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Kuwait Presses Ahead With Development Plans, Eyes New Contract Model
...nstructed by UK services firm Petrofac. Currently around 20,000 b/d heavy crude is being produced from Ratqa, Umm Niqa and Sabriya (MEES, 2 June 2017). Mr Jaafar tells MEES that further heavy oil development will be carried out through the installation of further modular 60,000 b/d CPFs. The next phase is...
Volume: 60Issue: 16Published at Fri, 20 Apr 2018 -
KRG Prioritizes Investor Confidence Over Stability: Will It Lose Both?
...ERATED BY IRAQ’S NORTH OIL COMPANY SINCE 16 OCTOBER 2017. SOURCE: MNR, COMPANY STATEMENTS, MEES. …ONSIDE, FOR NOW The KRG’s prioritizing of foreign investors over internal stability has at least so far more or less managed to keep the IOCs onside. Realistically, if the region is to be a vi...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Libya: Oil Output Doubles In 2017 But Peace Dividend In The Balance
...ccesses in 2017. The Tripoli-based National Oil Corporation (NOC) has lifted oil production out of the doldrums, surprising many jaded observers. Since the beginning of the year, oil production has increased by almost 50%, averaging close to 1mn b/d in Q4. For 2017 as a whole, output of 820,000 b/d is mo...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria To Retain Gas Focus In 2018 As New Fields Start Up
...The expected start-up of the three major components of Algeria’s Southwest Gas Project should boost the country’s gas output by over 9bcm/y by mid-2018, possibly to top 100bcm/y for the first time. Algeria’s sales gas output for 2017 is set to fall just short of 2016’s record 94...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
East Med Bidding: Lebanon Bags Majors, Israel Goes Greek
...Whilst 2017 bid rounds from both Israel and Lebanon can be considered flops, at least Lebanon has succeeded in drawing in heavyweights Total and Eni. Hot on the heels of Israel’s 13 December announcement of the award of six blocks in the country’s 2017 bid round, neighbor Lebanon an...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
New Kuwaiti Oil Minister Faces Critical Year; Will He Last Longer?
...Fs will contribute 312mn cfd non-associated sour gas to Kuwait next year. Kuwaiti gas output has averaged 1.65bn cfd over the first nine months of 2017, and the additional volumes ought to bring total output to 1.96bn cfd. OVERSEAS DOWNSTREAM EXPANSION With Kuwait planning crude output and ex...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Qatar Petroleum Targets Transformation, Embargo Or No Embargo
...efficiently burning vast volumes of crude and fuel oil – an average of 500,000 b/d of each for the first nine months of 2017. That it is now actively considering gas imports could provide a major shot in the arm for gas exporters given its gargantuan appetite for energy. But Qatar is unlikely to benefit: ev...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Qatar Revives Plan For New Petchems Capacity
...neration’ chemicals and Qatar’s ready availability of naphtha suggest QP may be looking to follow Saudi Arabia’s Sadara JV in cracking naphtha as well as ethane. Qatar’s refinery, two GTL projects and two condensate splitters produced 132,000 b/d naphtha in 1-3Q 2017, of which almost all, 128,000 b/d, wa...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Energean: Karish, Tanin Go-Ahead Imminent
...cm/y of gas sales deals before taking a final investment decision (FID) and that it hoped to do so by the end of 2017. With the deals now signed, Mathios Rigas, Energean CEO says “we are aiming to progress with FID early in 2018.” Some in Israel have accused Energean of not being a serious outfit bu...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Adnoc Plans $109bn Spend, Prioritizes Gas & Downstream
...e UAE’s crude exports went to Asia-Pacific last year. Japan is perennial #1 customer taking 760,000 b/d for the first nine months of 2017. India is distant second with 360,000 b/d, followed by Thailand (290,000 b/d). ADNOC LOOKS SET TO FALL SHORT OF 3.5MN B/D END-2018 capacity TARGET (MN...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Egypt: Gulf Of Suez Oil Output At 40-Year Low On Back Of Lower Prices, Capex
...% of the country’s total in 2010, to just 253,000 b/d for the first nine months of 2017 (see chart 1). Output has been below 40% of the Egyptian total – a level never before breached – in six of the last eight quarters. The region is where Egypt’s oil output began in the mid-1960s following th...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Payment Problems
...ming of those payments is not transparent,” he says. In an echo of earlier comments Dana says it is looking to “maintain a conservative cash strategy” in Egypt. Its Egypt capex for the first nine months of 2017 was just $28mn, down 74% year-on-year. Upcoming spending will be limited to “three on...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Omani Economy Looking Up Despite S&P Downgrade
...Higher oil prices and a boost to gas output will see Oman finish 2017 strongly despite a ratings downgrade. As BP plots further gas expansion and heavyweights Eni and Oxy grab the latest exploration blocks, there is cause for quiet optimism. As with the other GCC oil exporters, low cr...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Reality Sets In As KRG Imagines Life With Less Oil
...ducting a range of federal expenses. But Reuters reports that the draft 2018 budget law cuts the KRG’s share to 12.6%. The 2017 budget pegs total expenditure of $90.6bn (MEES, 8 September) without setting out a KRG share. 12.6% of the 2017 figure would equate to $11.4bn. Prior to losing Kirkuk MEES es...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Israel Gas Projects Advance, But Buyers Remain Scarce
...ofitable. Output at Tamar hit a record 997bn cfd for 3Q 2017 despite a six-day shutdown for maintenance late in September after a crack was found in a subsea pipeline (MEES, 29 September). The shutdown “coupled with strong growing demand in Israel highlights the criticality of the Leviathan project in pr...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Mauritania Gas: Torturous Timeframe, Exploration Optimism Despite Drilling Flop
...atus of at least four years as a hydrocarbon producer (longer if Tortue development fails to proceed like clockwork). The country’s sole production since 2006 has been from the Chinguetti offshore oil field. But output dwindled to just 4,000 b/d in 1H 2017, too low to make production (via the Berge He...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Egypt Gas Output Set To Soar By 2020
...timistic. For much of 2017 Egyptian officials have been touting that the country will have a gas surplus as early as mid-2018. Egypt last had an annual gas surplus in 2013 when output was almost 5.5bn cfd and it exported 50 cargoes of LNG. Output subsequently slumped, plumbing a nine-year low of 3.89mn cf...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Algeria: In Amenas Hits Record Production As In Salah Output Halves
...One of Algeria’s largest wet gas fields, In Amenas, enjoyed a record nine months in 2017, producing gas at a rate not seen for more than one quarter at a time over the past seven years. The concession, operated by a consortium of the UK’s BP, Norway’s Statoil, and state energy company So...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Libya Oil Output Boosted By Sirte Basin Rebound
...oduction share of 8.16%. The firm did not break down production into oil and gas, but reported an increase in its share of output from Libya to an average 12,000 boe/d in Q3, up from 6,000 boe/d in Q2 2017. Hess reported average output for the first nine months of the year of 7,000 boe/d, which implies ov...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Medco Announces $180mn Impairment On Libya’s Area 47
...Indonesia’s Medco Energi Internasional suffered impairment losses of $180.2mn on its Area 47 acreage in the Ghadames basin in Libya in 2016, the firm announced in its H1 2017 results published in late September, but it doesn’t appear to have written off the asset. The firm also reported a 20...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017