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Algeria-To-Italy Gas: New Deals, Reduced Aspirations
...ock a massive fall in 2019. Volumes for the first 10 months of this year were down 39% at 8.4bcm. And whilst 2017 and 2018 saw volumes pick up in Q4, this has not been the case this year: deliveries through 14 November were flat with October (and down slightly on September) levels. Full-year 2019 de...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Adnoc Eyes Unconventional Route To Gas Independence
...ing in shale – though, to be fair, he lists the Middle East as a key “strength” (MEES, 17 November 2017). Total’s President of Exploration & Production Arnaud Breuillac told MEES during Adipec that “the wells that we are going to frack within the coming weeks could be tied back in less than a year fr...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Egypt Gas: More Discoveries Needed To Meet Ambitious Output Target
...t for the beginning of 2019” at its North El Arish block. This is a rare piece of good news for Dana in Egypt. Output has slipped from 39,600 boe/d (mainly gas) in the first nine months of 2017 to 34,500 boe/d in the first nine months of 2018, at the firm’s onshore Nile Delta acreage. “This de...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Oman To Offer Blocks In 2019 Bid Round
...r the 2019 bid round, despite the relatively strong performances of the last two bid rounds held in 2016 and 2017. The 2016 round saw all four assets on offer eventually awarded—including offshore Block 52 to Eni and Block 30 to Oxy. The 2017 bid round has proven equally successful as well. Oxy took bl...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Market Volatility Complicates Outlook As Opec Ponders Renewed Cuts
...ch price fluctuation within one year “is not healthy for producers, and it is definitely not healthy for consumers” (MEES, 17 November 2017). If Brent’s $22.30/B price range in 2017 was bad, this year’s $23.70/B is worse still. Omani Oil Minister Muhammad al-Rumhy said at Adipec that these ex...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
IEA Doubts US Shale Can ‘Single Handedly’ Meet Demand Growth
...ntinues to grow, albeit at a slower rate, out to the end of the IEA’s forecast period in 2040. Though the growth in renewables means use of oil in the power sector will fall by 2.5mn b/d versus 2017 levels, and use in cars will remain more or less level (with falling consumption in developed countries ca...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
IEA Report Offers Succour To Gulf Refiners’ Petchems-Focused Strategies
...Gulf NOCs have put petchems at the heart of their downstream strategies. The latest IEA forecast suggests this is a prudent approach. Global oil demand is expected to grow by 12% from almost 95mn b/d in 2017 to over 106mn b/d in 2040, according to the latest annual forecast from the In...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Morocco Pushing Renewables, Eyes LNG Imports In Bid For Cleaner Power
...ectricity with Spain in 2017, as well as 149GWh with Algeria. These brought Morocco net imports of 5.33TWh in 2017 or just over 14% of total consumption. Minister of Energy Aziz Rebbah projects 5.5%/year growth in Moroccan power demand to 2027. Last year Morocco’s electricity consumption amounted to 37...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Iran’s Oil Export Prognosis: Is The Market Too Blasé?
...gardless, it is feasible, perhaps likely, that by mid-2019 Iranian exports will have fallen well below 1mn b/d. Already, in advance of the 5 November re-imposition of US sanctions, total imports of Iranian crude and condensate had fallen sharply. From 2.64mn b/d for 2017 and 2.47mn b/d for the first ei...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Adnoc: Crude imports for RUWAIS
...fline since a fire in January 2017 but Mr Alhajri says it is now being recommissioned and will hopefully be online by year-end, with full production in 1Q 2019. ...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Jordan Starts Tafila Wind
...nstruction in 2017 with a view to first electricity generation in 2019 (MEES, 14 April 2016). Daelim says it reached financial close for the project in September, with funding being provided by IFC and private banks covered by the Korea Trade Insurance Corporation (K-Sure). Plant start-up is now scheduled fo...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Cyprus: Exxon Drillship In Place
...d Total lost out to the US-major (MEES, 24 March 2017). Total drilled in the adjacent Block 11 in 2017 but failed to find marketable volumes of gas, while the French firm relinquished Block 10 in early 2015, before Zohr was discovered, when seismic failed to show any sizeable prospects. Co...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Tunisia Struggles To Cash In On Democracy
...the revolution, growth slumped to average less than 2% since 2013, though the 2.7% figure (annualized) for 1H 2018 is a modest improvement on 2016’s 1.0% and 2017’s 1.9%. That said, most experts reckon that growth of at least 5% will be needed to make a serious dent in unemployment. On the se...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Adnoc Adds To Ambitious Downstream Plans, Mulls Retail IPO
...vestment decision for these was intended by the end of 2017, but there have been no reports of feasibility studies so far. Adnoc also plans a gasoline and aromatics project at Ruwais, to be integrated with existing refining units, but has not announced a schedule. This week Adnoc signed an MoU with Sp...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Abu Dhabi’s Taqa: Power Steady But Upstream Slumps With Capex Cuts
...E and abroad, are earning steadily and its upstream assets – all overseas – are providing better income. But the company again posted a net loss for the first nine months of 2017. Taqa’s Q1-3 2017 revenue was Dh12.53bn ($3.41bn at the fixed exchange rate of $1=Dh3.6725), down 40% from a record Dh...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
IEA 2017 WEO: Key Power Forecasts*
...MENA LAGS THE WORLD IN RENEWABLE CAPACITY ADDITIONS TO 2040 (% OF TOTAL ADDITIONS) MENA INSTALLED CAPACITY (GW): RENEWABLES OVERTAKE OIL BY 2035… …BUT EVEN IN 2040 FOSSIL FUELS MAINTAIN A 75% MARKET SHARE *IEA 2017 WEO, NEW POLICIES SCENARIO. SOURCE: IE...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
IEA, Opec Diverge On Market Outlook Ahead Of Key Vienna Meet
...tionale is clear. Participants to the agreement are currently aligned that an extension is required. But, with demand set to outstrip supply for the remainder of 2017, they may be less inclined to back an extension in early-2018. And the more bearish IEA report says that “the market balance in 2018 does no...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Iraq Dreams Of Economic Normality With Draft 2018 Budget
...ficit is $9.9bn. Likewise, the $21.2bn deficit implied by the August revision to this year’s budget is based on an oil price assumption ($44.4/B) that now also looks highly conservative. Plug in the actual $47.3/B achieved for Iraqi crude exports in the first 10 months of 2017 and the deficit sh...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
US Shale: Becoming A Major Game?
...tracted the lions’ share of their stretched 2017 exploration budgets and this is set to remain the case for years to come. The role of majors and large independents in the US shale sector is set to grow further due to a combination of push and pull factors. Factors pushing majors to the sector include pl...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Gulf SWFs Overhaul Their Strategies For A ‘Lower For Longer’ World
...lling roughly $60bn of its dollar reserves in the second quarter of 2015 alone. According to the most recent figures available, SAMA’s net foreign reserves fell to a new six-year low of $485bn at the end of September (MEES, 3 November). The reserves fell $50.6bn in the first nine months of 2017...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017