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Iraq: Gas Aims Progressing, But Miles Still To Go
...fining in a ministry shakeup (see p18). That Baghdad had previously targeted 2015 (MEES, 28 February 2014) for eliminating flaring is emblematic of the scale of the problem. A quick glance at the numbers shows the extent of the challenge. 1: IRAQ GAS OUTPUT EXCEEDS 3BN CFD IN SECOND HALF OF 2018, BU...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Saudi Reaps Rewards Of Downstream Investment
...erall trade surplus over the first 11 months of last year was $149.4bn, already $62bn more than over the whole of 2017. The full-year 2018 trade surplus will likely fall just shy of 2014’s $168.6bn. LOOKING AHEAD Saudi Arabia has cut production more deeply than mandated under the terms of...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Saudi Renewables Plan: More Answers, More Questions
...e new loan takes SEC’s total lending to $47bn since July 2007. It is also SEC’s largest loan from the finance market, although the company’s biggest loan to date was a $13.2bn ‘soft loan’ from the Ministry of Finance in March 2014. SEC’s previous agreement was a $2.15bn revolving credit facility ai...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Egypt Bags Exxon As Shell Steps Up Commitment
...ill down on 2016’s 588mn cfd. Aside from WDDM, Shell eyes development of BG’s 2012 Harmattan Deep discovery in the shallow water just north of Damietta. Previous BG development plans were shelved amid a pricing dispute (MEES, 1 August 2014). Now Mr Hanter says “We have had very constructive di...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Upstream Investment: Is ‘More For Less’ The New Normal?
...euillac] and his team.” Whilst Total’s capex fell by 35% between 2014’s $26bn and the planned $16-17bn figure for 2019, gains in purchasing power have largely made up for this. “$1 of capex this year, is not [equivalent to] $1 that we spent five years ago… With $1 of capex [today] I can make 30-40% mo...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Heavy Outages Weigh On Seemingly Well-Supplied Market
...kely fall below Algeria at some point in the coming months. Prior to the oil price collapse in late 2014 Venezuela was producing around 2.4mn b/d, but now even positive scenarios have output of its heavy crudes falling below 1mn b/d during 2019. Not only is the US, increasingly strident in seeking to ov...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
IOCs ‘Exclude’ Libya From 2019 Plans
...serves on its Murzuq basin acreage (MEES, 31 January 2014), however, of the six wells planned for 2014 only three were drilled before worsening security saw the canning of not only these three wells but also six further wells slated for 2015 (MEES, 13 March 2015). No wells have been drilled since. Re...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Iraq’s Contentious Politicking Stymies Critical Electricity Ministry Reform
...mpany’s (BGC: South Gas Company 51%, Shell 44%, Mitsubishi 5%) progress on the gas front will help ameliorate fuel supply concerns. Power shortages had long been a perennial problem for Iraq. And then, as Mr Khatteeb notes, the Islamic State insurgency took another 4.5GW off the grid from 2014. Stalled pr...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
‘We Have Very Little Time’: MEES Sits Down With Iraq’s Electricity Minister
...eld in western Iraq where the company [Korea’s Kogas] declared force majeure (MEES, 20 June 2014). The last thing we want to do is build a power station with no fuel supply. Another delayed project in Salahuddin held back 1.2GW. All these projects require about 18 months to complete, and would th...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
IMF Slams GCC
...d have yet to “fully recover” from the 2014 slump in oil prices. Average public debt for Mena oil exporters soared from 13% of GDP in 2013 to 33% for 2018; for oil importers the figure is 85%, Ms Lagarde says. “Fiscal deficits are only slowly declining despite significant reforms on both the sp...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Oxy Advances Mena Strategy 2.0
...work together on projects of strategic importance.” That’s not to say that the Shah gas development was all plain sailing, with startup slipping from 2014 to 2015 as the parties had to devise how to cope with the high sulfur levels. Once started up in 2015, the field was ramped up to full we...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Algeria Oil Output On The Slide
...ng-term decline, collective output is the lowest since El Merk’s first full year of output in 2014 (see chart). At just 174,000 b/d for 2018, combined HBNS and Ourhoud output is half 2011 levels and a mere 31% of the 470,000 b/d 2007 figure. Anadarko says the completion of a water treatment pr...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Qatar Seizes Golden Opportunity For US Cooperation
...C) contract for the project, with work to start this quarter. Chiyoda and McDermott previously carried out FEED work under a 2014 contract. Chiyoda has also been heavily involved in the ongoing development of Qatar’s LNG sector. Work includes the construction of three liquefaction trains of ap...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
OPEC Production Dives Amid Venezuela Instability
...0,000 b/d. Luanda has struggled to prevent declines from its aging reservoirs since oil prices fell during late 2014. DECISION TIME APPROACHING Given the collapsing output from the exempted triumvirate, the Opec 11 countries must decide whether to keep cutting in order to eliminate their 28...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Kuwait Oil Sector Risks Being Left Behind
...wait racked up budget deficits of nearly $65bn between 2014-15 and 2017-18, the emirate’s financial buffers have proven sufficient to absorb it. Kuwait will swing into a surplus this year (to April 2019), potentially of around $8bn. However, a deficit is again on the cards for 2019-20 (MEES, 25 January). ...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Sudan, South Sudan Claim Oil Production Boon, But How Much?
...0,000 b/d to come from former Upper Nile state. Prior to the conflict, production from Blocks 3 and 7 in the Upper Nile region was close to 200,000 b/d. But by late 2014 this had dropped to 140,000 b/d, and it plunged to just 117,000 b/d in 2Q 2018. If rehabilitation work in Upper Nile can be successfully ca...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
QP Triple Boost
...Qatar Petroleum’s Cyprus drilling success with Exxon (see above) was only the latest of three major international successes over the past week – four if you count the football. Qatar Petroleum’s international activities were put on the backburner amid institutional reshuffling from 2014 (ME...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Majors Plan Cautious Hike To 2019 Capex
...ILL LITTLE MORE THAN HALF 2014 LEVELS ($BN) EXXON, HAVING OVERTAKEN SHELL AS TOP SPENDER FOR 2018 PLANS THE BIGGEST BOOST TO SPENDING FOR 2019 ($BN) B=BUDGET. *SHELL GIVES $25-30BN RANGE FOR 2019, BP $15-16BN AND TOTAL $16-17BN. CHARTS ASSUME MIDPOINT OF RANGES. SHELL FIGURES IN...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Tunisia’s Net Energy Imports Hit Record In 2018
...ovisional data) are far outweighed by 78,000 b/d of net products imports (see chart 5). When combined with fluctuations in oil prices this means the country’s net energy import bill hit a record $2.35bn for 2018, beating the previous record of $2.14bn set in 2014 (see chart 6). The $670mn (40%) in...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Algeria: Gazprom Stalls On El Assel
...January, Russian energy minister Alexander Novak said Gazprom is preparing a commercial offer for development of the 2010 Rhourde Sayah (RSH) and 2014 Rhourde Sayah North (RSHN) discoveries but does not plan to participate in development of the Zemlet er Rekkeb (ZER) or Zemlet er Rekkeb North (ZE...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019