Page 13 - MEOG Week 35 2021

MEOG NEWS IN BRIEF MEOG

potential sites in the south of Block 6 to gather Hamra residential complex. OPEC compliance with pledged cuts was
wind speed, temperature and humidity data OMAN DAILY OBSERVER 115%, the survey found, a level unchanged
over at least a 12-month period,” it further from July.
noted. Saudi Arabia delivered the biggest increase
Last year, PDO marked the commissioning OIL of 180,000 bpd, as it further raised output as
of the Amin 100-megawatt (MW) solar plant part of the August OPEC+ boost.
in the south of its concession “three months OPEC August oil output The second-biggest came from No. 2
ahead of target”. producer Iraq, which boosted exports in
“The Independent Power Producer rises, but outages limit gain August. Exports also rose in Angola, from a
renewable project provides power for the reduced level in July.
Interior operations and is one of the world’s OPEC oil output rose in August to its highest The UAE added 40,000 bpd in line with
first utility scale solar projects to have an since April 2020, a Reuters survey found, its new quota, while output in Kuwait rose by
oil and gas company as the sole buyer of although involuntary losses limited the gain as 20,000 bpd.
electricity. “ the group’s top producers further eased supply Among countries with lower output, the
“The installation was built and curbs under a pact with its allies. biggest decline was in Nigeria, where output
commissioned in record time, just under 12 OPEC has pumped 26.93 million barrels dropped by 100,000 bpd according to the
months after the signing of the engineering, per day (bpd), the survey found, up 210,000 survey. Exports from the Forcados terminal
procurement and construction contract,” the bpd from July’s estimate. Output has risen are under force majeure due to a leak, a source
company said. every month since June 2020, apart from in said on Aug. 15.
PDO’s flagship renewable energy project is February. Iran, which has managed to raise exports
however the Miraah solar development in the OPEC and allies, known as OPEC+, have since the fourth quarter despite U.S. sanctions,
south of the country. been easing record output cuts agreed in April posted lower output this month, the survey
The giant scheme harnesses the sun’s heat 2020 as demand recovers. OPEC+ meets on found. The country is exempt from OPEC
to produce steam, which is then injected into Wednesday and, with oil up 40% this year at supply curbs due to the sanctions, and talks to
the Amal oilfield to get its heavy oil contents almost $73 a barrel , is expected to stick to its revive its 2015 nuclear deal with world powers
to the surface. policy. read more have stalled.
At full capacity, Miraah can produce the “Given the current level of oil prices and Among the other two producers exempt
equivalent of 1,021 MW of thermal energy the possibility of increasing oil demand, from curbs, Libyan output declined due to a
and is the first Enhanced Oil Recovery project OPEC+ is likely to adhere to its previous pipeline leak, while Venezuela managed to
of its kind in the world. decision,” an OPEC+ source told Reuters. pump slightly more.
Also slated for commissioning during The OPEC+ agreement allows for a REUTERS
2023, according to officials of PDO and its 400,000 bpd production increase in August
parent holding company Energy Development from all members, of which 253,000 bpd is Turkey’s oil imports grow
Oman (EDO), is a new Independent Power shared by the 10 OPEC members covered by
Project centring on a 100 MW capacity solar- the deal, OPEC figures seen by Reuters show. 43.2% y/y in June
based generation component. While the 10 OPEC members raised
The project, also planned in the Block 6 output by more than this, OPEC as a whole Turkey’s oil imports grew by 43.2% y/y to
concession, will feature – for the first time has under-delivered on the expected month- 3.99mn tonnes in June, according to data
in Oman – a large-scale battery storage on-month rise, the survey found. Members released by Turkey’s energy watchdog on
component designed to ensure consistent are still pumping less than called for under the August 26.
and sustained power supply overcoming latest deal. Crude oil imports were up 73% to 2.85mn
intermittency challenges typically associated The Reuters survey aims to track supply tonnes, Turkey’s Energy Market Regulatory
with solar or wind-based generation. to the market and is based on shipping Authority (EMRA) added in its monthly oil
Other smaller-scale renewable energy data provided by external sources, Refinitiv market report.
schemes in its portfolio include roof and Eikon flows data, information from tanker The highest volume of oil and oil products
ground-mounted solar PV systems that trackers such as Petro-Logistics and Kpler, came from Russia at 1.13mn tonnes. Iraq and
support the company’s energy requirements and information provided by sources at oil Kazakhstan followed with 985,868 tonnes and
at the Mina Al Fahal headquarters and Ras Al companies, OPEC and consultants. 344,234 tonnes, respectively.

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