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Kurdistan’s Baeshiqa Field Set For Q2 Startup
...crease significantly, along with considerable volumes being moved into the 2P category. The bulk of current resources, 37.8mn barrels, are within the Baeshiqa structure. BAESHIQA SUPPLEMENTS TAWKE Baeshiqa will be the first new asset that DNO has brought online in Kurdistan since Peshkabir in 2017...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Iraq’s Supreme Court Rules Against KRG Oil Independence
...venues of 250,000 b/d of oil exports. For the 2018 federal budget, both parties had agreed to hand over the volume to Somo for marketing but the deal did fell through (MEES, 17 November 2017). Since then, budget laws passed by parliament had the revenues added but the KRG never fulfilled the obligation. Th...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Borouge Partners Consider IPO
...noc Distribution shares began trading in 2017 (MEES, 1 December 2017), while an IPO of Adnoc Drilling was carried out last year (MEES, 10 September 2021)....
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Iraqi Kurdistan Gas Pipeline Boost: Turkey Exports Next?
...reement, Kurdistan was to supply Turkey with an initial 4 bcm/year from 2017, rising to 10 bcm/y by 2020 with the option of increasing to 20 bcm/y (MEES, 17 January 2014). A 2017 agreement for Rosneft to construct a pipeline with up to 30 bcm/y capacity also came to naught. Progress since then has been es...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Syria Says Oil Sector War Damages Hit $100bn As Assad Loyalists Scoop Contracts
...y asset in Kurdish-held territory is the 20,000 b/d Block 26 along the Iraqi border, which since January 2017 has been operated by Syrian state firm GPC under a revenue-sharing deal with the local Kurdish authorities (MEES, 11 June 2021). Despite GPC’s operatorship, production from Block 26 appears to...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Majors Capex Down Again To Lowest In Over A Decade, 2022 To Remain Restrained
...ropean firms’ 2021 spending was disciplined, their US counterparts’ outlay was positively anemic. ExxonMobil’s spending fell by 22% to just $16.6bn, falling below that of Shell to make 2021 the first year since 2017 that Exxon has not been the top spending major. But Exxon is also penciling in the la...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Dubai’s Coal U-Turn Simplifies UAE Energy Messaging
...pacity to handle domestic demand without Hassyan. Capacity (including the first 600MW at Hassyan) exited 2021 at 13.2GW, and rose to 13.4GW last month, while MEES estimates that peak load was around 10GW (see chart 1). REVISING 2050 TARGETS When the UAE in 2017 set out its National En...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
BP/Equinor Algeria Gas Output Rebounds In 2021
...is was still almost 300mn cfd lower than 2017’s record 815mn cfd. In Salah’s output rose 19% to 571mn cfd in 2020 – the second lowest on record after 2020’s 481mn cfd. Partners BP, Equinor and Sonatrach have struggled to halt production declines over the years, despite the completion of field tie-in...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Iran Sets New Production Targets As Owji Offers Oil To The World
...rget is a flashback to 2015 when the Joint Comprehensive Plan of Action (JCPOA) was signed and Iran sought to bring foreign firms back into the country. Back then Iran targeted 5.7mn b/d by 2017-18 (MEES, 25 September 2015), but few firms were willing to take the plunge. TECHNICAL & FINANCIAL CH...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Exxon Eyes 25% 2022 Permian Growth
...ficiencies and driving technology applications… has worked very, very well, and we’re seeing the results of that.” This references a strategy first set out in 2017 (MEES, 17 February 2017) and expanded upon two years later (MEES, 15 March 2019). Exxon also stuck to its guns and doubled down on the Pe...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Egypt To Seek More IMF Aid Amid Growing Budget Deficit
...se. Preliminary figures for the first half of the current 2021-22 financial year (ie for 2H 2021) show subsidies and grants spending rising to E£136bn ($8.6bn), the highest first half figure since 2017-18 and up 36% from the 1H 2020-21 figure (see table and chart 1). Whilst comparing part year ac...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Oman Oil Output Back Above 1mn B/D
...0,000 b/d for the first time in June 2020 it has stayed well above that mark ever since. Essentially, Oman is capitalizing on the December 2019 decision by Opec+ to bring the non-Opec cohort in line with Opec and exclude their condensate production from the cuts (MEES, 6 December 2019). Between January 2017...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Iran Targets 3.5mn b/d Refining Capacity
...ocessing facilities at Assaluyeh. The facility was one of the key projects awarded after sanctions were lifted in 2016. A heads of agreement (HoA) for a $3bn deal to construct the facility was signed with Korea’s Hyundai Engineering and Construction, Daelim, and Japan’s Chiyoda in 2017, with estimated co...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
NEW EGPC CHAIRMAN
...Egypt’s Petroleum Minister Tarek El Molla this week appointed Alaa El Batal as the new Chairman of state oil firm Egyptian General Petroleum Corporation (EGPC). Mr Batal succeeds Abed Ezz El Regal, who is retiring having headed EGPC since March 2017. Mr Batal took up his duties on 26 January, ha...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Energean Eyes Egypt Amid Israel Gas Sale Uncertainty
...December 2021). The contract at the most immediate risk is with Israeli Independent Power Producer (IPP) Dalia Energy for its 900MW CCGT plant west of Jerusalem. The Dalia plant, which itself started up in 2015, contracted in 2017 to take 0.8bcm/y (74mn cfd) of Karish gas over 15 years. Da...
Volume: 65Issue: 03Published at Fri, 21 Jan 2022 -
Eastmed-To-Europe Gas Pipeline Loses Key Us Support
...chstein, who is currently serving as the State Department’s Senior Advisor for Global Energy Security, in 2017 labeling the EastMed route a “Pipedream”. East Med-to-Europe energy tie-up ambitions are now set to move on to only slightly less ambitions high voltage power interconnectors. And for now the US...
Volume: 65Issue: 03Published at Fri, 21 Jan 2022 -
Iran’s First Super Heavy Refinery Opens At Qeshm
...th a gross tonnage of up to 70,000 tons can dock on one side and 7,000 GT vessels on the other. PEDC has also been developing a 500MW combined cycle power plant to provide the refinery with power. The first 85MW has been operational since 2017-18, and work is underway to bring it up to full 500MW ca...
Volume: 65Issue: 03Published at Fri, 21 Jan 2022 -
Iran-Turkey Gas Flows Halt
...rkish booster station is preventing flows. Iran was Turkey’s second largest gas supplier behind Russia for the first ten months of 2021, providing 8.1bcm. This would already by the highest full-year figure since 2017’s 9.25bcm. Iran’s Turkey gas supply contract expires at end-2025. Iran’s Petroleum Mi...
Volume: 65Issue: 03Published at Fri, 21 Jan 2022 -
Egypt Extends Deadline On Key Offshore Block
...der-performance – the WND Phase-1 Libra and Taurus fields which came online in 2017 are no longer producing while Phase-2 Giza and Fayoum have dwindled to 250mn cfd – has left substantial ullage at the pipelines and onshore processing facilities. These processing facilities near Idku adjoin those us...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Qatar Holds Off US To Remain Global No.2 LNG Exporter
...rgest LNG market, emerged as Qatar’s largest buyer in 2021 (see chart 2), with Qatar shipping 11.46mn tons there according to Kpler. Korea had been the largest market for Qatar since 2017, but when its demand cratered in 2020 during the height of the Covid-19 pandemic, the East Asian country was ov...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022