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Kuwait Oil Sector Risks Being Left Behind
...oduction capacity of 3.15mn b/d in its 2017-18 Annual Report, but the firm subsequently stated in December that capacity was languishing at just 3.0mn b/d. This was especially galling given that KOC had brought online 120,000 b/d of light oil from its Jurassic reserves between January 2018 (MEES, 19 Ja...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Sudan, South Sudan Claim Oil Production Boon, But How Much?
...most all crude exports from the Sudans, gives no indication of an uptick in volumes. 2018 imports from South Sudan, at 68,000 b/d, were level with 2017, whilst numbers for both Q4 and December were below the 2018 average (see chart). In a broader context, any increase in crude production is a ma...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
IMF: Praise, $2bn For Egypt
...rong remittances, while unemployment has declined to its lowest level since 2011.” A combination of “the authorities’ fiscal consolidation efforts and high nominal GDP growth” means Egypt’s public-debt-to-GDP ratio “declined markedly” from 103.2% for 2016-17 to 92.6% for 2017-18 and a forecast 86...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
UAE Power Strategy Sees Abu Dhabi, Northern Emirates Join Forces
...pporting role has seen its ‘exports’ of electricity (ie transfers outside Abu Dhabi) rise more than threefold over 10 years, from a total of over 6TWh in 2008, 15% of power generated, to 21TWh (25%) in 2017 (see chart). Abu Dhabi’s rise to UAE power domination was due to its holding most of the UAE’s ga...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Iraq: Gas Output Up As Crude Burn Falls To New Lows
...18). Iraq’s crude burn peaked in 2015-2016 when it averaged 170,000 b/d (see chart 2), falling to a still sizeable 119,000 b/d in in 2017 as volumes were progressively dialed back. But in 2018, Iraq brought the figure under 40,000 b/d, including two months where no crude was burned in powerplants (see ch...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Europe’s Iran Payments Mechanism: Too Little, Far Too Late?
...vember-December nadir of 800,000 b/d, but it is difficult to imagine the total hitting much more than half of the 2.64mn b/d 2017 volumes (MEES, 25 January). IRAN: INTERNAL DIVISIONS Whilst there appears little chance of Instex taking off anytime soon, its launch has shone a light on...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
QP Triple Boost
...ES, 30 January 2015). But the state firm stepped up activities in 2017 and the number of deals reached a crescendo last year (MEES, 21 December 2018). Qatar is now reaping the benefits, reaching FID on the key US Golden Pass LNG export terminal this week (see p6) and notching up its first ever ov...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Iran Claims Gasoline Record
...rt of Bandar Abbas which would add 77,000 b/d. The previous Gulf Star phases were brought online in April 2017 and February 2018 (MEES, 26 October 2018). These gains may be sufficient to enable the halting of gasoline imports, which averaged 55,000 b/d over the first half of 2018. ...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Iraqi Kurdistan Government Formation Edges Closer
...chirvan Barzani himself has become president, having effectively held the position since November 2017 when his uncle (and Masrour’s father) Massoud Barzani stepped down in the wake of the September 2017 independence referendum (MEES, 22 September 20`7). The KDP’s opponents frequently accuse the party of ne...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Lebanon To Cut Electricity Subsidy
...ansfers’ to the state electricity company Electricité du Liban. The government forked out over $740mn in 1H 2018 alone on such payments, and $1.33bn in 2017. Subsidy cuts would also rationalize consumption, which given heavy subsidies (but also theft from the power grid), puts further strain on the el...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Tunisia’s Nawara Gas Project Delayed Again
...ergy firm ETAP was set to start up in June but Mr Seele on 6 February flagged up “start up… towards the end of 2019,” whilst the accompanying presentation indicated no significant output boost before 2020. The project previously targeted 2017 start-up (MEES, 9 May 2017). Bad news for Tunisia: the co...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Majors Plan Cautious Hike To 2019 Capex
...azil. *Whilst the majors continue to tout capital discipline, spending has edged up – only BP saw a fall for 2018. And even for BP spending rose towards the end of the year: it was $4.4bn for Q4, well above the 2017 figure on an annualized basis. *Shell is targeting $25-$30bn capex for 2019, leaving ro...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Tunisia’s Net Energy Imports Hit Record In 2018
...nual price for Brent crude (see chart 4). Net oil import volumes were actually down a touch thanks to a dip in demand from 2017’s record levels. Whilst in gross terms, Tunisia’s spending on energy imports remains well below the $4bn-plus import bills seen in 2012-14 when crude was largely over $10...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Adnoc Brings Eni, OMV Into Refining Arm Ahead Of Expansion
...e remaining 85,000 b/d is at the Abu Dhabi refinery. Products output in 2017 was 725,000 b/d, of which 512,000 b/d (70%) was exported. Abu Dhabi plans to boost refining capacity by 60% to around 1.5mn b/d by 2025 under its $45bn strategy to turn Ruwais into “the world’s largest integrated re...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
LNG: A Record Year As Qatar & Oman Both Hike Sales
...*Global LNG trade surged to record levels in 2018. The top five global importers alone, all in Asia, collectively took 220.4mn tons, up 13% on 2017’s previous record. Global number two China alone took a whopping 41% more on the back of 46% 2017 gains, pulling further ahead of number three So...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Qatar 2018 Revenue Surge Finances Renewed Checkbook Diplomacy
...bargo. The Saudi-led embargo was imposed in June 2017 (MEES, 9 June 2017) and so 2018 was its first full calendar-year in force. Economic data shows that Qatar is comfortably weathering the storm, having rejigged a few trade routes to adjust to the new situation. Critical exports of LNG and oil have co...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Qatar’s Emir On Asian Tour
...pplier to Korea, which imported a record 14.3mn tons from the emirate in 2018. Korea is also Qatar’s largest buyer of the fuel (see p5). The potential downsides of Qatar supplying clients with its own LNG fleet was exposed in June 2017 when its neighbors (Saudi Arabia, Bahrain and the UAE) imposed an ec...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Lebanon’s ‘New’ Government Set For Uphill Battle
...d a consortium of Total (40%op), Eni (40%) and Russia’s Novatek (20%) was awarded two exploration blocks (MEES, 15 December 2017). One well, in Block 4, is expected to be drilled this year (MEES, 16 February 2018). The most recent stalemate has already pushed back a planned second bid round in...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Saudi Arabia Launches Latest Investment Drive
...0bn to the kingdom’s GDP by 2030. That amounts to 41% of 2018 GDP, which data for the first nine months of the year implies will be nearly $775bn. Certainly Saudi Arabia could do with an injection of economic growth. After the economy contracted 0.9% in 2017, it edged up by around 1.7% over the first ni...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Sabic Reports Higher Profits As It Prepares For Aramco Buy-In
...3mn). Part of Sabic’s internal transformation includes bundling together assets in some of its less strategic businesses. Q4 2018 saw Sabic’s fertilizers businesses transferred to the standalone Sabic Agri-Nutrients Investments subsidiary. The unit, which in 2017 accounted for around 10.5% of total Sa...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019