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Reserves At Eni’s Zohr: 30+Tcf?…Just 4? Maybe 6?
...porters who dutifully write up the figures as if they refer to higher-value oil). And it is highly unorthodox that Eni has gone from August 2015 discovery of the “super-giant” Zohr field in the Egyptian deepwater Mediterranean, through the development phase, to first production in December 2017 whilst on...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Global Drilling Returns To 3-Year High In 2018, Mideast Activity Strong
...The rising tide of high oil prices is spurring upstream activity in the Middle East. The region’s rig count averaged 405 in 1Q 2018, just shy of the record 406 posted in 3Q 2017. Brent averaged $67.22/B in the first quarter, against $61.46/B in the final quarter of 2017. Interestingly, th...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Indian Oil Enters Oman
...ckdated to 1 January 2017, the transaction marks Indian Oil’s second splash in the region in less than two months after a consortium including Indian state firms ONGC Videsh and Bharat PetroResources paid a $600mn signing bonus for 10% in Abu Dhabi’s 360,000 b/d Lower Zakum concession in earlier this ye...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Qatar Seeks Greater Foreign Investment In Energy Sector State-Led Firms
...change’s (QSE) investor base and boost liquidity. QSE has taken a substantial hit from the political upheaval since Saudi Arabia, UAE and Bahrain broke off ties with Doha in June 2017. It lost more than 20% of its value between then and end-2017. It has recovered slightly to around 9,000 points, which is st...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Geopolitics Roils Oil Market as Opec seeks Balance
...ncerns. GLOBAL OIL* STOCKS: OPEC, IEA DATA IMPLIES MAJOR DRAWDOWNS IN 2H 2018 *CRUDE + NGLS. SOURCE: IEA, OPEC, MEES. OPEC SUPPLY & DEMAND FORECASTS, APRIL 2018 (MN B/D) 2016 2017 vs'16...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Iraq’s Looming Elections Delay Critical Infrastructure Development
...ich are in good condition, but inadequate onshore infrastructure prohibits these from pumping at full capacity to enable the SPM’s to export a combined 3.6mn b/d. IRAQ: SOUTHERN CRUDE EXPORTS, AT RECORD SINCE LATE 2017, TO OFFSET NORTHERN OUTAGES (MN B/D) SOURCE: SOMO, MEES. IR...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Aramco Strides Towards Global Downstream Transformation
...els and petchems markets. “Investing in India is a key part of our company’s global downstream strategy,” says Aramco chief executive Amin Nasser. The project will enable Aramco to expand beyond its roles as a key crude supplier to India - Saudi Arabia exported 717,000 b/d of crude to India in 2017, al...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
UAE’s Nuclear Power Mirage Slips Further Away
...The UAE’s Federal Authority for Nuclear Regulation (FANR) appears no closer to awarding an operating license for the country’s first nuclear power plant, with slippage to 2019 or beyond looking likely. Construction of the Barakah-1 plant was completed in May 2017, but the unit is still aw...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Iran Unifies Exchange Rate In Last Resort To Halt Plunging Rial
...om $59bn in 2017 to $72bn in 2018. ...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Lebanon: Can Donor Conference Success Right The Ship?
...rkish ‘power ships’ producing around 370 MW from fuel oil, and nix plans to tender another two power ships for 800 MW. A shift from fuel oil toward gas-fired plants would also ease the eventual transition toward domestically produced gas, should offshore exploration efforts pan out (MEES, 15 December 2017...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Crude Official Selling Prices ($/B): Saudi Arabia Raises Key Arab Light To Asia Prices
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE. SAUDI ARABIA LPG ($/T) Propane 480 430 385 385 345 420 480 575 575 590 590 525 48...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Benchmark Crude Prices ($/B)
... 12Apr 2-6 Apr 26-29Mar Mar18 Feb18 Q1 2018 Q4 2017 Q3 2017 2018 (>12Apr) 2017 2016 2015 WTI 67.07 63.10 65.03 62...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Bahrain Eyes Unconventional Oil For Economic Reboot
...ng Hamad Al-Khalifa in Manama in August 2017. Manama has been eyeing the potential of its offshore unconventionals for some time. State-owned Bapco’s 2012 Annual Report said it was testing unconventional resources off the South West coast with “potentially significant implications for the Ki...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
OMV Set For Adnoc Offshore
...abi, primarily in the downstream sector. OMV is a partner with Mubadala in petchems firm Borealis, which partners Adnoc in the Borouge joint venture, operator of three polyolefins plants at Ruwais, 240km west of Abu Dhabi city (MEES, 17 November 2017). It also has modest upstream activity. It pa...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Libyan Crude Exports At 5-Year High
...LIBYA MORE THAN DOUBLED CRUDE EXPORTS* TO 724,000 B/D FOR 2017. ITS RANGE OF DESTINATIONS IS WIDENING... ...BUT THOUGH CHINA TOOK 65,000 B/D AND THE US 57,000 B/D FOR 2017, OVER 77% STILL WENT TO EU COUNTRIES (‘000 B/D) *FIGURES ARE FOR IMPORTS TO GIVEN COUNTRY. LISTED CO...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Opec Output At 11-Month Low, Overshadows Latest Russian Gains
...Opec production fell to an 11-month low in March as “involuntary cuts” from its weakest members continued to pile up. Output averaged 32.14mn b/d, down 230,000 b/d on January and the lowest since April 2017’s 32.09mn b/d. March was the third consecutive monthly decline and so unsurprisingly th...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Algerian Crude Output: Temporary Dip, Long-Term Decline
...ll over 200,000 b/d. But output last topped this level in 2008. Output fell below 100,000 b/d for 2017, and was just 94,000 b/d in Q4 (see chart). Anadarko also operates the processing facilities for the nearby El Merk and Cepsa-operated Ourhoud fields. Collective output from these fields fell to 33...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Yemen: IOCs Eye Re-Entry Amidst Battlefield Stalemate
...Upstream return looks optimistic given lack of access to export outlets. With the third anniversary of the Saudi campaign against Iran-affiliated Houthi militants in Yemen the conflict looks ever more like a gory stalemate (MEES, 27 October 2017). With violence now largely confined to the Ho...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Iraq Eyes 70,000 B/D Refinery Boost By End-2018
...wnstream rehabilitation has included launching multiple greenfield refinery plans, but foreign investors have largely stayed away. As such, Iraq’s greatest prospects for boosting output in the near-term come from rehabilitating and expanding brownfield facilities such as Basra. In 2017 it brought back on...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Saudi: Ambitious Solar Push Could Spell The End For LNG Import Plans
...ll have spurred on greater measures than a more modest goal. His two most eye-catching domestic measures to-date are the Vision 2030 plan to radically overhaul the economy (MEES, 29 September 2017), and the $500bn “robot city” Neom (MEES, 27 October 2017). But, in terms of concrete progress, the om...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018