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Kuwait Steps Up Offshore Exploration With Arrival Of Second Drilling Rig
...ploration work was a 3D seismic survey of the Kuwait Bay area which was completed in 2017. RETURN OF THE RIGS It is notable that the Oriental Phoenix’s first well was drilled on the eastern flank of Kuwaiti waters close to the undemarkated border with Iran. For one thing, this location is di...
Volume: 66Issue: 35Published at Fri, 01 Sep 2023 -
Oman LNG Close To Sold Out With New OQ & Shell Sales Deals
...tlook for Oman’s LNG exports was in doubt amid rising domestic gas demand and an uncertain production outlook. The 2017 startup of the Khazzan tight gas development changed all this, with capacity from Khazzan and the second-phase Ghazeer now standing at 2bn cfd. The successful project encouraged IOCs to...
Volume: 66Issue: 35Published at Fri, 01 Sep 2023 -
Lebanon Hooked On Diesel Imports Amid Financial Crisis
...shington earlier this year for “importing tainted fuel, causing significant harm to Lebanese power plants.” Interestingly, between 2017 and 2020 Lebanon’s fuel oil shipments originated mainly from the United States followed by several European countries including Belgium, Netherlands, and Spain. Ga...
Volume: 66Issue: 35Published at Fri, 01 Sep 2023 -
Opec+ Considers Further Cuts Amid Softening Market
...ventories remain severely depleted. The IEA says that despite a 43.1mn barrel rise in July, OECD commercial oil inventories remained 274.9mn barrels below the 2017-21 five-year average which Opec+ long cited as the target range. A period of restocking would be welcomed by most observers. The IEA cu...
Volume: 65Issue: 39Published at Fri, 30 Sep 2022 -
Oman Oil: Production Up, Exports Down
...NSTRAINED It is the sultanate’s success in developing gas plays in recent years that has resulted in soaring condensate output. The start-up of BP’s 1bn cfd Khazzan tight gas project in 2017 was a game-changing development and the second phase 500mn cfd Ghazeer play came online in October 2020 providing an...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Shell’s Incoming CEO Set To Oversee Streamlined Mena Growth
...rely 300,000 b/d by 2017 before dropping sharply to just 252,000 b/d in 2018 as Shell exited its Iraq holdings in frustration over payment delays and slim margins (MEES, 23 March 2018). That left Shell with sizeable equity production from just Oman, Qatar and the Egypt holdings it acquired with its 20...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Saudi Oil Burn Dips From Record High
...After hitting an all-time high in June, Saudi oil burn dropped by 170,000 b/d in July (see data, p18). While a July drop is unusual, the 1.31mn b/d monthly average was still the second highest July figure on record – behind only 2017’s 1.39mn b/d. Oil burn peaks during the summer when surging de...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
UK Considers Israel Embassy Move to Jerusalem
...ptember during a meeting at the United Nations. Any such move is likely to draw widespread criticism, especially from the Palestinian Authority, which also heavily criticized Mr Trump’s 2017 decision. It also risks further entrenching tensions with the current US administration and EU states....
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Shamaran Secures Sarsang Stake As Total Exits Kurdistan
...rdistan for the second time – the Sarsang stake was acquired via its 2017 purchase of Denmark’s Maersk – was originally announced in July 2021 (MEES, 16 July 2021). Shamaran said at the time that “the Acquisition is highly accretive and transformative to Shamaran as it grows from a single asset company to...
Volume: 65Issue: 37Published at Fri, 16 Sep 2022 -
Iran Eyes Local Firms For Downstream Boost
...OEC), said on 30 August that “physical progress” had reached 95% at the 210,000 b/d CDU and 100,000 b/d VDU units. The project is financed by a 2017 Sinosure $1.3bn credit line (MEES, 10 February 2017), and Chinese state firm Sinopec has been involved. NIORDC expects the upgrade to be finalised this mo...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Oman Oil Exports Revenues Hit New Record
...the 2017 expansion of its Sohar refinery to 197,000 b/d in 2017 (MEES, 11 February 2017). Products export revenues more than doubled in May to $680mn. While this was just a fraction of crude export revenues, it smashed the previous record of $360mn.The planned Q1 startup of the 230,000 b/d Duqm re...
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Kuwait Starts Up Key Northern Oil Facility
...thering center in the north of the emirate. GC-31 is one of three gathering centers for which contracts worth $2.3bn were awarded in 2014 (MEES, 11 July 2014). All were initially slated to come online in late 2017, but were delayed. The first two, GC-29 and GC-30 were brought online in 2018, but GC-31’s co...
Volume: 64Issue: 38Published at Fri, 24 Sep 2021 -
Baker Hughes Finalizes Iraq Gas Contract
...sociated gas in Dhi Qar, with an initial contract signed in 2017 (MEES, 21 July 2017). In January, Baker Hughes announced that the contract had been awarded to its Turbomachinery & Process Solutions (TPS) division (MEES, 29 January). The scope of work included design, manufacturing, delivery, construction an...
Volume: 64Issue: 38Published at Fri, 24 Sep 2021 -
Algeria’s Gas Burn Surges Amid Record Power Demand
...ly 2017. Gas accounts for about 99% of Algeria’s power generation capacity, so any power demand increase directly translates into a rise in gas consumption. But a surge in sales gas output this year on the back of a slew of new project start-ups (MEES, 21 May) means any additional domestic demand ca...
Volume: 64Issue: 38Published at Fri, 24 Sep 2021 -
Libya’s Oil Exports: What’s At Stake?
...LER, MEES ESTIMATES. EUROPE STILL DOMINANT To be clear Libya’s key market remains Europe which at 844,000 b/d accounted for three quarters of the country’s exports in the first eight months of the year – its highest share since 2017 according to data intelligence firm Kpler (see chart 1). Mo...
Volume: 64Issue: 37Published at Fri, 17 Sep 2021 -
Adnoc Adopts Targeted Approach In Search For Unconventional Partner
...ake in the Upper Zakum offshore oil field, where the partners target 1mn b/d by 2024 (MEES, 17 November 2017). In 2019 the respective CEOs announced that they had discussed “substantial new conventional and unconventional exploration opportunities in Abu Dhabi.” DRILLING EXPANSION Un...
Volume: 64Issue: 37Published at Fri, 17 Sep 2021 -
US Shale Output Tops 8mn b/d, Are The Gains Sustainable?
...d of this month. The last time the Permian DUC count was at 2,000 was in December 2017 when Permian output was just 2.88mn b/d, almost 2mn b/d below current levels. Clearly there is a limit to how long this DUC drawdown can continue. Well drilling and completion (fracking) are carried out by se...
Volume: 64Issue: 37Published at Fri, 17 Sep 2021 -
India LNG Imports: Q2 Sees Record Volumes For UAE, Egypt & USA As Qatar Keeps Top Spot
...16 when the emirate regularly had an 80% market share is long gone. Qatar’ Q2 market share of 33.8% was the lowest on record (see chart 2). India was Qatar’s top LNG market for 2020, with 10mn tons versus 9.1mn tons for number two South Korea (MEES, 5 March). But Korea, which was number one for 2017...
Volume: 64Issue: 36Published at Fri, 10 Sep 2021 -
Adnoc Drilling Hopes October IPO Will Lay Groundwork For Regional Expansion
...main unchanged. This will be the second IPO of an Adnoc subsidiary, following the 2017 partial listing of retail subsidiary Adnoc Distribution (MEES, 1 December 2017). With Adnoc advancing ambitious expansion plans on both the upstream and downstream front, the energy giant has sought new, of...
Volume: 64Issue: 36Published at Fri, 10 Sep 2021 -
Egypt Gas Grows Ever More Dependent On Zohr
...t whilst output has risen every year since its December 2017 start-up, recent problems saw Zohr output slump from the record 2.96bn cfd hit in Q1 2021 to just 2.60bn cfd for Q2 (MEES, 13 August). And even for the 2020-21 financial year, whilst Egypt’s overall gas output grew 6% to 6.55bn cf...
Volume: 64Issue: 36Published at Fri, 10 Sep 2021