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KRG: Major Pullback Continues; Gazprom Success Softens The Blow
...stern Zagros 40%, KRG 20%), where production averaged 4,000 b/d in 2016. Output had settled at around 5,000 b/d. Western Zagros previously guided that output was set to remain at this level throughout 2017, with a second well set to be spudded in July that would boost output to 15,000 b/d in 2018. Bu...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Iraq Greenlights Halfaya Phase 3 Development
...lfaya is one of five fields providing crude for the Basra Heavy stream launched in 2015 and the second largest contributor to the grade behind Lukoil’s West Qurna II, which averaged a record 408,000 b/d last year. Lukoil expects 2017 output to remain relatively flat. Basra Heavy exports fluctuate bu...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Israel: Lots Of Gas But Where’s The Market?
...nceptual development plan released in March says it has completed the engineering feasibility study and is targeting FID by the end of 2017. “Base case is a gas FPSO with gas pipeline to shore and offshore liquids offloading. Energean’s intent is to execute the project via an established deepwater co...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Gas Ousting Coal
...%. ISRAEL ELECTRIC CO^ FUEL MIX (%) 2017 FORECAST PRESUMES 20% PLANNED RISE IN GAS USE IS HIT WHILST OIL BURNING IS ENDED. ^IEC ACCOUNTS FOR 72% OF ISRAELI GENERATION CAPACITY. SMALLER GENERATORS ARE SOMEWHAT MORE RELIANT ON COAL. SOURCE: IEC, MEES CALCULATIONS....
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Qatar Restarts Gas Expansion Plans As Iranian Output Of Shared Field Soars
...rrently planned to begin operations this year. ExxonMobil has a 7% stake and its 2016 Operational Review lists Barzan with its planned 2017-18 startups. Along with the 1.4bn cfd of natural gas, Barzan is also expected to provide Qatar with 22,000 b/d of field condensate, 6,000 b/d of plant condensate, 20...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Egypt: Key West Nile Delta Project Set For Start-Up
...an [in] the summer,” Mr Dudley told the firm’s 7 February Q4 earnings call. “The wells in the Taurus and Libra fields are close to coming onstream. Production in West Nile Delta is scheduled for the second quarter of 2017,” RWE says. The Taurus and Libra fields constitute the 600mn cfd Phase 1 of th...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Algeria Keeps Oil Spending Flat, Extends Exploration Search Offshore
...Algerian state oil firm Sonatrach has announced an eye-catching $50bn planned five year upstream spend for 2017-21. The figure is a slight increase on that for the most recent five-year plan, but a significant reduction compared to previous years. Once plans to spend about $5bn/year do...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Ta-Ta Taq Taq: Demise of Key Kurdish Field Weighs On KRG Exports
...port blend in February, it will still have grown heavier over the past year. KRG output averaged around 543,000 b/d last year and despite the Taq Taq woes, the KRG ought to exceed this in 2017, if only because a February-March 2016 pipeline outage hit last year’s figures. Absent similar outages th...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
East Med Deepwater Exploration: In Search Of ‘More Zohr’
...ey reviewed the seismic with the new Zohr concept in mind and liked what they saw. Eni, in its latest annual report, released 22 March, reiterates that it expects first gas from Zohr before the end of 2017. Output is set to reach the Phase 1 plateau of 1.2bn cfd by March/April next year, ramping up...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Aramco IPO Valuation: The Devil Is In The Detail
...the Saudi state’s need to balance its budget that has been running at a deficit due to the slump in oil prices since mid-2014. The country’s 2017 budget projects a sizeable SR198bn ($53bn) deficit, albeit down by a third from 2016 (MEES, 6 January), with ratings agency Fitch this week downgrading Sa...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Libya Oil Gains Go Into Reverse
...rf offshore field, which “continued without interruption,” it said. The events prove IOCs are right to be cautious on Libya (MEES, 3 March). ConocoPhillips excluded the territory from its Q4 2016 results release, published on 2 February, and discounted it from its 2017 production guidance. In its Q4...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Asian LNG Imports Hit Record High In 2016; Global Supply Glut Yet To Come
...oduction from new plants in Australia and elsewhere was mostly absorbed by Asian buyers, but at the ‘cost’ of pushing down prices. As more LNG comes online during 2017, the ability of Asian buyers to soak up additional supplies will be further tested for this year. Collective imports to the global ‘to...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Iraq Eyes Oil Revenue Gains And Incremental Production Growth
...Iraq’s oil sector got off to a strong start in 2017, earning slightly more than $5bn in January. This was the second consecutive month in which it earned more than $5bn, something it has not achieved since June 2015. 2017 has also seen exploration and development grow outside of Iraq’s core pr...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Zohr On Target, Rosneft Farm-In Questioned
...clear reactors by Russian state firm Rosatom. ZOHR PRODUCTION PROFILE INDICATES 22-23TCF RECOVERABLE RESOURCE *OFFICIAL START-UP (1BN CFD FROM 6 WELLS) SLATED FOR ‘END 2017,’ 14 ADDITIONAL WELLS ARE SLATED TO ADD 1.7BN CFD FROM 2019. PROFILE PRESUMES THAT THESE INCREMENTS TAKE TIME TO RA...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Abu Dhabi Finalizes Onshore Concession With Chinese Partnership
...CO CRUDE OIL PRODUCTION (‘000 B/D) SOURCE: ADCO, MEES. ADCO TARGET FADING AWAY? Abu Dhabi plans to increase Adco production capacity to 1.8mn b/d during 2017. But with current capacity at around 1.66mn b/d, this target is unlikely to be achieved. Along with development plans be...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Kuwait: Subsidy Row Presages Return To Disruption As Usual
...June 2017 (MEES, 11 July 2014). Al-Rai reports that GC-31 is 15 months behind schedule and that Kuwait Oil Company is considering imposing a fine of up to 10% (KD25mn-$82mn) on the firm. Dodsal submitted the second lowest initial bid for the Al-Zour pipeline. Larsen and Toubro submitted th...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Israel: Exploration On Hold As Firms Await Leviathan Progress
...e 22 tcf Leviathan field where operator Noble says it expects to take a final investment decision (FID) this quarter. LEVIATHAN FID: FULL SPEED AHEAD? Noble issued its 2016 results and 2017 outlook on 13 February. In what has become a familiar trope it says Leviathan FID is almost there. But no...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Energean Bullish: Is It Justified?
...ergean says it hopes to reach FID by the end of 2017 and have first gas by 2020. CEO Mathios Rigas has optimistically said gas from the two fields will compete with Noble and Delek’s Tamar gas field, Israel’s only current producer at 900mn cfd in Q4 after hitting record 978mn cfd in Q3. Gas supplies 60% of...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Oman Output Cut Tempered By Export Surge
...mpanies are boosting production capacity, but, so long as Oman complies with the pledge made to Opec on 10 December to cap first half 2017 output at 970,094 b/d, its full year 1mn b/d target will be difficult to hit. Crude and condensate production fell to 966,000 b/d in January the lowest level in 16 mo...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Oman Completes Key Units In Sohar Refinery Upgrade
...te 2013. The expanded refinery was due online by end-2016, but Oil Minister Muhammad al-Rumhy last August announced an unexplained slide to 2017. Mr Rumhy’s announcement followed a scheduled major turnaround from late February to late April. Orpic said work would include “modifications to the ex...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017