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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 -
Saudi Investment Summit Falls Short As Vision 2030 Stutters
...bn year-on-year from $166bn in 2Q 2017 to $195bn for the same period this year. But non-oil’s share of this fell below 70% as its $10bn gains were half that of oil-GDP’s $20bn increase (see chart 1). The hold oil has on the economy is even clearer to see when turning to export revenues. Oil re...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Pakistan Bags Saudi Economic Assistance
...nt 73,000 b/d in the 2016-17 financial year (to June 2017). However, Pakistan is also in the tricky spot of relying on Saudi rival Qatar for its growing LNG supplies (MEES, 31 August). Qatar supplied 84% of Pakistan’s 4.6mn tons in 2017 and of the 8 cargoes Pakistan has received so far this mo...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Will Saudi Geopolitical Crisis Derail PIF Plans, 2030 Vision?
...ve only seen a marginal increase to $250bn. The PIF program’s four key objectives are “growing and maximizing PIF’s assets; launching new sectors; localizing advanced technologies and knowledge, and building strategic economic partnerships” (MEES, 27 October 2017). Therefore, the decision by a ho...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Iran Testing Star Project
...litter plants, the PGS units deliver naphtha into a reformer for processing further into reformate, a key blending component for gasoline. NIORDC is already operating two phases of PGS, the first being brought online in April 2017 and the second in February this year. The PGS project is central to Iran’s bi...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Kuwaiti MPs Prepare Grillings As ‘Summer’ Ends
...bah and Oil Minister Bakhit al-Rashidi. The return of parliament frequently marks the exit of government ministers, and indeed the previous government resigned en-masse in November 2017, leading to Mr Rashidi’s appointment that December (MEES, 15 December). EGYPT’S FOREIGN RESERVES* HIT RECORD $44...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Saudi Arabia August 2018 Oil Data ('000 B/D): Saudi Arabia Draws On Stocks To Maximize Crude Exports And Refinery Runs In August
...CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL FIGURES ARE PERCENTAGES. *EXCLUDES FIELD LPG (650-700,000 B/D). **NAPHTHA REFINERY OUTPUT PREVIOUSLY INCLUDED IN 'OTHER PRODUCTS (479,000 B/D FOR 2017). ^PRESUMES ALL FUEL OIL CONSUMPTION IS BURNT IN POWER PLANTS. SOURCE: JO...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Back To The Future: Rehabilitation Of Red Sea Terminal Boosts Saudi Export Flexibility
...e European market. Aramco confirmed the start-up of the terminal on 17 October, saying that it “marked the addition of 3mn b/d of crude oil to Saudi Aramco’s west coast export capacity.” This is less than implied by Aramco’s senior VP for upstream Muhammad al-Qahtani in a May 2017 interview with Re...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Qatar Petroleum To Replace Oxy At Key Offshore Field
...SPLACED Oxy had appeared outwardly confident that it would remain QP’s partner at the field. Oxy frequently cites Qatar as central to its portfolio. CEO Vicki Hollub told a May 2017 earnings call that Oxy had “confidence that we’d be able to extend that contract…we believe that with the success our teams ar...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
US Permian Shale: Can It Maintain The Gains?
...om a stellar 150,000 b/d for February and March, monthly gains since have still averaged 50,000 b/d. Overall US ‘shale oil’ output which only topped 7mn b/d for the first time in May (and 6mn b/d eight months earlier in September 2017), is now well above 7.5mn b/d. Output of 7.53mn b/d for Se...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
2019 Global Oil Demand Projections Revised Down On Economic Headwinds
...IEA SUPPLY & DEMAND FORECASTS, OCTOBER 2018 (MN B/D) 2017 2018 vs 17 2019 vs 18 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Syria: Gas Output At 75% Pre-War Levels, Oil Recovery Lags
...e third day to repair,”a senior manager at one of Syria’s state oil firms tells MEES. “So today, even with the damage suffered, I can assure you that our network is good and operating at full capacity.” Islamic State militants blew up the Hayan plant in early 2017. Repairs there are currently on...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Iraq Sends Record Volumes To Its Refineries
...en almost 100,000 b/d sent for refining there, with the products then brought back into northern Iraq. Given that the arrangement survived last October’s Kirkuk offensive when Iraqi troops reclaimed the city and environs from Kurdistan (MEES, 20 October 2017) a cessation looks unlikely, but the ar...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Riyadh Touts Desalination Assets In Privatization Drive: What’s At Stake?
...THORITY. MEES. 2: SAUDI DESALINATION CAPACITY (‘000 M³/D): OVER 93% IS LARGELY OR WHOLLY STATE-OWNED SAUDI ARABIA’S DESALINATION FIRMS 2017 ('000 M³/D) Ownership in de...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018