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Kurdistan’s Miran Partners Target 2027 First Gas
...up to 8tcf and was previously operated by London-listed Genel Energy. The KRG, disappointed by the lack of progress years after signing a gas sales agreement (GSA) with Genel in 2017, revoked the company’s PSC for Miran and the nearby Bina Bawi block in 2021 (MEES, 20 August 2021). Under the te...
Volume: 68Issue: 33Published at Fri, 15 Aug 2025 -
Aramco’s Overseas Downstream Expansion: Much More To Come
...vestments “We’re looking at highly integrated complexes that have more than 50% liquid to chemical [conversion rate].” One such investment that was struck back in 2017 but has suffered repeated delays is the Pengerang Refining and Petrochemical (PRefChem) JV with Petronas, which operates a 300,000 b/d co...
Volume: 65Issue: 33Published at Fri, 19 Aug 2022 -
Oman: Fitch Upgrade
...scat is looking to streamline its debt portfolio having “prepaid the remainder of the pre-export financing facility taken out in 2017 ($1.3bn) and repaid a maturing $3.6bn loan from China.” The Fitch upgrade follows that of S&P which upgraded Oman to ‘BB’ with a stable outlook in April 2022. ...
Volume: 65Issue: 33Published at Fri, 19 Aug 2022 -
Algeria’s Petchems Push
...mething of a resurrection of previous plans that have struggled to advance (MEES, 3 February 2017). Of the two, one is a 1mn t/y mixed feed cracker slated for the industrial zone at the port of Skikda, while the other is a new methanol plant at Arzew for which previous plans stated a 1mn t/y ca...
Volume: 65Issue: 33Published at Fri, 19 Aug 2022 -
Kurdistan Looks To Terminate Genel’s Gas Development Contracts
...ese negotiations remain ongoing.” There is however scope for a compromise. When finalizing the PSCs and Gas Lifting Agreements (GLA) for the two fields in February 2017 (MEES, 17 February 2017), Genel highlighted options following any termination. “During the three-year period following such a te...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Oman Advances Its 2021 Bid Round
...ltiple bid rounds in recent years. Block 49 was awarded to Sweden’s Tethys in 2017 (MEES, 24 November 2017) and it last year farmed out a 50% stake to US shale specialists EOG Resources (MEES, 13 November 2020). Last year’s Thameen-1 well on Block 49 was ultimately disappointing with no flows re...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Saudi 1h 2021 Oil Dynamics: Refining Prioritized Over Crude Exports
...ude oil being burned in power plants. Crude burn always rises seasonally, but June’s 586,000 b/d was up more than 100,000 b/d year-on-year, and was the highest June figure since 2017 (see chart 3). While the tapering of production cuts ought to have boosted associated gas production, the impact on cr...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Iran Halts Power Exports To Iraq As Baghdad Struggles To Curb Attacks On Pylons
...66bn cfd earlier this year, flows now stand at just 800mn cfd, of which around 700mn cfd is to central Iraq and the remainder to Basra. Even at 1.66bn cfd, flows were well down on the 2.47bn cfd contractual obligation. Iran-Iraq gas flows averaged 1bn cfd for 2020. Flows started in 2017 with the op...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Qatar Exports To GCC At Multi-Year High
...the embargo, and only reluctantly agreed to end it, Qatari exports to the emirates were never halted and continued at around $250-400mn each quarter due to the UAE’s dependence on piped Qatari gas (see chart 1). Now, exports to the UAE have topped $1bn for the first time since 1Q 2017 – the la...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Tunisia’s Oil Industry Faces Existential Crisis
...mour movement emerged in 2017 when protesters blocked the main oil pipeline at El Kamour in protest at lack of local investment and jobs in the southern provinces of Tataouine and Kebili (MEES, 2 June 2017). The protesters say the government has still not fulfilled pledges to tackle the issues (MEES, 26...
Volume: 63Issue: 33Published at Fri, 14 Aug 2020 -
Sabic Losses Continue Due To Tough Market And Impairments
...vestments in the 4mn t/y Sadaf cracker-based complex – in which it bought Shell’s 50% stake for $820mn in 2017 (MEES, 27 January 2017) – and its Ar-Razi methanol joint venture with Japan’s JSMC near the Gulf coast industrial hub of Jubail, which it last year extended for 20 years while increasing its stake fr...
Volume: 63Issue: 33Published at Fri, 14 Aug 2020 -
Abu Dhabi’s First Barakah Reactor Start-Up Points To 2024 Full Capacity
...ec’s control. When Enec began building the 1.4GW first unit in July 2012, Enec and Korean construction contractor Kepco envisaged the four units starting up at one-year intervals over the 2017-20 period. However, a scandal in Korea over fake safety certificates for some nuclear plant components ca...
Volume: 63Issue: 33Published at Fri, 14 Aug 2020 -
Iraq In Line For Offshore Pipeline Overhaul
...ys the deal involves replacing two existing pipelines. The first supplies the ancient Khor al-Amaya oil terminal (KAAOT; 600,000 b/d) which has remained closed since 2017 due to leakage in the 48-inch pipeline. The second reported pipeline is one “operating at partial capacity to ship crude to the Ba...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Aramco 1H 2019 Results: More Numbers, But Opacity Remains
...lling to divulge comes as the company prepares for an initial public offering (IPO), now tentatively slated for 2021. This week’s earnings release and accompanying first-ever analysts’ call follows April’s release of comparable numbers for 2018 and 2017 in the prospectus for a $12bn debut international bo...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Aramco To Buy 20% Of Reliance Refining & Petchems
...DER CONSTRUCTION *MOTIVA JV WITH SHELL SPLIT 2Q 2017. ^ORIGINALLY CALLED 'RAPID'. **SITE CHANGED FROM RATNAGIRI. SOURCE: ARAMCO, PARTNERS....
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Opec’s Market Management Dilemma: From Bad To Worse?
...e Permian Basin, making the region straddling western Texas and southeast New Mexico the centerpiece of not only their US, but their global output plans (MEES, 15 March). Exxon says it is on track to hit 1mn boe/d Permian output by 2024 after paying $6bn in 2017 to expand its regional acreage (ME...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Egypt: Are Power Shortages History?
...22 (MEES, 24 May). Cairo plans to spend just E£4bn ($229mn) on electricity subsidies in the current financial year, down from an estimated E£16bn ($900mn) in 2017-18. Electricity price increases have led to a 3-4% fall in consumption, local media outlet Amwal Al-Ghad reported on 7 August, citing el...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Kuwait Slashes 2018-19 Deficit Thanks To Higher Oil Prices
...port Blend crude averaged $68.6/B over the year to March 2019, up almost $14/B from the 2017-18 average of $54.7/B. As a result, oil revenues rose 29% to $60.8bn. Oil revenues were some 38% higher than the budgeted $44bn figure which was based on a conservative $50/B oil price assumption (see ta...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Oman’s First Wind Farm On Test
...ew to achieving commercial operation “in the coming months,” Tanweer tweeted on 8 August. The project was developed by Abu Dhabi’s Masdar, Spain’s TSK and US firm GE, the latter of which supplied the farm’s 13 wind turbines. Financing for the $200mn wind farm was only completed in 2017 after the pr...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Spain: Record Crude Imports, Record Opec, Record Libya
...0 B/D) *LIBYA, SAUDI, NIGERIA & MEXICO WERE THE TOP FOUR COUNTRIES FOR 2017, 2018 AND 1H 2019. RUSSIA AND IRAN ARE THE ONLY TWO OTHER COUNTRIES TO HAVE BEEN TOP ON A QUARTERLY BASIS SINCE 2011. SOURCE: CORES, MEES. SPAIN CRUDE IMPORTS (‘000 B/D): SIX-YEAR HIGH SAUDI VOLUMES & RECORD LIBYA FILL VO...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019