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Qatar Establishing Shariah-Complaint Energy Bank
...nancing, and that this will be progressively scaled up to the targeted $10bn. The institution will provide financing to energy projects both overseas and domestically. Despite being subject to an economic embargo by neighboring states since June 2017, Qatar shows no sign of reigning in its hydrocarbon-ba...
Volume: 62Issue: 13Published at Fri, 29 Mar 2019 -
Saudi China Volumes Surge
...n b/d, a level never before breached, culminating in a record 2.13mn b/d in January (the latest available data, see p6). CHINA’S TOP 4* CRUDE SUPPLIERS: SAUDI ARABIA CHALLENGES RUSSIA FOR No.1 SPOT (‘000 B/D) *BASED ON 2018 (& 2017) VOLUMES. BRAZIL, WITH 1.04MN B/D, WAS AHEAD OF IRAQ FOR JA...
Volume: 62Issue: 13Published at Fri, 29 Mar 2019 -
Oman Eyes Headline Projects To Move Up Oil & Gas Value Chain
...har refinery to 197,000 b/d (MEES, 17 February 2017). The plan also solves another of MOG’s main concerns: What to do with all its newly discovered gas? State-led Petroleum Development Oman (PDO; Oman 60%, Shell 34%, Total 4%, Partex 2%) announced the discovery of the (at least) 4.5tcf Mabrouk NE fi...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Israel Firm Eyes Groundbreaking Egypt Upstream Entry
...0,000 barrels of oil storage capacity: enough for Phase-2 tie-back of output from 1.2tcf Tanin field 40km away should additional sales deals be secured. The Greek firm was also awarded five blocks (12, 21, 22, 23, 31) following 2017 bidding, that fall to the south and southwest of Karish, adjacent to...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Egypt Awards Fertilizer EPC
...p during 2013-16 that saw fertilizer plants shut down because of a lack of gas feedstock. They only began receiving full allocations of gas again in early 2017 (MEES, 19 May 2017). El Nasr currently operates one gas-fueled fertilizer plant at Suez, with capacity to produce 132,000 t/y ammonia, 20...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Opec Slams US Sanctions For Heightened Instability
...Opec+ with the capacity to open the taps to do so. SAUDI AND RUSSIA ON THE SAME PAGE? Russia certainly appears to be more hesitant over the benefits of continuing the Opec+ agreement, but then that is largely in line with the past two and a bit years (MEES, 1 December 2017). Russia’s sl...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Saudi Liquids Burn Edges Up, More Rises To Come?
...ril being 100,000 b/d below March. They are going to match the lowest in 2017-18.” That low was 9.91mn b/d in December 2017, so Saudi Arabia may in fact be cutting significantly below 2017 levels. This would be a massive fall of around 500,000 b/d from January production of 10.29mn b/d (10...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Sabic Reorganization Continues Ahead Of Planned Aramco Takeover
...rformance for 2018 was the best since oil prices crashed in 2014. Sabic made a profit of $5.73bn in 2018 on revenues of $45.1bn, figures which were respectively 17.0% and 12.8% up on 2017, though prices for Saudi Arabia’s key Arab Light crude were up even more at 33.5% (MEES, 1 February). SABIC OUTPUT TO...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Algeria’s Economic Sclerosis: Political Change Is Not Enough
...2017. ^INCLUDES VOLUMES TO SPAIN AND ITALY. TURKEY AND FRANCE HAVE BEEN ALGERIA'S TOP TWO LNG CUSTOMERS SINCE 2015. SOURCE: JODI, IEA, CORES, SNAM, SONELGAZ, OPEC, MEES ESTIMATES & CALCULATIONS. SCLEROTIC MODEL Prices for Algeria’s light sweet Saharan Blend crude averaged $110/B for th...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Spain 2018 Gas Imports: Record 19.5bcm From Algeria But Volumes Slide In Q4
...rope (GME) pipeline handled 9.3bcm, up 21% on 2017, whilst the 8bcm/y-capacity Medgaz pipeline handled 7.1bcm, up 6% year-on-year. But Algerian LNG volumes fell to a multi-decade low of 1.5bcm, just 8% of Algerian supplies. Overall, LNG volumes comprised 43% of Spain’s 2018 gas imports. *Wh...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Egypt Launches Red Sea Bidding
...udi minister says Riyadh will intensify Red Sea gas exploration over the next two years (MEES, 8 March). In a bid to attract companies to the acreage Cairo signed a $750mn deal in December 2017 with Norway’s TGS and Houston-based oilfield services firm Schlumberger which included 2D seismic data ov...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Egypt: ‘Steep Decline’ At BP’s Key WND Gas Project
...ticipated decline,” 17.25% partner Dea acknowledges in its Q4 results, released 7 March. Output from the two Phase-1 fields, Taurus and Libra, began in late March 2017, with operator BP (82.75%) saying just over a month later that production had hit 700mn cfd (MEES, 12 May 2017). BP added at the time th...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Shell Boosts Egypt Gas Output, Retains LNG Force Majeure
...Anglo-Dutch major Shell’s Egyptian net gas output hit a four-year high 407.5mn cfd in 2018, up 21% from 2017’s 335.4mn cfd. But output remains less than half of 2012 levels with offshore fields formerly operated by BG (taken over by Shell at the start of 2016) responsible for the bulk of the co...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Algeria: Key Ain Tsila Gas Project Advances With Petrofac Awarded $1bn EPC Contract
...). Algeria’s gas output fell to around 92bcm for 2018 from 94.5bcm for 2017 and 2016’s record 94.8bcm despite the start up of the key Reggane (December 2017, 2.9bcm/y) and Timimoun (February 2018. 1.8bcm/y) fields. Ain Tsila is located around 1,100km southeast of Algiers, 70km south of Total’s 3b...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
QP Expands Eni Partnership With Morocco, Mozambique Deals
...pansion continued apace this week with two big agreements with Eni for assets offshore Mozambique and Morocco. QP CEO Saad al-Kaabi pledged in December 2017 to transform the firm beyond recognition through a major international expansion (MEES, 8 December 2017) and the firm has since snapped up a series of...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
KRG-Focused Firms Continue Production Push
...rathon’s 15% stake) planning to spend $137mn this year, Atrush could exit the year at more than double its 2017 average. The firms are also planning to test a couple of already-drilled wells in addition to drilling three new ones over the course of the year targeting a heavier column of 14-22°API oil – al...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
US Shale: Major Growth Planned, Indies Crimp Spending
...netheless opted in early 2017 for a second bite at Permian expansion with a $6bn purchase of more oil-focused acreage (MEES, 17 February 2017). The Permian is now central to Exxon’s global strategy. And key to Exxon’s Permian strategy is downstream integration: investment in petchems including with Sa...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
OPEC Faces Prospect Of Declining Global Clout
...e market to cut prices following the November 2014 meeting (MEES, 5 December 2014), Opec changed tack in November 2016 and agreed to cut output (MEES, 2 December 2016). The move initially paid dividends for Opec, which saw demand for its crude rise from 31.9mn b/d in 2016 to 32.6mn b/d in 2017 ac...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Crackers In The Gulf: GCC Refiners Advance Mixed-Feed Projects
...August 2017). Petro Rabigh’s delayed Rabigh-2 expansion, currently being commissioned, will expand petchems output capacity from 2.6mn t/y to almost 5mn t/y. Its key aromatics unit will consume 3mn t/y (67,000 b/d) of naphtha from the refinery to produce 1.34mn t/y paraxylene and 424,000 t/y of...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Saudi Arabia’s Oil-Fired Power Conundrum
...2020, situated further up the Red Sea coast. It is currently undergoing testing, despite state-owned power and desalination plant operator SWCC in January 2017 canceling the $1.5bn EPC contract that was awarded to Korea’s Samsung and partners China’s Sepco3 and Saudi firm Al Toukhi in late 2012 (ME...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019