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Newly Streamlined Adnoc Targets EOR Expertise For Offshore Fields
...er the first nine months of 2017 against last year. By contrast, Japan is taking more volumes from its number one supplier Saudi Arabia so far this year. India is the UAE’s second largest customer, and has increased its takings this year. Liftings of Emirati crude are up around 10% year-on-year an...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Aramco Targets 12GW Powergen Capacity By 2020, Seeks Supply License
...0 Expansion projects Oil, gas-fired 84 Added 2017: Turaif Wind turbine 3 Total Op...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Saudi ‘Demonstrates Leadership’ by Keeping Crude Exports Low
...FINING MOMENTUM Much of the crude export drop-off is a result of lowering crude production, but not all. Saudi Arabia’s strategy at the beginning of 2017 was to prioritize exporting crude over refining it, but this has now firmly switched. Refining runs are now being boosted at the ex...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Does Opec Have A Strategy For ‘Lower For Ever’?
...rrels for products – as of end-September, Mr Barkindo says. This is less than half of the 338mn-barrel figure at the start of 2017 when the output cut deal went into effect and down by a further 11mn barrels from the end-August figure (MEES, 13 October). However more than half of the ‘gains’ in re...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Iraq’s Kirkuk Deployment Reshapes KRG’s Oil Sector
...sesses the situation. KRG’S LOST KIRKUK OUTPUT NEARLY HALVES PRODUCTION ('000 B/D) *CURRENT OUTPUT. ^OPERATED BY IRAQ’S NORTH OIL COMPANY SINCE 16 OCTOBER 2017. SOURCE, MNR, COMPANY STATEMENTS, MEES. PREPAYMENT OBLIGATIONS ADD COMPLEXITY Unless the KRG opts to slash already low re...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
On Iran, Trump Opts for Uncertainty
...the first five months of the current fiscal year (from 21 March), which itself is insufficient (MEES, 20 October). EU CRUDE SALES PROVIDE ESSENTIAL RELIEF Iranian crude sales have risen around 15% in 2017 according to the government’s submissions to the Riyadh-based Jodi institute. Crude ex...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Aramco IPO: China To The Rescue?
...ght months of 2017. A direct deal with China would help it to lock in future crude sales, thereby serving to bolster Aramco’s future growth. Indeed, Aramco has already been working hard to lay the foundations for catering to China’s future crude demands. Energy Minister Khalid al-Falih, who also ch...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Iran’s Budget Deficit Set To Soar To $13.3bn This Year
...Iran is on track to record a steep increase in its budget deficit to $13.3bn in the fiscal year 2017-18 (from 21 March), up 39% from last year’s $9.6bn deficit (MEES, 21 July). This is based on government figures for the first five months of the year, when Iran already racked up a $5.6bn de...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
South Korea 3q16 Crude Imports ('000 B/D): Volumes From Iran Increase 44% Year-On-Year, Saudi Still Top Supplier
... KOREAN CRUDE IMPORTS AT RECORD LEVELS. UP 4% YEAR-ON-YEAR WITH IRAN THE BIG WINNER '000 B/D BY SUPPLYING COUNTRY % OF TOTAL IMPORTS *JAN-SEP 2017....
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
In Search Of An Equilibrium Oil Price
...TURE OPEC OUTPUT REMAINS LEVEL WITH SEP’16 (33.40MN B/D, MEES EST.) SOURCE: IEA, MEES. MAJORS BULLISH, EVEN AT $50/B Having drastically cut costs from a record $25bn in 2013 to just $16-17bn this year, BP CEO Bob Dudley says that for 2017 at “just south of $55/B” the firm will not only be ab...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Sabic Shows Steely Resolve As Saudi Petchem Profits Fall In Flagging Market
...ginning in January, and by the global economic slowdown. “We predict that 2017 is going to be a quite challenging year for us,” said Mr Benyan. “We need to focus internally on how we can improve our efficiency. Despite the challenges, Sabic will continue in its growth policy. We will expand our ma...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Oman Plans Big Solar Project
...e southern Dhofar governorate near the border with Yemen and plans 7MW more in small projects. Raeco aims to develop 90MW of wind and solar capacity by 2020 and has awarded UAE’s Masdar a $200mn contract to build a 50MW wind farm at Harweel in the Dhofar region for start-up in 2017 (MEES, 10 Ju...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Kuwait Dissolves Parliament Amidst Subsidy Reform Uproar
...sing oil prices. For the current financial year, which ends in March 2017, oil revenues are on course to total $43bn, $10bn above budget. Kuwait Export Blend crude averaged just $34.35/B in the first half of the year but rose to $41.49/B in Q3, just $6/B below the previous year. With Kuwaiti ex...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Iran Opens Pre-Qualification For Upstream Tenders
...adegan field will be the first to be offered. NIOC Managing Director Ali Kardor announced on 17 October that a tender for the 42bn barrel field, currently producing around 60,000 b/d, is planned for next month, before pre-qualification concludes. The winner is expected to be announced in early 2017...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Saudi Launches Record Breaking Bond Sales
...nk Jadwa estimated that energy subsidies had cost the Saudi government $61bn (9.3% of GDP) in 2015 (MEES, 8 January). The IMF estimates that the increase in energy and water prices to international/cost recovery levels over the five-year period 2017-21 would generate gross revenue gains of SR...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Sudan Looks To Boost Output
...th the secession of South Sudan in mid-2011. This translated into a massive economic blow that the government in Khartoum is still struggling to come to terms with. Sudan now targets production of 150,000 b/d by 2017, Sudapet announced earlier this year, around 30,000 b/d up on current levels. Ou...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Kuwait Signs $13bn Refinery Contracts, Pledges Continued Oil Investment
...w 336 Nghi Son, Vietnam (35.1%, 2017) 200 Indonesia (MOU only) 160 China (MOU on...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Qatar Power Demand Tops 7GW; QEWC Advances 2.5GW Plant
...ay ahead of the demand growth curve in the medium term by building two new power and desalination plants: a 2.52GW, 618,000 m3/day plant is due online at Umm Al Haul in 2017, and a 2GW, 655,000 m3/day plant is proposed at Ras Laffan, for potential start-up in 2018. QEWC has informed the Qatar Ex...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Global Supply Overhang May Last Till 2017; OPEC Output Largely To Blame
...OPEC Global Supply Overhang May Last Till 2017; OPEC Output Largely To Blame A weakening global economy and the prospect of additional Iranian barrels mean that global oil demand may not catch up with supply until the year after next. Low oil prices too are unlikely to go away anytime so...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Iraq Progresses With Giant Gas-Fired Plant, But Where’s The Fuel?
...heduled for start-up in August 2017. However, this schedule appears overly optimistic, given the dire security problems in Iraq and the government’s already overstretched budgets for its ambitious oil, gas and power projects. Fuel availability is also a major issue for the Bismaya project as things st...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015