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Iraq’s Costly Liquids Habit
...Iraq’s gas shortages mean the country is dependent on burning liquids for electricity generation. Total liquids burn edged up in 2018 to 328,000 b/d from 318,000 b/d in 2017 as post-war reconstruction drove increased demand. The increase would have been considerably greater had it not been fo...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Tunisia’s Oil Woes Here To Stay
...terested in heading for the door than splashing the cash. Tunisia’s glory days of being a net oil exporter are long gone. Crude output has nosedived in recent years and in 2018 it only managed 38,400 b/d. That this fall is of a relatively-modest 1% from 2017’s previous 50-year low is only due to the fa...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Oman Looks To Bag More IOCs In Latest Licensing Round
...d round saw the likes of Occidental (Oxy) expand its portfolio in the sultanate (MEES, 9 November 2018) whilst the 2017 bid round brought Italy’s Eni and Qatar Petroleum into the fold (MEES, 15 September 2017). Oman’s Oil Minister Muhammad al-Rumhy told MEES last year that bringing bigger, more pr...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
India Crude Imports: Iraq, Saudi Dominant Despite Looming Long-Haul Challenge
...*India imported a record 4.51mn b/d of crude in 2018, up 4.5% on 2017. At 2.94mn b/d, volumes from the Middle East for 2018 were also a record, though the Gulf’s market share, at around 64% has remained static for the past three years (see Chart 1 and table, p20). *The second half of...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Taiwan Crude Imports Hit 8-Year High, Opec Share At Record Low
...re stagnant last year, those from key African Opec producer Angola collapsed from 70,100 b/d in 2017 when Angola was the fourth largest supplier, to just 10,700 b/d for 2018. *Among Gulf suppliers, Saudi Arabia remains Taiwan’s top supplier, with 270,000 b/d for 2018, 30% of total imports. Vo...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Australia Challenges Qatar For Taiwan LNG Top Spot: Just The Prelude?
....4% on 2017’s previous record. But Taiwan had a bumper December, with its 2018 total of 16.9mn tons, up slightly on 2017’s previous high. Coupled with monthly record imports from China and Korea, December saw the highest ever monthly LNG trade volumes (see chart, p24). In Taiwan, Qatar remained we...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Saudi Crown Prince’s Asian Tour: Lots Of Promises, Little Detail
...increasingly precarious dependence on Chinese debt. As for Saudi Arabia, the investments could guarantee access to a growing market for its crude oil. It provided 88,000 b/d of Pakistan’s 212,000 b/d oil imports in the 2017-18 financial year, behind only the UAE on 121,000 b/d (MEES, 9 No...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Gulf Loses Patience With Sudan
...$1; a lack of banking liquidity is expected to bring further declines. Government plans to print more large-denomination banknotes have been thwarted by a lack of the right kind of paper. Gross international reserves in 2017 were just $1.1bn, providing less than two months of imports cover, according to th...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Saudi Reaps Rewards Of Downstream Investment
...cord and just 1mn barrels shy of the monthly record set in February 2017. Even while being helped by drawdowns, the production surge will have placed a toll on infrastructure and may have contributed to recent, partial outages at the 1.5mn b/d offshore Safaniyah field reported by Reuters. The up...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Saudi Renewables Plan: More Answers, More Questions
...ergy still costs money to generate. Assuming the government is serious about the Repdo plans, it needs to act quickly. A stepping stone 2024 target of 27.3 GW is no easy feat – the Mena region’s total installed wind and solar capacity as of 2017 was just 5.7GW. Planned 2019 tenders amount to 3....
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Egypt Raises $4bn Bond, Posts $10.4bn 2H18 Deficit
...6.7bn ($10.4bn) for the first six months of the 2018-19 financial year (July-December 2018), more or less unchanged from the E£187.3bn ($10.6bn) for the first half of the previous 2017-18 financial year. The 1H 2018-19 figures suggest that Egypt is likely to post a significantly lower deficit for 20...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Petroceltic Threatens Legal Action Over Egypt Dues
...der to get them to pay their dues. But after investing hundreds of millions of dollars in Egypt and creating many jobs we have no choice,” the firm Tweeted on 12 February. The firm’s most recent filings for 2017 (filed October 2018) indicate that the company’s “trade and other receivables” soared fr...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Iraq-Saudi Border Crossing Progresses
...ghdad – partly in a belated recognition that rebuffing the Iraqi government might help counter Iran’s stronghold there (MEES, 27 October 2017). The Saudis agreed to reopen the crossing in August 2017 (MEES, 1 September 2017), and the move is expected to facilitate trade and more movement between the two co...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Adnoc Starts Pre-FEED For New Refinery
...noc Refining earlier this month restarted the residue fluid catalytic cracker (RFCC) at its 417,000 b/d Ruwais West refinery. The key unit was out for two years after being damaged in an early 2017 fire. The RFCC shutdown forced Adnoc to export fuel oil normally processed there while importing re...
Volume: 62Issue: 08Published at Fri, 22 Feb 2019 -
Egypt Bags Exxon As Shell Steps Up Commitment
...i and BP until 2017, giving them plenty of opportunity to test the ‘Zohr concept.’ With both ExxonMobil and Total holding licenses on the other side of the Egyptian maritime border in Cyprus, it was thought the two firms might look for acreage in the deeper offshore. MEES understands that Exxon re...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
BP: Belated Start-Up At Wnd Phase 2
...se at Giza and Fayoum to 700mn cfd by June, adding to the already producing Phase One Libra and Taurus fields, which started up in April 2017 and are also producing at 700mn cfd (MEES, 12 May 2017). Giza and Fayoum is an eight well development, tied back to already existing onshore processing fa...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Mauritania Looks To 2019 Drilling To Boost Gas Riches
...nority C-18 stake, Tullow now has only a single operated block, shallow-water C-3 (Tullow 100%). The firm says that here it is currently interpreting 3D seismic shot in 2017 “to identify prospects for a potential 2020 well.” ...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Kurdistan Gas: The Key To Easing Iraq’s Chronic Power Shortages?
...s 400mn cfd Khor Mor field. It is also the only producer bringing additional volumes online. But while past differences with the Kurdistan Regional Government (KRG) have been resolved, the consortium’s ability to grow production without an outlet for its volumes is constrained (MEES, 1 September 2017...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Occidental Launches Renewed Mid-East Push, Targets 2021 Volumes
...e east of Block 62 with a small gap between them. There is then a continuous arc from Block 62 to Block 9, with blocks 27, 30 and 65 lying between them. Block 27 output is modest at around 5,000 b/d while the other two are recently acquired exploration blocks. Block 30 was awarded in 2017 under Om...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Tethys Oman On The Up
...ocks. On a gross basis, that equates to 40,000-43,333 b/d. The current annual record is 2017’s 40,541 b/d which was also set in the first year of Opec+ production cuts. A new record for 2019 would at least fit a pattern. Tethys is not quite a pure-play Oman firm, with its Lithuanian assets ne...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019