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KRG: IOCs Nervously Eye Calendar As Payment Wait Drags On
...r the next round. As MEES went to press the next batch of payments had yet to be received, elevating concerns over the KRG’s ability to maintain a regular schedule. In 2017, the KRG has actually improved its record of paying companies. The interval for 2017 payments averaged 31.7 days whereas fo...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Saudi Powers Ahead With Reform Plans
...halve its budget deficit to $42.5bn for 2017 – but this is due to higher oil prices rather than any new policies from Riyadh. Non-oil revenue, the ‘holy grail’ of Vision 2030, is expected to grow by only $1.2bn or 2.4% this year (MEES, 24 November). Riyadh’s ideas for broadening its economy ra...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Iran Cuts Budget Sharply For 2018-19
...Iran unveiled its draft 2018-19 budget this week. On the surface it’s relatively unchanged from the current year (2017-18), with modest revenue and spending gains penciled in. But, with the IMF pegging inflation at 10%, the budget is in effect sharply reduced in real terms. The new budget co...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Qatar Petroleum Targets Transformation, Embargo Or No Embargo
...efficiently burning vast volumes of crude and fuel oil – an average of 500,000 b/d of each for the first nine months of 2017. That it is now actively considering gas imports could provide a major shot in the arm for gas exporters given its gargantuan appetite for energy. But Qatar is unlikely to benefit: ev...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Qatar Revives Plan For New Petchems Capacity
...neration’ chemicals and Qatar’s ready availability of naphtha suggest QP may be looking to follow Saudi Arabia’s Sadara JV in cracking naphtha as well as ethane. Qatar’s refinery, two GTL projects and two condensate splitters produced 132,000 b/d naphtha in 1-3Q 2017, of which almost all, 128,000 b/d, wa...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Energean: Karish, Tanin Go-Ahead Imminent
...cm/y of gas sales deals before taking a final investment decision (FID) and that it hoped to do so by the end of 2017. With the deals now signed, Mathios Rigas, Energean CEO says “we are aiming to progress with FID early in 2018.” Some in Israel have accused Energean of not being a serious outfit bu...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
China Demand Boost For LNG Sellers: But Will It Last?
...ijing’s coal-to-gas switching policy. With demand far outstripping volumes under long-term contracts, Chinese buyers have turned to flexible short-term volumes, including from the world’s top LNG producer Qatar which shipped 5.65mn tons in the first ten months of 2017, up 67% year-on-year. China’s ov...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Kuwait’s Downstream Diversification Strategy
...tchems long-term – on Oman’s Arabian Sea coast, to which it would supply 150,000 b/d, or 65% of the plant’s feed. With KPC exporting an average 2.03mn b/d of crude in HI 2017, the 350,000 b/d of crude secured for the Vietnam and Oman refineries represent over 17% of total exports. Talks for refining ve...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Bahrain $4.2b Refinery Deal
...ard EPCC in 1H 2017, with a view to having the plant fully operational by end-2020. Now TechnipFMC says the project is “slated for completion in 2022.” Bapco has recently been running the Sitra plant flat out, with 2016 crude throughputs averaging 261,000 b/d and throughputs for the first three qu...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Iraq Adds Upgrades To Gas-Fired Plans, Keeping Pressure On Rising Supplies
...e reason for the increased availability of gas for power generation has been reduced flaring. Although Iraq flared more than 60% of its gas in 2016, improved gas recovery – mainly by Basra Gas Company, which recovered 574mn cfd in 2016 and aims to reach 723mn cfd in 2017 and 1bn cfd in 2018 – en...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Saudi, Algerian Cuts Lead Opec to Six-Month Production Low in November
...ter starting 2017 with strong compliance, Kuwait is struggling to adhere to its production allocation. The planned start-up of 120,000 b/d light crude in Q1 2018 will pose serious questions about its commitment. OPEC WELLHEAD PRODUCTION, NOVEMBER 2017 (MN B/D, MEES ES...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Six Months Of Solitude: Qatar Crisis Threatens Future Of GCC
...aken at first, appears to have largely stabilized. With much of its imports previously sourced from, or transshipped via, Saudi Arabia and the UAE, it has had to swiftly secure new import routes. Monthly imports were relatively flat at around $9bn in the first half of 2017, but plunged to $5.9bn in Ju...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Tunisia Oil Output Rebound From Protests, Fundamental Problems Remain
...nisia, for whom their operations in the country were a key or the only asset, have either quit the country or gone bankrupt. The number of active permits fell to 31 at end-2015 and a mere 21 as of end-October. Ireland’s Circle went bust at the start of 2017 (whilst Canada-listed SDX bought Circle’s Egypt an...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Adnoc Plans $109bn Spend, Prioritizes Gas & Downstream
...e UAE’s crude exports went to Asia-Pacific last year. Japan is perennial #1 customer taking 760,000 b/d for the first nine months of 2017. India is distant second with 360,000 b/d, followed by Thailand (290,000 b/d). ADNOC LOOKS SET TO FALL SHORT OF 3.5MN B/D END-2018 capacity TARGET (MN...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Egypt: Gulf Of Suez Oil Output At 40-Year Low On Back Of Lower Prices, Capex
...% of the country’s total in 2010, to just 253,000 b/d for the first nine months of 2017 (see chart 1). Output has been below 40% of the Egyptian total – a level never before breached – in six of the last eight quarters. The region is where Egypt’s oil output began in the mid-1960s following th...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Payment Problems
...ming of those payments is not transparent,” he says. In an echo of earlier comments Dana says it is looking to “maintain a conservative cash strategy” in Egypt. Its Egypt capex for the first nine months of 2017 was just $28mn, down 74% year-on-year. Upcoming spending will be limited to “three on...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
World’s #2 Lng Importer: With Another Record Month In Oct Will China Overtake Korea?
...KOREA HAS LONG BEEN THE WORLD’S #2 LNG IMPORTER. IT TOOK 33.5MN TONS IN 2016, SECOND ONLY TO JAPAN’S 83.3MN T. KOREA IMPORTS ARE UP 16% AT 30.2MN T FOR THE FIRST 10 MONTHS OF 2017… (MN T) BUT THAT’S NOTHING COMPARED TO THE 48% LEAP IN CHINESE IMPORTS. THESE HAD NEVER TOPPED TH...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Egypt Nuclear Plans Near Go-Ahead, Saudi Looks To Standardize Plant Design
...shehr-2 2024 1.0 1 5.5 Rosatom building. Work started Mar 2017 Pl...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Opec/Russia ‘Historic’ Strategic Alignment: Can It Hold?
...rward, Mr Falih says that Nigeria and Libya have pledged that 2018 production will not exceed this year’s levels. They will not “surprise on the upside” he says. Given the volatility of their output, this presumably means their maximum output in 2017 – some 1mn b/d for Libya and 1.84mn b/d for Nigeria – ra...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Libya’s Waha Ramps Up Output To 260,000 b/d But Challenges Lie Ahead
...s 159,000 b/d in 2013, down from 270,000 b/d in 2009 and 282,000 b/d in 2010. 1: LIBYA WAHA CONSORTIUM CRUDE OUTPUT (‘000 B/D) *21 NOV. SOURCE: CONOCO, MARATHON, HESS, MEES CALCULATIONS. 2: LIBYA’S NOC FALLING SHORT OF LATE 2017 1.25MN B/D TARGET ('000 B/D) ^MABRUK OU...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017