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Iran’s Cash Handouts Scheme: A Lingering Problem
...s been allocated to projects and the treasury has received little cash. SCATTERGUN APPROACH The key ‘culprit’ has been the scattergun approach of the cash handouts. Under the original law every Iranian was entitled to receive a monthly payment of IR450,000 ($13.6 at the 2017-18 budget ex...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Dubai Edges Up Spending
...Dubai’s recently-revealed 2017 budget projects total spending of Dh47.3bn ($12.9bn), up 2.6% from 2016, and a deficit of Dh2.5bn ($681mn), or 0.6% of the emirate’s GDP. The second most important UAE emirate after Abu Dhabi is bucking the trend by edging up spending at a time when other Gulf st...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Global Oil Supply To 2040: Exxon Projects Conventional Crude Will Remain Dominant In Mideast, Russia, But Not Elsewhere (Mn B/D*)
...*NGLS & EXTRA-LIGHT/HEAVY OIL ON A ‘CONVENTIONAL CRUDE EQUIVALENT’ BASIS BASED ON ENERGY CONTENT. SOURCE: EXXONMOBIL 2017 ENERGY OUTLOOK. ...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Iran Inaugurates New South Pars Phases, But Ambitious Targets Look Unrealistic
...oduction at the two phases has begun and they are to become operational by April 2016. Fars News reports that output at the two phases is currently around 23mn cmd (800mn cfd). Production at phases 20 and 21 is planned to begin around June 2016. “This year [to mid-March 2017] will be the year of ec...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
US Crude Defies Expectations, Thwarts Saudi Strategy
...wn to the higher baseline. Output will bottom out at about 8.5mn b/d in November 2016 and “stay near 8.5mn b/d for most of 2017.” This level of production is some 1.2 million b/d below the April 2015 level, which was the highest monthly production since April 1971. “Productivity im...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Gulf Keystone Cash Position Slowly Improves on KRG Payments
...April 2016, before its guaranteed and convertible notes mature in April 2017 and October 2017 respectively. Hungary’s MOL has officially confirmed the completion of the relinquishment of the Akri-Bijeel block in which it had an 80% stake, alongside Gulf Keystone’s 20%. MOL confirmed the fi...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
World Bank Hikes Iran Growth Forecast But Global Storm Clouds Gather
...l demand growth from 1.2mn b/d to 1.0mn b/d on the back of global economic headwinds. The IEA, in its most recent monthly market report had already pushed back its expectations of global oil market rebalance – that is to say demand catching up with supply – from 3Q 2016 to early 2017 (MEES, 18 De...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Growth Forecasts - Caveat Emptor
...is caused a MEES double take. Using estimates that evidently predate the latest collapse in oil prices, the Fund gives 2015 Iraqi oil revenue as $59bn (the actual figure was $49bn). It then has revenues rising to $70bn in 2016 and $84bn in 2017. In fact, using current futures prices (the IM...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Kuwait Petchems Expansion Moves Slowly Despite Equate PE Boost
...efins 3 feedstock options include ethane, along with some refinery off-gases and propane, in combination with naphtha and condensate. PIC sees the main target market for Olefins 3 products as Asia, with further sales anticipated in the Middle East and Europe. PIC had proposed Olefins 3 start-up in 2017...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Saudi Arabia In 550MW Turbines Award; 2014’s 8.2GW Start-Ups Hike Output
...-Khair (MEES, 2 January). PP12’s eight 7F.05 units are among 20 ordered earlier by SEC from GE. Twelve more will be delivered shortly for installation in the PP13 and PP14 plants, due online in 2017. Major power developments under way and planned in Saudi Arabia by end-2018 have combined ca...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Cairo Begins To Restore Faith In Its Oil And Gas Sector
...oject, as well as 8-9mn barrels of condensate and 450,000 tons of LPG. Peak “incremental daily production” of 160mn cfd (27,000 boe/d) and 5,600 b/d condensate is expected to occur in 2017, the firm says. This implies that Dana’s total Egyptian output will by then top 70,000 boe/d. BG RECEIVABLES BA...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Iraq Expects West Qurna-2 Start-Up By End-February
...ft, said in a statement that a first line with capacity of 60,000 b/d would come onstream in the near future. Output is forecast to reach 170,000 b/d by 2017 and is expected to remain at this level for seven years, the company said. Any significant future increases in capacity will depend on the ti...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
IOCs Welcome New Egyptian Bid Round As Sign Of Progress
...fore Prime Minister Hazim al-Biblawi announced last month that $1.5bn of this debt would be repaid immediately, and a further $3bn would be paid in instalments by 2017. “They are trying to project the image that Egypt is a good place to invest,” said Joe Versfeld, regional exploration manager for US...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Petroceltic Focuses On North Africa As Investment And Production are Set To Slump
...r completion in 2017, “is substantially agreed and should be signed during Q1 2014,” the company said in a 7 January release. The Ain Tsila consortium – Petroceltic, Algeria’s state oil company Sonatrach and Italy’s Enel – are aiming to award the front end engineering and design (FEED) contract du...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Saudi Starts 4GW CCGT Plant, Further 30GW Planned By 2018
...2017 (MEES, 3 January). The plant will burn hydrocarbons but incorporate 20-30MW of solar capacity to reduce saturated steam production and increase fuel efficiency. SEC requested expressions of interest on 25 December for developing the Dhuba-1 IPP in the Tabuk region. The company says the pr...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
UAE Misses 3Mn B/D Crude Target, Set To Become Net Gas Importer
...6mn b/d in December he told a forum in Abu Dhabi. He also revealed that the Hormuz bypass oil pipeline is delayed and admitted that the country is set to become a net gas importer – a sure sign that its gas crisis is deepening. Abu Dhabi is also unlikely to hit its 2017 target of 3.5mn b/d crude pr...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Challenges for Libya’s upstream sector
...ock C-17, Mabruk) 20 RWE 2017 NC-193 & NC-195, Sirte 30 Waha 2017+ North Gialo, Si...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013