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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 -
Egypt May Ax Coal Plans On Back Of Major Gas, Solar Expansion
...s since soared with the key boost coming with the December 2017 start-up of the 21.5tcf Zohr field discovered just over two years earlier. By late 2018 Egypt had again become a net gas exporter, since when output has continued to soar an all-time high of 6.75bn cfd in August (see chart, p13). 1: EG...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Rabigh-2 Completion Broadens Saudi Petchems Palette
...9mn t/y mixed-feed cracker and an aromatics plant, processing locally available ethane and naphtha to deliver a range of high-value chemicals – many new to the kingdom for the first time – as well as polyolefins (MEES, 18 August 2017). Aramco’s Petro Rabigh JV processes ethane as well as naphtha from th...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Saudi Arabia Expects Large Budget Deficits Until 2022
...SR1,048bn ($279bn) from SR1,106bn ($295bn - see table). The Saudi Finance Ministry issued its pre-budget statement for 2020 on 31 October. For 2020, the ministry projects the deficit will widen to SR187bn ($50bn), its highest figure since 2017 and equivalent to 6.5% of GDP. The reason for this 43...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Eni Hit By Zohr Output Cap, Repeats Call For LNG Restart
...rprising if the Rome-based firm had not been involved. Meanwhile, EGAS’ freshly released 2018-19 report flags up an “MoU with Toyota to study the way to implement LNG bunkering project in Egypt.” France’s Total also has Egypt LNG ambitions having acquired 5% of ELNG (10% of Train 1) in its 2017 pu...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Mauritania Sees ‘2019’s Largest’ Deepwater Find With 13tcf Orca
...smos says. True, though 2017 wells targeting oil, and ‘outboard’ (further offshore) prospects flopped (MEES, 15 December 2017). US independent Kosmos (28%) partners BP (62%) on each of the major’s four Mauritanian deepwater blocks. Indeed, it was Kosmos that made the key initial discoveries, in...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Israel Offshore Awards: Small Firms, Smaller Commitments
...e ministry to attract bigger names to its offshore after 2017’s previous bidding flop (MEES, 15 December 2017). Then, just six of the 24 much smaller blocks on offer were awarded, with Energean taking five. The Greek firm has yet to undertake any exploration on the acreage. Energean’s key focus is...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
KRG: DNO Tawke Output Down Again
...gion’s oil sector. And whilst the 2017 start-up of the 52,000 b/d Peskhabir field has provided a boost, in recent months it has failed to offset losses at the eponymous Tawke field which saw output dip to 67,800 b/d in Q3 – down from 83,400 b/d in 3Q 2018 and 107,000 b/d in 3Q 2017. DNO expects to ex...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Banks On North Field Leverage To Boost Aggressive Overseas Expansion
...rld’s dominant LNG supplier is set to strengthen further (see p9). Despite its recent acquisition spree, QP has a long road ahead of it to achieve its international aspirations. Still, Mr Kaabi has long-term aspirations, telling MEES in 2017 that “Qatar Petroleum; in 10 years from now you will not re...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019