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Oman’s New Energy Minister: Bumper Revenues, Longer-Term Challenges
...oofing the energy sector and broader economy. For Oman, gas is key to this ambition with the 2017 start-up of the Khazzan tight gas play unlocking a bonanza of increased production and development plans (MEES, 12 April 2019). Gas has long been touted as a ‘transition fuel’ and Oman is debottlenecking it...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Kuwait Set For Virgin Offshore Well
...ng-delayed offshore exploration drilling program will be a major development for the emirate. Upstream activity outside of the PNZ is conducted by state firm Kuwait Oil Company (KOC), but capacity has dropped from 3.15mn b/d in 2017/18 to just 2.63mn b/d for 2020/21. KOC aims to increase this to 3....
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Qatar Brings Major Players Into LNG Expansion
...pansion in 2017 (MEES, 7 July 2017). QatarEnergy has been able to leverage the huge interest in its LNG expansion project into progressing its overseas ambitions. TotalEnergies and ExxonMobil have received stakes equivalent to 6.25% (2mn t/y) as befits their status as the largest LNG players of the qu...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
KRG Hands Baghdad Oil Sector Counter-Proposal
...om the Federal Court of Canada over 700,000 barrels in June 2017. In both cases, the KRG successfully re-routed the cargos elsewhere to avoid their seizure. Crucially, Iraq and Turkey are still party to lengthy arbitration over the KRG’s utilization of the pipeline to Ceyhan for exports. The le...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Qatar Gas Exports Surge To Five Year High
...Qatari gas exports bounced back to five-year highs in April as seasonal maintenance work on LNG facilities was completed. Exports jumped above 16bn cfd in April for the first time since January 2019, and hit their highest level since June 2017 according to the latest figures from Jodi, pr...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Oman LNG Bounces Back Following Maintenance Work
...mpletely changed the supply picture when it started up in 2017 (MEES, 29 September 2017). The 500mn cfd second phase Ghazeer came online in October 2020 (MEES, 16 October 2020), while the likes of Shell, Total and Eni have all taken up Khazzan-like acreage in recent years in a bid to replicate BP’s su...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
TotalEnergies First Again With Qatar LNG Expansion Deal
...e first firm to re-enter Iran, alongside China’s CNPC, during the country’s brief post-JCPOA re-opening. The pair signed a $4.8bn deal to develop Phase 11 of the South Pars gas field in 2017 (MEES, 7 July 2017), before exiting in 2018 after the US re-imposed sanctions on Iran (MEES, 24 August 20...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
Asian LNG Prices Steady As Korea Boosts Oman Volumes
...r 2017 to 2021 but has been overtaken by both China and India so far this year (MEES, 10 June). *Korea remains top LNG customer for the Middle East’s number two LNG exporter Oman (see p4). With Korean imports from Oman up 44% at 2.24mn tons for the first five months of 2022, Oman was just be...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
KRG Oil Sector In The Crosshairs As Baghdad Steps Up Legal Attacks
...ports around 100,000 b/d (MEES, 15 April) to Turkey’s Ceyhan Port via a KRG-controlled pipeline. Prior to being reclaimed by federal forces in 2017, the KRG took over most operations in Kirkuk for almost three years. On the dynamics of a potential arbitration between Baghdad and the IOCs, Shwan Zu...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Tehran & Baku Agree To Double Gas Swap
...lume agreed upon last year (MEES, 3 December 2021). Mr Owji also claims that his country could even “easily” increase the amount swapped to “three or four times.” The original deal announced on 29 November 2021 ended a five-year hiatus in Iranian imports of Turkmen gas. Iran in early 2017 an...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Qatar: 2026 Cracker Start
...nocoPhillips have secured stakes. The LNG expansion project will provide ethane feedstock for RLPP. When announcing the planned facility in 2017, Mr Kaabi told MEES that “for the first time in Qatar we are going to extract ethane before we liquefy. So we are going to have a major petrochemical plant in ad...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Egypt Foreign Reserves At 5-Year Low As Cairo Awaits IMF Cash
....5bn at end-May, down $1.6bn on a month earlier for the lowest figure since June 2017 (see chart). This comes as Egypt’s economy continues to reel from high commodity prices linked to Russia’s invasion of Ukraine. Reserves have been on a downward trend since February despite key Gulf ally Saudi Ar...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Key Sadara Chemicals Pipeline Boosts PlasChem Operations
...p). The Sadara complex is centered around a 1.9mn t/y mixed-feed cracker, which is able to process up to 53,000 b/d of naphtha and 85mn cfd of ethane and an aromatics plant producing 280,000 t/y of benzene and 134,000 t/y of toluene. The final Sadara unit started operations in 2017 (MEES, 18 August 2017...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Saudi Foreign Reserves Edge Up Over April
...e second half of that year. They stabilized at slightly less than $500bn from 2017 onwards, before dropping sharply in early 2020 amid the huge Covid-19 disruption and bottomed out at $424bn in February. SAMA NET FOREIGN ASSETS EDGE UP TOWARDS END-2021 LEVELS IN APRIL ($BN) SO...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Egypt Renewables Plans Pick Up Pace
...lar park in southern Egypt in 2017 (MEES, 1 November 2019). And wind capacity is set to surge ahead of solar in the coming years with 2.1GW of planned capacity at various stages of development, with just 700MW of solar planned. SHIFTING FOCUS Cairo has shifted from prioritizing co...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
Mauritania Gas Development Gets European Supply Crunch Boost, But Exploration Canned
...e north is set to be relinquished on the expiry of its current exploration period at the end of next month. At least BP drilled an exploration well on C-12, 2017’s Lamantin-1 which unsuccessfully targeted oil. This is more than ExxonMobil did on its three ultra-deepwater blocks – C-14, C-17 an...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Libya Sees Smuggling Surge As Oil Prices Rise
...werbrokers. Naturally, the practice puts a huge strain on state coffers and means Libya is effectively paying hundreds of millions each year to smugglers to enrich themselves. Between 2017 and 2021 Libya spent almost $14bn on fuel subsidies according to figures from the central bank (see chart 2). A su...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Saudi Arabia Surges To $15bn Q1 Surplus
...INS Total revenues in the first quarter amounted to $74.1bn, the highest quarterly figure in ministry data stretching back to 1Q 2017. Within this, oil amounted to $49bn (66%), the highest figure since 3Q 2018’s $49.1bn (see chart 2), as Brent crude averaged $98/B for the quarter. With oil prices co...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Iraq Crude Exports Push Against Capacity Constraints
...ins only in 2023 and 2025. The first gains are slated to come through the much-delayed Sealine 3 pipeline which is planned to add 600,000 b/d by connecting to ABOT, the non-operational SPM4 and the 600,000 b/d Khor al-Amaya (KAAOT) terminal which has been offline since 2017 due to pipeline leaks. Mr...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Oman Oil Output At Near-Record Highs As India Shipments Surge
...similarly low volumes in April. With Chinese spot crude buying having dropped off significantly over the last couple of months as Covid restrictions crimp demand, India has stepped up to fill the gap. Shipments to India doubled to 220,000 b/d in March, the highest figure since October 2017 th...
Volume: 65Issue: 18Published at Fri, 06 May 2022