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The Dragon Rises In The Middle East
...cember 2017, but only officially signed on 23 May (MEES, 5 January). Finalization of the agreement came less than a month after two other small Chinese firms enjoyed great success in Iraq’s fifth licensing round on 26 April (MEES, 27 April). Of the six blocks awarded, three went to two Chinese firms, wi...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Egypt Gas Output At Record Levels As Cairo Launches Bid Rounds
...Egypt gas output is close to topping 6bn cfd for the first time since 2012 as Eni’s flagship Zohr field continues to ramp up. Far from resting on its laurels, Cairo has launched two bid rounds as it hopes to offset high decline rates. The December 2017 start-ups of both Eni’s 21.5tcf Zohr an...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Can Egypt Garner Interest In Its Oil Heartlands?
...500 b/d and Burg El Arab 1,700 b/d for 2017. The firm has been shifting away from its Egypt assets towards its Iraq acreage (see p8). Block 11, SE Siwa, is surrounded by acreage operated by Western Desert stalwart Apache, TransGlobe, new player Apex and Eni. The block is just south of Eni’s SW Meleiha bl...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Rosneft Discovery Adds To Growing Iraq Presence
...oject, however (MEES, 14 September 2012). Rosneft drilled its first exploration well, Salman-1, in February 2017 just months after the completion of its controversial acquisition of the block’s operator Bashneft. Rosneft’s 70% stake in Block 12 (MEES, 3 March 2017) was swiftly upgraded to 100% as an ag...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Kuwait Energy: Could Stretched Finances Force Firm From Key Iraq Asset?
...d Iraq. These soared from $77mn at end-2016 to $125mn at end-2017; alongside the $69mn from Egypt lay $46mn from Iraq. KEC’s 2017 report released in April says $46mn trade receivables were settled from Iraq since December (MEES, 11 May). This came in the form of an 800,000-barrel crude cargo re...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Trump’s China Trade Deal: Will Saudi Lose Out?
...ich came into effect at the start of 2017, but also due to an increased downstream focus: oil products exports hit a record 1.89mn b/d in Q1, with products’ share of the kingdom’s oil exports at a record 20.8% (see data, p18). In China, Saudi Arabia has seen its market share fall from 20% in 2012 and 15...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Qatar Diversifies Trade Links Post-Embargo
...With the first anniversary of the Qatar embargo looming on 5 June, Doha’s finances look to have largely coped with the upheaval. New import and export routes were quickly established, enabling the emirate to capitalize on rising oil prices and cut its budget deficit by a third in 2017. La...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Kuwait Seeks $2.6bn Finance For Al-Zour LNG Plans
...intends to integrate petrochemicals plants (see table). K-sure signed an agreement with KPC in October 2015 – before Kipic was formed to operate the Al-Zour downstream and LNG operations, which it took over in May 2017 – to provide $6bn of support for Korean companies involved in two refinery pr...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Mubadala Goes Global
...troleum 44% and Russian state fund RDIF 5%. Gazprom Neft says the JV’s fields in Western Siberia have 2P oil and gas reserves of 40mn tons (300mn barrels of oil equivalent) and that oil production in 2017 totaled 1.6mn tons (33,000 boe/d). Alongside domestic consumption, the company exports crude through th...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Iraq Gas Consumption Soars To Record Heights
...Iraqi crude burn volumes fell to a 10-year low of 43,000 b/d as in 1Q 2018 it stepped up fuel oil and gas consumption in power plants. Q1 crude burn volumes were down from 71,000 b/d in 4Q 2017, which was itself one of the lowest figures in recent years. March’s 28,000 b/d was down more th...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
GCC Grid Increasingly Used For Power Trading, But Volumes Small
...ectricity have become common. Total electricity traded increased by almost 20% last year to almost 880GWh. While the actual rate of electricity supplied under trade deals was relatively small – 2016’s total power delivery was equivalent to running an 84MW power plant flat out, while 2017’s delivery was eq...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Egypt: Economic Gains Threatened By Record Import Bill
...ilst the pound was heavily overvalued. But remittances have leapt since the Egyptian currency’s November 2016 devaluation – a prerequisite for the $12bn IMF deal (MEES, 18 November 2016) – with the figure hitting $20bn (8.5% of GDP) for the first time in 2017 (see chart 1). Tourism has also re...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Lebanon Resorts to ‘Unconventional’ Tactics to Cope With Deficit
...3-10 years. The last time Lebanon borrowed from the international debt market was in March 2017, when it issued a triple-tranche Eurobond of $3bn (MEES, 24 March 2017). With $11.5bn pledged in grants and loans at the Cedre investment conference earlier this year (MEES, 13 April), international ag...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Asian* LNG Imports From Qatar Hit 4-Year High Of 14.5mn T In Q1
...*TOP FIVE ASIAN AND GLOBAL IMPORTERS. PAKISTAN (3.9MN T FOR 2017) AND THAILAND (2.3MN T FOR 2017) ALSO IMPORTANT CUSTOMERS. ^ESTIMATE FOR INDIA BASED ON JAN-FEB DATA AND NORMAL SEASONAL TRENDS. SOURCE: OFFICIAL IMPORT STATISTICS, MEES....
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Oman Eyes Ambitious Downstream Gas Projects With Total, Shell MOUs
...d 2.71bn cfd of gas in 2017, 67% and 72% of the national total respectively. But development of “several gas discoveries located in the Greater Barik area” is slated to be undertaken by Shell (75%) and Total (25%) rather than PDO. Further down the line, the Omani government may farm back into th...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
China’s Anton Oil Expands Iraq Presence As Shell Exits
...eld, but the Anglo-Dutch major announced last September it would walk away from its 45% stake citing dissatisfaction with Iraq’s cumbersome technical service contract (TSC) effective 30 June (MEES, 22 September 2017). Malaysian state firm Petronas is also relinquishing its 30% stake end-June, leaving Ir...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
UK Firm Gulfsands Vies To Outlast Syria Sanctions
...erated several of the region’s fields under a 2014 understanding. GPC reportedly produced around 17,000 b/d through 2017 as well, but due to EU sanctions on the state firm, Gulfsands does not receive a cent of revenue from its crown jewel asset. That the block’s fields and infrastructure escaped the wr...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
US Shale Records Test Infrastructure Limits
...tput is now forecast to top 12mn b/d by the end of 2019 (see charts). For this year the EIA now forecasts 10.72mn b/d, up a whopping 1.37mn b/d on 2017 – a record annual gain, beating 2014’s 1.29mn b/d. The hike in forecasts comes in on the back of soaring oil prices. US marker WTI, having av...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Oil Price Gains Prompt Debate Over Demand Slowdown
...e group cut its expected global demand growth rate from 1.47mn b/d to 1.44mn b/d (see Chart 1). “Crude oil prices have risen by nearly 75% since June 2017. It would be extraordinary if such a large jump did not affect demand growth” says the group. Demand growth cuts have fallen solely on 2H 20...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Libya: What Hope For The UN’s Ambitious ‘Action Plan’?
...The UN Action Plan to resolve Libya’s political morass has made some progress. But renewed security concerns mean the country’s future is as uncertain as ever. Since the incoming UN Special Representative to Libya Ghassan Salamé set out an ‘Action Plan’ in September 2017, he has come up ag...
Volume: 61Issue: 20Published at Fri, 18 May 2018