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Oxy Gambles On Oman Replacing Qatar Volumes
...rection, volumes are set to increase in the coming years. Indeed, as with BP, Occidental has flagged up its renewed interest in Oman as being in part driven by a desire to roll out techniques honed in the Permian (MEES, 17 November 2017). OCCIDENTAL MENA CRUDE OUTPUT (‘000 B/D) OC...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Egypt Confident It ‘Has The Keys To The Future’ Of East Med Gas
...ock 10 (80%) alongside Qatar Petroleum (20%). There has even been progress in Lebanon, which successfully held an offshore licensing round in October 2017 in which it managed to snag Eni and French major Total (MEES, 20 October 2017). Drilling will commence next year. However, plans for a second ro...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
MEES Interview With Egypt’s Minister of Petroleum
...d of the previous fiscal year, 2017-18, which ended on 30 June, upstream investments from foreign firms and joint ventures reached about $10bn, and we expect the same over the current fiscal year (2018-19). The Ministry of Petroleum is currently implementing new projects that will double the in...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
KRG-Baghdad Deal Needed To Unlock Northern Potential
...peline to Ceyhan (see map). This would cure a massive headache for Iraqi oil officials who are sitting on at least 150,000 b/d of stuck-in crude at Kirkuk. Iraq increased its production capacity by 280,000 b/d overnight when it retook Bai Hassan and the Avana Dome from Kurdish forces in 2017 (MEES, 20...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Eni Grows North African Presence
...geria (MEES, 3 March 2017). If drilling does go ahead, (both firms still to secure necessary exploration permits) it will be the first time offshore drilling has taken place in Algeria for 44 years, and will provide a much needed boost to the country’s upstream sector. Under the stewardship of So...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
RAK Back In Tanzania
...ch problems ought to be in the past. Indeed, progress had already been made and China’s BGP International began to conduct a $32mn 2D seismic survey at the block in October 2017. BGP is a subsidiary of state giant CNPC. Zanzibar’s environment minister said the onshore portion would last one mo...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Qatar’s Export Revenues Hit A Four-Year High Despite Ongoing Embargo
...onomic embargo on Qatar in June 2017 they may have expected the emirate to acquiesce swiftly (MEES, 9 June 2017). But as the world’s largest LNG supplier and a major condensate exporter, amongst other liquids, Qatar always looked capable of surviving the blockade with minimal disruption (MEES, 9 June 2017...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
IMO Tightening Sulfur Limits In Bunker Fuels: Will Mena Refiners Cope?
...th the latter in the less wealthy countries. With HSFO prices expected to tumble in the wake of the IMO restrictions, those countries exporting substantial volumes are set to see revenues fall. Saudi Arabia is Mena’s largest fuel oil exporter, averaging 255,000 b/d in 2017 and 322,000 b/d in the fi...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Hyundai Eyes Iran Exit
...port Bank of Korea (Kexim), although the total investment required for the preliminary deals was significantly more than the amount pledged officially. In June 2017 Kexim agreed with former Iranian finance minister Ali Tayyebnia to open an $8bn line of credit to fund infrastructure projects in Iran. Th...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
PDO Joins Oman’s Shift To Solar
...netheless, OPWP is still seeking alternatives to gas-fired power generation, so that of the 6.85GW of capacity awarded and planned by OPWP and PDO more than 40% is in renewables and coal-fired plants (see chart). The fuel for the delayed Misfah project has yet to be announced (MEES, 30 June 2017). Gas fu...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Masdar Completes Financing Of Waste-Burning Power Plant
...sdar and Bee’ah and is scheduled to begin operating in 2020. French engineering firm CNIM was awarded a contract in May 2017 to design, build and operate the plant. The lenders to the Sharjah project will be the Abu Dhabi Fund for Development (ADFD), Abu Dhabi Commercial Bank, Germany’s Siemens Fi...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Egypt Economy Marches Upwards, But Higher Oil Prices Hit Subsidy Reforms
...Egypt’s economy is on the mend. Its current account deficit shrunk by almost 60% to $6bn for the 2017-18 financial year. But higher oil prices could derail the country’s subsidy reforms and it’s still on track for a massive budget deficit this year. Two years on from Cairo’s November 20...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Aramco/Sabic Pick Yanbu For COTC
...e partners had Yanbu in mind when they signed an MoU for joint development of the project, although they were considering other options, with proximity to market a key factor (MEES, 1 December 2017). While Yanbu is further away from the chief Asian chemicals market, the recent expansion of Red Se...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
DNO: A Tale Of Two Fields
...aracterized production from the 50,000 b/d Peshkabir field as “on steroids.” DNO targeted 50,000 b/d from Peshkabir by end-2018 but hit its aim ahead of schedule (MEES, 14 September). Equally of note is the declines at Tawke field – output has dropped from 113,300 b/d in January 2017 to 94,000 b/d a year la...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Omani Economy Looking Up Despite S&P Downgrade
...Higher oil prices and a boost to gas output will see Oman finish 2017 strongly despite a ratings downgrade. As BP plots further gas expansion and heavyweights Eni and Oxy grab the latest exploration blocks, there is cause for quiet optimism. As with the other GCC oil exporters, low cr...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Qatar Maxes Condensate Splitters, Hits Fresh Products Records
...ich 349,000b/d refined, 401,000b/d exported) SOURCE: QATAR PETROLEUM, ASIA PACIFIC ENERGY CONSULTING, MEES. JAPANESE IMPORTS OF QATARI CONDENSATE SLUMP FURTHER IN 2017 ('000 B/D) SOURCE: METI, MEES. NAPHTHA, JET-KERO, DIESEL FROM RAS LAFFAN 2 DRIVE QA...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Algeria Eyes 2.4gw Power Capacity Boost By Mid-2018, But Money Is Tight
...appearance; the company’s third Algerian CCGT project, Bellara, is also apparently on hold. Korea’s Samsung C&T is developing two of the big CGGT plants. By the end of the second quarter 2017 the company estimated that it had reached 50% completion of the Naama project, for which the co...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Saudi Crude Exports At 7-Year Low, Outweighing Products Gains
...Saudi Arabia is leading by example within Opec when it comes to withholding crude oil from global markets in order to erode the stock overhang. The kingdom’s crude exports are set to fall to a seven-year low in 2017. And while this has been partially achieved by ramping up refining rates and th...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Global Output To 2040: Will Opec Be Squeezed Amid Offshore Growth?
...A PROJECTIONS*): OPEC SHARE TO EDGE UP FROM 43% IN 2016 TO 46% IN 2040 *2017 WEO, NEW POLICIES SCENARIO. 2: WORLD’S TOP 8 OIL PRODUCERS IN 2040 (MN B/D, IEA PROJECTIONS*) *2017 WEO, NEW POLICIES SCENARIO. ^2016 OUTPUT REBASED TO ZERO. 3: BRAZIL IS FORECAST* TO BE...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Lebanon Resignation Fiasco Highlights Limitations Of Saudi Iran Strategy
...isis” emerged in June 2017 when Saudi Arabia and its coalition issued a 13-point ultimatum and called on Qatar to cease its support of terrorist groups. The subsequent embargo is now in its sixth month, but Qatari exports have edged up (MEES, November 24). Seemingly cognizant that its strategy of re...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017