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US Shale Records Test Infrastructure Limits
...tput is now forecast to top 12mn b/d by the end of 2019 (see charts). For this year the EIA now forecasts 10.72mn b/d, up a whopping 1.37mn b/d on 2017 – a record annual gain, beating 2014’s 1.29mn b/d. The hike in forecasts comes in on the back of soaring oil prices. US marker WTI, having av...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Oil Price Gains Prompt Debate Over Demand Slowdown
...e group cut its expected global demand growth rate from 1.47mn b/d to 1.44mn b/d (see Chart 1). “Crude oil prices have risen by nearly 75% since June 2017. It would be extraordinary if such a large jump did not affect demand growth” says the group. Demand growth cuts have fallen solely on 2H 20...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Libya: What Hope For The UN’s Ambitious ‘Action Plan’?
...The UN Action Plan to resolve Libya’s political morass has made some progress. But renewed security concerns mean the country’s future is as uncertain as ever. Since the incoming UN Special Representative to Libya Ghassan Salamé set out an ‘Action Plan’ in September 2017, he has come up ag...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
UAE’s Adnoc Plans $45bn Five-Year Downstream Expansion
....4mn t/y by 2025 under Adnoc’s 2030 Strategy unveiled in November, the strategy is now taking shape (MEES, 1 December 2017). Adnoc says the program will upgrade the Ruwais complex "to produce greater volumes of higher value petrochemicals and derivative products.” Central to the plan is the co...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Algeria Advances Downstream Plans
...0,000 t/y polypropylene plant (PP). Sonatrach (51%) and Total (49%) plan to start front-end engineering and design this summer. Feedstock for the PDH unit will be locally produced propane: the requirement will be up to 23,000 b/d. Algeria produced just under 500,000 b/d of NGLs in 2017. Total is a key fo...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Algeria Eyes Solar To Power Oil Operations, But ‘It’s A Long-Term Job’
...om renewables. These will be small projects whose capacity is around 100MW.” Algeria’s solar capacity has risen quickly of late, although from a low level, to 425MW at the end of 2017, while wind capacity has languished at 10MW since 2014 (see chart). The solar increase is attributable to small-sc...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Mubadala’s SWF Acquisitions To Create Global Champions
...vereign wealth funds have been watched with a keen interest since their inception - particularly over the last year. After acquiring International Petroleum Investment Co (IPIC) in January 2017 (MEES, 24 February 2017), Mubadala announced in March this year that it is planning a takeover of Abu Dhabi In...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Qatar Boosts Earnings
...trochemicals expansion strategy and plans to construct a 1.6mn t/y ethane cracker (MEES, 8 December 2017). Qatar Petroleum (QP) announced on 15 May that “engineering design of the Petrochemicals Complex should commence shortly, leading to a planned start-up in 2025.” It will receive feedstock from the 4....
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Qatar Plans For 2019 Drilling To Fuel Massive LNG Expansion
...ntractor McDermott a “Detailed Design” contract for offshore jackets on 5 May as it presses ahead with its major LNG expansion plan. After ending its 12-year moratorium on North Field gas development in April 2017, Qatar swiftly doubled its expansion plan and intends to add 4.6bn cfd (MEES, 7 July 2017...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Saudi Petchems Sector Gets Oil Price Boost As Sabic, Sipchem Eye Expansion
...ar. And combined net income fell short of the bumper returns in 3Q 2017, which neared $9bn for the first time since crude prices plunged in late 2014 (see chart). State-led Sabic, the biggest Saudi petchems firm by far, attributed its Q1 income boost to higher average selling prices and sales vo...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Oman Finalizes Bangladesh LNG Deal
...Bangladesh state oil firm Petrobangla on 6 May finalized an LNG import deal with Oman LNG, its second such deal after a 2.5mn t/year agreement with Qatar inked last year (MEES, 28 July 2017). The Oman deal is for 15 years. Volumes are slated to rise from an initial 500,000 t/y to 1mn t/y wh...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Egypt’s Western Desert: Is Capex Boost Enough For Output Rebound?
...mpany’s oil output took a while to fall as a result – it peaked at 217,000 b/d in 3Q 2015, it slumped the following year. Rapid decline rates in Egypt mean substantial drilling is needed just to keep output steady. But 1Q 2017’s 195,000 b/d appears to have been a low point. As capex has picked up si...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Egypt Producer Merlon For Sale
...oduction rose to 7,000 b/d in 2015 and 10,000 b/d in 2016 before dipping to 7,900 b/d for 2017 – just over 1% of Egypt’s total output (MEES, 9 March). Output has since fallen back to 7,000 b/d but, Petrosilah, the firm’s JV with Egypt’s state oil firm EGPC, says it hopes to raise output in the coming mo...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Total’s Libya Expansion: The Plot Thickens
...e 2011 Revolution. “Drilling operations and construction of the associated gas plant were completed in 2010. Final commissioning was halted in 2011 and again in 2013 due to civil unrest and subsequent declaration of Force Majeure. In 2017, teams conducted an assessment of the facilities to determine th...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Blow To Nuclear Deal Forces Opec Output Reappraisal
...18mn b/d the highest since October 2017. Moreover, export volumes have been more than 5mn b/d for four consecutive months, a feat not achieved since August 2017. Q1 exports to China of 1.345mn b/d were a record high, while the 193,000 b/d to South Korea was the most since 3Q 2015. OPEC WELLHEAD PR...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
US Violation Of Iran Nuclear Agreement Sends Buyers Scrambling
...r Iran that includes the strategic objective of denying Iran all paths to a nuclear weapon.” But having abrogated an agreement that had at least paused this, the US appears to be left with an objective but no clear strategy. 1. EU IMPORTS OF IRANIAN CRUDE DOUBLE IN 2017, NUMBER OF BUYERS RISES FR...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Sonatrach Buys Italian Refinery In Bid To Plug Products Shortfall
...feat, an acceptance that highly-ambitious plans to expand Algeria’s domestic refining capacity have gone nowhere. On the other hand it can be seen as a further indication that Abdelmoumen Ould Kaddour, one year in to his tenure as head of Sonatrach (MEES, 21 April 2017), has managed to inject a much-ne...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Egypt Hopes To Kick-Start Wind Financing With Switch To BOO Contracts
...nistry’s feed-in-tariffs offer developers US¢4.60-11.48/kWh for electricity generated from wind projects. While tariffs for both wind and solar are quoted in the US currency, payments are to be made in Egyptian pounds, putting off some potential investors (MEES, 7 April 2017). For wind, payments would fall fr...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Economic Reforms Boost Saudi Non-Oil Fiscal Revenue In 2018
...n-oil income: oil revenue, at $30.3bn, was up just 1.7% year-on-year. However, oil still retains its stranglehold on the economy, contributing 68.5% of total revenue, more than the full year 2017 figure of 63%. The Finance Ministry attributes the 63% year-on-year increase in non-oil revenue to “th...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
South Sudan Coffers Empty Amid Crippling Crude ‘Diversions’ To Khartoum
...e newly-independent country struggles to clear arrears with its new neighbor to the north (see charts, p16). South Sudan has received just 15% of the $3.62bn in gross export revenue for its crude since the start of 2017. Some $1.97bn has gone to the foreign partners (largely government-owned fi...
Volume: 61Issue: 19Published at Fri, 11 May 2018