Than The Rise In Fuel Oil Use
...ntinuing to rise, they have a long way to go to achieve this. Saudi Arabia burnt 424,000 b/d of crude in its power plants in the first half of 2017, down 50,000 b/d on the same period a year earlier, though the June figure of 680,000 b/d was just 24,000 b/d below year-ago levels, cutting into the crude av...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
US Shale Output – Gains Continue Despite Cost-Cutting, Fewer New Rigs
...528 set in October 2014. July’s month-on-month gains, at 14, are the lowest since June last year: December 2016 to April 2017 saw an average of 50 rigs a month added. MORE WITH LESS? These figures so far chime with the ‘more for less’ mantra of US shale-focused companies in their recent Q2 ea...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Egypt: Mid-Size E&Ps Still Living Hand-To-Mouth Despite Gas Renaissance
...velopment, which is 80% complete and due for December 2017 start-up, by managing to pay off a large part of the receivables the firm is owed. At the end of 2016 Eni was owed $611mn, with $420mn overdue, but that has now almost been halved to $310mn with no amount overdue. Eni’s 10% partner in Zohr, UK ma...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017