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Turkey Deployment To Reshape Syria Conflict
...fineries or ‘exported’ to regime-held areas. Estimates of current output from the Kurdish-held region vary. But MEES puts current production at 60,000 b/d. SDF operations against Islamic State militants saw Kurdish forces take nearly the entire east bank of the Euphrates in the second half of 2017. The ar...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Egypt, Ethiopia Hit Dam Deadlock
...uld prove to be a blessing in disguise, giving Ethiopia and Egypt time to come to a compromise. Slated to be complete in July 2017, the most recent delay came in April last year when Ethiopia’s newly elected Prime Minister Abiy Ahmed launched investigations into key projects awarded by his pr...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Aramco Eyes Major Ethylene-Based Texas Expansion
...creasingly in demand in the automotive market (MEES, 28 July 2017). Satorp refinery already has aromatics capacity, delivering up to 1mn t/y of paraxylene, benzene and propylene. The Satorp partners are building an 800,000 t/y polyethylene plant as part of the integration, but are offering some of the cr...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Kuwait Readies State Firms For Power IPO
...-year agreement. While prices have not been revealed, in order to have attracted international investors they would have had to be higher than the heavily subsidized tariffs paid by Kuwaiti consumers (MEES, 16 June 2017). CAPACITY GROWTH Kuwait generation capacity stands at 19.42GW thanks to the re...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Iran Confident Jask Terminal On Track For 2021 Start
...ippage. At 1mn b/d, Jask will be Iran’s second largest crude export terminal upon completion, behind the Kharg Island facilities which Iran puts at a massive 8mn b/d (MEES, 30 June 2017). Condensate meanwhile is exported from the Assaluyeh terminal. While Jask’s location outside of the Strait of Ho...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Japan: UAE Overtakes Saudi As Number One Supplier
...*For well over a decade Saudi Arabia had been the unrivalled number one crude and condensate supplier to Japan. Saudi market share climbed above 30% in 2011 and rose steadily to hit 40% in 2017, dipping only modestly to 38.1% for 2018. The UAE (almost all Abu Dhabi) was a distant number two fo...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Opec Output Slumps As Ecuador Quits
...at wish to cheat typically pay lip service to production obligations, Ecuador’s outspokenness has been refreshing. As far back as July 2017 Ecuador said “there’s a need for funds for the fiscal treasury, hence we’ve taken the decision to gradually increase output” (MEES, 4 August 2017). Its su...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Aramco Releases Dividend Details In IPO Push
...w, it also significantly caps funds available for a potential dividend windfall during periods of high oil prices. Aramco also pays the government corporation tax at a rate of 50%. This was brought down from 85% in 2017. Senior government officials have flagged up the speed with which Aramco ha...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Eni, Shell & OMV In Tunisia: Will They Stay Or Will They Go?
...oblem at Baraka has brought combined output at the fields down to a measly 1mn cfd from around 13mn cfd in early 2017. The two fields have lots of potential and would have fared much better “if they were managed better. The reserves are there,” the source says. Though Eni is Tunisia’s top oil pr...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Tunisia’s Upstream: Can It Emerge From A Lost Decade?
...nce summer 2017 when strikes knocked out a slew of output in the deep south (MEES, 2 June 2017). Gas output at 182mn cfd up to August is an 11-year low. Barring an end-year miracle, Tunisia will see another fall in its oil and gas output for 2019. Why has this happened? “It is a combination of na...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Dana Gas Egypt Asset Sale: Can It Garner Interest?
...gust). “If there is a time to start doing some portfolio management, now is a very good time to do it,” Mr Allman-Ward says. Why Dana would want to put all its eggs in the KRG basket is less clear: it is only two years since it settled a major legal dispute with Iraqi Kurdistan (MEES, 1 September 2017...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
KRG Gas: Key Producer Eyes Alternatives To Rosneft’s Stalled Turkey Pipeline
...Dana Gas says Pearl could build 100km pipeline to Turkey border itself. Stalled development of a gas export pipeline from Iraqi Kurdistan to Turkey is forcing the region’s key gas developer to look at alternatives. A pipeline to Turkey was to have been built by next year under a September 2017...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Iraq Exports Record Crude In Q3 Despite Opec Deal
...tably stable so far in 2019 hovering either side of $20bn, in contrast to the previous year when the range was a much broader $4.2bn, and indeed 2017’s $4.7bn. Overall, absent a much greater than expected drop in federal crude export volumes, annual exports ought to rise for the sixth consecutive ye...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Iraq: New Government, Old Problems
...bruary). In late 2017, former Oil Minister Jabbar al-Luaibi was bullish on the prospects of replacing the irreparably damaged ‘federal’ pipeline from Kirkuk to the Turkish border, whilst restoring the route’s full length to Ceyhan to its nameplate 1.6mn b/d capacity. But nothing has been said on the plans th...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Oman Farms Out 10% Khazzan Stake To Petronas
...ock 61 hosts the country’s greatest gas discovery to date, the Khazzan-Ghazeer asset, which boasts 10.5tcf gas reserves and 350mn barrels of condensate. Phase-1 production began last year (MEES, 29 September 2017), with full production of 1bn cfd and 30,000 b/d of condensate achieved in March (MEES, 30...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Services Firms: Mideast Growth Picks Up, But US Slows
...“more of a pause than a long-term structural issue.” The latest dip in US shale activity comes on the back of massive growth that saw the company’s North America revenues leap 37% to $9.2bn for the first nine months of 2018 (just shy of the 2017 annual total) as US crude output soared to top 11...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Upstream Costs: Can Services Firms Get Majors To Split The ‘Rent’?
...13 and $175bn in 2014, the five supermajors’ collective capex had fallen to just $97bn for 2017, with only a slight uptick planned for this year (MEES, 9 February). Key oilfield services firms have felt the heat. Collective profits for the biggest two, Schlumberger and Halliburton, collapsed fr...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Suez Canal Trade Hits Records But Trade War Threatens
...7bn for 2018 as a whole, comfortably ahead of the previous annual record of $5.465bn set in 2014. The Suez Canal is a key revenue stream for Egypt: the record $5.71bn takings for the 2017/18 financial year equated to 12.4% of $45.9bn in state revenue, up from 11.1% in the previous financial year. Ca...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Iraq Signs Up For 25GW Power Boost: What’s The Cost?
...urth monthly zero burn since September 2017 (see chart). There will likely be additional fuel oil available in the near term. While Baghdad has had little success in attracting outside investment in new refining capacity, a recent boost will have come from the start-up of the rehabilitated 70...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Falih Eyes Closer Russian Ties, In Opec+ As Well As Aramco Downstream
...tober 2017, saying that “we are confident that there are vast opportunities for expanding and diversifying economic cooperation…[to] push the trade exchange in accordance with the Kingdom’s Vision 2030.” Russian delegates took on prominent roles at this week’s Future Investment Initiative (FII) su...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018