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Power generation target for Mena: 440GW by 2020

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Power generation capacity in the Mena countries will have to rise by almost 150GW to reach 440GW by 2020, an increase of just over 50 per cent on the current available capacity of 290GW, to meet the demand created by population growth coupled with industrial and economic expansion, a report said.

The launch of the first phase of Saudi Arabia’s 9.5GW National Renewable Energy Programme (NREP) early this year provides the latest illustration of the major changes occurring in the Mena power sector, explained the new report titled “Mena Power 2017”from Middle East business intelligence service Meed.

This has led to a raft of alternative energy projects being planned or implemented in the region.

The report shows that governments across the Mena region are making increasing commitments to achieve diversification in their power sectors to improve energy security and reduce reliance on gas imports, including detailed analysis on more than 60GW of planned renewable energy projects.

The move towards integrating renewable energy into development programmes has been facilitated by the sharp drop in photovoltaic (PV) solar technology costs in recent years. Read more

Petronas Seeks Buyers for $1 bln Offshore Gas Project Stake

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Graphic for News Item: Petronas Seeks Buyers for $1 bln Offshore Gas Project Stake

Malaysia’s Petronas has pitched an estimated $1 billion stake in a prized upstream local gas project to potential bidders including Royal Dutch Shell, ExxonMobil Corp, Thailand’s PTT Exploration and Production and Japanese firms, sources familiar with the matter said.

If successful, the deal could mark Petronas’ biggest upstream stake sale since oil prices started declining more than two years ago. Petronas is targeting lowering operating expenses, job cuts and project rollbacks to help it navigate through the low oil price environment.
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BSP finds oil in Lumut

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BRUNEI Shell Petroleum Company Sdn Bhd (BSP) has achieved an exciting new success in exploration as it made its first significant onshore discovery in 37 years with its Layang-Layang Well in the Lumut area.

The achievement was announced in a joint press statement yesterday by BSP and the Energy and Industry Department at the Prime Minister’s Office (EIDPMO).

The Layang-Layang oil and gas discovery is the first of its kind as it confirms a new geological concept called a Shale diapir trap which was interpreted from seismic data and Brunei field outcrop studies.

A Shale diapir is a large cavity injected with Shale under high subsurface pressure, and had never previously been considered as a valid trap mechanism for BSP until now. Read more

Aramco to buy interest in Malaysia’s RAPID project

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Petronas has signed a share purchase agreement to sell Saudi Aramco a 50% ownership interest in its long-planned refinery and petrochemical integrated development (RAPID) project now under construction at the $27-28-billion Pengerang integrated complex (PIC) in southeastern Johor, Malaysia (OGJ Online, June 27, 2016).

Signed during a Feb. 28 ceremony in Kuala Lumpur, the SPA lays the groundwork for a transaction that, once completed, will grant Aramco and Petronas equal ownership in selected RAPID ventures and assets, as well as establish Saudi Arabia as the primary supplier of crude feedstock for the project’s 300,000-b/d refinery, the companies said in separate releases. Read more