Iran Launches JMMC Broadside Ahead Of Crunch Opec Meeting

...E surging 190,000 b/d to an all-time high of 3.18mn b/d, smashing the previous peak of 3.03mn b/d set in November 2016. While cutting output in 2017, albeit at a much slower pace than fellow members, the UAE continued investing in boosting production capacity and is now reaping the reward. Abu Dh...

KRG Tempts Baghdad With Pipeline Expansion

...ming to tempt Baghdad into resuming piped exports to Turkey via the KRG’s link for the first time since June 2017. Indeed, the MNR’s statement makes clear its intentions. “The extra capacity will accommodate future production growth from KRG producing fields, and can also be used by the federal go...

Bleak Picture For Iran As US Reimposes Oil Sanctions

...Iran’s oil exports fell by over 1mn b/d from 2017 levels even prior to this week’s re-imposition of US sanctions. Issuing waivers to eight Iranian clients, US President Trump says he is going “easy” on Tehran for fear of higher oil prices. While plenty of governments have talked tough against th...

Qatar Petroleum Chief Consolidates Energy Sector Grip With Cabinet Seat

...October) and last year ended the moratorium on development of the giant North Field from which Qatar derives its world-leading LNG position. He himself was a driving force behind the imposition of the moratorium in 2005 (MEES, 17 October 2005) which was only lifted last year (MEES, 7 April 2017), ea...

Bumper Nine Months For Saudi Petchems As Sabic Prepares For Aramco Buy-In

...cent weeks – small firm Alujain is again expected to report late – disclosed total net profits of $7.66bn for the first three quarters of 2018, up 33% on the $5.74bn for the same period in 2017 and up 2.7% on the $7.46bn previous periodic high in 2014. Yet quarterly earnings fell by 12% from $2.89bn in 2Q...

Egypt Awards Luxor Gas-Fired Plant As Aswan’s Lustre Fades

...red power plant at Assiut, which is currently being upgraded for combined cycle operation (MEES, 6 January 2017). Prior to the extension of the gas grid to Assiut, Egas has previously reached as far south as Beni Suef, where local contractor Elsewedy had built a 4.8GW CCGT plant, together with si...

Saudi 9M Stats Show Kingdom Almost In The Black: Too Good To Be True?

...Freshly-released official Saudi figures show the kingdom’s deficit falling to just $13.1bn for the first three quarters of 2018, and just $2bn for each of Q2 and Q3. The nine-month deficit is down a whopping 60% from the $32.4bn deficit over the corresponding period of 2017. Pro-rating th...

KRG’s Atrush Field Hits Record

...The 30,000 b/d capacity Atrush field (Taqa 39.9% op, Shamaran 20.1%, Marathon 15%, KRG 25%) hit a monthly high of 26,800 b/d in October. After starting up in July 2017, Atrush output slumped in early 2018 to just 12,500 b/d in April due to “unexpectedly high concentrations of salts flowed ba...

Oman: $4.6bn For Duqm Refinery

...e mid-2000s and finalized in 2012 for a 2017 completion, but financing issues have perennially plagued development (MEES, 25 August 2017). A large chunk of the financing has now been finalized and construction, which began in June (MEES, 31 August), can ramp up. A source close to the project to...

Kuwait Nears CFP Commissioning

...its 2016 annual results that work on its Mina Abdullah contract would not be complete until the very end of 2018 (MEES, 31 March 2017).    ...

Pakistan Crude Imports ('000 B/D): UAE Maintains Top Position And 57% Share For 2017-18* As Overall Volumes Jump 24% To 212,000 B/D

Oxy Gambles On Oman Replacing Qatar Volumes

...rection, volumes are set to increase in the coming years. Indeed, as with BP, Occidental has flagged up its renewed interest in Oman as being in part driven by a desire to roll out techniques honed in the Permian (MEES, 17 November 2017).  OCCIDENTAL MENA CRUDE OUTPUT (‘000 B/D)   OC...

Egypt Confident It ‘Has The Keys To The Future’ Of East Med Gas

...ock 10 (80%) alongside Qatar Petroleum (20%). There has even been progress in Lebanon, which successfully held an offshore licensing round in October 2017 in which it managed to snag Eni and French major Total (MEES, 20 October 2017). Drilling will commence next year. However, plans for a second ro...

MEES Interview With Egypt’s Minister of Petroleum

...d of the previous fiscal year, 2017-18, which ended on 30 June, upstream investments from foreign firms and joint ventures reached about $10bn, and we expect the same over the current fiscal year (2018-19). The Ministry of Petroleum is currently implementing new projects that will double the in...

KRG-Baghdad Deal Needed To Unlock Northern Potential

...peline to Ceyhan (see map). This would cure a massive headache for Iraqi oil officials who are sitting on at least 150,000 b/d of stuck-in crude at Kirkuk. Iraq increased its production capacity by 280,000 b/d overnight when it retook Bai Hassan and the Avana Dome from Kurdish forces in 2017 (MEES, 20...

Eni Grows North African Presence

...geria (MEES, 3 March 2017). If drilling does go ahead, (both firms still to secure necessary exploration permits) it will be the first time offshore drilling has taken place in Algeria for 44 years, and will provide a much needed boost to the country’s upstream sector. Under the stewardship of So...

RAK Back In Tanzania

...ch problems ought to be in the past. Indeed, progress had already been made and China’s BGP International began to conduct a $32mn 2D seismic survey at the block in October 2017. BGP is a subsidiary of state giant CNPC. Zanzibar’s environment minister said the onshore portion would last one mo...

Qatar’s Export Revenues Hit A Four-Year High Despite Ongoing Embargo

...onomic embargo on Qatar in June 2017 they may have expected the emirate to acquiesce swiftly (MEES, 9 June 2017). But as the world’s largest LNG supplier and a major condensate exporter, amongst other liquids, Qatar always looked capable of surviving the blockade with minimal disruption (MEES, 9 June 2017...

IMO Tightening Sulfur Limits In Bunker Fuels: Will Mena Refiners Cope?

...th the latter in the less wealthy countries. With HSFO prices expected to tumble in the wake of the IMO restrictions, those countries exporting substantial volumes are set to see revenues fall. Saudi Arabia is Mena’s largest fuel oil exporter, averaging 255,000 b/d in 2017 and 322,000 b/d in the fi...

Hyundai Eyes Iran Exit

...port Bank of Korea (Kexim), although the total investment required for the preliminary deals was significantly more than the amount pledged officially. In June 2017 Kexim agreed with former Iranian finance minister Ali Tayyebnia to open an $8bn line of credit to fund infrastructure projects in Iran. Th...