Damietta Restart Key To Zohr Exports-Eni

...G under a deal struck that year between Shell and Egyptian state firm EGPC. For 2017 the plant exported 12 cargoes totaling 780,000 tons, according to the recently-released 2017 report of LNG importers group Giignl. India was top customer with three cargoes (190,000 t); Kuwait and Japan took two ea...

Abu Dhabi Offshore: Dust Settled

...t out expansion in the Gulf as a key element of its expansion plan to 2025. The other key target country is Iran. The $1.5bn is a sizeable commitment for OMV, who already has a presence in Abu Dhabi through its interest in downstream JV Borouge (MEES, 17 November 2017).  ZAKUM: INPEX ‘ASSET LE...

Saudi Crude Exports To Key Customers (‘000 B/D)

...Q1 SAW SAUDI ARABIA’S CRUDE SHIPMENTS TO THE US REBOUND SOMEWHAT FROM THE 30-YEAR LOWS HIT IN 2H 2017...   ...JAPAN, WHICH OVERTOOK THE US FOR #1 IN 2015, EXTENDED ITS LEAD LAST YEAR. CHINA VOLUMES EDGED UP... SOURCE: OFFICIAL IMPORT STATISTICS, JODI, ME...

KRG: Foreign Firms Press On Amidst Uncertainty

...rlier (the vast bulk is from the KRG which accounted for 96% of 2017 output, MEES, 23 February). “We have the wind on our back…With higher oil prices [and] timely export payments in Kurdistan,” DNO Executive Chairman Bijan Mossavar-Rahmani says. DNO plans to hike KRG spending by 50% to $250mn for 20...

Kuwaiti Oil Minister Under Fire As KPI Eyes Indian Refinery

...ly appointed minister in December, having previously been chief executive of KPI (MEES, 15 December 2017). Among accusations against Mr Rashidi are claims he caused losses of hundreds of millions of dollars through delays in starting up the Vietnamese refinery. State news agency Kuna said this we...

Sabic and Exxon Kick Off US Petchems JV

...rm Kiewit, the other Taiwan’s CTCI and US firm McDermott. Sabic costs the project at $7.3bn, of which its 50% share will be financed through both internal and via external funding. The firm’s 2017 earnings were $4.9bn (MEES, 27 April). Initial engineering and construction work is scheduled to be...

Saudi Renewable Plans Thrown Into Confusion By SoftBank Power Play

...ar had agreed to invest $45bn with SoftBank (MEES, 26 May 2017), informed state utility Saudi Electricity Company (SEC) that it would partner with SoftBank to create the 2030 solar plan. However, SEC said only that PIF and SoftBank planned to launch a 3GW solar project in the kingdom in 2018. Pr...

Algeria Slashes Oil & Gas Investment

...Algerian state oil firm Sonatrach is finally having to learn to live within its reduced means. Key oil and gas figures for 2017, released by Abdelmoumen Ould Kaddour, CEO of state firm Sonatrach on 2 May, indicate that the company, which dominates the country’s upstream slashed capex by 8....

Egypt: $4bn Kuwait Relief

...tober 2017). This will afford Cairo some breathing space regarding its debt relief. With the $6bn from Egypt’s key Gulf backers rolled over, Cairo is now slated to repay $13bn to foreign creditors by the end of 2018, Mr Amir says.  The three creditor states rushed to rescue Egypt in 2013 with ma...

Benchmark Crude Prices ($/B)

...18 Q4 2017 Q3 2017 2018 (>3May) 2017 2016 2015 WT...

Iran Oil Shipments To Asia At 1.59mn B/D For Q1 2018 Are Down On 2016 And 2017 Average Volumes (‘000 B/D)

Iraq Pursues Crude Capacity Gains As Revenues Rise

...is implies southern export capacity of 3.8mn b/d from the Khor al-Amaya oil terminal, Basra Oil Terminal and three single point mooring (SPM) systems. IOC PAYMENT BURDEN DIPS The output deal is paying dividends for Iraq, with revenues on track to rise $10bn to $54bn in 2017 (see chart). Mo...

Iraq Looks To Get Savvy On Crude Trading

...pand it to another company, maybe with shipping for example, or with storage.” Somo has simultaneously started selling Basra Light volumes on the Dubai Mercantile Exchange (DME). Its debut auction of 2mn barrels on 28 April was a success, with an unnamed Asian buyer purchasing the June 2017 cargo at...

Egypt’s Gasoline Imports Rising, But Key Hydrocracker Start-up Put Back To 2018

...eady. First quarter gasoline net imports averaged 71,000 b/d, the same level recorded for 2016 as a whole. However, Q1 2017 net gasoline imports are almost 40% higher than the 51,000 b/d recorded for Q1 2016, suggesting that 2017 as a whole may prove to be another record year. In contrast, Egypt’s ne...

Oman Sees Peak Power Demand Up 51% By 2023; Gas Fuel Crunch Looms

...)                   2023 vs 2016   *2016 2017 2018 2019 2020 20...

Opec Output Cuts Extended But Market Relevance Wanes

...tension. US crude production is surging and is rapidly approaching record heights, while there is a strong likelihood that Opec output itself will grow this month thanks to strong gains in Libya. IEA FIGURES IMPLY MARKET REBALANCING* REMAINS ON COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BA...

Trump/Saudi Love-In Dulls Iran Post-Election Oil Investment Hope

...d Inpex from Japan have expressed serious interest in participating in the development of the Iranian oil sector. They will now have to decide if the time is right to take the plunge. Under Iran’s sixth five-year plan 2017-22, the oil industry requires around $200bn of investment if it is to me...

Saudi Aramco Courts Investors Ahead Of IPO

...ecuted.       Little surprise then that Aramco executives and government ministers have been eagerly travelling the globe during the course of 2017, meeting with the heads of flagship stock exchanges, in a bid to decide which will maximize the IPO’s success.   Efforts are also being made to ensure that th...

Egypt Raises $3bn Bond

...duction in subsidies and a cut in the budget deficit in 2017-18 to E£370bn, or 9% of GDP, from 9.8% of GDP in the current year. Egypt also allowed the pound to float as part of the IMF reforms.  The new issue was oversubscribed attracting $11bn of book orders. According to Finance Minister Amr al-Ga...

Tunisia: Key Gas Project Faces Further Delays As Unrest Grows

...rget start-up date remained 2017 (see table). Nawara, a project previously flagged up as key to OMV, was totally missing from prepared Q1 results material. The firm’s more detailed May capital markets presentation indicates that the overall project is 77% complete with the 95mn cfd gas treatment pl...