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BP: New North Africa Chief
...me online in March 2017. Together with a 10% stake in Eni’s giant Zohr field (see p6) WND helped boost BP’s net Egypt gas output to a record 952mn cfd for 2019. The North Africa total was 1.14bn cfd including 86mn cfd from Algeria. Oil output was 49,000 b/d (34,000 b/d Egypt, 15,000 b/d Algeria). Bu...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...thout petchems). Refining profits more than halved to €124mn as per barrel margins at the firm’s two refineries – 250,000 b/d San Roque in Cadiz and 220,000 b/d Huelva – fell from $7.5/B in 2017 to $4.3/B in 2019. As with other oil companies, IOCs, NOCs, upstream-focused and integrated alike, this ye...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Delek Asset Fire Sale
...nglomerate, Delek has sought since 2017 to “become a leading E&P pure play.” The firm’s “core” upstream assets are 55% of Delek Drilling which in turn is US operator Noble’s key partner at both of Israel’s key gas developments, Leviathan (45.34%) and Tamar (22% – see p3) and 100% of UK North Sea producer It...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Saudi Nuclear Plan: Slow Progress, But Expanded Scope Eyed
...tential increase in scope is envisaged. The energy ministry’s original announcement of the two-reactor plant said capacity would be 2.8GW (MEES, 28 July 2017). The two-reactor plant is expected to be built at one of two Gulf coast sites either side of the Qatar peninsula: Umm Huwayd to the northwest an...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Saudi Reverts To Austerity To Shore Up Government Finances
...llowing urging from the IMF – to adopt a more expansionary economic strategy in late 2017 (MEES, 22 December 2017). The government pushed plans to balance the budget back from 2020 to 2023 as it sought to invigorate the private sector through fiscal stimulus. Large budget deficits were therefore ma...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Egypt Gets Much-Needed IMF Cash
...URCE: ECB, IMF, MEES. EGYPT: PRICES AT THE PUMP RESERVES SLUMP Egypt’s net international reserves fell to $37.0bn at the end of April, the lowest end-monthly figure since November 2017 when reserves were on the opposite trajectory with the influx of IMF cash. Reserves rose to...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Egypt Lines Up Ammonia Project
...ll provide feedstock for a 350,000 t/y ammonium nitrate plant that EHC started up at Ain Sukhna in 2017. Tecnimont says the project will take 36 months from the contract effective date, which “will be triggered by financial closing of the project.” Tecnimont says EHC is negotiating with Italy’s Sace an...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
QP Wades Further Into Mexico’s Offshore
...ocks 15 and 33 – are operated by Total, while Block 34 is operated by BP. BP’s involvement may yet prove a major hurdle, given the firm’s self-described “long and checkered relationship with Qatar” (MEES, 17 November 2017). BP has been notably absent since QP rejuvenated its international portfolio in...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Rabigh Record Loss
...e Saudi Red Sea coast comprises a 400,000 b/d refinery and 4.97mn t/y petrochemicals complex. The petchems plants were built in two stages, with the 2.57mn t/y Rabigh-2 complex reaching mechanical completion in 2017 but only reaching full commercial operation in October 2019 (MEES, 8 November 2019) wi...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Qatar Slumps Into Recession
...ha, with total exports of $16.4bn over Q1 the lowest level since 3Q 2017. Within this, gas and condensate revenues of $10.8bn were the lowest since 4Q 2017. It appears all but inevitable that revenues will fall further this quarter. ...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Qatar: Record Q1 Power Output
...Qatar’s state generator QEWC delivered record Q1 output of 8.64TWh for the first three months of 2020 (see chart 1). This follows a record 48.6TWh for 2019, up 23% on 2018 and 11% above the previous record of 43.9TWh in 2017. But it remains to be seen if the monthly record of 5.65TWh set la...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Lebanon Gas Ambitions In Limbo As Virgin Well Falls Flat
...ploration well in Block 9 by May 2021 (MEES, 16 February 2018). Lebanon struggled with political crises and instability for the better half of the last decade, which pushed back its first bid round from 2012 until 2017 (MEES, 24 January). But following the block awards in late 2017 facilitated by the (te...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Fujairah Storage Hub Set For Industry Boost
...erational. The largest of which is Vitol’s 82,000 b/d refinery, located close to Uniper’s 67,000 b/d topping plant. The Uniper facility began commercial operations in 2017 and consists of two identical units. Uniper says the plant has “the capacity to produce about 3.6mtpa of marine fuels with sulphur co...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Qatar Export Revenue Drop
...Qatar’s export revenues tumbled to their lowest levels since 2017 in Q1 with worse on the way. The petrostate’s export slate is dominated by oil and even more importantly gas. Q1 export revenues came in at $16.4bn. Of this 85% was from hydrocarbons, the lowest figure since 3Q 2017. Ov...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Adnoc’s Ruwais At 46% Capacity
...alysts’ call that “we see a ramp-up in the next two months.” Mr Seele noted that there have been problems with the residue fluid catalytic cracker at 417,000 b/d Ruwais West and that he was optimistic the shutdown would be used to improve RFCC reliability. The refinery was shut down in January 2017 af...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Libya’s North Hamada: Development At Last?
...0.2mn (MEES 27 October 2017) – implying that it no longer planned to develop Area 47. However, seemingly under pressure from NOC, it reversed this impairment the following year. That said, with Medco barely mentioning Libya in its results material, it appears to be close to quitting Libya following its re...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Gulf Monarchies Look To Score In Soft Power Premier League
...ch invested over $1bn to date in a bid to win football’s biggest club prize, Europe’s Champion’s League. Adding spice to the contest is that Abu Dhabi alongside Saudi Arabia has been the key instigator of an embargo on Qatar since 2017. At least, to paraphrase George Orwell, football is a war minus th...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Gulf Refiners Push 2.7Mn B/D Crude Processing Hike By End-2025
...udi Arabia which will lift the kingdom’s refining capacity to 3.3mn b/d. The refinery was originally due online in 2017 (MEES, 28 February 2014) and its planned late-2019 start up may yet slip into 2020 (MEES, 22 February). However, the project looks more likely to come online this year with Iraq’s pl...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Morocco Awards ‘Game-Changer’ Hybrid Solar Project
...o PV-CSP hybrids to be built at Midelt. The plan is to install 1GW of capacity across the two sites, with phase two developed like phase one as an independent power producer (IPP) project backed by a 25-year power purchase agreement (MEES, 23 June 2017). Masdar chief executive Mohamed al-Ramahi sa...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Egypt: 1.5GW Power Awards
...0MW. MHPC says the upgrades will increase output, improve efficiency and reduce downtime at the plants. The upgraded plants are expected to begin operating in the first half of 2021. MHPS also says it this month completed an upgrade of the 1.5GW Cairo North CCGT under a contract awarded in August 2017...
Volume: 62Issue: 22Published at Fri, 31 May 2019