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Algeria’s Sonatrach Halves Planned 2020 Spending
...re just $62bn, less than a third of the 2014 peak. Many in Algiers seem to have convinced themselves that oil prices in 2015 (then 2016, then 2017…) were unusually low and would revert to ‘normal’. But far from being ‘rainy days’ this period now looks like the calm before the storm. While many lo...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Gulf Capex In the Crosshairs As Majors Eye Spending Cuts
...nounced it was cutting further to just $2.7-2.9bn for 2020, a whopping 47% midpoint reduction from its original $5.2-5.4bn plan. Oxy has since 2017 reversed a previous pullback from Mena, acquiring a swathe of exploration acreage across Oman as well as Abu Dhabi’s Onshore-3 block (MEES, 6 March). Fo...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Saudi Renewables: Seconds Out For Round Three As Heavyweights Enter The Ring
...ase two and 800MW phase three, were awarded to Acwa and TSK and to Masdar and EDF, respectively. Phase two started up in 2017 while two phases with 500MW combined have been started up at phase three and the third is due online in April (MEES, 11 October 2019). The three Saudi firms in the key bi...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Oman Aims To Double Products, Petchems Exports
...ports from late next year. Since expanding its 197,000 b/d Sohar refinery in late 2017 (MEES, 23 February 2018), Oman has seen rapid growth in its exports of key refined products – diesel, jet-kerosene, gasoline and LPG – as it seeks to move up the value chain and maximize oil export revenue. Pr...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Aramco Focuses Investment On Offshore And Gas
...gnificant milestone has been achieved with the commissioning of additional surface processing facilities that include four satellite facilities and associated well sites. Total North Arabia processing capacity is now 400mn cfd the firm says. The Turaif project started up in 2017 with initial sales gas ou...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Dark Days Ahead For KRG Oil Sector
...re reached in 2017 (MEES, 1 September 2017). As with then, if low prices persist the KRG faces having to decide between making IOC payments and covering its own expenses (like salaries). If prices stay low, the KRG’s ambitious near-medium term plans to increase output may prove unsuccessful. Pr...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Saudi Arabia’s Latest U-Turn Hits Opec Periphery Hardest
...reover, Ms Young says that some of the Abu Dhabi measures “actually backtrack on some subsidy reform.” Such measures also typically prove hard to reverse. OPEC’S 2019 OIL EXPORT REVENUES AT RISK OF FALLING BELOW 2017 LEVELS ($BN) *MEES CALCULATION BASED ON 2019 EXPORTS & PRICES. ** MEES PR...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Aramco Downstream Results Hit By Lower Margins, Sadara Impairment
...en completed and was being commissioned at year-end 2019. This will benefit petchems producers who are currently having to process some other feedstocks because of tight ethane supply/demand (MEES, 28 February). ARAMCO REVENUE BY OPERATING SECTOR ($BN) $1=SR3.75. *2018 FIGURES AND 2017 TO...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Egypt Gas Burn Falls Despite Powergen Record
...imarily the three giant CCGTs:: capacity rose from 46.03GW at the end of 2017 to 57.05GW at end-2019 (see chart 3). Egypt’s total installed capacity is now 85% higher than the record peak load of 30.8GW hit in August 2018. However, much of the existing capacity is in aging plants that have suffered un...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Saudi Products Exports Slump
...ports of 89,000 b/d. However, for January, this switched to net imports of 7,000 b/d. This marked the first time since May 2018 in which the kingdom was a net importer of the fuel. Moreover, the 383,000 b/d net exports of diesel was the lowest since January 2017. ...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Egypt Refiners Hit New Highs
...tput (MEES, 24 January). Jet-kero output was a record 68,000 b/d in January, while at 173,000 b/d diesel was the highest since July 2011. Gasoline output was 98,000 b/d, down from December’s all-time high 103,000 b/d, while 87,000 b/d of naphtha was the highest monthly level since August 2017 (see ch...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Saudi Arabia Throws Down Gauntlet With Aggressive Expansion Targets
...rrels at the end of 2019 according to the most recent Jodi statistics (MEES, 21 February). This is a sizeable stockpile, but it is the lowest since 2013 and is less than half the record 329.5mn barrels that was reached in October 2015. Despite its stated aim since the start of Opec+ cuts in January 2017...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Egypt Upstream Spending Slashed With Oil Price ‘Disaster’
...w several go bust (MEES, 3 February 2017). With Brent prices having collapsed from $67/B at the start of 2020 to barely half this as MEES went to press, many smaller producers are slashing all but essential spending in a bid to keep their heads above water. One such firm is Canada’s Tr...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Global Inventories Set To Swell Amid Opec Showdown
...awdown of inventories that has taken place since 2017. The IEA and Opec released their monthly oil market reports this week, with both making sharp downgrades to demand growth expectations in light of the escalating Covid-19 pandemic (see tables). The IEA now sees demand contracting by 90,000 b/d th...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
US Shale In The Time Of Lower Prices
...97mn b/d in March 2015 by mid-2016 production was almost 15% lower. But lower prices spurred a wave of cost cutting, and higher oil prices since 2017 have provided an extra boost (to put it mildly). By late 2017 output had topped 2015 highs. And it hadn’t looked back since. Until now. Latest pr...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Iran Boosts Uranium Upgrading As Domestic Problems Mount
...er 20mn t/y exported. This has likely fallen sharply since the US targeted major producer and exporter PGPIC (MEES, 14 June 2019). Crude and condensate exports averaged a record 2.66mn b/d in 2017 and hit 2.8mn b/d as recently as mid-2018 before collapsing later in the year with the imposition of US sa...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Kuwait Starts Up Naphtha Unit In CFP Upgrade
...se from 270,000 b/d to 454,000 b/d, whilst Mina al-Ahmadi’s will fall from 466,000 b/d to 347,000 b/d, an overall 9% increase to 801,000 b/d (MEES, 8 March 2019). KNPC originally intended the CFP to be fully operational in late 2017, but completion in the fourth quarter of 2020 now appears the best pr...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Oil Price Crash Puts Vulnerable Mena Economies At Even Greater Risk
...so see a slump. Doha projected a modest $100mn budget surplus this year and may well flip into deficit for the first time since 2017 (MEES, 31 January). KEY ECONOMIC DEVELOPMENTS *Without implementing swingeing cuts Saudi Arabia’s 2020 budget deficit risks ballooning by 70%. *Th...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Mauritania: Cairn Entry
...ES, 27 August 2012). After making a third sub-commercial discovery, Frégate, in 2012-13 (MEES, 13 February 2013), the two firms quit the acreage in 2017, only for Total to snap up Block C7 later the same year. BP and partner Kosmos are the key players off Mauritania with two major hub LNG de...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Saudi Starts Up Key Fadhili Gas Plant
...aning that even after Tanajib starts up it will still be short by nearly 1.5bn cfd (MEES, 15 December 2017). The enormous $110bn Jafurah unconventional gas project is slated to start-up in 2024, but initial volumes are unclear. Given the long ramp-up to 2.2bn cfd sales gas capacity in 2036, Jafurah is un...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020