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Oman Sweetens Terms In A Bid To Entice IOCs To ‘Complex Assets’
...troleum Development Oman (PDO), to pioneer unique development techniques including enhanced oil recovery (MEES, 5 July). The sultanate also possesses sizeable unconventional gas assets including the massive 1.5bn cfd Khazzan & Ghazeer tight gas development which, when it started up in 2017 helped sp...
Volume: 67Issue: 45Published at Fri, 08 Nov 2024 -
Saudi Aramco Completes Key Gas Expansion Project
...wiyah and Haradh gas compression projects, but both have suffered delays since contracts were awarded in 2017 (MEES, 15 December 2017). Aramco noted in its Q3 results on 7 November that “the Hawiyah Gas Plant expansion, part of the Haradh gas increment program, was successfully commissioned and br...
Volume: 66Issue: 45Published at Fri, 10 Nov 2023 -
Asian LNG Demand Remains Weak As Winter Approaches
...maining weak ahead of the key winter demand season. Collective buying by the top five Asian importers – China, Japan, South Korea, India and Taiwan – of 51.9mn tons for Q3 marked the lowest figure for the quarter since 2017, with imports remaining weak for October according to the latest Kpler data. Of...
Volume: 66Issue: 45Published at Fri, 10 Nov 2023 -
Cairo Eases Power Cuts Amid Returning Volumes of Israel Gas
...ypt initially brought in two FSRUs to import LNG in 2015 as gas demand outstripped domestic gas output. But with the 2017 start-up of the 21.5tcf Zohr field domestic gas output soared (see chart, p2) and the need to import LNG lessened: Egypt most recently imported LNG in September 2018. For security of...
Volume: 66Issue: 45Published at Fri, 10 Nov 2023 -
Kuwait Reshuffles Oil & Gas Sector Leadership
...reverse capacity losses which saw KOC’s crude oil capacity fall to a 12-year low of 2.63mn b/d for 2020-21 (MEES, 22 October 2021), down from a peak of 3.15mn b/d in 2017-18. KOC’s new target is to reach 3.2mn b/d capacity by 2025 as part of KPC’s overall target of 3.5mn b/d. The other 30...
Volume: 65Issue: 45Published at Fri, 11 Nov 2022 -
Qatar Quarterly Export Revenues At 7-Year High
...ports was the highest in MEES quarterly figures stretching back to 2013, as Qatar benefitted from the strongest market for refined products since its 146,000 b/d Ras Laffan II condensate splitter started up in December 2016 (MEES, 6 January 2017). ...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Iraq Appoints KPMG To Audit Key China Oil-For-Infrastructure Credit Line
...tractive Industries Transparency Initiative, these deductions were paused from 2015 to 2017 when Iraq faced “security constraints” as ISIS took large swaths of the country. After the UN-mandated Kuwaiti deductions, the funds are then moved to an oil settlement account in China where deductions ar...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Gulf Rig Count Surges In October
...ver mind 2019’s high of 68 (see chart 2). 2: ABU DHABI’S RIG COUNT ROSE BY FOUR IN OCTOBER, ALL OIL RIGS KUWAIT SLUMP *Kuwait long vied with the UAE as the GCC’s number two producer. Until 2017 Kuwait typically had a higher rig count than Abu Dhabi (MEES, 9 July). Bu...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Iraq To Launch New Basrah Medium Grade In January 2021
...aims to launch the new grade on 1 January, less than two months from now. The expedited timeframe has taken many observers by surprise. Somo has long planned to launch Basrah Medium, first floating the idea in 2017 (MEES, 26 May 2017). As recently as May 2019, Somo Director General Alaa Al...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Petrofac Seeks $530mn From Bp/Equinor Algeria Gas Project As Finances Stretches By Continued Saudi Boycott
...ly managed to fully complete the In Salah tie-ins in November 2017 – some 30-months beyond the development’s original 50-month work-schedule. It remains unclear how much of the delay stemmed from the In Amenas attack: similar-length delays are par for the course in Algeria. STRETCHED FI...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
In Salah & In Amenas Gas Output Slump
...oduction hitting a 12-year high 808mn cfd in 2018 following the November 2017 tie-in of four ‘southern fields’ with the completion of a $1.2bn EPC contract by the UK’s Petrofac (see main story). Whereas In Salah saw a sudden collapse in output from Q2 – a timing that meshes with Europe’s Covid-related de...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
KRG’s Sarta To Start Soon
...me online since the startup of 50,000 b/d Atrush in 2017, and could provide a significant boost to the region’s struggling oil sector. The startup of a new field, and critically the first operated by a US major, will be welcome positive news for the KRG– even if it will do little to rectify the on...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Siemens Talks Mena Power With MEES
...dividuals working closely with the government. And most importantly, they have a better electricity system than they did before. ON A LIBYA REENTRY Q: Siemens signed a €700mn deal with Libya to build two power plants in 2017 that appears to have been derailed by ongoing in...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Dana Makes Sukuk Payment
...UAE-based, KRG focused independent Dana Gas announced 2 November that it has “fully redeemed the $309mn” outstanding balance of a Sukuk issued on 31 October 2017. Dana, which has a history of strained relations with its Sukuk holders (MEES, 18 August 2017), had already made $221mn worth of re...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Iraqi Kurdistan Closes In On 500,000 B/D Oil Production
...late 2017 (MEES, 20 October 2017), Iraqi Kurdistan’s tempestuous oil sector is poised to once more produce 500,000 b/d as foreign firms continue to invest in the region (see chart). By the end of the year, MEES expects output to exceed 490,000 b/d, with 500,000 b/d breached in early 2020. Ov...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Egypt Oil Output Target Slips Further From Reach
...Egypt’s oil output fell to a two and a half year low of 619,000 b/d for September with output from the country’s oil heartland Western Desert also slipping to its lowest level since April 2017. Egypt’s target of reaching oil output of 690,000 b/d by June next year appears to be slipping fu...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Abu Dhabi’s Mubadala Puts Gas At Center Of Petroleum Strategy
...rst came the merger with fellow state-investor IPIC in 2017 (MEES, 24 February 2017), and after a period of consolidation last year saw a slew of major investments (MEES, 20 April 2018). The state investment vehicle’s consolidated energy portfolio sits in the Petroleum and Petrochemicals platform, wh...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
MEES Interview: Musabbeh al-Kaabi, CEO of Mubadala Petroleum & Petrochemicals
...Q: Mubadala has accelerated energy sector investments over the past 18 months. What benefits have you realized from the increase in scale in your portfolio following the merger with IPIC in 2017? A: Our investment business is now well-established and we are very pleased with the progress si...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Opec Faces Five Years Of Pain
...ve been in place since January 2017 and there is growing fatigue among producers. Ecuador has decided it’s had enough and announced last month that it is quitting Opec (MEES, 4 October). Opec+ may well secure a further extension next month, but as the current situation with Iraq and Nigeria hi...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Egypt May Ax Coal Plans On Back Of Major Gas, Solar Expansion
...s since soared with the key boost coming with the December 2017 start-up of the 21.5tcf Zohr field discovered just over two years earlier. By late 2018 Egypt had again become a net gas exporter, since when output has continued to soar an all-time high of 6.75bn cfd in August (see chart, p13). 1: EG...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019