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Kuwait Energy Shuns EBRD For Vitol Cash
...ne months of 2016 and doubled from October with a second well added. A third well is set to begin producing this month with output slated to ramp up to 20,000 b/d during the course of 2017, KEC says. The Vitol cash “will enable Kuwait Energy to continue and expedite its early production efforts in...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years
...ace when you’re in a bad starting position,” he adds. Mr Garhy says that Egypt is trying to curb its budget deficit to around 10.1% of GDP by the end of fiscal 2016-17 in June, down from 12.3% a year ago, and to cut the stock of public debt to 98% of GDP by the end of June 2017 from the 101% mark at...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Algeria Deficit Tops $17bn; Is Reserve Fund Finished?
...Algeria’s reserve fund, the Fonds de Regulation des Recettes (FRR), has most likely become superfluous following the government’s decision to divert the country’s hydrocarbons revenue to the state budget effective 2017 rather than to the FFR. The FFR for many years collected all ‘su...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
IMF Slashes Saudi Growth Forecast – Based On Questionable Assumptions
...The IMF, in the latest update to its World Economic Outlook, released 16 January, has slashed its forecast for Saudi Arabia’s 2017 economic growth to just 0.4%, down from its forecast of 2% growth made three months ago (MEES, 7 October 2016). Unsurprisingly, Saudi Arabia has taken umbrage at...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
GCC Sovereigns Set Out Plans To Boost Their Balance Sheets
...wait 1Q17 10 S. Arabia 2017 10...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Shell Heading Towards UAE Door Over Bab Exit?
...nounced that it was pushing back a final investment decision (FID) on the project from early 2016 to 2017 (MEES, 14 August 2015). The continued slide of oil prices has caused Shell to pull the trigger early rather than wait until 2017, with benchmarks Brent and WTI hitting new 12 year lows this week (se...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
BP Major Contributor To Egypt Five Year Strategy
...alians began appraisal/development drilling on 21 December. A total of 20 wells is planned over the next 26 months. Prior to this only the one discovery well had been drilled. By linking it to shore via already existing infrastructure, Eni and Cairo are aiming for an ambitious late 2017 start-up, wi...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
South Korean LNG Appetite Thins Out, Prices Remain Under Pressure
...sult of the nuclear expansion (as well as coal and to a lesser extent renewables), analysts from London-based Energy Aspects expect LNG imports to fall by 2.3mn tons (7%) this year and by a further 1.9mn tons (6%) for 2017. Not only was last winter milder than normal in northeast Asia, increased LN...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
IMF Downgrades MENA, Saudi Growth; Is It Enough?
...nk’s similar forecasts earlier this month (MEES, 15 January), the IMF’s oil price assumptions are already way out of date, and as a result its MENA economic forecasts way optimistic. The IMF has chopped 1 percentage point from its Saudi growth projections for 2016 and 2017, compared to those it...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Decision on UAE Onshore Concession Imminent
...ich are set to produce 1.8mn b/d before the end of the decade under a long-existing expansion plan. In all, the UAE plans to expand its production capacity to 3.5mn b/d by 2017 from 2.8mn b/d currently. The commercial terms are far from ideal — Adnoc has raised its per barrel remuneration to $2.85 fr...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Afren Slashes Kurdish Reserves, Shares Tumble
...peline, rising to 125,000 boe/d by 2017. It is not yet clear whether Afren’s latest troubles will put off potential suitor Seplat Petroleum Development of Nigeria, which in December declared its interest in acquiring Afren, or whether the fall in the company’s value will make it a more attractive pr...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Morocco In 350MW Solar Awards As Part Of Diversity Plan
...chnology and will have an installed capacity of 200MW. Noor 3 will comprise a central CSP tower and an array of heliostats, with total output capacity of 150MW. Noor 2 and Noor 3 are scheduled to start up in 2017, while Noor 1 is due online this year. Masen says that Noor 2 and Noor 3 will be de...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Qatar Shelves $6.5bn Al-Karaana Project, QP Rethinking Ethane Usage
...%) and Qapco (20%), which is itself owned by IQ (80%) and France’s Total (20%). No details of the new downstream project have yet been released. The Al-Karaana ethylene glycol complex had been scheduled to start up in 2017, and Al-Sejeel polymers production in 2018. Qatar’s current petrochemicals ca...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Oman Adding Musandam Gas-Fired Capacity
...ofar governorate, where Raeco currently operates 19 diesel plants with a combined capacity of 68.5MW, the company plans to build a 50MW wind farm at Harwheel. The $200mn project to install 15-25 turbines was awarded to UAE renewables firm Masdar with a view to start-up in 2017 (MEES, 17 October 2014)....
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Aramco Awards Bring Forward Shaybah 1Mn B/D Target To 2016
...vest some of its $500mn fund for technology startups in the Boston area, Mr Falih says. Aramco: Key Crude Additions (‘000 B/D Capacity) Field Now By 2017 Shaybah 750 1,...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Kurdish Oil Heads North But Not Yet To Sea
...r substantial gas resources at Miran and Bina Bawi for the Turkish market.” The GSA concluded with Ankara in November 2013, calls for an initial 4 bcm/year of gas exports starting in 2017, rising to 10 bcm/y by 2020 and the option of increasing to 20 bcm/y thereafter, Genel says. It anticipates th...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Socar Turkey Picks FW For Aliaga PMC
...rm AMEC has already completed front-end engineering and design (FEED) for the plant. Foster Wheeler envisages 2017 start-up for the 200,000 b/d, $4.35bn plant, which will be able to process a range of crudes including Russian Urals, Azeri Light and Iraqi Kirkuk. Socar last year awarded the pl...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Jordan Pushes Shale And Wind In Quest For Diversity
...ocurement and construction (EPC) of the 540MW power plant for start-up in the second half of 2017. The ministry expects the plant to save JD350mn ($494mn)/year on importing of oil for power plants. Enefit says Switzerland-based Foster Wheeler will provide a circulating fluidized bed boiler island and Ge...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Egypt: Sisi In The Wings As Arab Spring Challenges Remain Center Stage
...s able to pay back $1.5bn of its debts to IOCs late last year, with the promise to pay a further $3bn in instalment by 2017. The prospect of higher remuneration for gas produced in high-cost offshore developments has meanwhile reinvigorated interest in Egyptian acreage. Unfortunately for the fu...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Qatar Changes PSAs to JVs, Invests In Al-Shaheen
...incorporated JVs where they invest in the venture directly.) Maersk expects to sign a JV heads of agreement with QP next year, in preparation for Maersk’s PSA expiry in 2017. US independent Occidental Petroleum (Oxy) is studying offshore Idd al-Shargi’s North Dome (97,000 b/d) and South Dome (8,...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013