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Iraq Plans Oil Prepayments To Alleviate Financial Meltdown
...uld exceed $20bn this year (see chart 2) – up from a $3.49bn deficit in 2019 and two small surpluses in 2017 and 2018. This prepayment deal will help reduce the gap, but only by a relatively small fraction. On the oil side, Iraq is doing all it can to mitigate the damage. Its planned launch of Ba...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
KRG: Chevron’s Sarta Online As Gazprom Eyes Sarqala Rebound
...Junior partner Genel Energy announced this week the startup of the Sarta oil field in Iraqi Kurdistan, the first new field to come online in the semi-autonomous region since Taqa’s Atrush in 2017. First oil from the Sarta-3 well is flowing to the 20,000 b/d early production facility, and Ge...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Israel Gas Output, Exports At Record Levels
...favoring Leviathan – in which they both have substantially larger stakes than at Tamar (see charts, p7) – in sales contracts (MEES, 10 July). Jordan has imported small volumes of Israeli gas since the Arab Potash plant on the Dead Sea began offtakes from Tamar at the start of 2017. Volumes av...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Energean Eyes 28,000 b/d Of Israel Oil Output
...eep decline: the 9M 2020 figure is down almost 20% from 2019 (225mn cfd gas, 5,500 b/d condensate: 45,500 boe/d total), which in turn is well down from 270mn cfd in 2017 (MEES, 4 August 2017). The key plan to reverse this decline is via the tie-in of the North El Amriya (NEA) fields to the north. En...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
The Curious Case Of Algeria’s Hassi R’Mel
...asured) are the only numbers to go off. While we’re still waiting on Sonatrach’s 2019 report, the 2018 version puts gross Hassi R’Mel output at 90 bcm/y, but then again, so did the 2017 edition. Contrary to what is stated, MEES is inclined to take these numbers as nominal capacity, rather than actual ou...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Kuwait Oil Company Looks To Heavy Oil To Offset Capacity Declines
...RGET IN 2021 OR EVEN 2022 LOOKS A BIG ASK (MN B/D) SOURCE: KOC, MEES. 3: HEAVY OIL REMAINS CENTRAL TO KUWAIT’S LONG TERM PLANS ('000 B/D CAPACITY) SOURCE: KOC, MEES. CAPACITY TRENDING DOWN KOC’s production capacity peaked at 3.151mn b/d in 2017-18. With ne...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Opec+ Looks Ahead To Crunch Meeting
...riod since January 2017 (MEES, 6 January 2017). With the current agreement running to the end of April 2022, the Opec+ producers are facing up to the prospect of more than five years of cuts. Little wonder then if fatigue is setting in within the group. The post-JMMC communique said that “the Co...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Saudi Arabia To Shake Up Electricity Sector With SEC Reforms
...liquids in the utility sector last year. CAPACITY PUSH SEC’s generating capacity peaked at 56.6GW in 2017 and after a dip in 2018 and 2019 is expected to increase to around 56.5GW in the medium term. While peak demand has settled at just over 60GW since 2015 as a result of tariff re...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Barakah Reactor At 80% Capacity
...ll capacity while its performance is monitored. Nawah says that once 100% output is achieved, the plant will be gradually shut down for a check outage which “takes place over several months.” Barakah-1 was planned for start-up in 2017, with the other three units to be brought on line at yearly in...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Egypt Gas Output Makes Late-2020 Recovery Despite BP Collapse
...TPUT SLUMP FOR BP’S WND One of the key projects, along with Eni’s Zohr, that has helped boost Egypt’s Mediterranean output in recent years was BP’s 5tcf West Nile Delta (WND), which started-up in April 2017 (MEES, 12 May 2017). But MEES understands both Phase 1, Libra and Taurus fields, an...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
UAE Joins Shale Revolution With Unconventional Gas Start Up
...irly soon” (MEES, 29 May). However, the region’s leading unconventional player is Oman, where BP brought the 500mn cfd Ghazeer project online last month (MEES, 16 October). Ghazeer is the second phase development of Block 61’s tight gas reserves, following the 2017 start-up of 1bn cfd Khazzan ou...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
EOG Goes Big On Oman Shale With Farm-In At Tethys’ Block 49
...stream (MEES, 25 September), Houston-based EOG Resources is making its second foray into the sultanate, this week taking 50% of Tethys Oil’s Block 49, which is located next to EOG’s recently-acquired Block 36 in the south west of the country (see map). Tethys acquired Block 49 in 2017 (MEES, 24 No...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Adnoc/ADQ JV Launches $5bn Plan For Ruwais Petchems
...18). This is part of a 2030 strategy to boost refining capacity by 60% to 1.44mn b/d and more than triple petchems capacity to 14.4mn t/y by 2025 (MEES, 1 December 2017). Adnoc and ADQ announced on 10 November that ‘anchor’ projects will be promoted as part of a $5bn first phase of the park, with de...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Taqa Hikes Foreign Ownership Limit To 49% Ahead Of Offering
...reign investment in Taqa supports the “significant efforts of our country’s leadership to encourage foreign capital inflows.” State petroleum firm Adnoc has led the way, raising $851mn in a 2017 IPO of Adnoc Distribution. It has also brought foreign investors into its midstream operations (MEES, 26 Ju...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Tunisia: Southern Output Returns
...ocked output from Tataouine province, calling on Tunis to implement a 2017 deal on promising investment and jobs (MEES, 18 September). The new deal stipulates that the government create a development fund, hire 1,000 workers and drop charges against protesters arrested during the unrest. The bl...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Iraq To Launch New Basrah Medium Grade In January 2021
...aims to launch the new grade on 1 January, less than two months from now. The expedited timeframe has taken many observers by surprise. Somo has long planned to launch Basrah Medium, first floating the idea in 2017 (MEES, 26 May 2017). As recently as May 2019, Somo Director General Alaa Al...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Petrofac Seeks $530mn From Bp/Equinor Algeria Gas Project As Finances Stretches By Continued Saudi Boycott
...ly managed to fully complete the In Salah tie-ins in November 2017 – some 30-months beyond the development’s original 50-month work-schedule. It remains unclear how much of the delay stemmed from the In Amenas attack: similar-length delays are par for the course in Algeria. STRETCHED FI...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
In Salah & In Amenas Gas Output Slump
...oduction hitting a 12-year high 808mn cfd in 2018 following the November 2017 tie-in of four ‘southern fields’ with the completion of a $1.2bn EPC contract by the UK’s Petrofac (see main story). Whereas In Salah saw a sudden collapse in output from Q2 – a timing that meshes with Europe’s Covid-related de...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
KRG’s Sarta To Start Soon
...me online since the startup of 50,000 b/d Atrush in 2017, and could provide a significant boost to the region’s struggling oil sector. The startup of a new field, and critically the first operated by a US major, will be welcome positive news for the KRG– even if it will do little to rectify the on...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Siemens Talks Mena Power With MEES
...dividuals working closely with the government. And most importantly, they have a better electricity system than they did before. ON A LIBYA REENTRY Q: Siemens signed a €700mn deal with Libya to build two power plants in 2017 that appears to have been derailed by ongoing in...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020