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Petrofac Scandals Weigh On Project Pipeline
...gust 2017). The London-listed firm also bagged a $1bn EPC deal in March to develop Algeria’s 2.2tcf Ain Tsila gas-condensate field (MEES, 15 March) – another key client seemingly unphased by Petrofac’s diminishing reputation. In Abu Dhabi it last month won FEED work for the Belbazem offshore pr...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Saudi Oil Sector Creaking Amid Heavy Opec Cuts And Summer Demand
...nce 2017, according to the latest data released by Jodi covering the first half of the year. This is hardly a surprise considering that Saudi Arabia’s crude production has itself been cut to multi-year lows through Opec’s efforts to rebalance global markets. Saudi Arabia’s reported crude pr...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Egypt Solar Soars Thanks To Booming Benban Output
...lar park is a major contributor, along with three giant combined cycle gas turbine (CCGT) plants with a combined capacity of 14.4GW developed by state utility EEHC and brought online in 2017-18, in ensuring that Egypt’s installed generating capacity is more than sufficient to meet anticipated peak el...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Kuwait’s Delayed Refining Projects Set To Slip Further
...21. ^SHUT DOWN END-MAR 2017. SOURCE: KNPC, MEES. KUWAIT REFINED PRODUCTS OUTPUT (000 B/D) *INCLUDES OUTPUT FROM GAS PROCESSING PLANTS. SOURCE: JODI. Al ZOUR RETHINK Kipic, which is building a new refinery as well as integrated petrochemicals units and an LNG im...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Aramco Restarts Malaysia CDU
...efChem partners have also begun processing imported naphtha to test the project’s 1.2mn t/y cracker (MEES, 5 July). Aramco paid Petronas $7bn for a 50% stake in PrefChem in February 2017, at which time it was called the Refinery and Petrochemical Integrated Development (Rapid) project. The deal enables Ar...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Saudi Arabia 2Q19 Oil Data: Output Down, Exports Down, Burning Up
...CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL FIGURES ARE PERCENTAGES. *EXCLUDES FIELD LPG (650-700,000 B/D). **NAPHTHA REFINERY OUTPUT INCLUDED IN 'OTHER PRODUCTS TO DEC 2017 (479,000 B/D FOR 2017). ^PRESUMES ALL FUEL OIL CONSUMPTION IS BURNT IN POWER PLANTS. SOURCE: JO...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019 -
Iraq In Line For Offshore Pipeline Overhaul
...ys the deal involves replacing two existing pipelines. The first supplies the ancient Khor al-Amaya oil terminal (KAAOT; 600,000 b/d) which has remained closed since 2017 due to leakage in the 48-inch pipeline. The second reported pipeline is one “operating at partial capacity to ship crude to the Ba...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Aramco 1H 2019 Results: More Numbers, But Opacity Remains
...lling to divulge comes as the company prepares for an initial public offering (IPO), now tentatively slated for 2021. This week’s earnings release and accompanying first-ever analysts’ call follows April’s release of comparable numbers for 2018 and 2017 in the prospectus for a $12bn debut international bo...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Aramco To Buy 20% Of Reliance Refining & Petchems
...DER CONSTRUCTION *MOTIVA JV WITH SHELL SPLIT 2Q 2017. ^ORIGINALLY CALLED 'RAPID'. **SITE CHANGED FROM RATNAGIRI. SOURCE: ARAMCO, PARTNERS....
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Opec’s Market Management Dilemma: From Bad To Worse?
...e Permian Basin, making the region straddling western Texas and southeast New Mexico the centerpiece of not only their US, but their global output plans (MEES, 15 March). Exxon says it is on track to hit 1mn boe/d Permian output by 2024 after paying $6bn in 2017 to expand its regional acreage (ME...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Egypt: Are Power Shortages History?
...22 (MEES, 24 May). Cairo plans to spend just E£4bn ($229mn) on electricity subsidies in the current financial year, down from an estimated E£16bn ($900mn) in 2017-18. Electricity price increases have led to a 3-4% fall in consumption, local media outlet Amwal Al-Ghad reported on 7 August, citing el...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Kuwait Slashes 2018-19 Deficit Thanks To Higher Oil Prices
...port Blend crude averaged $68.6/B over the year to March 2019, up almost $14/B from the 2017-18 average of $54.7/B. As a result, oil revenues rose 29% to $60.8bn. Oil revenues were some 38% higher than the budgeted $44bn figure which was based on a conservative $50/B oil price assumption (see ta...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Oman’s First Wind Farm On Test
...ew to achieving commercial operation “in the coming months,” Tanweer tweeted on 8 August. The project was developed by Abu Dhabi’s Masdar, Spain’s TSK and US firm GE, the latter of which supplied the farm’s 13 wind turbines. Financing for the $200mn wind farm was only completed in 2017 after the pr...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Spain: Record Crude Imports, Record Opec, Record Libya
...0 B/D) *LIBYA, SAUDI, NIGERIA & MEXICO WERE THE TOP FOUR COUNTRIES FOR 2017, 2018 AND 1H 2019. RUSSIA AND IRAN ARE THE ONLY TWO OTHER COUNTRIES TO HAVE BEEN TOP ON A QUARTERLY BASIS SINCE 2011. SOURCE: CORES, MEES. SPAIN CRUDE IMPORTS (‘000 B/D): SIX-YEAR HIGH SAUDI VOLUMES & RECORD LIBYA FILL VO...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Kurdistan’s Shaky Outlook For Gas Exports
...The Kurdistan Regional Government (KRG) of Iraq has ambitious gas export plans. In 2017 it signed up Russian state firm Rosneft to construct a 30bcm/year pipeline to supply Turkey with gas by 2020 (MEES, 22 September 2017). But there is little sign of any progress on expanding the existing pi...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Egypt Falls Further Behind Oil Output Plan
...ntinue, at least in the short term as Apache slashes spending. Apache’s spending in Egypt was reduced to $107mn (including Chinese state firm Sinopec’s 1/3 stake in Apache Egypt) in Q2, the lowest quarter since 1Q 2017 and 35% down on the same quarter last year. Apache plans to reduce its average rig co...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Egypt Gas Output At Record Level
...bra and Taurus fields (MEES, 15 March). BP says Giza and Fayoum output is around 340mn cfd, implying around 360mn cfd from Libra and Taurus, a significant fall from the initial 700mn cfd the two fields produced when they were brought online in May 2017 (MEES, 12 May 2017). Phase 3 of the project, th...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
LNG Market Depressed, But For How Long?
...rsus a year earlier. Key Asian importers of LNG, China in particular, were left short of cargoes in the 2017-18 winter (MEES, 5 January 2018). Fearing a repeat, they took in a bumper 58.8mn tons in 4Q 2018, up 11% year-on-year, boosting average prices to over $11/mn BTU. But the winter turned out to...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Saudi Utility SEC Cuts Spending Plans As Power Demand Levels Off
...fline as more advanced facilities are developed. Total capacity available to supply the grid – including firms which generate electricity to supply their own operations and deliver any excess to the grid – peaked in 2017 at 79.1GW and declined to 75.1GW at end-1H 2019. 2018’s demand peak represents 82...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Saudi Arabia Slashes Budget Deficit In 1H 2019
...rtails its capital spending programs. Real GDP growth is forecast by the IMF to fall to 1.7% this year from 2.2% for 2018 and a 0.7% contraction for 2017. Revenue was $135bn for 1H 2019, up 15% year-on-year. The key element was unsurprisingly oil revenue, which rose by 15% to $92bn, 68% of the total. Th...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019