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Can Oman Capitalize On Opec+ Production Deal?
...ok effect in January 2017, last week’s decision to reduce over-compliance means Oman has freedom to increase output (MEES, 22 June). The Joint Ministerial Monitoring Committee (JMMC) will “coordinate amongst the countries with spare capacity” says Saudi Energy Minister Khalid al-Falih, adding th...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Sharjah Launches Debut Licensing Round
...ring 2017 which covers the whole concession area. The smaller 264km² Area B was also fully covered by 3D seismic in 2017. However, the third area, Area C, while much larger at 1,184km² only has a small area of 3D seismic shot in 2013 along the border with Area B. Any successful bidders will be re...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Eni Ramps-Up Zohr, Mubadala Farms In
...this year(MEES, 12 May 2017). This will mean Cairo will be able to bring an end to LNG imports which began in April 2015. Mr Molla signalled that a six-cargo tender awarded to trading firms Trafigura, Gunvor and Vitol for deliveries in July and August will likely be the last. “I don’t th...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Opec’s Monitoring Committee Takeover, Instability Promote Supply Concerns
...s expanded in November 2017 to officially include Saudi Arabia, which also shares chairmanship with Russia. The other members are Venezuela, Algeria, Kuwait and the UAE alongside non-Opec member Oman. As Saudi Energy Minister Khalid al-Falih said following the 23 June non-Opec meeting, “it just so ha...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Libya Port Attacks Derail Oil Export Prospects
...December 2017), resurgent political violence has torpedoed Libya’s oil sector. Militias commanded by Ibrahim al-Jathran attacked the Ras Lanuf and Es Sider oil terminals in mid-June, causing damage that the National Oil Corporation (NOC) describes as “catastrophic.” The Libyan National Army (LN...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Adnoc Joins Aramco In $44bn Indian Refining And Petchems Venture
...dian firms will hold 50% equity (IOC with 25%, BPCL and HPCL each with 12.5%). RRPCL was formed by the Indian firms in June 2017 to develop a 1.2mn b/d refinery comprising three 400,000 b/d crude distillation units (CDUs), which will be integrated with an 18mn tons/year petchems complex. While Ad...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Egypt Eyes Coal-Fired Power To Reduce Gas Reliance
...$6.1bn per GW of capacity, compared with $4.4bn or $730mn/GW for the coal-fired plant, suggesting that prestige and not just fuel diversity is a factor in government’s power plan (MEES, 15 December 2017). GAZ GUZZLERS Despite the move to broaden its powergen fuel options, gas-fired capacity co...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Qatar & Turkey: Brothers In Arms?
...The June 2017 Qatar embargo threw a spotlight on the deepening Doha-Ankara relationship. But trade volumes are modest, and the most ambitious contract to-date is a murky $5.2bn energy sector deal which raises more questions than answers. The 24 June re-election of Turkish President Recep Ta...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Exxon Walks Away From Iraq Seawater Project
...this year (MEES, 3 November 2017). But Iraq’s oil minister Jabbar Al-Luaibi cast doubt on the deal (weeks after announcing it was in its ‘final stages’) the following month, proclaiming that if a deal with Exxon were not reached the project would be put back on offer in February (MEES, 5 Ja...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Total Poised For Further Mena Upstream Expansion
...y upstream asset is a 30% stake in the joint venture operating the 300,000 b/d Al Shaheen field acquired in July 2017 (MEES, 28 July 2017). Mr Pouyanné appears optimistic that as “we are becoming the number two in the LNG world via the acquisition of Engie [LNG] assets in July” the firm is well pl...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Saudi Wins Out, Opec Switches To Group Ceiling
...r18 Mar18 YTD vs2017 2017 2016 Algeria 1....
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
US Shale: Reading The Runes On Future Supply Growth
...illing & Projects Al Hirschberg told the firm’s Q1 earnings call. BAKKEN BUSINESS Perhaps the greatest success of recent months has been North Dakota’s Bakken. As recently as early 2017, the start of the latest US shale boom, many of the sector’s leading lights were skeptical that Bakken output wo...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Shaikan Output To Double After Deal With KRG
...rqala field in Q3, wrapping up Phase-1 development which has seen output rise from 5,000 b/d in early 2017 to more than 21,000 b/d now; 30,000 b/d by early 2019 looks eminently achievable. Elsewhere, Canadian minnow Oryx announced on 20 June that it has completed the first well at the Banan field wi...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
OMV Tests Yemen Restart
...turn. The country’s miniscule current output mostly comes from state firm PetroMasila’s Blocks 10 and 14 in the eastern Marib basin. This is largely shielded from the conflict and thus able to export about 44,000 b/d from Ash-Shihr port (MEES, 15 September 2017). OMV is clearly less skittish than ot...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Saudi Petchems JVs Get Greedy For Naphtha, Cutting Into Exports
...om the integrated 400,000 b/d Petro Rabigh refinery (MEES, 20 April). RUNS FALL Some of the reduction in naphtha availability after January can be attributed to lower refinery runs, which fell away from the December 2017 record of 2.828mn b/d to just 2.200mn b/d for April. Work at two re...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Algeria Makes Electricity Gains, But Struggles To Power The Future
...ility Sonelgaz says that the country’s generators delivered a total 69.79TWh of electricity to the grid in 2017, an increase of 7% on 2016. But the firm has failed to lift a number of big CCGT projects off the ground, owing largely to a lack of foreign funds. Of the total generated electricity last ye...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Egypt Continues Subsidy Reform, Hikes Fuel Prices
...e chart). For the current 2017-18 financial year ending 30 June, Mr Molla says subsidies are on track to hit E£125bn ($7.0bn), well above the budgeted E£110bn, but slightly down in dollar terms on 2016-17’s E£115bn ($6.2bn) spend (MEES, 23 February). The increase in fuel prices could help ea...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE....
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
KRG To See Output Increase From Smaller Fields
...gion are increasingly willing to reinvest. The results are beginning to show. Russia’s Gazprom Neft plans to drill a third well at its Sarqala field in Q3, wrapping up Phase-1 development which has seen output rise from 5,000 b/d in early 2017 to more than 21,000 b/d now; 30,000 b/d by early 2019 looks em...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Algeria: Total, Repsol Recommit But More Investment Needed
...the reins (MEES, 21 April 2017), and followed this up with broad partnership deals with many of Algeria’s key existing upstream investors – including Eni and Anadarko as well as Total and Repsol. On the other hand, the fact that commitments to date have come from existing investors indicates th...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018