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Iran: Rohani Under Fire As Economic Pressure Mounts
...Seif, is again being made the scapegoat for Iran’s economic ills, in a country where key economic policy decisions are known to be taken at the highest level by the political and religious hierarchy. Since December 2017, public anger over living costs, unemployment and corruption have triggered sp...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Turkey: Iran Imports Down
...is was before relations between the two supposed allies deteriorated further as US president Trump reveled in Turkey’s recent economic woes (MEES, 17August). Iraq was the biggest supplier to Turkey for June with 157,500 b/d, the most since May 2017. Iran was top supplier for the first five months of...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Egypt: Eni Strikes Gas
...serves.” Local media report that Eni is in talks with Shell to tie back the latest discovery to the latter’s 450mn cfd Obayed gas processing plant. Egypt is a key focus of Eni’s global upstream efforts with the giant offshore Zohr field coming onstream at the end of 2017 (MEES, 13 July). ...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Aramco Advances Gas Development Agenda As IPO Plans Fade Further
...Saudi Aramco highlights prioritization of gas development and enhanced flexibility in the firm’s 2017 Annual Report. Few words were reserved for the planned IPO, hardly a surprise as the long-suffering process appears to have finally been killed off. Saudi Energy Minister and Aramco Ch...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Chevron’s Basra Deal
...chnical services contract (TSC) which have deterred foreign firms’ interest for years (MEES, 22 September 2017). Iraq Oil Report writes that the agreement will see Chevron study and potentially increase production at Luhais, Tuba, and Subba fields—all of which are state-run. BOC-operated Luhais and Tu...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Libya: Fractured Institutions Fail To Distribute Oil Revenue Gains
...e 10,000 b/d Hamada field in the southwest. Production from the Eni-operated El Feel (Elephant) field is back at current capacity of around 77,000 b/d having been shut since 23 February due to a dispute over salaries (MEES, 10 November 2017). Libya’s largest oil concession, comprising the Sh...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Libya’s Ongoing Institutional Splits
...y 2017). The HOR recognizes Ali Shamekh as LIA head. Libyan Audit Bureau (LAB) • Increasingly significant in setting and monitoring economic policy in Libya, particularly in light of the stand-off between the PC and HOR. Cooperation between the bodies is essential to efforts to turn ar...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Syria: Upcoming Idlib Campaign Disturbs Power Balance
...vements on the front suggest the campaign could commence any day. But unlike Mr Assad’s other gains, which involved battering increasingly stretched and isolated rebel factions, regional player Turkey has a keen interest in Idlib. Under a 2017 Astana agreement between Moscow, Tehran and Ankara, Turkey wa...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Aramco JV Takes Saudi Petchems To ‘Next Era’ With Bigger Projects Planned
...Aramco is squeezing more value out of Saudi oil and gas through two key petchems JVs: Sadara, and the near-complete Rabigh-2. Saudi Aramco, with the belated release of its 2017 Annual Review describes itself as “the world’s leading integrated energy and chemicals company,” which besides pr...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Gulf Crude Burn Down Sharply In 2018, But Fuel Oil Is The Key Replacement Fuel
...TA FOR 1H18. 1H18 REGIONAL TOTALS AND FULL YEAR FORECASTS PRESUME VOLUMES LEVEL WITH 2017. **PRESUMES ALL FUEL OIL CONSUMPTION IS IN POWER PLANTS. EXCLUDES DIESEL. SOURCE: JODI, MEES ESTIMATES & CALCULATIONS....
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Oman LNG Taps New Markets
...Oman’s LNG exports* to its six key Asian customers hit a five-year high of 4.39mn tons for 1H 2018, up 3.2% on 1H 2017, in turn the highest since 2013 (see chart). This comes as the country’s gas production has soared to record levels (MEES, 17 August). These six key customers between them ac...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Yemen: Japan Takes Omv Cargo
...ptember 2017), with output coming from state-operated Blocks 10 and 14 in the country’s Masila basin. Exports averaged 42,300 b/d in 2017 but a dearth of by-country import data since March from key buyer China complicates more recent estimates. ...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Total Exits Iran’s South Pars
...French major Total on 20 August confirmed its withdrawal from a $4.8bn 20-year deal to develop the 2bn cfd Phase 11 of Iran’s South Pars gas field (MEES, 7 June 2017), saying it was unable to secure a waiver from US sanctions (MEES, 10 August). Total, as operator with 50.1%, said in May it ha...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Norway LNG Returns To Kuwait
...Kuwait may have halted its submissions of gas data to JODI – and of oil – but despite the dearth of data, summer imports of LNG for power generation show no sign of easing. While Qatar has traditionally been the dominant supplier, providing 43% of the 3.5mn ton total in 2017, Kuwait has so...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Record Products Sales And VAT Bolster Saudi Economy
...ar. The narrowing budget deficit came despite Riyadh following through with its pledged spending spree (MEES, 22 December 2017). The $75bn Q2 outlay was $19bn more than 2Q 2017, although still well below 4Q 2017’s $96bn. Overall, the kingdom ran an $11.1bn deficit over the first half of 2018 pu...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Egypt Gas Exploration Focus Shifts East As Output Record Nears
...ison says output here rose in the first half of 2018 thanks to new wells added in late 2017. Three further wells were drilled in the first half of 2018. Eni is not the only company to have evidently seen renewed attraction in waters north of Sinai that it had previously abandoned. Anglo-French in...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Gulf Of Suez Output Falls To 40 Year-Low
...While Egypt gas output receives the plaudits (see p2), oil output has shown only tentative signs of recovery from 2017’s 35-year low of 629,000 b/d (MEES, 9 March). Output was 643,000 b/d for the first six months of 2018 with key Western Desert producers Apache and Eni highlighting output bo...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
DNO Chief: ‘Kurdistan Is Back, And So Is DNO’
...en a pipeline outage saw quarterly output temporarily fall to 92,000 b/d (MEES, 11 March 2016). Production fell from 109,400 b/d in 1Q to 102,500 b/d in 2Q due to substantial declines at Tawke. From 2Q 2017 to 2Q this year output from the field has fallen almost 20,000 b/d—so far enough to offset ga...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Opec: More Crude Needed, Now
...TPUT VS CALL ON OPEC CRUDE (MN B/D): BOTH OPEC AND IEA FORECASTS IMPLY* A SHORTFALL IN OUTPUT FOR 2017 TURNING INTO A SIZABLE SURPLUS FOR 2019. BUT FORECASTS FOR 2H 2018 DIFFER CONSIDERABLY: THE IEA HAS THE MARKET MORE OR LESS IN BALANCE, WHILST OPEC FIGURES IMPLY A 1.1MN B/D DEFICIT *OPEC OU...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Libya’s Financial Black Hole
...ude prices, which at an average of $69.2/B for Libya’s light Es Sider crude, are up $19/B (38%) year on year. Hydrocarbons earnings, at LD15.6bn ($11.3bn) for 1H 2018, were 16% above the budget figure. They were also more than double the LD6.8bn earned from hydrocarbons in the first half of 2017: as we...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018