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Egypt Upstream Spending Slashed With Oil Price ‘Disaster’
...w several go bust (MEES, 3 February 2017). With Brent prices having collapsed from $67/B at the start of 2020 to barely half this as MEES went to press, many smaller producers are slashing all but essential spending in a bid to keep their heads above water. One such firm is Canada’s Tr...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Global Inventories Set To Swell Amid Opec Showdown
...awdown of inventories that has taken place since 2017. The IEA and Opec released their monthly oil market reports this week, with both making sharp downgrades to demand growth expectations in light of the escalating Covid-19 pandemic (see tables). The IEA now sees demand contracting by 90,000 b/d th...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
US Shale In The Time Of Lower Prices
...97mn b/d in March 2015 by mid-2016 production was almost 15% lower. But lower prices spurred a wave of cost cutting, and higher oil prices since 2017 have provided an extra boost (to put it mildly). By late 2017 output had topped 2015 highs. And it hadn’t looked back since. Until now. Latest pr...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Iran Boosts Uranium Upgrading As Domestic Problems Mount
...er 20mn t/y exported. This has likely fallen sharply since the US targeted major producer and exporter PGPIC (MEES, 14 June 2019). Crude and condensate exports averaged a record 2.66mn b/d in 2017 and hit 2.8mn b/d as recently as mid-2018 before collapsing later in the year with the imposition of US sa...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Kuwait Starts Up Naphtha Unit In CFP Upgrade
...se from 270,000 b/d to 454,000 b/d, whilst Mina al-Ahmadi’s will fall from 466,000 b/d to 347,000 b/d, an overall 9% increase to 801,000 b/d (MEES, 8 March 2019). KNPC originally intended the CFP to be fully operational in late 2017, but completion in the fourth quarter of 2020 now appears the best pr...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Oil Price Crash Puts Vulnerable Mena Economies At Even Greater Risk
...so see a slump. Doha projected a modest $100mn budget surplus this year and may well flip into deficit for the first time since 2017 (MEES, 31 January). KEY ECONOMIC DEVELOPMENTS *Without implementing swingeing cuts Saudi Arabia’s 2020 budget deficit risks ballooning by 70%. *Th...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Mauritania: Cairn Entry
...ES, 27 August 2012). After making a third sub-commercial discovery, Frégate, in 2012-13 (MEES, 13 February 2013), the two firms quit the acreage in 2017, only for Total to snap up Block C7 later the same year. BP and partner Kosmos are the key players off Mauritania with two major hub LNG de...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Saudi Starts Up Key Fadhili Gas Plant
...aning that even after Tanajib starts up it will still be short by nearly 1.5bn cfd (MEES, 15 December 2017). The enormous $110bn Jafurah unconventional gas project is slated to start-up in 2024, but initial volumes are unclear. Given the long ramp-up to 2.2bn cfd sales gas capacity in 2036, Jafurah is un...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Algeria’s Hassi Messaoud Gets Boost, More To Come
...ES, 21 February). Dodsal is also working on a 66,000 b/d gas-oil separation and compression project at the southern end of Hassi Messaoud, which at the time of its award in 2017 had a 2020 completion target. This is likely to slip however, as Algeria’s 2018 energy activity report released in Oc...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Algiers Refinery Hike
...ECC, which took over the project in late 2016 after French firm Technip’s original contract was cancelled in 2015 (MEES, 9 June 2017). By that time Technip was already well behind on its initial 38-month work schedule. Fast forward to the “completion” date of 21 February 2019 and it appeared the re...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Occidental’s Mideast Gas Output Booms
...oup. Amec Foster Wheeler in 2016-17 carried out the Feed study for the previous phase of Shah expansion (MEES, 15 September 2017) Oxy’s 24.5% stake in the Dolphin consortium which delivers Qatari gas via pipeline to the UAE and Oman netted it a three-year high 161mn cfd last year, including a re...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Opec Gets No Cuts In The Time Of Coronavirus
...commendation for Opec+ to deepen cuts by 1.5mn b/d (1mn b/d to Opec and 500,000 b/d to non-Opec) for Q2, before returning to Q1 levels for the remainder of 2020, Brent settled below $50/B for the first time since July 2017. A matter of hours later, Opec released a fresh announcement that it recommended the 1....
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Saudi Unconventional Plans Come At A Princely Price
...the Hawiyah gas plant expansion, which is slated to add 1bn cfd processing capacity by June 2021 (MEES, 15 December 2017). Tanajib is then set to come online in 2023, bringing Saudi gas processing capacity up to 21.6bn cfd. Jafurah is then slated to start-up the following year, but there is no in...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Repsol Mena Pullback
...ggane development in Algeria’s remote southwest was one of Repsol’s key development projects for 15 years between initial 2002 drilling and eventual start-up in late 2017 (MEES, 22 December 2017). And for this, Algeria’s tight financial terms meant the project netted Repsol just 8,200 boe/d (around 46mn cf...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Aramco Plans Ras Tanura Shutdown
...edstock processing is carried out in a 325,000 b/d crude distillation unit and a 225,000 b/d condensate splitter. The CFP contract, awarded to Spain’s Tecnicas Reunidas in early 2017, adds three main upgrading units – a 138,000 b/d naphtha hydrotreater, a 90,000 b/d continuous catalyst reformer (CCR) an...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
MEES Interview With EBRD ‘Semed’ Managing Director Heike Harmgart– Edited Highlights
...arted in 2012 – the number of projects, the value of these investments, and also the addition of new countries into the EBRD family, last year Lebanon, and the West Bank and Gaza before that. We have also seen Egypt investment grow substantially in 2017 and 2018. And there will be more countries coming. We...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Egypt’s Wind Power Capacity Nears 1.4GW, But Expansion Slow
...r electricity. However Abu Dhabi based renewables agency Irena said the lowest worldwide wind bids for 2017 were around US¢4.50/kWh. EETC subsequently awarded a BOO contract for the 250MW West Bakr Wind project near Ras Gharib to Netherlands-based Lekela Power. Lekela did not reveal its el...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Oman Oil & Gas Revenues Flatline in 2019
...roughputs. On the refining front, the completion of the Sohar refinery project in late 2017, enabled Muscat to increase key products (diesel, jet-kero, gasoline, LPG) output from 170,000 b/d to over 220,000 b/d (MEES, 26 January 2018). This, combined with slowing growth in domestic consumption, saw key pr...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
KRG: Oryx Downgrade
...etaceous reservoirs.” Still, despite the reserves downgrade, 2019 saw Oryx’s most positive year yet in Kurdistan. Hawler is currently producing a record 14,500 b/d, having seemingly put previous geological woes behind it. Output stood at just 3,000 b/d in 2017, grew to 10,000 b/d by end 2018 (MEES, 15 Ma...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Oman’s Upstream Gets Key Gas & Offshore Boost
...scalzi says the target is “most likely gas or gas/condensate” (MEES, 15 November 2019). The firm is proud of kicking off drilling only seven months after the acquisition closed, though it was provisionally awarded the block in 2017 (MEES, 15 September 2017). Eni has 55% of Block 52, Qatar state firm QP...
Volume: 63Issue: 08Published at Fri, 21 Feb 2020