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Shell Recommits To Egypt With Plans To Double Offshore Output
...rt of its takeover of the UK firm at the start of 2016 From 1.2bn cfd as recently as 2012, WDDM output fell to just 526mn cfd for the 2016-17 Egyptian financial year (to June 2017) and to 486mn cfd for the second half of 2017. Shell’s net Egypt gas output fell to just 335bn cfd for 2017, with the WD...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Saudi Products Exports Smash Previous Records But Set For Dip
...ports as products are generally less scrutinized than crude. Saudi Arabia exported a record 1.91mn b/d of products in January smashing October 2017’s previous record of 1.59mn b/d. The products share of the kingdom’s total oil exports, at 21.1%, was also a record, whilst volumes of diesel (80...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
IOCs Advance In KRG, Cautiously
...tentially paves the way for expedited stand-alone development of the field’s 37mn barrels (2C) oil reserves. Oil reserves are modest, but additional production would be warmly welcomed by the KRG in the wake of last October’s loss of 280,000 b/d Kirkuk output (MEES, 20 October 2017). Especially given th...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Dana Egypt: No Cash, No Work
...$228mn from $265mn a year earlier. But all of this fall, and then some, was achieved in the first half of 2017 – the figure stood at $189mn as of June 2017, a seven-year low. For the second half of the year “payments from Egypt were sporadic and disappointing,” Dana CEO Patrick Allman-Ward sa...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Egypt Privatization: 23 Firms On the Block; Oil Firms Feature Heavily
...rlier plan included Amoc and Sidpec among the first group of firms to be offered (MEES, 14 July 2017). UPGRADING PLANS Amoc is raising $500mn to fund the construction of a 20,000 b/d hydrocracker alongside its 35,000 b/d vacuum distillation plant (MEES, 23 March). Also at Alexandria, Midor is ex...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Egypt’s Gas Balancing Act As Power Demand Eats Into Growing Supply
...it during 2017-20 represent the power sector’s biggest new gas requirement. Germany’s Siemens is providing turbines and generators for three 4.8GW plants: Egypt’s Orascom is building plants at Burullus and a proposed ‘new capacity city’ just east of Cairo, while local firm Elsewedy is building a pl...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Oman Looks To Foreign Firms and Downstream To Combat Economic Woes
...t of the way early in issuing a $6.5bn bond, its largest ever, in January as Oman will likely have to offer higher rates following the downgrade (MEES, 2 February). Despite the concerns, the very reliance on oil and gas (about 77% of total revenues in 2017), means the hydrocarbons sector is cr...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Eni Swoops For Abu Dhabi Offshore, Sells Mubadala 10% Of Egypt’s Zohr
...abi state investment firm Mubadala for $934mn. At current production rates, Eni ought to secure around 49,000 b/d net annual production from the two concessions (37,000 b/d for 2017 given its entry from March), rising to 69,000 b/d once the assets reach Adnoc’s planned production targets. Eni pa...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iran Makes Russian Breakthrough But Faces Increasingly Heavy Problem
...gning up Total and CNPC to South Pars Phase 11 in June 2017. Russian state firm Zarubezhneft signed a contract to develop two oil fields – 30,000 b/d West Paydar and 6,000 b/d Aban – and will be partnered by domestic firm Dana Energy (an 80:20 split). The Iran oil ministry’s Shana news agency re...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
DNO Quits Oman After Drilling Flop
...DNO is pulling out from its final Omani assets, located in the offshore Block 8 (DNO 50%, South Korea’s LG 50%), as it prepares to exit the Sultanate. The Norwegian firm confirmed in its 2017 Annual Report released 15 March that it has written down its Block 8 reserves to zero and “plans to re...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Opec Struggling To Keep Up With Rival Producers
...A SUPPLY & DEMAND FORECASTS, MARCH 2018 (MN B/D) 2016 2017 vs 16 2018 vs 17...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Sudan’s Upstream Oil & Energy Sector: Investors Sought But IOCs Remain Cautious
...ump lifted key sanctions in October (MEES, 13 October 2017). Speaking at Abu Dhabi’s Adipec conference in November, he said the ministry is keen to collaborate with international firms to develop the country’s energy resources. “Sudan has energy requirements,” said Mr Osman. “We are looking at able pa...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Saudi Firms Advance Direct Oil-To-Chemicals Technology
...reement. But the IEA reckons that Saudi maintains over 2mn b/d of spare capacity: it estimates 2017 capacity at 12.16mn b/d, rising to 12.30mn b/d by 2023. In theory this would enable the kingdom to easily cover the feedstock requirements for the two new plants without denting crude exports. Crude oil is al...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iraq’s Power Generators Gorge On Rising Gas, Cutting Crude Burn
...ocessing volumes of 900mn cfd by the end of December 2017. The company recovered a record 676mn cfd for 2017 as a whole and plans to reach 1bn cfd by end-2018. December’s commissioning of a gas processing plant at the Gazprom Neft-operated 85,000 b/d Badra field later this month will add 155mn cfd to Ir...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Lebanon Looks To Put Fiscal House In Order
...pan can boast higher). Before passing the 2017 budget last year (MEES, 4 August 2017), parliament hadn’t passed a budget since 2005. Despite this the country posted annual GDP growth averaging 7.7% from 2006 to 2010. Lebanon’s political class used the absence of a budget to rack up massive deficits wh...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iraq Budget Under Threat
...maining $3.23bn yet to be disbursed (MEES, 4 August 2017). The IMF funds themselves are important but not necessarily crucial for the Iraqi economy given that MEES estimates Iraq’s oil exports are on track to rise $10bn in value this year (MEES, 9 March). But the IMF’s seal of approval on Iraq’s halting ec...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
European Union 2017 Crude Imports ('000 B/D): Kuwait, Iraq Supply Record Volumes; Iran, Libya At Multi-Year High
...*EXCLUDES IMPORTS FROM OTHER EU COUNTRIES. **ACCORDING TO THE EU DATA ITALY TOOK A 764,000-BARREL CARGO OF SYRIAN LIGHT IN MARCH 2017 AND A 298,000-BARREL CARGO IN JULY. THIS APPEARS IMPLAUSIBLE. ^CHANGE EXPRESSED IN PERCENTAGE POINT TERMS. SOURCE: EUROPEAN COMMISION, MEES CALCULATIONS....
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE....
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Egypt Oil Output Slump To Continue. Import Dependence To Deepen
...ll – but not by much. The leap in Egypt’s gas output over the last 18 months has been spectacular – having slumped below 4bn cfd in mid-2016, by the end of 2017 output had rebounded to 5.6bn cfd, just shy of 6bn cfd demand (MEES, 16 February). Oil Minister Tarek El Molla’s target of achieving self-su...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Rising Libyan Crude Output Hit By Outages At Key Southwest Fields
...e activity of a number of militias operating in different regions of the country generates a high level of insecurity,” Repsol said on 28 February. Sharara output resumed in December 2016 after a two-year outage: average 2017 output of 208,000 b/d was the highest since 2013 (see chart). But both Sh...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018