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Sunny Hill: No More Eggs, No More Basket
...layed – it was previously slated for 2017 start-up (MEES, 21 July 2017) – it was thought that Petrofac’s EPC contract had been progressing relatively smoothly, albeit with some potential pandemic-related delays. That Sonatrach is pursuing start-up just two months after the date of the original 48-month co...
Volume: 64Issue: 15Published at Fri, 16 Apr 2021 -
QP Expands In Namibia
...creasing overseas footprint, not to mention plans to massively expand its LNG capacity and increase its operating role of its LNG facilities (MEES, 5 April), QP is well on the way to achieving plans set out by Mr Kaabi in 2017 to turn QP into “an International Oil Company” (MEES, 8 December 2017). This wo...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Iraq Oil Revenues At Highest Level Since 2019 As Crude Tops $60/B
...tside the control of the federal government. The KRG’s exports from Ceyhan fell to just 360,000 b/d for March, Kpler data indicate, down almost 40,000 b/d on February and the lowest figure in three months. For Q1 as a whole KRG exports of 412,000 b/d were second only to 2Q 2020 as the lowest since 4Q 2017...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Israel Oil Demand Falls To 9-Year Low Amid Record Imports
...porting ‘banned’ supplies, especially if this can be achieved at a hefty discount. During Libya’s geopolitical chaos of 2016 and 2017 where factions competed to sell crude by any means possible, Israel took several cargoes. And volumes from ‘Egypt’ (with which Israel of course has diplomatic relations) ha...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Cairn Finalizes Mauritania Deal
...mmercial discovery, Frégate, in 2012-13 (MEES, 13 February 2013), Dana and UK-based partner Tullow Oil quit the acreage in 2017, only for Total to snap up Block C-7 later the same year. When announcing the original farm-in in March 2020, Cairn flagged up possible drilling targeting a turbidite fan play an...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Egypt: Draft 2021/22 Budget
....8bn) and set to be the lowest spending figure since 2017-18 as Cairo’s finances finally show signs of the impact of Covid-19 (MEES, 5 March). Subsidy allocations are down around 40% to E£87.8bn ($5.6bn) while the budget forecasts a deficit of 6.6% of GDP, up marginally from the 6.3% forecast in the cu...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Iraq & Total Reach Initial Deal On $7bn Of Projects
...ogress. Still, Total should fare better than US firms with any such administration, especially as it has proven willing to work with Iran through signing up to develop Iran’s South Pars Phase 11 project in 2017 (MEES, 7 July 2017), even if ultimately it withdrew in 2018 due to US sanctions (MEES, 24 Au...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Exxon Plans 2021 East Med Drilling
...so plans to keep the purse strings tight this year (MEES, 5 February). But this has not stopped it following through on East Mediterranean expansion. The major only entered the region in early 2017 when it snagged Cyprus’ Block 10 in partnership with Qatar Petroleum (Exxon 60%op, QP 40%: MEES, 24 Ma...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
BP Write Offs: $2.3bn For Mauritania/Senegal, $950mn For Egypt
...BP’s recently-released 2020 report reveals that the major last year wrote off $2.26bn on its gas assets off Mauritania and Senegal as well as $952mn for Egypt. The Egypt figure appears to relate to the major’s share of the $12bn West Nile Delta project where output since 2017 start-up has ma...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Qatar Petroleum Moves To Take Full Ownership Of LNG Facilities
...monstrated at the height of tensions with neighboring Saudi Arabia and UAE after they imposed an economic embargo on Qatar in June 2017 which lasted until the beginning of this year (MEES, 8 January). Deep commercial ties with major US and European IOCs undoubtedly bolstered Qatar’s position with western go...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Long Delayed Barzan Gas Project Starts Up
...panese firms – Idemitsu, Cosmo, Mitsui, and Marubeni (see map, main story). The most recent cause for delays was down to problems with pipelines linking the offshore wells to the onshore processing facilities. QP CEO Saad al-Kaabi said in 2017 “It’s delayed because we have had issues with the pi...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Baghdad-KRG Talks Raise Prospect Of Gas Development Deal
...northern provinces of Kirkuk, Salahuddin, Nineveh, Diyala and potentially further south. But politics – such as the fallout from the KRG’s contentious September 2017 independence referendum (MEES, 29 September 2017) – has always intervened. Still, energy-sector cooperation has continued de...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Services Firms Eye Mena Resilience Amid US Shale Collapse: Is This Realistic?
...quentially. Schlumberger is the most regionally diversified of the three firms. Q1 was the second straight quarter that ‘Mideast & Asia’ revenue has been ahead of that for North America – the first occasion this has been the case since 1H 2017 (see chart). The Mideast & Asia share of overall Schlumberger re...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Israel Orders Noble & Delek To Play Fair
...ecial purpose vehicle set-up to sell off those interests, which itself has 16.75% (MEES, 30 June 2017). By delaying the sale of its stakes it has managed to retain its veto rights and ensure Leviathan, where it will keep 45.34%, has been hitherto able to usurp Tamar in gas sales negotiations. Karish is...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
UAE, Egypt Lead Mena Renewables Expansion
...rdan took its total wind capacity to 374MW at the end of 2019 with completion of the 89MW Fujeij wind farm 150km south of Amman (MEES, 20 January 2017). EBRD’s $1.7bn investment in Jordan since 2012 means it can now generate 10-15% of electricity from locally-developed renewables capacity (MEES, 28 Fe...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...ditional $32bn from its foreign reserves. Foreign reserves exited 2019 at $500bn, up slightly on 2017 and 2018 levels. The kingdom was already planning to run a massive $49.9bn budget deficit in 2020, the highest deficit since 2017, as it seeks to stimulate private-sector economic activity (MEES, 13 De...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Kuwait Economy: Turbulent Times
...Kuwait’s economy is set to contract for the first time since 2017 as its core oil-sector is ravaged by the impact of the Covid-19 pandemic on the global economy. Kuwait’s economy was already slowing prior to the onset of the pandemic, as a weak global oil sector weighed heavily. Preliminary go...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Iran Eyes Key Project Start-Ups For 2020-21
...d Chinese state firm CNPC in 2017 under a high-profile $4.8bn contract. Phase-11 is meant to add 2bn cfd of gas and 80,000 b/d condensate, with the two firms having intended to achieve first-gas by March 2021 (MEES, 7 July 2017) until the 2018-sanctions derailed the project. Total in particular was br...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Low-Cost Middle East Reserves Aid IOCs In Price Slump
...ayed there since, with Total overtaking Exxon’s output in 2017. As such, while Exxon’s expansion focus has been on the US onshore, it shouldn’t be forgotten that it is still the Mena region’s second largest oil producer. TOTAL: MOST MENA BARRELS, LOWEST PRODUCTION COSTS Total is the Mena re...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Israel’s Oil Sector: Inching Towards Supply Security
...ESUMES OIL DEMAND STEADY AT 2017-19 LEVEL OF 230,000 B/D. SOURCE: NOBLE, DELEK, ENERGEAN, MEES. 3. CRUDE IMPORTS (‘000 B/D): KRG TOP FOR PAST FIVE YEARS, BUT DOWN FROM RECORD 84% IN 2015 AS ISRAEL DIVERSIFIES (‘000 B/D) SOURCE: KPLER. Q4 RUNS DOWN, OUTPUT DOWN Israel’s re...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020