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PDO Joins Oman’s Shift To Solar
...netheless, OPWP is still seeking alternatives to gas-fired power generation, so that of the 6.85GW of capacity awarded and planned by OPWP and PDO more than 40% is in renewables and coal-fired plants (see chart). The fuel for the delayed Misfah project has yet to be announced (MEES, 30 June 2017). Gas fu...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Masdar Completes Financing Of Waste-Burning Power Plant
...sdar and Bee’ah and is scheduled to begin operating in 2020. French engineering firm CNIM was awarded a contract in May 2017 to design, build and operate the plant. The lenders to the Sharjah project will be the Abu Dhabi Fund for Development (ADFD), Abu Dhabi Commercial Bank, Germany’s Siemens Fi...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Egypt Economy Marches Upwards, But Higher Oil Prices Hit Subsidy Reforms
...Egypt’s economy is on the mend. Its current account deficit shrunk by almost 60% to $6bn for the 2017-18 financial year. But higher oil prices could derail the country’s subsidy reforms and it’s still on track for a massive budget deficit this year. Two years on from Cairo’s November 20...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Aramco/Sabic Pick Yanbu For COTC
...e partners had Yanbu in mind when they signed an MoU for joint development of the project, although they were considering other options, with proximity to market a key factor (MEES, 1 December 2017). While Yanbu is further away from the chief Asian chemicals market, the recent expansion of Red Se...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
DNO: A Tale Of Two Fields
...aracterized production from the 50,000 b/d Peshkabir field as “on steroids.” DNO targeted 50,000 b/d from Peshkabir by end-2018 but hit its aim ahead of schedule (MEES, 14 September). Equally of note is the declines at Tawke field – output has dropped from 113,300 b/d in January 2017 to 94,000 b/d a year la...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Iraq: New Government, Old Problems
...bruary). In late 2017, former Oil Minister Jabbar al-Luaibi was bullish on the prospects of replacing the irreparably damaged ‘federal’ pipeline from Kirkuk to the Turkish border, whilst restoring the route’s full length to Ceyhan to its nameplate 1.6mn b/d capacity. But nothing has been said on the plans th...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Oman Farms Out 10% Khazzan Stake To Petronas
...ock 61 hosts the country’s greatest gas discovery to date, the Khazzan-Ghazeer asset, which boasts 10.5tcf gas reserves and 350mn barrels of condensate. Phase-1 production began last year (MEES, 29 September 2017), with full production of 1bn cfd and 30,000 b/d of condensate achieved in March (MEES, 30...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Services Firms: Mideast Growth Picks Up, But US Slows
...“more of a pause than a long-term structural issue.” The latest dip in US shale activity comes on the back of massive growth that saw the company’s North America revenues leap 37% to $9.2bn for the first nine months of 2018 (just shy of the 2017 annual total) as US crude output soared to top 11...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Upstream Costs: Can Services Firms Get Majors To Split The ‘Rent’?
...13 and $175bn in 2014, the five supermajors’ collective capex had fallen to just $97bn for 2017, with only a slight uptick planned for this year (MEES, 9 February). Key oilfield services firms have felt the heat. Collective profits for the biggest two, Schlumberger and Halliburton, collapsed fr...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Suez Canal Trade Hits Records But Trade War Threatens
...7bn for 2018 as a whole, comfortably ahead of the previous annual record of $5.465bn set in 2014. The Suez Canal is a key revenue stream for Egypt: the record $5.71bn takings for the 2017/18 financial year equated to 12.4% of $45.9bn in state revenue, up from 11.1% in the previous financial year. Ca...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Iraq Signs Up For 25GW Power Boost: What’s The Cost?
...urth monthly zero burn since September 2017 (see chart). There will likely be additional fuel oil available in the near term. While Baghdad has had little success in attracting outside investment in new refining capacity, a recent boost will have come from the start-up of the rehabilitated 70...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Falih Eyes Closer Russian Ties, In Opec+ As Well As Aramco Downstream
...tober 2017, saying that “we are confident that there are vast opportunities for expanding and diversifying economic cooperation…[to] push the trade exchange in accordance with the Kingdom’s Vision 2030.” Russian delegates took on prominent roles at this week’s Future Investment Initiative (FII) su...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Saudi Investment Summit Falls Short As Vision 2030 Stutters
...bn year-on-year from $166bn in 2Q 2017 to $195bn for the same period this year. But non-oil’s share of this fell below 70% as its $10bn gains were half that of oil-GDP’s $20bn increase (see chart 1). The hold oil has on the economy is even clearer to see when turning to export revenues. Oil re...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Pakistan Bags Saudi Economic Assistance
...nt 73,000 b/d in the 2016-17 financial year (to June 2017). However, Pakistan is also in the tricky spot of relying on Saudi rival Qatar for its growing LNG supplies (MEES, 31 August). Qatar supplied 84% of Pakistan’s 4.6mn tons in 2017 and of the 8 cargoes Pakistan has received so far this mo...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Will Saudi Geopolitical Crisis Derail PIF Plans, 2030 Vision?
...ve only seen a marginal increase to $250bn. The PIF program’s four key objectives are “growing and maximizing PIF’s assets; launching new sectors; localizing advanced technologies and knowledge, and building strategic economic partnerships” (MEES, 27 October 2017). Therefore, the decision by a ho...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Iran Testing Star Project
...litter plants, the PGS units deliver naphtha into a reformer for processing further into reformate, a key blending component for gasoline. NIORDC is already operating two phases of PGS, the first being brought online in April 2017 and the second in February this year. The PGS project is central to Iran’s bi...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Kuwaiti MPs Prepare Grillings As ‘Summer’ Ends
...bah and Oil Minister Bakhit al-Rashidi. The return of parliament frequently marks the exit of government ministers, and indeed the previous government resigned en-masse in November 2017, leading to Mr Rashidi’s appointment that December (MEES, 15 December). EGYPT’S FOREIGN RESERVES* HIT RECORD $44...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Saudi Arabia August 2018 Oil Data ('000 B/D): Saudi Arabia Draws On Stocks To Maximize Crude Exports And Refinery Runs In August
...CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL FIGURES ARE PERCENTAGES. *EXCLUDES FIELD LPG (650-700,000 B/D). **NAPHTHA REFINERY OUTPUT PREVIOUSLY INCLUDED IN 'OTHER PRODUCTS (479,000 B/D FOR 2017). ^PRESUMES ALL FUEL OIL CONSUMPTION IS BURNT IN POWER PLANTS. SOURCE: JO...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Back To The Future: Rehabilitation Of Red Sea Terminal Boosts Saudi Export Flexibility
...e European market. Aramco confirmed the start-up of the terminal on 17 October, saying that it “marked the addition of 3mn b/d of crude oil to Saudi Aramco’s west coast export capacity.” This is less than implied by Aramco’s senior VP for upstream Muhammad al-Qahtani in a May 2017 interview with Re...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Qatar Petroleum To Replace Oxy At Key Offshore Field
...SPLACED Oxy had appeared outwardly confident that it would remain QP’s partner at the field. Oxy frequently cites Qatar as central to its portfolio. CEO Vicki Hollub told a May 2017 earnings call that Oxy had “confidence that we’d be able to extend that contract…we believe that with the success our teams ar...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018