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Oman: Struggling To Cope With Too Much Gas?
...ock 61 (BP 60%, state Oman Oil Company 40%) started production in September 2017 and hit full Phase-1 output of 1bn cfd earlier this year. MEES estimates this will boost Omani gas output by 20% in 2018 (MEES, 29 September 2017). BP this month took a final investment decision (FID) on the 500mn cfd Ph...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
LNG: Mideast Producers Lose Share Amid Record Global Trade
...ough, with imports of 8.29mn tons for February. • LNG powerhouse Qatar supplied a record 3.85mn tons to the East Asian ‘big three’ in January, though this dipped to 2.99mn tons in February. But Austraila has become increasingly dominant as the top supplier to East Asia in recent years. In 2017 it su...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Iran Looks To Europe As Trump Fears Threaten Embattled Economy
...eks, have exacerbated concerns over Iran’s economic outlook. The economy was already struggling, with latest figures from the CBI for the first 10 months of the 2017-18 Iranian year (ie March 2017-January 2018) implying that Iran was on course to run a $12.2bn deficit. This is up a huge 27% on the pr...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
US Imposes Oil Restrictions On South Sudan
...geria’s Oranto Petroleum. Oranto signed a concession agreement for Block B3 in March 2017 in which it pledged to invest $500mn in exploration work (MEES, 5 May 2017). Also placed under licensing restrictions is Russia’s downstream oil contractor Safinat, contracted prior to the onset of war to build a 7,...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Qatar & Sudan Deepen Ties
...lationship following Qatar’s mediation role in the Darfur conflict, which resulted in the 2011 Doha Document for Peace in Darfur. And Qatar is in need of friends having faced a regional embargo since June 2017. The main players in the Qatar dispute are Saudi Arabia, the UAE, Bahrain and Egypt. Khartoum ha...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Israel’s Gasoline Thirst Pushes Oil Products Consumption To 5-Year High
...• Israel fell into a gasoline deficit for the first time in at least 10 years in 2017 as consumption rose to a record 75,300 b/d whilst domestic output from the country’s two refineries fell by 11% to 73,900 b/d. • Bazan, which operates the 197,000 b/d Haifa refinery, says that it expects th...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Israeli Gas Development: Can The Domestic Power Market Absorb It?
...e country’s most recent bid round. All are close or adjacent to Karish and Tanin (MEES, 15 December 2017). The reference to liquids storage capacity is particularly eye-catching given that Israel has no current oil production and that there has been no extended production test at Karish. That sa...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Gulf Bonds In 2018 Another Bumper Year?
...After issuing a record $50.5bn in international bonds in 2017, GCC sovereigns are poised for another bumper year despite rising oil prices easing fiscal pressures. GCC sovereigns raised a record $50.5bn in international bonds in 2017, smashing 2016’s previous record of $37bn, according to...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Crude Official Selling Prices ($/B)
...Crude Official Selling Prices ($/B) *VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE. ...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Algeria Struggles To Maintain Gas Output Amid Project Delays
...les gas output hit 94.5bcm for 2017, only just behind 2016’s record 94.8bcm (MEES, 2 March). But gross wellhead output has actually been in decline since the start of the decade: falling from 146bcm (of which 42% reinjected) in 2010 to 128.5bcm (of which 26% reinjected) in 2016 (see chart). Though gr...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Qatar Presses Ahead With Major LNG Expansion
...ES, 8 December 2017). When the initial expansion was announced in April, and then doubled in July (MEES, 7 July 2017), QP was contemplating securing gains through a mix of debottlenecking existing facilities and constructing new LNG trains. However, the finalized plan relies entirely on new fa...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Abu Dhabi Fills Up Two Largest Post-Adma Concessions As Total, CNPC Dive In Offshore
...its official press release title the “strengthening ties with world’s number one oil importing country.” This was the same rationale behind last year’s deal with CNPC and controversial fellow state-firm CEFC for a combined 13% of Adnoc Onshore (MEES, 24 February 2017). CHINA VOLUMES SI...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Total Reasserts Position As Dominant IOC In Mena On Back Of Abu Dhabi Deal
...some 150,000 b/d less (MEES, 16 March). Abu Dhabi is the single largest source of oil in Total’s portfolio, so walking away from the Adma concession after its 8 March expiry would have been a major blow. At 278,000 b/d in 2017, Abu Dhabi provided 20% of Total’s total output, making it by far th...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Shell Nears Iraq Exit As Itochu Takes WQ-1 Stake
...ocessed a record 676mn cfd gas from three giant fields in 2017 (MEES, 16 March). ...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
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