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Opec Output Slumps As Ecuador Quits
...at wish to cheat typically pay lip service to production obligations, Ecuador’s outspokenness has been refreshing. As far back as July 2017 Ecuador said “there’s a need for funds for the fiscal treasury, hence we’ve taken the decision to gradually increase output” (MEES, 4 August 2017). Its su...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Aramco Releases Dividend Details In IPO Push
...w, it also significantly caps funds available for a potential dividend windfall during periods of high oil prices. Aramco also pays the government corporation tax at a rate of 50%. This was brought down from 85% in 2017. Senior government officials have flagged up the speed with which Aramco ha...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Eni, Shell & OMV In Tunisia: Will They Stay Or Will They Go?
...oblem at Baraka has brought combined output at the fields down to a measly 1mn cfd from around 13mn cfd in early 2017. The two fields have lots of potential and would have fared much better “if they were managed better. The reserves are there,” the source says. Though Eni is Tunisia’s top oil pr...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Tunisia’s Upstream: Can It Emerge From A Lost Decade?
...nce summer 2017 when strikes knocked out a slew of output in the deep south (MEES, 2 June 2017). Gas output at 182mn cfd up to August is an 11-year low. Barring an end-year miracle, Tunisia will see another fall in its oil and gas output for 2019. Why has this happened? “It is a combination of na...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Dana Gas Egypt Asset Sale: Can It Garner Interest?
...gust). “If there is a time to start doing some portfolio management, now is a very good time to do it,” Mr Allman-Ward says. Why Dana would want to put all its eggs in the KRG basket is less clear: it is only two years since it settled a major legal dispute with Iraqi Kurdistan (MEES, 1 September 2017...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
KRG Gas: Key Producer Eyes Alternatives To Rosneft’s Stalled Turkey Pipeline
...Dana Gas says Pearl could build 100km pipeline to Turkey border itself. Stalled development of a gas export pipeline from Iraqi Kurdistan to Turkey is forcing the region’s key gas developer to look at alternatives. A pipeline to Turkey was to have been built by next year under a September 2017...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Iraq Exports Record Crude In Q3 Despite Opec Deal
...tably stable so far in 2019 hovering either side of $20bn, in contrast to the previous year when the range was a much broader $4.2bn, and indeed 2017’s $4.7bn. Overall, absent a much greater than expected drop in federal crude export volumes, annual exports ought to rise for the sixth consecutive ye...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Benchmark Crude Prices ($/B)
...n19 Q2 2019 Q1 2019 Q4 2018 2019 (>26Sep) 2018 2017 20...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Abu Dhabi $10bn Bond…
...abi mandated BNP Paribas, Citigroup, First Abu Dhabi Bank, HSBC, JP Morgan and MUFG to act as lead managers and joint bookrunners. Abu Dhabi last tapped the international bond market in October 2017 with a $10bn three-tranche issue (MEES, 6 October 2017). ...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Iran Scrambles To Plug Budget Deficit
...om the original 2019-20 budget. Some IR100trn ($870mn) on additional funding will come from the sale of state-owned assets, and IR45trn ($391mn) from state foreign currency reserves. As of 2017 Iran had foreign reserves of $130bn according to an IMF estimate, although this figure has likely sh...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Riyadh’s SWCC Privatization: Desalination And Powergen Assets On The Block
...prove our operational excellence and efficiency” in preparation for privatization (MEES, 19 October 2018). This has seen SWCC output increase as a percentage of total Saudi desalinated water production, rebounding from a minimum of 48% of total output in 2016 to 66% of 2017’s total of 2.46bn m3 in 2017...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Libya’s NOC Looks To Take Development Inhouse With New Zallaf Subsidiary
...ncession, Occidental is gone (MEES, 10 February 2017), while Marathon announced it sold its Waha stake to Total in 2018 – though this is still disputed by NOC (MEES, 5 April). THE OIL CURSE Oil and gas revenues account for more than 90% of the country’s income. In 2018, these came in at...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Oman: Record Condi Output
...ve to further ease crude production elsewhere to maintain Oman’s compliance with its 970,000 b/d Opec+ oil production commitment. Oman’s condensate output only averaged 86,000 b/d in 2017 but has been driven up by the sultanate’s rebirth as a major natural gas producer (MEES,28 June). Prior to Ra...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Northern Iraq Secures Vital Infrastructure Upgrades
...fensive, causing total federal Iraqi refining output to drop from over 600,000 b/d in 2013 to just under 400,000 b/d by early 2015. Baghdad has since managed to raise refining capacity, with output jumping from an average of 539,000 b/d in 2017 to 718,000 b/d in 2018 but the north has struggled to feel the ef...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Abu Dhabi Eyes Innovative Approach To Energy Transition
...plying total nationwide capacity of 93GW (MEES, 13 January 2017). This is around three times current capacity, hardly boosting confidence in the efforts to improve consumption efficiency and reduce the carbon footprint. These figures imply thermal (mainly gas) capacity rising from 28GW to 35GW by 2050, “cl...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
QP, Shell Reaffirm LNG Bunkering Commitment
...Shell CEO Ben van Beurden was in Doha this week for talks with Qatari Minister of State for Energy Saad Sherida al-Kaabi. The pair “signed a Shareholder Agreement today [18 September] to establish a company that would provide global LNG bunkering services.” This follows a 2017 framework ag...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
ENI Egypt Gas Start-Up
...eir North Damietta concession next year with additional drilling at the 300mn cfd Atoll as well as the start-up of the Qattameya field, discovered in March 2017 (MEES, 30 August). The volumes of course pale in comparison to the 21.5tcf Zohr field in the deep offshore Mediterranean which is cu...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Morocco: Minnow Bags Deepwater Block
...2017 without drilling. Morocco enjoyed something of an exploration boom earlier this decade. But of the 10 deepwater wells drilled none found commercial hydrocarbons (MEES, 30 January 2015). ...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Saudi Arabia Jodi Data ('000 B/D): Crude Stocks Fall To New 9-Year Low Even Before Latest Outage
...CHANGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL FIGURES ARE PERCENTAGES. *EXCLUDES FIELD LPG (650-700,000 B/D). **NAPHTHA REFINERY OUTPUT INCLUDED IN ‘OTHER PRODUCTS TO DEC 2017 (479,000 B/D FOR 2017). ^PRESUMES ALL FUEL OIL CONSUMPTION IS BURNT IN POWER PLANTS. SEE AN...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Saudi Arabia Chases Ambitious Downstream Strategy
...come depends on crude oil prices. Aramco’s rising revenues during 2016-18 coincided with rising crude prices. Arab Light averaged $40.96/B in 2016, $52.59/B in 2017 and $70.34/B in 2018. A downturn in Aramco’s revenues for 2019 is likely given that the Arab Light price averaged $66.33/B in first ha...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019