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Iraq To Keep Up 2019 Asia Exports
...stomers, having also “reviewed purchasing orders from new companies that seem to be qualified to purchase Iraqi crude.” Allocations are nonetheless flexible and subject to change. Whilst Iraq exported only 56% of its crude to Asia in 2017, the portion has grown significantly in recent months. Based on sh...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Cyprus: Total, Eni Expand
...the south of Block 7, borders Egypt’s 21.5tcf Zohr discovery, though a dry well drilled here last September (MEES, 15 September 2017) may have dampened interest. The two firms’ next planned Cyprus well is an appraisal well at Calypso slated for 2H 2019. Currently drilling is ExxonMobil with it...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
More Pipeline Problems For Israel-Egypt Gas Deal
...lieves enough has changed to merit launching a bid round so soon after last year’s round received bids by just two companies (MEES, 15 December 2017). He believes that Noble’s gas sales deal with Dolphinus proves gas discovered offshore Israel does have export options. He says this deal, coupled wi...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Total Reaps Mena Rewards Despite Iran Setback
...rs gas field Phase 11 and defend its position in the Abu Dhabi offshore ahead of the March 2018 expiry of its 13.33% stake in the Adma concession. Total successfully secured stakes in two of the three concessions that replaced Adma, and has held 40% at Al Shaheen since July 2017. While the return of...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Saudi September Crude Exports At 20-Month High, But A Fall Is Coming
...ready in the works. Refining runs slipped to a five-month low of 2.63mn b/d in September – albeit still higher than any annual average. Meanwhile, crude exports rose to a 20-month high of 7.43mn b/d (since January 2017), up 220,000 b/d month-on-month (see data p7). January 2017’s 7.71mn b/d was the fi...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Libya Crude Export Revenue Set For Six-Year High
...nuary-September is already well above the firm’s $13bn earnings for 2017 as a whole, when export volumes averaged 790,000 b/d (versus 914,000 b/d for 9M18) and Es Sider averaged $52.8/B (versus $70.6/B for 9M18). MEES calculations put nominal gross crude export revenues at $11.36bn for 1H 2018 ve...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Oman Plots OOC-Orpic Merger, Beginning With Downstream Assets
...conventional business” to maximize gains from its geologically complex Oman assets (MEES, 9 November). OOC is looking to replicate its IOC magic once again with Italy’s Eni. The firm entered Oman in 2017 taking operatorship of the massive offshore Block 52 asset with OOC riding shotgun. The Italians are cl...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Saudi Generators Build Capacity Cushion Ahead Of SEC Split
....12GW in 2017 and 61.74GW for the 2018 summer peak. In addition to Saudi electricity demand appearing to have levelled off for now, the generating capacity cushion could prove vital to ensuring supply reliability as SEC – which is owned 74.3% by sovereign wealth fund PIF, 6.9% by state integrated oi...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Pearl Gives KRG Khor Mor Gas Boost
...The Kurdistan Regional Government’s creative settlement with the Pearl Petroleum consortium in July 2017 is paying dividends (MEES, 13 July). Production capacity at the consortium’s Khor Mor gas field in the region’s southwest was this week boosted 30% from 305mn cfd to 400mn cfd through de...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Oman Economy Set For Strong 2018 Finish
...er the same period last year – a 46% decrease that reflects the all-powerful role international oil prices play in Muscat’s economic wellbeing. If the government can keep end-year spending under control, MEES estimates a full-year deficit of around $5.5-6bn versus $9.76bn in 2017. Such a su...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Iran’s Deficit Soars As Economy Sags
...$1=IR42,000). This shortfall is more than twice the projected deficit of IR164.5 trillion for that period. Indeed, it has already exceeded the projected full year deficit of IR322 trillion. Iran posted a budget deficit of $8.2bn in 2017-18 (IR 270 trillion; MEES, 20 July). To plug the 1H deficit th...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
OPEC’S Ever-Receding Global Oil Market Dominance
....6mn b/d including NGLs) in 2017 to 44.8% by 2040. Seemingly good news for Opec. But then the IEA’s 2014 WEO predicted Opec’s market share rising to 49.2% by 2040. The number has been cut every year since. • These cuts come despite additions to Opec membership which helped boost the organization’s ba...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Adnoc Eyes Unconventional Route To Gas Independence
...ing in shale – though, to be fair, he lists the Middle East as a key “strength” (MEES, 17 November 2017). Total’s President of Exploration & Production Arnaud Breuillac told MEES during Adipec that “the wells that we are going to frack within the coming weeks could be tied back in less than a year fr...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Egypt Gas: More Discoveries Needed To Meet Ambitious Output Target
...t for the beginning of 2019” at its North El Arish block. This is a rare piece of good news for Dana in Egypt. Output has slipped from 39,600 boe/d (mainly gas) in the first nine months of 2017 to 34,500 boe/d in the first nine months of 2018, at the firm’s onshore Nile Delta acreage. “This de...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Oman To Offer Blocks In 2019 Bid Round
...r the 2019 bid round, despite the relatively strong performances of the last two bid rounds held in 2016 and 2017. The 2016 round saw all four assets on offer eventually awarded—including offshore Block 52 to Eni and Block 30 to Oxy. The 2017 bid round has proven equally successful as well. Oxy took bl...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Market Volatility Complicates Outlook As Opec Ponders Renewed Cuts
...ch price fluctuation within one year “is not healthy for producers, and it is definitely not healthy for consumers” (MEES, 17 November 2017). If Brent’s $22.30/B price range in 2017 was bad, this year’s $23.70/B is worse still. Omani Oil Minister Muhammad al-Rumhy said at Adipec that these ex...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
IEA Doubts US Shale Can ‘Single Handedly’ Meet Demand Growth
...ntinues to grow, albeit at a slower rate, out to the end of the IEA’s forecast period in 2040. Though the growth in renewables means use of oil in the power sector will fall by 2.5mn b/d versus 2017 levels, and use in cars will remain more or less level (with falling consumption in developed countries ca...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
IEA Report Offers Succour To Gulf Refiners’ Petchems-Focused Strategies
...Gulf NOCs have put petchems at the heart of their downstream strategies. The latest IEA forecast suggests this is a prudent approach. Global oil demand is expected to grow by 12% from almost 95mn b/d in 2017 to over 106mn b/d in 2040, according to the latest annual forecast from the In...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Morocco Pushing Renewables, Eyes LNG Imports In Bid For Cleaner Power
...ectricity with Spain in 2017, as well as 149GWh with Algeria. These brought Morocco net imports of 5.33TWh in 2017 or just over 14% of total consumption. Minister of Energy Aziz Rebbah projects 5.5%/year growth in Moroccan power demand to 2027. Last year Morocco’s electricity consumption amounted to 37...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Iran’s Oil Export Prognosis: Is The Market Too Blasé?
...gardless, it is feasible, perhaps likely, that by mid-2019 Iranian exports will have fallen well below 1mn b/d. Already, in advance of the 5 November re-imposition of US sanctions, total imports of Iranian crude and condensate had fallen sharply. From 2.64mn b/d for 2017 and 2.47mn b/d for the first ei...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018