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Egypt Plots Upstream Revival, If It Can Find The Cash
...,500 b/d for 2017 as a whole with a planned $40mn capex spend. Its receivables had fallen to $14.4mn by September 2016, down from a peak of $216mn in Q3 2014. The firm expects to recoup between $15-$17mn from the sale of 350,000 barrels of oil production in Q1 this year, implying around $45/B, or a $10...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Algeria’s Sonatrach Lines Up Majors For Petchems Projects
...d 9 bcm/year (870mn cfd) of output by the end of 2017. However, Sonatrach’s petchems plans – if all occurred as planned – would add over 650mn cfd to Algeria’s gas-based feedstock requirement by 2021. This need for gas, coupled with a major capital requirement, will likely thwart any rapid pe...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Oman Lines Up 11 Companies For Misfah Power Project, Eyes Import Options
...ectricity generated and expects the project to be ready for operation in the third quarter of 2017. ROOFTOP SOLAR Oman is also looking to encourage building owners to install small-scale solar photovoltaic (PV) systems – typically these are installed on rooftops – so they can meet their own power ne...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Opec Cuts: US Shale The Early Winner
...ot in the arm as majors and US-focussed independents begin to announce their 2017 spending plans. As recently as September, the IEA was flagging up the potential for a third straight year of capex cutbacks in 2017 (MEES, 16 September). But the mood has shifted markedly, partly due to the jump in pr...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Services Firms See Light At End Of Tunnel, In US At Least
...lliburton lost $53mn while Baker Hughes lost $14mn. But Mideast resilience is last year’s news. For 2017 the firms’ focus is back on the US, and the Permian shale formation in particular (see p8). US REBOUND TO BOOST PROFITS… Schlumberger says it expects an increase in upstream and E&P activity th...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Kuwait Budgets For Lower Deficit In 2017-18
...Kuwait projects a healthy 30% revenue hike for the 2017-18 financial year (beginning 1 April). The deficit will fall by 18.4% from the 2016-17, according to preliminary details on the state budget approved by the Kuwait cabinet this week. The budget still has to go before parliament, which ca...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Egypt Bonds: Looking East
...murai bonds,” without specifying how much his country will seek to borrow. Mr Garhy says the proceeds of January’s bond issue, which was more than three times oversubscribed, has helped his ministry to plug the budget gap for both the current 2016-17 fiscal year (ending June 2017) and part of the an...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Thai Crude Imports 2016 (000 B/D): Record Opec Volumes, Saudi Closes On Uae As Top Supplier
...*OPEC NUMBERS INCLUDE INDONESIA FOR 2007, 2008 AND 2016 ONLY. INDONESIA'S MEMBERSHIP WAS SUSPENDED FROM 1 JANUARY 2017. ^CHANGES EXPRESSED ON A PERCENTAGE POINT BASIS. SOURCE: THAI CUSTOMS, MEES CALCULATIONS. RECORD 2016 OPEC SHARE IS PARTLY THANKS TO IN...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Kufpec Shells Out In Thai Expansion
...ere first oil is expected in the second quarter of 2017, and 9.4% in the Sleipner West producing field. Kufpec says the new Norwegian assets add 46mn boe of net reserves with 9,000 boe/d of production backdated to 2016 and with production expected to rise to 13,000 b/d once Gina Krog comes on...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
East Asian Importers Take Less LNG In 2015; Little Sign Of An Upturn In 2016
...uthwestern Japan (MEES, 30 October 2015). “We forecast Japanese LNG imports will be down by another 2.4mn tons in 2016 and by 2.2mn tons in 2017, driven largely by impacts from nuclear plant availability,” analysts at London-based Energy Aspects say in a recent note. GRAPH 1: ASIA’S THREE LARGEST LNG IM...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Kuwait Refining Earnings Undermined By Weak Product Export Prices
...oject (CFP), which involves upgrading the existing Mina al-Ahmadi and Mina Abdullah refineries by the end of 2017 (MEES, 13 March 2015). The CFP is now more than 40% complete, Mr Mutairi says. Although Mr Mutairi did not name the other projects in the KD11bn of strategic projects, KNPC separately to Al...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Iran And Saudi Arabia Drive Opec Output Rise As Indonesia Returns
...2mn b/d to 3.5mn b/d by 2017, Iran looks set to pull away. Kuwait has fallen behind since October 2014, when a dispute with Saudi Arabia over management of the Partitioned Neutral Zone (PNZ) led to production falling there, and halting altogether in 2015. Chevron said in its Q4 2015 conference call on 29 Ja...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Kuwait’s Budget Deficit Set To Soar As Spending Continues Despite Subsidy Cuts
...main at current levels,” he says. The current Brent forward curve for the April 2016-March 2017 budget period averages $38/B, well above the budgeted figure. But, as he estimates that the 2016-17 budget will need a breakeven oil price of $65/B, a deficit still looks on the cards. In recent years Ku...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Is Morocco’s Offshore Boom Over Before It Began?
...nference call. “We are very focused on maturing our Morocco… licenses for 2016 and 2017 drilling,” he adds. However with the firm’s first well offshore Morocco – last April’s FA-1 well in 600ms water depth on the Foum Assaka block offshore Agadir – “fail[ing] to find hydrocarbons in commercial qu...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
EGPC Outlay On Refinery Upgrades To Top $17Bn
...pansion Alexandria 60 2017 Alexandria Exp. Alexandria 100 na Sukhna Ain Sukhna 240 20...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Dubai Picks ACWA For Solar Expansion, Plans 200MW
...rldwide.” Phase 2 will deploy solar photovoltaic (PV) technology and be operational by April 2017. DEWA’s solar park will have total capacity of 1GW when completed in 2030. The first phase of the park, a 13MW solar PV plant, was built by US firm First Solar and connected to the grid in October 2013 (MEES, 25...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Total Snags Stake In New UAE Onshore Concession
...rrent production. ADNOC has had long term plans to increase production capacity of the Adco fields to 1.8mn b/d in 2017, as part of overall plans to raise its total output capacity to 3.5mn b/d by the end of the decade, from 2.9mn b/d currently. Further increments are to come from offshore fields bu...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
ExxonMobil Mum On Abu Dhabi Onshore Plans
...re qualified to bid for the onshore license, where production is set to rise to 1.8mn b/d by 2017. ...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
BP Lays Out Eastern Shift In Global Gas Demand
...rket eastward. In fact, BP sees the US as a net gas exporter as early as 2017. Shale gas production will be one of the key global energy trends through 2035. In the US, shale gas production will likely more than double by 2035 – to 65bn cfd, which will account for 70% of total US gas production. Fo...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
UAE Plans For Long-Term Gas Imports With North American Investment
...rminal in Fujairah. This will be capable of handling 1.2bn cfd of gas from 2016 or 2017 (MEES, 15 November 2013). It already has a floating regasification unit at Jebel Ali in Dubai. “There is a logic to... diversifying the sources and to have a contribution from the US and Canada,” Mr Mazru’i says. “We...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014