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Saudi Eyes Development Of Remote Northwest
...’ad al-Shamal industrial complex, which is centered around phosphate mining. To the southwest of Turaif is the 75mn cfd Midyan conventional gas processing plant, which was commissioned in 2017. Midyan gas was developed to supply gas to power generation facilities further down the coast at Du...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Indian Firms Eye Israel Exit
...A consortium of Indian firms led by state giant ONGC Videsh is in the process of relinquishing the one exploration block it holds offshore Israel. Block 32 was awarded in late 2017, following Israel’s first offshore bid round, launched in 2016 (MEES, 24 November 2017). In its 2019-20 annual re...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Noble To Keep Tamar Veto Rights
...th 25% of Tamar and 39.66% of Leviathan, has been accused of favoring the latter in gas sales (MEES, 24 April), effectively stymying any attempt by Tamar’s minority partners to compete with Leviathan on price. Tamar gas sales slumped from a steady 1bn cfd for 2017-19 to a seven year low of 543mn cf...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Saudi Arabia Chases Ambitious Downstream Strategy
...come depends on crude oil prices. Aramco’s rising revenues during 2016-18 coincided with rising crude prices. Arab Light averaged $40.96/B in 2016, $52.59/B in 2017 and $70.34/B in 2018. A downturn in Aramco’s revenues for 2019 is likely given that the Arab Light price averaged $66.33/B in first ha...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Saudi Arabia Pushes For Enhanced Gas Role In Energy Transition
...x, with state regulator ECRA’s latest statistics showing that in 2017, gas fueled a record 53.7% of all electricity generation (MEES, 19 April). There is a clear geographic disparity in the kingdom, where liquids have been virtually eliminated from power generation from the eastern and central ar...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Saudi To Push On With ‘Full Cycle’ Nuclear, Probably
...nsions, Saudi Arabia’s desire to control the whole nuclear enrichment process is sure to raise eyebrows. LEADING PLAYER The leading Mena nuclear player is Russian state firm Rosatom, which is set to follow up its plants in Iran with four units totalling 4.8GW in Egypt (MEES, 15 December 2017...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
New Saudi Energy Minister Faces Princely Task
...ngdom’s ministry of energy. For much of that time he has been intimately involved in Saudi Arabia’s work at Opec, forging relationships with counterparts across the globe. Most recently he has been Minister of State for Energy Affairs since 2017. EXPERIENCED HAND From that perspective this is an op...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Egypt Eyes More Borrowing Despite Falling Deficit
...ar ending 30 June. Some $4bn came from a dollar denominated bond in February 2019, with a euro-denominated bond in April chipping in €2bn ($2.5bn). For 2017-18, Egypt raised $6.5bn: $4bn in February 2018 and €2bn ($2.5bn) in April 2018 (MEES, 20 April 2018). Both 2016-17 bonds were in dollars for a to...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
SOCO Hikes Egypt Output
...co’s first quarter in charge. Soco blames “underinvestment… in previous years” for a sustained slump from 7,900 b/d for 2017. It sees a “clear near-term opportunity to reverse the decline and then steadily improve the production level,” targeting 15,000 b/d by 2023. On 16 July Soco added a second dr...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Tunisia Field Hit By Strikes
...plement a set of demands agreed on 20 August. El Borma, the country’s oldest and largest producing oil field, has now been shut-in at least three times by strikes this year. And this came on the back of summer 2017’s wide-ranging strikes that crippled output at Tunisia’s southern fields (MEES, 2 June 2017...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Egypt Gas Output At Record High As Zohr Hits 2BN CFD
...of 8 September “Zohr is now producing 2bn cfd” with this achieved not only under nine months from project start-up (MEES, 15 December 2017) but a year ahead of schedule. Plateau volumes “in excess of 2.7bn cfd” are slated to be hit next year. MEES estimates that as a result Egypt Mediterranean ou...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Israel Reviews Upstream Rules: Too Little, Too Late?
...rael since 2013. And after last year’s flopped bid round where cash-strapped Greek firm Energean was the main ‘winner’ (MEES, 15 December 2017) – there is little sign of an uptick. Israel saw the discovery of 33tcf of gas between 2009 and 2012 with a total of 19 exploration wells drilled. But, with th...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
KRG: Shaikan Oil Field On The Up With Investment Splash...
...tput has fallen 23,000 b/d year-on-year from 109,000 b/d in July 2017 to 86,000 b/d. The partners’ recent focus has been on fast-tracking the neighboring Peshkabir field which is also within the Tawke block and where output hit 35,000 b/d last month (MEES, 31 August). A Genel presentation this week sh...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Qatar Secures New Long Term LNG Sales Deal With China
...nth. Chinese LNG demand is surging as the government has implemented an extensive program to switch domestic heating from coal to gas. LNG imports soared 46% year-on-year in 2017 as a result (MEES, 2 March) and volumes have continued to soar since. Eight months in to 2018 and China has imported 32.6mn to...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Volatile Market Outlook Provides Opec With Challenges Ahead Of Algiers Meet
...rly 2017. Further significant falls in stocks could therefore result in substantial oil price gains and Brent is again testing near-four-year highs of $80/B. It broke the barrier during trading hours on 12 September before settling at $79.74/B. IEA SUPPLY & DEMAND FORECASTS, SEPTEMBER 20...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
US Oil Output Forecasts Revised Down, Energy Independence Postponed
...L FORECASTS (MN B/D) 2017 2018 vs 17 2019 vs 18 Crude Ou...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Iraq’s Baiji Refinery Restarts Amid Security Concerns
...lahuddin-1 restart would be just a few months after Salahuddin-2. But rehab efforts at Salahuddin-2 required scavenging parts from Salahuddin-1, likely extending the timeline. And these efforts were already significantly delayed. In December 2017 he estimated both units would be online in around six months (ME...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Iran Targets Unlikely Gasoline Boost As Demand At All-Time High
...,000 b/d of gasoline. Two phases of PGS are currently operational: the first began operations in April 2017 and the second in February this year. The start-up of each did lead to an immediate dip in Iran’s need for gasoline imports, MEES analysis of Jodi data shows. But a sizable need for imports re...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
SEC Takes First Steps Toward Saudi Power Sector Shake-Up
...ductions in electricity price subsidies and establishment of a ‘Citizen’s Account’ compensation scheme for poorer households meant that by late last year this had slipped to a pledge from SEC chairman Saleh al-Awajji for “some achievements during 2018” (MEES, 22 December 2017). SEC reported a whacking 52...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Egypt Gets $3bn Finance As Import Cost Soars
...e up in the first quarter of 2018, bringing in $6.8bn, compared to $5.5bn in Q1 2017, imports have also increased from $14.9bn to $16.0bn, meaning Egypt’s trade deficit was $9.3bn for both quarters. The share of oil and gas in Egypt’s exports grew from 31.0% in Q1 2017 to 32.6% in the first qu...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018