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Shell Egypt Slump Opens The Door For Chevron
...ft Shell-predecessor BG unable to meet its export commitments from the 7.2mn t/y ELNG export terminal which adjoins the WDDM processing facilities at Idku (MEES, 7 February 2014). Even the addition of UK major BP’s West Nile Delta (WND) project from 2017 wasn’t enough to reboot LNG exports. This pr...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Libya Advances Power Projects
...ectric of the first unit for its 650MW Tobruk gas turbine plant. Such developments are the result of a brightening political and security outlook after years of division and war (MEES, 12 February). Contracts for both plants were initially signed in 2017 but construction was put on hold due to fi...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Saudi Crude Exports Tumble To Ten-Year Lows Amid Deeper Cuts
...proximately 60% of the liquids burned for power generation and water desalination, with crude oil accounting for approximately 40% (see chart 3). This is broadly in line with recent trends, with fuel oil having accounted for more than 50% on an annual basis since 2017. 1: SAUDI CRUDE EXPORTS FELL TO TH...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Adnoc Prepares To IPO Fertilizer & Drilling JVs
...19). When it comes to IPOs, Adnoc has prior experience. It initially floated 10% of its retail arm, Adnoc Distribution, in December 2017, raising $851mn (MEES, 16 February 2018), and followed this up last year with a further 10%-placement which raised $1bn (MEES, 18 September 2020). 20% of Adnoc Di...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Dana Gas Profits Jump As Oil Market Strengthens
...CEIVABLES ($MN, END OF PERIOD) SOURCE: DANA GAS, MEES. 2: DANA GAS NET OUTPUT: KRG VOLUMES ARE NOW CLEARLY AHEAD OF THOSE FROM EGYPT (BOE/D) SOURCE: DANA GAS, MEES. 3: DANA GAS CAPEX DROPPED TO ITS LOWEST LEVEL SINCE 2017 LAST YEAR ($MN)...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Homs Refinery Fire Sheds Light On Syria’s Murky Fuel Markets
...stribution. HTS itself is accused of being a covert branch of Al-Qaeda and has been labelled a terrorist group by, amongst others, the US and Turkey. Reported to be established in 2017 by a group of Syrian businessmen living in Turkey, Watad receives oil shipments from Turkish suppliers who deliver it to th...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
As Momentum Returns To KRG Oil Sector, Repayment Change Highlight Challenges
...peline connection. Pearl also has another big gas field in Kurdistan – the nearby 5.7tcf Chemchemal field – where it has conducted appraisal drilling. It was also awarded blocks 19 and 20 in 2017 as part of a deal with the KRG over receivables (see p5). ...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Oman State Firm Sees Oil & Gas Output Drop Amid Opec+ Cuts
...ose to Block 9. Block 30 is located to the east of Block 9 and is a gas play awarded to Oxy in 2017 (MEES, 24 November 2017). OQ says the partners are assessing the next phase of development, while Oxy has previously said that it intends for the nearby Block 62 to act as a hub for any Block 30 ou...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Iraq Offers To Buy Exxon Wq-1 Stake ‘In Kind’
...mmercial terms remain a major hurdle (MEES, 22 September 2017 & MEES, 3 April 2020). Iraq’s motivation in having BOC take over from Exxon may be due to continued hopes of a future sale to a western IOC, as well as concern over the extent to which its oil sector is becoming reliant on Chinese firms (ME...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Exxon Hikes 2020 Permian Forecast, Eyes Q4 Start-Up At Sabic JV Cracker
...orms. These knocked 800,000 b/d (18%) from Texas’ overall crude output and saw US production as a whole fall to the lowest level since 2017 (see chart 2). Despite the storms, Exxon’s Q1 figure was up 12% year-on-year. Exxon’s 2021 spending will be highly focused on “prioritized investments” where Ex...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Japan LNG Imports At 3-Year High As East Asia Sees Record Q1
...88mn tons, the highest quarterly figure since 1Q 2017. Number four was the USA with a record 2.72mn tons (see table). *The bumper Q1 Japan volumes coming on top of quarterly records from China (MEES, 23 April) and South Korea (MEES, 16 April) mean that overall East Asian imports were up 15% ye...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Another One Bites The Dust: Shell To Quit Tunisian Upstream
...bruary 2017), nor did state-power firm Steg’s chronic inability to pay Shell for gas produced. As of end-2018 debt-ridden Steg owed Shell some $230mn. With the current dire state of the country’s finances (see p10), it is unlikely matters have improved since. Shell has previously tried and failed to se...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Kuwait Receives Bids For $1bn Jurassic Gas Production Facilities
...5mn b/d to 1.7mn b/d (MEES, 5 February). A key gathering project for Burgan, the $1.3bn 120,000 b/d GC-32 is facing significant delays. Under a 2017 award, UK firm Petrofac was due to bring GC-32 online in mid-2020, but the latest targets are for a start-up later this year. Kuwait newspaper Al An...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Saudi Deficit Shrinks As Capex Responsibility Switches To PIF
...F That government spending came in at $56.6bn in Q1, the lowest figure in three years, was largely due to a huge drop in capital expenditure (capex). At $4bn, capex was the lowest figure since the Ministry of Finance began releasing quarterly updates in 2017, coming in well below the previous low of...
Volume: 64Issue: 18Published at Fri, 07 May 2021