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Saudi Gas Set To Further Strengthen Domestic Powergen Role
...peline connection (see table). Wasit came online in 2016 and then hit full capacity in 2017. The amount of power generated by gas jumped 717 trillion Btu between 2015 and 2017 as a result, and a similar boost from Fadhili would technically be sufficient to erase crude and diesel burn in the eastern an...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
North Africa Follows UAE, Saudi In Slashing Solar Costs
...uld have cost $649/kW, while its $29.4bn under-development nuclear project with 4.8GW capacity will cost $6,125/kW (MEES, 15 December 2017). UAE/SAUDI SOLAR PV PROJECTS HAVE SET RECORD LOW ELECTRICITY PRICES (US¢/KWH)... ...WHILE NORTH AFRICAN PRICES ARE NOW PLAYING CATCH-UP (US¢/KW...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Iran Gasoline Prices Hike Fuels Nationwide Protest
...an the large demonstrations of December 2017 when 22 people were killed in many cities and towns in protest against poor living conditions (MEES, 19 January 2018). The Ministry of Interior warned the protesters that security forces will step up action against them to restore calm if their “il...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Iran Crude Exports Go Dutch?
...Rotterdam, was long the key international trader in Iranian products: in January 2017 it inked a $1bn pre-finance deal with Tehran to be repaid from products exports. However former CEO Ian Taylor explicitly told MEES in October 2018 that the firm had no intention of trading with Iran under US sa...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Egypt Kicks-Off 2018-19 Fundraising
...an to raise $5bn this year is an indication of its improving finances following its $12bn IMF sponsored financial reform program which officially ended in August of this year (MEES, 13 September). Since entering the program in November 2016 Egypt has borrowed $7bn in 2016-17, $6.5bn in 2017-18 and $6....
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Egypt Inks E&P Deals
...gust) output risks falling below the previous low of 330,000 b/d set in March 2017 whilst Egypt’s overall output looks set to test the 35-year low of 614,000 b/d set the same month (see chart). EGYPT'S SLIDING OIL OUTPUT ('000 B/D) Source: EGPC. ...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Bab Expansion Plans Grow
...Adnoc is investing $489mn to further expand its key onshore Bab field to 485,000 b/d. Work was already underway through a 2017 contract to expand the field from 420,000 b/d to 450,000 b/d by next year (MEES, 17 November 2017). The EPC contract for the latest expansion was awarded to Gr...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Oman Offshore Ambitions Creep Forward
...illing next year will be in Oman, the first deep offshore drilling in Oman, so it’s quite important,” he says. “That is most likely gas or gas/condensate, and we are drilling only seven months after the acquisition [closed], which is a big achievement.” Eni acquired Block 52 operatorship in 2017 (ME...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Iran Digs Deep With Massive Heavy Oil Find
...elds including Darquain, Mansuri, Sepehr, Ab Teymour, Jufeyr and Susangerd (see map). Several of these fields in the ‘West Karun’ region bordering Iraq were among those that Iran sought to offer up to foreign investors in 2017 (MEES, 23 June 2017). Indeed the ‘new’ field appears to at least in pa...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Iraq: Lukoil Not Happy
...lt in recent weeks. The West Qurna-2 expansion is not the only Lukoil project under threat. Lukoil also operates Block 10 (60%, 40% Japan’s Inpex) where it has been looking to develop its 2017 2.5bn barrel-plus Eridu discovery (MEES, 3 March 2017). The find was dubbed Iraq’s “largest in decades”: Ir...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Aramco Kicks Off Share Offering: But At What Price?
...came Crown Prince in June 2017 consolidating his position as the kingdom’s de facto day to day ruler (MEES, 23 June 2017). The desire for a high implied valuation seems to have been a key factor behind both the delay to any sort of IPO and the kicking of an international listing into the long gr...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Iran Ups Geopolitical Stakes With Nuclear Advances
...ssia. The new plants at Bushehr will also process Russian fuel (MEES, 31 March 2017). ...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
SEC Switches Privatization Plan From Sell-Off To IPPs
...cess of peak demand (MEES, 9 August). In the first half of 2019 SEC had access to a total 75.1GW of capacity to supply its grid, 15.5GW above peak load of 59.6GW. Additionally, reduced electricity subsidies have helped cut peak load from the record 62.1GW of 2017 (see chart). PRIVATE SECTOR PL...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Korea LNG: Qatar Volumes Slump
...rean imports. And for October Qatari volumes fell to just 0.47mn tons, the lowest monthly figure in well over a decade (see chart). Such has been Qatar’s dominance in Korea that only twice since 2013 had it not been top on a monthly basis (edged out by Australia in September 2017 and June this ye...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Algeria-To-Italy Gas: New Deals, Reduced Aspirations
...ock a massive fall in 2019. Volumes for the first 10 months of this year were down 39% at 8.4bcm. And whilst 2017 and 2018 saw volumes pick up in Q4, this has not been the case this year: deliveries through 14 November were flat with October (and down slightly on September) levels. Full-year 2019 de...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Iraqi Kurdistan Closes In On 500,000 B/D Oil Production
...late 2017 (MEES, 20 October 2017), Iraqi Kurdistan’s tempestuous oil sector is poised to once more produce 500,000 b/d as foreign firms continue to invest in the region (see chart). By the end of the year, MEES expects output to exceed 490,000 b/d, with 500,000 b/d breached in early 2020. Ov...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Egypt Oil Output Target Slips Further From Reach
...Egypt’s oil output fell to a two and a half year low of 619,000 b/d for September with output from the country’s oil heartland Western Desert also slipping to its lowest level since April 2017. Egypt’s target of reaching oil output of 690,000 b/d by June next year appears to be slipping fu...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Abu Dhabi’s Mubadala Puts Gas At Center Of Petroleum Strategy
...rst came the merger with fellow state-investor IPIC in 2017 (MEES, 24 February 2017), and after a period of consolidation last year saw a slew of major investments (MEES, 20 April 2018). The state investment vehicle’s consolidated energy portfolio sits in the Petroleum and Petrochemicals platform, wh...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
MEES Interview: Musabbeh al-Kaabi, CEO of Mubadala Petroleum & Petrochemicals
...Q: Mubadala has accelerated energy sector investments over the past 18 months. What benefits have you realized from the increase in scale in your portfolio following the merger with IPIC in 2017? A: Our investment business is now well-established and we are very pleased with the progress si...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Opec Faces Five Years Of Pain
...ve been in place since January 2017 and there is growing fatigue among producers. Ecuador has decided it’s had enough and announced last month that it is quitting Opec (MEES, 4 October). Opec+ may well secure a further extension next month, but as the current situation with Iraq and Nigeria hi...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019