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Tethys Spuds Oman Wildcat
...at could become a major exploration push for unconventional resources in the underexplored Omani south. Tethys acquired seismic in the area in 2017 (MEES, 24 November 2017), and received a significant boost in November when US shale powerhouse EOG signed up at the block as a junior partner with a 50% in...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Libya Power Plant Progress
...r four SGT5-PAC 2000E Siemens combustion turbine generator units,” the firm said in a 6 January press release. Enka’s German partner on the projects, Siemens, costed the two plants at a combined €700mn ($826mn) at the time of the original award by state-power firm Gecol in 2017. But construction ha...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Energean: $400mn Israel Buyout
...ivate equity fund Kerogen paid then-cash-strapped Energean $50mn for a 50% stake in its then pre-FID Israel assets back in 2017 (MEES, 17 February 2017). Energean expects the buyout, plans for which were initially announced last month (MEES, 11 December 2020), to close this quarter. Energean al...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Egypt Foreign Reserves Slump $5bn In 2020 Despite 2h Rebound
...*Egypt’s foreign reserves ended 2020 at $40.1bn, the lowest end-year figure since 2017 and down $5.4bn (12%) year-on-year. But it could have been much worse. *As of end May, reserves had collapsed to just $36bn as Covid-19 saw the Arab world’s most populous economy grind to a near ha...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Gulf Refiners Eye Record 2021 Capacity Boost With Completion Of Delayed Mega-Projects
...aning instead towards a 400,000 b/d facility alongside expanding existing plants by 200,000 b/d. Of Gulf countries only Iran and Qatar do not have new capacity under development, though Iran, having added 480,000 b/d of condensate splitter capacity at the Persian Gulf Star complex between 2017 and 20...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
Iraq’s Northern Oil Infrastructure Under Attack From Islamic State
...vember Kasak 10 Restarted in 2017 following IS damage Qayara 14 Restarted in 2017 following IS da...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
DME Oman: Assessing A Key Middle East Benchmark
...E Oman to regional NOCs and support them in finding the fair value of crude oil.” The biggest target for DME would be Iraq, which was considering switching from Platts Oman-Dubai to the DME Oman/Platts Dubai combination in 2017 (MEES, 15 September 2017). With production capacity of 5mn b/d, Ir...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Benchmark Crude Prices ($/B)
...p20 Q3 2020 Q2 2020 Q1 2020 2020 (>10Dec) 2019 2018 2017...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Energean Eyes Full Control Of Key Israel Subsidiary
...London-listed Greek firm Energean is in talks to take full control of its Energean Israel subsidiary by buying-out 30% partner Kerogen Capital. Kerogen initially in February 2017 paid cash-strapped Energean $50mn for a 50% stake in its core Israel assets, before the Greek firm exercised an op...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
UAE Nuclear Power Plant Hits Full 1.4GW Capacity On Test
...pco connected Barakah-1 to the grid in August. Before the plant begins commercial operation, it will be shut down for a check outage “for several months.” The first Barakah reactor was originally slated for 2017 start-up, with the three similar units to follow at yearly intervals. But a scandal ov...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Egypt’s Power & Gas Demand Rebound From Covid Slump
...20.0TWh for August, the first month since February not to be down year-on-year, and the third highest figure on record behind July 2017 and 2019 (see chart 1). *And the latest gas consumption stats, which are for September, suggest that power generation has continued to rise. The country’s ov...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Libya’s Monthly Output Tops 1mn B/D
...tural decline is certainly one factor, the main reason for the slump was due to Istiklal’s second production unit being shut down since 2017. Having now restarted on 28 November, this should provide a healthy boost – eventually, at least. Sirte Oil says the restart of the second unit will allow its en...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Kuwait’s Al-Zour Refinery Takes Delivery Of Commissioning Crude
...rm KOC into storage tanks at the new Al-Zour refinery in preparation for commissioning. Once operational, Al-Zour will bring Kuwait’s total refining capacity to 1.4mn b/d which is equivalent to nearly half of Kuwait’s approximately 3mn b/d oil production capacity. Prior to the 2017 shutdown of th...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Kuwait Slashes Crude Burn As Weather Cools
...tal electricity generation of 6.6TWh was the lowest October figure since 2017. The biggest relief for Kuwait was arguably that it was able to significantly curb the amount of crude oil burned, which fell to a six-month low of 55,000 b/d for October (see chart 2). However, despite being down from mo...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Iraq Plans Oil Prepayments To Alleviate Financial Meltdown
...uld exceed $20bn this year (see chart 2) – up from a $3.49bn deficit in 2019 and two small surpluses in 2017 and 2018. This prepayment deal will help reduce the gap, but only by a relatively small fraction. On the oil side, Iraq is doing all it can to mitigate the damage. Its planned launch of Ba...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
KRG: Chevron’s Sarta Online As Gazprom Eyes Sarqala Rebound
...Junior partner Genel Energy announced this week the startup of the Sarta oil field in Iraqi Kurdistan, the first new field to come online in the semi-autonomous region since Taqa’s Atrush in 2017. First oil from the Sarta-3 well is flowing to the 20,000 b/d early production facility, and Ge...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Israel Gas Output, Exports At Record Levels
...favoring Leviathan – in which they both have substantially larger stakes than at Tamar (see charts, p7) – in sales contracts (MEES, 10 July). Jordan has imported small volumes of Israeli gas since the Arab Potash plant on the Dead Sea began offtakes from Tamar at the start of 2017. Volumes av...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Energean Eyes 28,000 b/d Of Israel Oil Output
...eep decline: the 9M 2020 figure is down almost 20% from 2019 (225mn cfd gas, 5,500 b/d condensate: 45,500 boe/d total), which in turn is well down from 270mn cfd in 2017 (MEES, 4 August 2017). The key plan to reverse this decline is via the tie-in of the North El Amriya (NEA) fields to the north. En...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
The Curious Case Of Algeria’s Hassi R’Mel
...asured) are the only numbers to go off. While we’re still waiting on Sonatrach’s 2019 report, the 2018 version puts gross Hassi R’Mel output at 90 bcm/y, but then again, so did the 2017 edition. Contrary to what is stated, MEES is inclined to take these numbers as nominal capacity, rather than actual ou...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Kuwait Oil Company Looks To Heavy Oil To Offset Capacity Declines
...RGET IN 2021 OR EVEN 2022 LOOKS A BIG ASK (MN B/D) SOURCE: KOC, MEES. 3: HEAVY OIL REMAINS CENTRAL TO KUWAIT’S LONG TERM PLANS ('000 B/D CAPACITY) SOURCE: KOC, MEES. CAPACITY TRENDING DOWN KOC’s production capacity peaked at 3.151mn b/d in 2017-18. With ne...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020