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Oman’s OQEP Eyes New Gas Discovery In Upstream Reshuffle
...scovered in 2017 OQEP has expanded crude processing capacity with three processing plants commissioned in August 2019, September 2021, and November 2022. EXITING UNDERPERFORMING BLOCKS OQ and its partner Shell exited Block 42 after the exploration and production sharing agreement expired in...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Eni & BP Set To Kick Off Libya Exploration Drilling Campaign
...tput in Libya has been falling. Mellitah sales gas output of 860mn cfd for 2023 is little more than half 2017’s peak figure of 1.59bn cfd, whilst Eni’s net figures are down even more (see chart). At the same time exports to Italy via the Eni-operated Greenstream pipeline (Libya’s sole gas export ou...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Kuwait Hopes To Revive Stalled Petchems On Back Of Refinery Upgrade
...$9.7bn (MEES, 26 May 2023). The UK’s Amec Foster Wheeler was awarded a $34mn Feed contract for Olefins-3 and Aromatics-2 back in 2017 (MEES, 19 May 2017). However, the lack of foreign investor interest means a final investment decision has yet to be taken. The firm remains hopeful that it can se...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Qatar Signs 10-Year Naphtha Deal With Marubeni
...wnstream investments leading to the inauguration of Qatar’s first three export trains in 1996 (MEES, 28 July 2017). However, the contract for Qatargas 1 expired in January 2022, with Marubeni losing its stakes in the project. More recently Marubeni has invested in regional renewable energy projects. Th...
Volume: 66Issue: 39Published at Fri, 29 Sep 2023 -
Opec+ Considers Further Cuts Amid Softening Market
...ventories remain severely depleted. The IEA says that despite a 43.1mn barrel rise in July, OECD commercial oil inventories remained 274.9mn barrels below the 2017-21 five-year average which Opec+ long cited as the target range. A period of restocking would be welcomed by most observers. The IEA cu...
Volume: 65Issue: 39Published at Fri, 30 Sep 2022 -
Kuwait Commissions Final CFP Refinery Upgrade Units
...ns can now be expected to rise to their highest level since 2016-17’s 821,000 b/d, before the April 2017 closure of the aged 200,000 b/d Shuaiba refinery (MEES, 31 March 2017). FOCUS ON QUALITY KNPC CEO Waleed al-Bader says the project is a “historic milestone” that will allow the “op...
Volume: 64Issue: 39Published at Fri, 01 Oct 2021 -
Iran Hopes To Develop Iraq Border Fields, Finances & Technology Stand In The Way
...er to the new administration was development of the Azar field. Production began at 30,000 b/d in 2017 and had hit 65,000 b/d and 71.5mn cfd by the end of the 2020-21 Iranian year. On the Iraqi side of the border, the field is operated by Russia’s Gazprom Neft and is known as Badra. The ne...
Volume: 64Issue: 39Published at Fri, 01 Oct 2021 -
Can Opec+ Really Unwind Its Cuts Fully In 2022?
...January 2022 will mark the five-year anniversary of the implementation of Opec+ output cuts. This deal, which came into force back in January 2017, saw the newly-formed alliance agree to cut for a six-month period that could be extended for another six-months (MEES, 2 December 2016). Nearly fi...
Volume: 64Issue: 39Published at Fri, 01 Oct 2021 -
Chevron Eyes Leviathan Tie-Back To Egypt LNG; Can Cyprus’ Aphrodite Piggy Back?
...ypt lessened the relative attractiveness of developing the much more modest Aphrodite which is 160km offshore in 1,750 meters of water depth with (at the time) no existing nearby infrastructure. The startup of Zohr in late 2017 (MEES, 15 December 2017), followed by Leviathan at the end of 20...
Volume: 64Issue: 39Published at Fri, 01 Oct 2021 -
EOG To Bring ‘Unconventional’ Know-How To Oman’s Upstream
...teral well. It says the Rhuddanian sand “is hydrocarbon bearing” in two of Block 36’s previously drilled wells – Al Hashman-1 and Burkanah-1. The Canadian firm flagged up further cause for optimism based on an analogous “discovery in a nearby block made in late 2017 and currently under development.” Th...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
UAE Nuke Plant Hits 50% Load
...it 2.” Barakah’s four units were intended to start up during 2017-20, but a fake safety certificates scandal in Korea halted Kepco’s work on the first plant to deploy the reactor used at Barakah, delaying operator training and thus operating license awards by three years. With nuclear state regulator FA...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Benchmark Crude Prices ($/B)
...n19 Q2 2019 Q1 2019 Q4 2018 2019 (>26Sep) 2018 2017 20...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Abu Dhabi $10bn Bond…
...abi mandated BNP Paribas, Citigroup, First Abu Dhabi Bank, HSBC, JP Morgan and MUFG to act as lead managers and joint bookrunners. Abu Dhabi last tapped the international bond market in October 2017 with a $10bn three-tranche issue (MEES, 6 October 2017). ...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Iran Scrambles To Plug Budget Deficit
...om the original 2019-20 budget. Some IR100trn ($870mn) on additional funding will come from the sale of state-owned assets, and IR45trn ($391mn) from state foreign currency reserves. As of 2017 Iran had foreign reserves of $130bn according to an IMF estimate, although this figure has likely sh...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Riyadh’s SWCC Privatization: Desalination And Powergen Assets On The Block
...prove our operational excellence and efficiency” in preparation for privatization (MEES, 19 October 2018). This has seen SWCC output increase as a percentage of total Saudi desalinated water production, rebounding from a minimum of 48% of total output in 2016 to 66% of 2017’s total of 2.46bn m3 in 2017...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Abu Dhabi Awards Contract For Offshore Gas Boost
...tar – despite the ongoing embargo – to meet demand. 2017 was a positive year for the UAE’s gas sector, with production edging up above 60bcm for the first time according to BP’s Statistical Review of World Energy. Meanwhile consumption had a rare annual dip from 72.5bcm to 72.2bcm. But this still en...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Abu Dhabi Field Startup Paves Way For New Crude Grade Launch
...om Abu Dhabi’s onshore fields. Reuters reported this week that marketing of the new grade is to begin imminently, with exports slated to begin in November. The new grade had originally been slated for Q1 launch (MEES, 17 November 2017). The UAE exported 2.38mn b/d in 2017, of which 98.6% went Ea...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Iraq’s 200,000 b/d Halfaya Boost: Is There An Outlet?
...has missed its 2017 target. Production is then to be kept at this level for 16 years. Despite concerns over delayed payments in recent years – that have now been allayed – the field partners greenlit Phase-3 development in early 2017 (MEES, 28 April 2017). Halfaya was already the largest pr...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Qayara Production Resumes
...nsidering quitting Qayara and the nearby Najma field even before being forced out by IS in early 2014. Nevertheless, Oil Minister Jabbar al-Luaibi invited Sonangol to resume operations at Qayara and Najma in January 2017 and the firm officially agreed to return in February (MEES, 9 February). The mi...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Chinese Takeover For Cash-Strapped Kuwait Energy
...l of the firm’s 62,300 boe/d net production in 2017 (primarily gas). The firm also closed its $192mn purchase of OMV’s Pakistan assets in June this year adding a further 42mn cfd and 550 b/d to its net production. KEC’s portfolio consists of 10 assets. Four producing oil blocks in Egypt account fo...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018