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Iran Plans Major Gas Storage Expansion To Face Winter Shortages
...a pipeline to consumers. In addition to meeting local demand in the high season, the gas storage facilities were envisioned to reduce reliance on imports from Turkmenistan, which peaked at around 9.3bcm in 2017. GAS GIANT WITH PUNY STORAGE Iran boasts the world’s second largest proven gas re...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Saudi Arabia Budgets For $21bn Deficit In 2024
...sults, which show a 41.5% year-on-year increase to $54.1bn in capital expenditure. This is the highest figure since 2017, and with much of the investment responsibilities having been moved off-budget to state entities such as PIF, this indicates significantly higher investments than six years ago. De...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Malaysia’s Petronas Seeks To Kickstart UAE Unconventional Oil Development
...ES, 12 March 2021). UNCONVENTIONAL OIL’S SLOW START Unconventional hydrocarbon development is accelerating in the Middle East, but to-date the focus has been overwhelmingly on gas rather than oil. The catalyst was the Khazzan development in Oman’s Block 61 which started up in 2017. Bl...
Volume: 65Issue: 49Published at Fri, 09 Dec 2022 -
Tunisia Struggles To Keep Oil & Gas Output Up
...wn from 201mn cfd in 2010. With the concessions only accounting for a tiny fraction of Shell’s global output, the firm has long been looking to concentrate its efforts elsewhere. It was looking to quit Tunisia as far back as 2017, though back then it was looking to at least make some cash from a sa...
Volume: 65Issue: 49Published at Fri, 09 Dec 2022 -
Iraq’s New PM Sudani Eyes Diplomatic Gains From Saudi Summit
...November). BROTHERS AND FRIENDS Bilateral Saudi-Iraqi relations had warmed during the tenure of Mr Sudani’s US-backed predecessor Mustafa al-Kadhimi, continuing a trend that had begun in earnest in 2017 with PM Haider al-Abadi as Riyadh sought to counter Iran’s influence in Baghdad (ME...
Volume: 65Issue: 49Published at Fri, 09 Dec 2022 -
Jordan Plans Nine-Well Drilling Campaign
...50mn cfd. He says that around 20mn cfd of current output goes to the 150MW Risha power plant (MEES, 24 March 2017) and approximately 10mn cfd to local industrial users – figures that imply a doubling of production from the 2020 average. Another area with potential is the Sirhan Development bl...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Vienna Talks: Iran Holds Its Ground
...y 2017). But despite the major economic pressure the country is under (MEES, 25 June), Tehran is showing little in the way of urgency for an agreement to be reached. The negotiations last week ended in a deadlock after Tehran’s 40-strong team led by chief negotiator Ali Bagheri Kani submitted tw...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Saudi Government Approves Power Sector Shakeup
...14.9bn ($3.97bn) over the first nine months of 2021 versus a loss of $296mn for the same period of 2020. PRINCIPLE BUYER The SPPC was named as the ‘principal buyer’ of electricity from independent power producer (IPP) projects by the government in 2017. It describes its key responsibilities as...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Kuwait’s Al-Zour Refinery Takes Delivery Of Commissioning Crude
...rm KOC into storage tanks at the new Al-Zour refinery in preparation for commissioning. Once operational, Al-Zour will bring Kuwait’s total refining capacity to 1.4mn b/d which is equivalent to nearly half of Kuwait’s approximately 3mn b/d oil production capacity. Prior to the 2017 shutdown of th...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Kuwait Slashes Crude Burn As Weather Cools
...tal electricity generation of 6.6TWh was the lowest October figure since 2017. The biggest relief for Kuwait was arguably that it was able to significantly curb the amount of crude oil burned, which fell to a six-month low of 55,000 b/d for October (see chart 2). However, despite being down from mo...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Oman Gets Opec+ Condensate Boost
...opping 157,000 b/d is condensate – 16.2% (see chart). Oman was only producing 80,000 b/d of the higher-value condensate in late 2017 before the startup of BP’s 1bn cfd Khazzan gas project added some 30,000 b/d (MEES, 27 September 2017). The startup of PDO’s $3.7bn Rabab Harweel Integrated Project (RH...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Oman Oil Eyes 2020 IPO
...cidental’s 120,000 b/d Muzkhaizna heavy oil field (20% OOC), and several other projects. “Going forward, you will see more of this trend in Oman – where we take a minority share in upstream projects and partner with foreign operators,” OOC chief Isam Saud al-Zadjali said in 2017, highlighting OOC’s role fu...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Algeria Blocks Total-Oxy-Anadarko Deal
...adarko Africa’ price tag, save for a clear indication that Mozambique accounted for the lion’s share. Total had already acquired 12.25% of the blocks in question (404a and 208) when it bought Maersk’s upstream assets in 2017 (MEES, 27 August 2017). The deal to take Occidental’s operating stakes of 24...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Opec Output On Track For Eight-Year Low
...ly mean one thing. The only question is: By how much will they fall? MEES calculates that this year’s export revenues are at risk of falling below 2017’s $556bn to around $550bn. Will this week’s outcome lift prices sufficiently for 2019 revenues to scrape ahead of 2017? OPEC WELLHEAD PR...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Upcoming GCC Summit Raises Qatar Questions
...nsions with Qatar. However, even if the embargo is ended, a return to the pre-June 2017 status quo is highly unlikely (MEES, 9 June 2017). It will take a long time for Qatar’s leadership to regain trust in its neighbors. Qatar has also had to substantially alter its trade flows to replace imports fr...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Aramco India Strategy Hit By $26bn Price Hike At Downstream JV
...uld conceivably include high value products such as those produced by Aramco and US firm Dow at their Sadara plant at Jubail (MEES, 28 July 2017). Reliance is “the world’s largest integrated producer of polyester fibre and yarn.” Other products include polymers, aromatics, elastomers and composite ma...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Mena Renewables Programs Boosted By Multilateral Financing
...ojects in Egypt, Morocco, Jordan and Tunisia, while in 2018 it provided loans to Lebanon for the first time. Peak Mena funding was $2.27bn in 2017, while total funding amounted to $10.40bn in 2012-18, including $2.74bn in energy (see charts). In 2018 EBRD invested €1.99bn ($2.24bn) in its five Mena in...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Egypt: Current Account Deficit Widens Despite Strengthening Growth
...a surplus of $13.7bn the following year and $12.8bn for 2017-18 before slipping to slight deficit for 2018-19 (see chart 2). 1. EGYPT'S CURRENT ACCOUNT DEFICIT ROSE TO $8.2BN FOR 2018-19 AMID LOWER REMITTANCES AND RECORD INVESTMENT OUTFLOWS ($BN) EGYPTIAN FINANCIAL YEARS RUN FROM JULY-JU...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Iraq’s New Oil Minister Eyes 2019 Capacity Hike Despite Export Challenges
...o alternatives: new export routes or increased refining capacity. A long-time proponent the oft-delayed Basra-Aqaba pipeline, Mr Ghadhban told MEES in 2017 that the project would only take “a little over a year” but the project appears to have stalled in 2018 (MEES, 3 November 2017). Now as mi...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Oman Carves Up South In Bid To Attract Investment
...st year’s bid round (MEES, 9 November). Nearby Block 71 contains the (less than 10°API) Habhab heavy oil field whose recoverable reserves are technically classified as bitumen and thus need extensive EOR techniques to be profitable. PDO tendered the project in 2017 but little has subsequently come of it...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018