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Saudi Goes West With Gas-To-Power Expansion
...15’s 62.26 GW. But while peak load fell sharply to 60.83GW in 2016, it rose back to 62.12GW in 2017, highlighting the government’s struggles to curb power demand amid a rapidly growing population. Increased gas volumes, in particular of non-associated gas, have done the heavy lifting in re...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Saudi Maxes Out Refineries Despite Crude Output Cuts
...Saudi crude exports as a percentage of overall production fell to the lowest level since late-2017 in February. Crude exports fell below 7mn b/d for the first time since May 2018, and as a proportion of production fell below 69% for the first time since October 2017 according to the latest Jo...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Aramco Asian Downstream Splurge Ties Up Captive Crude Markets
...nual report shows output including intermediate products of 30.8mn tons in financial year 2017-18. Its 4Q 2018 results show quarterly petchems output of 9.7mn tons, equivalent to 38.8mn tons on an annualized basis, after the cracker and downstream units reached full output in 2018. Saudi Arabia is al...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Suez Canal Boosted By Saudi, US Oil Trade Transformations
...ade – has continued to edge higher in recent years, hitting a record 491mn tons in 2018, up 4% on 2017’s previous record. *As for LNG, 5.16mn tons went northbound through the canal in Q1 this year, the highest since 3Q 2015. Weaker than usual Asian buying has seen Asian spot prices fall below those in...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Israel Contracts Ge For Power Plant Upgrade
...ectricity in 2018 compared with 54% in 2017. US independent Noble Energy is expected to bring the Leviathan field online in the fourth quarter this year, while Greece’s Energean is due to start up output from the Karish field in Q1 2021 (see p3): both are keen to ink more sales deals....
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Tunisia Clinches Imf Loan Deal
...shington DC where the government and IMF staff agreed on steps to ensure that the “budget deficit target of 3.9% of GDP (before grants) for 2019 can be met to contain the high debt and elevated financing needs.” In 2018 the fiscal-deficit-to-GDP came in at an estimated 4.6%, down from 5.9% in 2017. Facing su...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
More Debt For Jordan’s Nepco
...e country’s practice of heavily subsidizing electricity, most of which is generated through gas imports. MEES estimates Jordan’s total spending on energy in 2018 exceeded $5bn, up from $3.42bn in 2017 (MEES, 30 November 2018). In December Nepco signed a $265mn concessionary loan with the EBRD to re...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Genel Modest Taq Taq Rewards
...Anglo-Turkish firm Genel announced this week that output from its Taq Taq field in Iraqi Kurdistan had risen to 15,500 b/d. The firm has completed the TT-20z well on the license’s north-western flank which is producing at 2,000 b/d, boosting the field’s output to its highest level since June 2017...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Exxon Eyes Israel’s Leviathan
...velopment Eni-operated 3.4mn t/y Coral FLNG project where it took 25% in December 2017. Although it is not operator the firm assumed responsibility for all midstream operations in the project. Exxon has been rapidly expanding its interests in the East Mediterranean. It announced the Glaucus discovery of...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Scatec Starts Egypt Solar Plant
...om a 50MW project completed in December 2017. However, MEES analysis of progress at Benban suggests that other projects may also have started up in recent weeks whilst over 1GW of capacity could be operating by year-end (MEES, 26 March). Benban development got a key boost when the European Bank for Re...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Egypt: Is It Finally Getting Its Energy Finances In Order?
...The end to fuel subsidies and IOC ‘receivables’ may finally be in sight. Egypt is gearing up to remove the majority of fuel subsidies by the start of the next financial year in July. Cairo spent E£121bn ($6.8bn) in the 2017-18 financial year and is on course to spend E£90bn ($5.1bn) in th...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Egypt Power Fuels Number Crunching: Record Gas Output, CCGT Capacity Sees Collapse Of Liquids Burn
...EGYPT’S POWERGEN CAPACITY LEAPT 19% TO A RECORD 55GW AT END-2018 BOOSTED BY THREE CCGT PLANTS TOTALING 14.4GW*. BUT POWER GENERATED ROSE ONLY SLIGHTLY TO 194TWh FOR 2018 2018 MONTHLY GENERATION (TWh) NEVER TOPPED THE JULY 2017 RECORD OF 20.3TWh THE START-UP OF NEW CCGT CA...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Israel Oil 2018 Data: Gasoline Imports At Record On Refinery Outage
...62mn tons (77,000 b/d) or 2017, a year that saw renovation, a strike and a fire at one of its diesel units (MEES, 1 September 2017). Paz increased its crude throughput capacity from 4.5mn tons (90,000 b/d) in late 2013 (MEES, 29 August 2014). *But overall, the gains at Paz were not enough to make up...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Iraq’s Downstream Dreams: Back To Square One?
...llowing the Islamic State insurgency in 2014 (MEES, 28 September 2018). Current output stands around 30,000 b/d, with trucked export volumes hitting 23,000 b/d in March. Despite suffering reservoir damage during the Islamic State’s retreat in 2017, the ministry says production could reach 60,000 b/d; So...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Battle For Tripoli Rages On
...rgoes from Libya in the first quarter. In 2018, Libya at 27% was the largest single crude supplier to OMV refineries, taking the crown from Romania, which accounted for 22% in 2017. LIBYA CRUDE OUTPUT REBOUNDS TO 1.1MN B/D IN MARCH ON EL SHARARA RESTART (MN B/D) SOURCE: MEES. ...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
UAE’s Mubadala Sells Cepsa Stake To Investor Carlyle
...id €3.97bn for the remaining 52.95% in 2011. IPIC was then merged into Mubadala in 2017 (MEES, 24 February 2017). This left Cepsa sitting alongside a host of other energy-focussed Mubadala investments, including its subsidiary Mubadala Petroleum. Holding two wholly-owned energy entities with se...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Oman Gas Bonanza Continues As Total Signs Up To Key Mixed Status Deal
...d for good reason. BP’s ‘mixed status’ Block 61, home of the 1bn cfd Khazzan gas project, has triggered a massive rethink of Oman’s gas sector since starting up in late 2017 (MEES, 29 September 2017). Muscat subsequently managed to bring Petronas on board at Khazzan (MEES, 26 October 2018), in ad...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Egypt’s Molla Promises Record Gas Exports, Damietta Restart
...Thanks to Zohr, Egypt has gone from a major LNG importer in 2016 and 2017 to exports averaging 540mn cfd (9% of output) for October-January. Oil minister Tarek El Molla says volumes have since risen further to 1.1bn cfd. Whilst the latest boost is due in part to demand bottoming out in Ma...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Egypt ‘Zohrs’ Past Libya As Eni’s Top Gas Producer
...tput rose throughout 2018 as Zohr ramped up hitting a record 6.65bn cfd in February (see chart, p19). Having been a major LNG importer in 2016 and 2017, Egypt has again swung to being a net exporter since last October, since when there have been no LNG imports (see box). Zohr production hit its in...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Saudi Opens Iraqi Consulate
...Saudi Arabia has reopened a consulate in Iraq for the first time since 1990 as Riyadh advanced efforts to warm ties with Baghdad. Indications that Saudi Arabia was adopting a more conciliatory approach towards Iraq emerged in 2017 as the kingdom sought to woo its neighbor away from regional ri...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019