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Market Fundamentals Point To Choppy Outlook For Opec
...mestic challenges. Unlike in the previous round of cuts from January 2017 onwards, where exemptions for Libya and Nigeria were intended to allow them to increase production, this time the exempt members are more likely to add to the scale of the cuts. Iranian production is falling as renewed US sa...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Iraq Pledges 139,000 B/D Cut
...hieves capacity gains. Despite signing up for production cuts in November 2016, Iraqi output hit an annual record 4.43mn b/d in 2017 and is on track for 4.51mn b/d this year. Is another record likely in 2019? Yes. For one thing, MEES estimates the KRG could add 80,000 b/d, including 25,000 b/d each fr...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Jordan: Bye-Bye Conventional Powergen?
...d-2020 (MEES, 28 April 2017). Operator Eesti Energia of Estonia told MEES this week that the project is on schedule for its phase-1 start up in mid-2020. Commercial viability still remains the issue with Jordan’s oil shale dreams. Shell’s Jordan oil shale subsidiary Josco has developed technology to ex...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Oman Seeks Better Gas Management Through State Energy Sector Shake-Up
...ants in percentage terms though absolute volumes are up a touch on 2017. A recent boost to gas production is enabling record LNG exports, which are expected to push total gas consumption close to 45bcm this year (see chart). Oman’s gas output is rising as a result of a number of recent discoveries an...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Qatar: New 2.5GW Plant Powers Economic Growth
...provements in reducing its greenhouse gas emissions have so far come to naught. However, Kahramaa has prequalified 16 international solar power developers to bid for a 500MW solar photovoltaic plant at Al Kharsaah, 80km west of Doha, and is expected to invite bids shortly (MEES, 29 September 2017). QA...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Yemen Peace Talks: Oil Focus
...fact Yemen is already exporting around 50,000 b/d: some 35-40,000 b/d from PetroMasila-operated Blocks 10 & 14 in the eastern Masila basin (MEES, 15 September 2017) and 10,000-12,000 b/d from OMV’s S2 Block in the central Shabwa basin (MEES, 3 August). The biggest potential restart would be $4....
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Lukoil Takes First Kirkuk Volumes
...port pipeline was new oil minister Thamir Ghadhban’s first major accomplishment as minister (MEES, 7 December) and helped add 100,000 b/d from Kirkuk where volumes had been shut-in since 2017. ...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Iraq’s New Oil Minister Eyes 2019 Capacity Hike Despite Export Challenges
...o alternatives: new export routes or increased refining capacity. A long-time proponent the oft-delayed Basra-Aqaba pipeline, Mr Ghadhban told MEES in 2017 that the project would only take “a little over a year” but the project appears to have stalled in 2018 (MEES, 3 November 2017). Now as mi...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Oman Carves Up South In Bid To Attract Investment
...st year’s bid round (MEES, 9 November). Nearby Block 71 contains the (less than 10°API) Habhab heavy oil field whose recoverable reserves are technically classified as bitumen and thus need extensive EOR techniques to be profitable. PDO tendered the project in 2017 but little has subsequently come of it...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Qatar Shines Spotlight On OPEC Divisions As It Ends 57-Year Membership
...mbership. QATAR OIL & GAS INFRASTRUCTURE QATAR NOVEMBER OIL EXPORTS: CONDENSATE ACCOUNTS FOR 30% OF THE TOTAL ('000 B/D) SAUDI SCHISM This week’s Opec meeting was held 18 months and a day after the instigation of the Saudi-led blockade against Qatar on 5 June 2017...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Adnoc Adds To Gulf LNG Bunkering Plans With Inpex Tie-Up
...e third instance of a Gulf State announcing LNG bunkering plans. Qatar was the first mover, signing an agreement with Shell to develop LNG bunkering infrastructure “at strategic shipping locations around the globe,” although this would most likely be outside Qatar (MEES, 16 June 2017). QP CEO Sa...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Asian LNG Imports Up 14% In 2018... With Qatar Sales Up 9%
...ASIAN* LNG IMPORTS ROSE 14% FOR 10M18 (MN T): CHINA UP A WHOPPING 43% TO ALREADY TOP 2017’S ANNUAL RECORD OF 38.3MN T; KOREA, INDIA AND TAIWAN ALL ALSO ON TRACK FOR ANNUAL RECORDS BUYING FROM QATAR IS UP 9% Y-O-Y BUT STILL WELL DOWN ON RECORD 2013 LEVELS CHINA LN...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Algeria Set For $5bn 2018 Trade Deficit: As Good As It Gets?
...1.03mn b/d for the first nine months of 2018, output of condensate and field NGLs was down 5.6% at 472,000 b/d, whilst gas output fell 1.1% to 67.5bcm. The dip in gas production came despite key project start-ups at Reggane (MEES, 22 December 2017) and Timimoun (MEES, 2 March 2018). Whilst un...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Algeria Downstream Deals Reflect Sonatrach Strategy Shift
...Having ended transport fuel imports through a swaps deal, Sonatrach has bought an Italian refinery and is targeting overseas petchems. Abdelmoumen Ould Kaddour has adopted a pragmatic approach to Sonatrach’s downstream strategy since taking over as CEO in early 2017. He rapidly canned th...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Israel Electric Wants More Gas
...rch). Gas is rapidly edging out coal from the Israel energy mix. The gas share has soared to 80% gas versus 64.2% for 2017 (coal 32.3%, renewables 2.6%). IEC pays roughly $6/mn BTU for Tamar gas, and is trying to drum-up some competition to reduce the cost of electricity. It could find that di...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Jordan Bags $1bn Us AID…
...Jordan’s fiscal position is looking brighter with the finalization of a promised $1.08bn US aid package under a 4 December deal, up from 2017’s $812mn (MEES, 5 January). A $745mn grant – more than 1.5 times 2017’s grant of $475mn – will support the kingdom’s priority development projects li...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
…As Nepco Taps EBRD For $265mn
...er Libor. Nepco reported accumulated losses of $6.85bn for the year ending December 2017. The EBRD has lent Jordan more than $466mn since 2012 to fund 12 power sector projects. Jordan leads the Middle East in solar with 529MW and is second largest in wind with 285MW. Of this, 215MW was added in 20...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
KRG Prioritizes Investor Confidence Over Stability: Will It Lose Both?
...ERATED BY IRAQ’S NORTH OIL COMPANY SINCE 16 OCTOBER 2017. SOURCE: MNR, COMPANY STATEMENTS, MEES. …ONSIDE, FOR NOW The KRG’s prioritizing of foreign investors over internal stability has at least so far more or less managed to keep the IOCs onside. Realistically, if the region is to be a vi...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Libya: Oil Output Doubles In 2017 But Peace Dividend In The Balance
...ccesses in 2017. The Tripoli-based National Oil Corporation (NOC) has lifted oil production out of the doldrums, surprising many jaded observers. Since the beginning of the year, oil production has increased by almost 50%, averaging close to 1mn b/d in Q4. For 2017 as a whole, output of 820,000 b/d is mo...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria To Retain Gas Focus In 2018 As New Fields Start Up
...The expected start-up of the three major components of Algeria’s Southwest Gas Project should boost the country’s gas output by over 9bcm/y by mid-2018, possibly to top 100bcm/y for the first time. Algeria’s sales gas output for 2017 is set to fall just short of 2016’s record 94...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017