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Libya’s NOC Clears House With Key End-Year Deals
...tput falls meant its pre-2010 contract remained valid. NOC didn’t. In 2016 it went as far as stopping Wintershall crude exports from Zueitina port (MEES, 3 November). In 2017 NOC chief Mustafa Sanalla said Wintershall was “free to leave” Libya if it didn’t want to sign new terms. And much more re...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Russia’s Tatneft Back In Libya For Seismic
...ab Geophysical Exploration Services Company (AGESCO) to complete 200 km² of seismic in Area 82’s Block 4 which was suspended in 2014. Tatneft was awarded eight exploration blocks (Areas 69, 82 & 98) in Libya in 2005 and 2007 (MEES, 28 July 2017, see map, p2). It struck oil several times, but was fo...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Leviathan: The Giant Stirs
...ypt. For years Noble struggled to get development off the ground. Only in February 2017, more than six years after discovery, did the operator finally go ahead with long-stalled development. The Texas-based firm not surprisingly presented this as a victory. But, in reality, go-ahead only came as a re...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Egypt: Key Eni Wildcat
...pears to have bumped drilling of a fourth development well at the Atoll field from 1Q 2020: the Maersk Discoverer is currently in place. ‘Phase-1’ Atoll output began in December 2017 with the latest well slated to hike production from 300 to 400mn cfd (MEES, 30 August). Following Atoll, the rig will mo...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Iraqi Kurdistan Poised For More Gains In 2020
...G can likely count on another 40,000 b/d in 2020, according to MEES estimates (see chart). This would push output back above 500,000 b/d for the first time since the KRG lost a swathe of territory around Kirkuk to the federal government in 2017. The additional volumes would appear to be critical to...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Kuwait Nears Boost To Refinery Throughputs, Eyes Al-Zour Petchems
...s two operating refineries. But delays to the clean fuels upgrade project mean that the expansion work is unlikely to be completed until the second half of 2020. KNPC shut down its aging 200,000 b/d capacity Shuaiba refinery at the end of March 2017, leaving Kuwait with just 736,000 b/d ca...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Qatar Set For 2019 Power, Desalination Records
...NCE MARCH... 2. WITH JAN-OCT UP 22%, 2019 IS ON TRACK TO SMASH 2017'S PREVIOUS ANNUAL RECORD (TWh) 3. QATAR DESALINATION (MN M³) HAS LIKEWISE SEEN A SERIES OF RECORDS... F =FORECAST. SOURCE: QATAR PLANNING & STATISTICS AUTHORITY, ME...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Saudi Budgets For Bigger Deficit, Banks On 2020 Gdp Boost
...nsiderably higher than 2017 levels. Riyadh expects spending this year to come in some $15bn under budget and puts this down to a combination of efficiency gains and greater involvement of the private sector “reducing the need to finance these projects from the budget.” GROWTH SET TO SURGE? Sa...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Saudi Eyes Tankers For LNG Trading Boost
...s in talks with Qatar over importing from the emirate (MEES, 8 December 2017). ...
Volume: 62Issue: 13Published at Fri, 13 Dec 2019 -
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 -
Iran: Khamenei Looks To ‘Resistance’ Budget For 2019
...rchases in return for being granted ‘waivers’ – MEES, 16 November), and at least some of those Mediterranean and East Asian countries that have halted buying to restart. Korea, which imported 361,000 b/d from Iran in 2017 took zero for the third straight month in November. Japan and Taiwan also took ze...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Saudi Reveals Optimistic 2019 Budget But Still Expects To Load Up On Debt
...is option for long. While much of the borrowing will be on domestic markets, the hefty budget deficit spells another trip to the international debt markets for Saudi Arabia. Having issued $17.5bn worth of bonds in 2016, Saudi Arabia smashed this in 2017 with $21.5bn, before falling back to just $13...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Saudi SEC Shake-Up OKd
...nstruction contract for the two nuclear power plants by the end of 2018, but progress seems to be in the slow lane as not even a site for the plants has yet been confirmed (MEES, 13 October 2017). ...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018