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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 -
Saudi Solar Gains Momentum, But Hydrocarbons Still Dominate Project Pipeline
...nstruction contracts for the PP13 and PP14 plants near Riyadh in 2015, while SEC and state petroleum firm Aramco awarded the Fadhili cogeneration project in early 2017, to provide electricity and process heat for the Fadhili gas processing plant, which started up in late 2019. The two solar projects on...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Algeria Inks E&P MoUs
...omising discoveries in Libya until it quit the war-torn country in 2017. The Turkish state firm is also currently causing headaches for Cyprus with its ‘exploration activities’ in the eastern Mediterranean (see p3). ...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Egypt Halts LNG Exports As Eni & Shell Bear The Brunt Of Gas Surplus
.../B.” In normal terms, Egypt’s gas renaissance has been a great success story. From a sizable gas deficit for 2014-17, new output led by Eni’s giant Zohr, which came online in December 2017, has meant that since late 2018 the country has had a gas surplus (MEES, 17 May 2019), with exports hitting an ei...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Algeria: Southwest Pipeline Progress, But Field Development Lags
...uat gas project – the UK-firm announced last week that after ramp-up delays, Touat was producing “close to plateau rates” (MEES, 3 April). Repsol-operated Reggane Nord, at 2.9bcm/y, was the first element to start up in late 2017. Here partner Edison is in the process of quitting with talks for So...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Mena Drilling: GCC Records, North Africa Slump
...ans to raise capacity to 5mn b/d, though it hopes to be able to cut costs by squeezing contractors (see p3). Kuwait’s Q1 average rig count of 53 was, likewise, second only to the record 55 set in 2017. *Saudi Arabia, meanwhile, is in the midst of a multi-year campaign to bolster the co...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Saudi Arabia Extracts Huge Cut Commitment From Russia
...als stretching back to January 2017, Saudi Arabia was cutting by an order of magnitude greater than Russia. This was exacerbated by last December’s deal under which Russia managed to get its condensate excluded – and subsequently increased output – while Saudi Arabia promised to cut an additional 40...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Egypt Petchems Producers Target New Products, Increased Exports
...lyethylene (PE) plant (MEES, 7 February). The polybutadiene plant will cost $180mn and take two years to build. Ethydco produced 367,000 tons of ethylene in 2019, as well as 363,000 tons of polyethylene for local consumption and export. Ethydco’s exports during 2017-19 earned $929mn. NEW CH...
Volume: 63Issue: 15Published at Fri, 10 Apr 2020 -
Iraq Asks IOCs To Slash Spending As Export Revenues Halve
...cord 4.63mn b/d last year, due largely to its immense low-cost reserves. With things back to “normal” following defeat of the Islamic State insurgency in 2017, Baghdad eyed a massive overhaul of its energy sector, including several new refineries, revamped export infrastructure, production capacity in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Firms In The KRG: How Low Can They Go?
...e return to regular, reliable payments in 2017, the slew of small firms focused on the region – including Norway’s DNO, London-listed firms Genel and Gulf Keystone; and Canada’s Oryx, Western Zagros and Shamaran – put together a strong run of form. Excluding the 2017 loss of 280,000 b/d Avana Dome an...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Specter Of Overbrimming Stocks Threatens Vulnerable Producers
...cord levels. Absent huge production outages in excess of those arranged by Opec+ during January 2017-April 2020 these stockbuilds will take more than a year to unwind. This will exert severe downwards pressure on any price gains into at least 2021. ...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Saudi Refinery Turnarounds Boost Crude Supply
...rch). Aramco’s 550,000 b/d Ras Tanura plant will be shut down for 5-6 weeks beginning 1 June as part of a $2.4bn clean fuels upgrade. which will enable production of Euro-5 specifications fuels from 2021 (MEES, 13 January 2017). The Satorp joint venture of Aramco and France’s Total shut down the re...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020