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Egypt Gas Output At Record Level
...bra and Taurus fields (MEES, 15 March). BP says Giza and Fayoum output is around 340mn cfd, implying around 360mn cfd from Libra and Taurus, a significant fall from the initial 700mn cfd the two fields produced when they were brought online in May 2017 (MEES, 12 May 2017). Phase 3 of the project, th...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
LNG Market Depressed, But For How Long?
...rsus a year earlier. Key Asian importers of LNG, China in particular, were left short of cargoes in the 2017-18 winter (MEES, 5 January 2018). Fearing a repeat, they took in a bumper 58.8mn tons in 4Q 2018, up 11% year-on-year, boosting average prices to over $11/mn BTU. But the winter turned out to...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Saudi Utility SEC Cuts Spending Plans As Power Demand Levels Off
...fline as more advanced facilities are developed. Total capacity available to supply the grid – including firms which generate electricity to supply their own operations and deliver any excess to the grid – peaked in 2017 at 79.1GW and declined to 75.1GW at end-1H 2019. 2018’s demand peak represents 82...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Saudi Arabia Slashes Budget Deficit In 1H 2019
...rtails its capital spending programs. Real GDP growth is forecast by the IMF to fall to 1.7% this year from 2.2% for 2018 and a 0.7% contraction for 2017. Revenue was $135bn for 1H 2019, up 15% year-on-year. The key element was unsurprisingly oil revenue, which rose by 15% to $92bn, 68% of the total. Th...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Qalaa Hydrocracker Stake Shrinks
...the plant, built alongside the aging Cairo refinery to upgrade its residual fuel oil output into transport fuels. The ERC plant, whose capital requirement was estimated at $4.3bn at the time of project go-ahead, was first scheduled to start up in early 2017, but construction has been slowed by fu...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Qatar’s Kahramaa Targets Solar
...gust. Full commercial operation is scheduled for first quarter 2022. Qatar originally intended the project’s capacity to be 500MW and envisaged start-up in mid-2020 (MEES, 29 September 2017). However, gas-rich Qatar has been slow to recognize the benefits of solar power, with solar capacity amounting to ju...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
KRG Gets Vote Of Confidence From Key Upstream Players
...st two years. Until recently, Erbil was squabbling with foreign operators over payments, which hindered investment and output (MEES, 10 February 2017) – a reality further exacerbated by the loss of revenues from 280,000 b/d worth of production after Baghdad retook key Kirkuk fields following the fa...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Iraq Crude Exports Edge Up In July
...rticularly to the post-2014 oil price crash when Iraqi revenues halved to less than $50bn a year. Higher oil prices have nonetheless given Baghdad some breathing room in the last couple years. The government ran a slight surplus in 2017 and a whopping $21.6bn surplus last year. Central Bank of Iraq data fo...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Now Or Never For Leviathan As Partners Re-Float LNG Plans
...lek and Ratio, are eying the further expansion of the field. Discovered back in 2010, the partners only stumbled to a final investment decision in 2017, and this for a greatly scaled back ‘Phase-1A’ project (MEES, 24 February 2017). Though first gas is on track for the end of this year, full field de...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Israel Awards 12 Blocks
...rael Opportunity took Zone D’s four blocks. All three zones are in the southern half of Israel’s EEZ (see map). The small blocks were grouped together in larger zones after a bid round launched 12 months earlier had failed to yield any big names (MEES, 15 December 2017). This tactic also appears to ha...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Total Sees Algeria Revenue Fueling Mozambique LNG Plans
...quired via last year’s Maersk takeover (MEES, 25 August 2017). So the Anadarko deal triples its output from the acreage to just shy of 100,000 b/d. Not surprisingly, Mr Pouyanné says the company “anticipate[s] some efficiency gains” in Algeria as a result of the deal. Total’s overall Algeria output also in...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Tunisia At The Crossroads
...der 25, whose inability to secure formal employment was a key catalyst for the 2010-11 revolution. Creating jobs is thus a political imperative for Tunisia. And an economic one too if is to reach its stated aim of a 3.9% fiscal deficit, down from 2018’s 4.6% and 2017’s 6% (see table). PUBLIC SE...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Oman Cuts Power Growth Forecast, Eyes Lower Gas Burn
...r powergen and instead views incremental gas volumes as a source of additional export revenues. GAS BILL While the reduction in gas burning would be expected to reduce OPWP’s gas bill, it is not clear whether the introduction of time-of-use tariffs for electricity consumers in 2017...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Kuwait In IMO 2020-Inspired Al Zour Rethink
...vised RFCC unit’s capacity will be 98,000 b/d. The upgrading project eventually moved forward in 2017 when UOP was awarded projects for a 50,000 b/d RFCC, a 66,000 b/d CCR and 74,000 b/d naphtha hydrotreater within the Al Zour complex (MEES, 8 December 2017). These latter two units will also likely se...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Israel Bidding: Geopolitical Handicap Stymies Major Interest
...s five more Israel exploration blocks from the 2017 bid round. Whilst no-one can doubt the firm’s ambitions – it recently agreed to pay up to $850mn for the upstream assets of Italy’s Edison (MEES, 5 July) – it is unlikely to have spare cash for major exploration efforts anytime soon. So no ma...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Hormuz Escalation Spooks Major Asian Economies
...y of 420,000 b/d this year. The US has been making huge inroads into the Korean market, with volumes breaking records for the past five consecutive quarters. Having averaged just 36,000 b/d over the course of 2017, 2Q 2019 volumes averaged a massive 325,000 b/d. This was sufficient to place the US...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Hormuz Upheaval Spells Uncertainty For Fujairah Expansion Plans
...jairah (MEES, 19 July), and sales had already slipped since July 2017 when Qatar-vessels were banned. ADNOC PLANS FUJAIRAH TRADE BOOM Fujairah is central to Abu Dhabi state firm Adnoc’s plans to develop into a trading powerhouse. The firm is developing a massive 42mn barrel (6.8mn m³) un...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Oman Cuts Deficit, But Oil Dependence Remains
...llowing several years of troubling fiscal developments, Oman looks to have finally caught a break. Preliminary figures from the government’s National Center for Statistics and Information (NCSI) indicate that the sultanate ran a $6.9bn (OR 2.65bn) deficit in 2018, down from $9.8bn in 2017 and co...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Oman Increases Power Subsidies
...artups of the Ibri IPP and Sohar-3 gas-fired powerplants (see MEES, 7 July) will increase the need for subsidy spending, presumably due to higher generation costs being passed onto the consumer. Oman has made a concerted effort to cut its electricity subsidies in recent years following the 2017 Cost Re...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Eni: New Egypt Output
...ypt oil output is also up, from 72,000 b/d net for 2017 to 77,000 b/d in 2018. Egypt’s overall oil output averaged 640,000 b/d in the first five months of 2019, flat with 2018 levels. The Western Desert accounts for 55% of the total. But output here fell to 353,000 b/d in the first five months of 2019 fr...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019