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Egypt Eyes More Borrowing Despite Falling Deficit
...ar ending 30 June. Some $4bn came from a dollar denominated bond in February 2019, with a euro-denominated bond in April chipping in €2bn ($2.5bn). For 2017-18, Egypt raised $6.5bn: $4bn in February 2018 and €2bn ($2.5bn) in April 2018 (MEES, 20 April 2018). Both 2016-17 bonds were in dollars for a to...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
SOCO Hikes Egypt Output
...co’s first quarter in charge. Soco blames “underinvestment… in previous years” for a sustained slump from 7,900 b/d for 2017. It sees a “clear near-term opportunity to reverse the decline and then steadily improve the production level,” targeting 15,000 b/d by 2023. On 16 July Soco added a second dr...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Tunisia Field Hit By Strikes
...plement a set of demands agreed on 20 August. El Borma, the country’s oldest and largest producing oil field, has now been shut-in at least three times by strikes this year. And this came on the back of summer 2017’s wide-ranging strikes that crippled output at Tunisia’s southern fields (MEES, 2 June 2017...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Russia’s Stroytransgaz Bags Iraq E&P Deal
...s Block 12 in Muthanna province. Rosneft acquired the block through its controversial takeover of operator Bashneft in 2017. Russia, and in particular Stroytransgaz, is also picking up upstream assets in eastern Syria, which Anbar province borders. Stroytransgaz will be keen to replicate its co...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Russians Grab Syria Acreage
...portant backer of the government in Syria’s eight year civil war, and now aims to secure repayment. It is widely expected to win lucrative contracts as Syrian President Bashar al-Assad looks to rebuild the economy (MEES, 22 December 2017). Russia’s Stroytransgaz, which was awarded acreage in Iraq this we...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Egypt: Key Oil JVs Plan Output Hike
...nuary and July this year, the highest since late 2017: but this is still 27% below 2010 levels. One of the key producers in the region is BP, via its Gupco operations. These are in the process of being taken over by Dragon Oil, a subsidiary of Dubai state firm Enoc, in a deal worth an estimated $500mn (ME...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Algeria’s Gas Projects: Playing Catch-Up
...me Algeria hit that record, none of the three projects that comprise SWGP had come online. The Repsol-led 2.9bcm/y Reggane Nord started-up in late 2017 and Total’s 1.8bcm/y Timimoun tight-gas project in early 2018. The largest element, the 4.5bcm/y Neptune Energy-operated Touat project, was on the cu...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
PIF Muscles In On Aramco Amid Oil Sector Shakeup
...r Saudi Arabia’s struggles to secure the foreign investment inflows required to boost economic diversity. Whether Mr Khorayef is likely to achieve more success than Mr Falih is far from clear. After all, investors have been deterred by the fallout from the Jamal Khashoggi killing and 2017’s in...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
KRG: Chevron Awards Sarta CPF Contract
...February that various export options implying initial volumes may be temporarily trucked while a spur pipeline is connected to the KRG’s export line to Turkey. Sarta will be the first new field brought online since UAE firm Taqa's Atrush field started production in July 2017 (MEES, 14 July 2017). ...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Kuwait’s KNPC Begins Clean Fuels Commissioning
...om 270,000 b/d to 454,000 b/d and reduce Mina al-Ahmadi’s from 466,000 b/d to 347,000 b/d. KNPC originally aimed for start-up of the CFP in late 2017, but as is often the case in Kuwait the schedule has slipped. The latest official start-up target is by the end of 2019, but slippage to 2020 looks in...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Abu Dhabi Awards Contract For Offshore Gas Boost
...tar – despite the ongoing embargo – to meet demand. 2017 was a positive year for the UAE’s gas sector, with production edging up above 60bcm for the first time according to BP’s Statistical Review of World Energy. Meanwhile consumption had a rare annual dip from 72.5bcm to 72.2bcm. But this still en...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Abu Dhabi Field Startup Paves Way For New Crude Grade Launch
...om Abu Dhabi’s onshore fields. Reuters reported this week that marketing of the new grade is to begin imminently, with exports slated to begin in November. The new grade had originally been slated for Q1 launch (MEES, 17 November 2017). The UAE exported 2.38mn b/d in 2017, of which 98.6% went Ea...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Iraq’s 200,000 b/d Halfaya Boost: Is There An Outlet?
...has missed its 2017 target. Production is then to be kept at this level for 16 years. Despite concerns over delayed payments in recent years – that have now been allayed – the field partners greenlit Phase-3 development in early 2017 (MEES, 28 April 2017). Halfaya was already the largest pr...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Qayara Production Resumes
...nsidering quitting Qayara and the nearby Najma field even before being forced out by IS in early 2014. Nevertheless, Oil Minister Jabbar al-Luaibi invited Sonangol to resume operations at Qayara and Najma in January 2017 and the firm officially agreed to return in February (MEES, 9 February). The mi...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Chinese Takeover For Cash-Strapped Kuwait Energy
...l of the firm’s 62,300 boe/d net production in 2017 (primarily gas). The firm also closed its $192mn purchase of OMV’s Pakistan assets in June this year adding a further 42mn cfd and 550 b/d to its net production. KEC’s portfolio consists of 10 assets. Four producing oil blocks in Egypt account fo...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
LNG Prices At Four-Year High Amid Soaring Demand
...Soaring demand for LNG, up a collective 14.5% from 2017’s record levels for the top five global buyers, has sent prices to the highest level since early 2015. With key new liquefaction plants delayed and booming Chinese demand showing no chance of slowing, are further rises in store? The wo...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Iran Oil Exports Go Dark As Sanctions Loom
...VE SINCE DROPPED BELOW 2MN B/D* (‘000 B/D) *AUGUST FIGURES ARE MEES ESTIMATES EXCEPT FOR JAPAN & SOUTH KOREA. SOURCE: IMPORT STATS, MEES. EUROPE STRUGGLING TO REPAIR IRAN DEAL After averaging 570,000 b/d over the course of 2017, EU imports from Iran have now fallen be...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Egypt Starts Up Gasoline Unit As Part Of Plan To Slash Fuel Imports
...esel, which though they have fallen since peaking in 2016, remain at stubbornly high levels (net imports of 123,000 b/d for diesel and 55,000 b/d for gasoline in Q2 2017 – see chart). The six projects, including the naphtha reformer, will when operational have combined capacity to produce 2....
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Iraq Aims To End Blackouts As Protests Rage On
...emens is upgrading and expanding a number of existing power plants, while GE is providing turbines and generators for several combined cycle gas turbine (CCGT) plants which are under development (MEES, 8 December 2017). MOUNTING PRESSURE Iraq’s powergen woes are a key grievances ci...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Qatar Enlarges LNG Expansion, Drilling Expected Imminently
...is putting its money where its mouth is, this week upwardly-revising its North Field gas expansion plans for the second time since they were initially launched in April 2017 (MEES, 3 April 2017). A fourth 7.8mn t/y LNG train now forms a definitive part of the expansion plans, taking Qatar’s total en...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018