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Egypt Oil Output To Fall As Key Producer Apache Slashes Investment
...stain… cashflow” rather than raise output. With fewer rigs and lower capex, Apache plans to drill 40% fewer wells in Egypt this year. For 2019 it plans 70 wells, 30 exploration and 40 development, down from 115 for 2018. This in turn is well down on the 2014 peak of 220. Of 2018 wells, 45 were ex...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
OPEC Output Slumps To Four Year Low
...ghes show that the number of active oil rigs in Iraq jumped to 67 in February, its highest level since August 2014. Of the non-Opec portion of participants, the picture is decidedly mixed. While Oman swiftly moved to hit its target in January, the largest participant, Russia, is lagging behind. Ru...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Algeria’s Regime Under Threat
...en protests against the regime in the past, but none like this one. Bouteflika, in Geneva for what officials describe as a “routine health check,” was unable to present his own campaign papers for the coming election, a reminder of 2014 when he left it to right hand man Abdelmalek Sellal to de...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Can Iraqi Kurdistan’s Bickering Factions Grasp Key Opportunities?
...operation has at least provided the central government with an alternative to its stretched southern export infrastructure. Use of the pipeline will provide an interesting litmus test, as federal Iraqi exports through the pipeline have started and stopped several times since in 2014. In Prime Minister Ad...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Kuwait Eyes Revenue Boost From Clean Fuels Upgrade
...na al-Ahmadi 347,000 b/d. Combined crude processing capacity will be increased by 9% to 801,000 b/d from 736,000 b/d. At the time of the CFP award in 2014 project management contractor Foster Wheeler said that the upgrade would mean fuel oil output with a maximum of 1% sulfur (MEES, 14 February 2014...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Oman: Struggling To Cope With Too Much Gas?
...n-Feb18 vs 17 Jan-Feb17 2017 vs 16 2016 2015 2014 20...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Gaza Gas: Still Under Water
...t alone any revenue from any additional gas sales (MEES, 30 May 2014). But today, amidst a seemingly endless security crisis, development at Gaza Marine is a political risk that trumps a crack at a relatively modest upside. GAZA MARINE FIELD, SURROUNDING GAS INFRASTRUCTURE TALKS WI...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
LNG: Mideast Producers Lose Share Amid Record Global Trade
...om 84% in 2014 to 51% for 2017. • Australia is on the point of overtaking Qatar for the title of ‘world’s top LNG supplier’. The (delayed) Q2 start up of the 8.9mn t/y Icthyus liquefaction plant off Australia’s northern coast should be enough to make Australia top, though Qatar’s plans to add th...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Iran Looks To Europe As Trump Fears Threaten Embattled Economy
...ump from the second half of 2014 then hurt Iran further, with oil revenues bottoming out at $27bn in 2015 before rising to an estimated $59bn last year. For any re-imposition of US sanctions to hit Iran where it hurts, in the pocket, it’s going to need to be coupled with cooperation from foreign pa...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Israel’s Gasoline Thirst Pushes Oil Products Consumption To 5-Year High
...tput exceeded demand by 46,500 b/d in 2017, down on the previous year’s 58,300 b/d and less than half of 2014’s 95,300 b/d. Bazan says 67% of its refined products are sold on the domestic market while 33% is sold to mainly Turkey and Cyprus which took 31% and 24% respectively of exports in 2017. These pr...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Israeli Gas Development: Can The Domestic Power Market Absorb It?
...soil consumption falling to around 10,000 b/d (1% of demand) since 2014 (see chart, and data, p9). But perhaps the best chance of Noble snagging additional domestic gas customers is from industrial end users. Here demand has been limited by supply with a number of gas-fired industrial projects po...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Gulf Bonds In 2018 Another Bumper Year?
...sued in primary market deals in 2017; until 2014, the biggest buyers of Middle Eastern bonds were the local banks buying mainly for their asset and liability management (ALM) books, with almost 80% of the bonds issued being held by local banks’ ALM books, small family offices and local private bank cl...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Algeria Struggles To Maintain Gas Output Amid Project Delays
...spective IOCs. All are delayed. As for Tinhert, which Sonatrach listed in 2014 as a 2016 start-up and in 2015 as January 2018 (MEES, 29 May 2015), Sonatrach is keen to gain the credit for developing a seemingly large project of its own volition. But, whilst the headline numbers look big, it is de...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Shell Recommits To Egypt With Plans To Double Offshore Output
...ute domestic gas shortage, Cairo in 2013 begun diverting increased volumes of WDDM output to the domestic market. This left next to no gas for BG to export. BG declared force majeure on LNG sales in early 2014, writing off over $1bn in revenue for 2013 (MEES, 31 January 2013). It exported just one LNG ca...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Oman Looks To Foreign Firms and Downstream To Combat Economic Woes
...ucial if Muscat is to right the ship. The Omani economy is under pressure, and the lack of diversification ties its fate almost entirely to the price of oil. Struggling to balance its budget in the best of times, when the oil price crashed in 2014 the Sultanate’s debt ballooned. It racked up some $25...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Eni Swoops For Abu Dhabi Offshore, Sells Mubadala 10% Of Egypt’s Zohr
...an in 2009, but made the decision to hand over the Darquain field in 2010 (MEES, 10 May 2010), completing the process in 2014. Eni signed an MoU in June 2017 to study boosting Darquain output from 150,000 b/d currently to 220,000 b/d, and for the Kish offshore gas field where Iran is targeting 2bn cf...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Sudan’s Upstream Oil & Energy Sector: Investors Sought But IOCs Remain Cautious
...gure at 45% in 2014), with hydropower and oil burning accounting for almost all of the country’s installed capacity (see below). In a 27 November speech Mr Osman flagged up increasing capture of associated gas and pursuing a program to exploit non-associated gas reserves as a priority. But, wi...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iraq’s Power Generators Gorge On Rising Gas, Cutting Crude Burn
...0,000 b/d in 2016 and the highest level since 570,000 b/d was processed in 1H 2014, just before the Baiji refinery was trashed. Although the ministry’s SCOP engineering unit has been able to repair small refineries and is currently working on rebuilding one of Baiji’s three units, it has had no success in at...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Egypt Oil Output Slump To Continue. Import Dependence To Deepen
...17 However, Egypt’s oil demand actually fell for the first time in six years in 2017, to 811,000 b/d from a record 852,000 b/d in 2016 according to data posted to the Riyadh-based Joint Organizations Data Initiative (Jodi). Both the 2017 fall and the sharp rise in 2014, 2015 and 2016 – a cumulative 90...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Total Expands In Libya With Marathon Waha Purchase
....33% partner ConocoPhillips 45,000 b/d each. Hess has 8.16% with Libya’s National Oil Corporation (NOC) the remainder. Though output was shut in for two years from late 2014, it has since rebounded strongly, averaging 210,000 b/d for the last quarter of 2017 and 120,000 b/d for the year as a whole, ne...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018