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Iraq Fires Up 1GW Gas-Fired Capacity But Is There Enough Gas?
...anks to an increase in wellhead output, from 2.06bn cfd in 2013 to 2.91bn cfd for the first two months of 2017, and an increase in the proportion of this gas that is captured – though over 60% of wellhead output is still flared. For 2015, the last year for which fully comprehensive data is av...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Opec’s Balancing Act Becoming Increasingly Precarious
...COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BARRELS) ...BUT OPEC’S LATEST NUMBERS SHOW THE FINISH LINE GETTING FURTHER AWAY *BASED ON OPEC SEC-GEN STATEMENT THAT REBALANCING REQUIRES 270MN BARREL STOCKDRAW. SOURCE: OPEC, IEA, MEES. IEA SUPPLY & DE...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Tunisia Awaits $2.5bn In Fresh Aid As Economy Undershoots, Energy Bill Soars
...tes, Tunisia’s economy faces major challenges, as “fiscal and external deficits reached record levels, the wage bill as a percentage of GDP has climbed to one of the highest in the world, and public debt further increased to 63% of GDP at the end of 2016.” He went on to say that growth in 2017 is ex...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Total And Sonatrach Bury Hatchet As Algiers Pushes Partnerships Agenda
...Algeria’s plans to open up a new gas province in the southwest of the country, is now scheduled for mid-2018, the Total spokesperson says. This latest date marks a further delay on the previous estimate of 2017 (never mind the most recent official Algerian date of 2016 – MEES, 17 February). Mi...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Saudi Debut International Sukuk Raises $9bn; Aramco Taps Further $3bn
...tempt to sweet-talk Saudi officials. The 2017 Saudi budget projects a whopping deficit of $53bn, albeit down from the record figures of $79bn and $96bn in 2016 and 2015 respectively (MEES, 6 January). Though Saudi Arabia does not disclose its budget oil price assumption, local investment bank Ja...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Flaring Advances Ignite Iraq’s Gas Sector
...oject, but Iranian officials claim it will be completed within weeks. How optimistic an assessment this is remains unclear. The second deal was signed in 2013 and is also for 10 bcm/year, beginning in 2017. It is to supply the 1.46GW Rumaila, 1.25GW Shat al-Basra and 500MW Najibiya power plants in Ba...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Crude Price Gains Further Reduce Incentive For Output Freeze
...at low prices are taking a toll on US shale output, moving the market back towards balance. The US government’s Energy Information Administration now estimates that the country’s output will fall by 830,000 b/d this year and a further 560,000 b/d in 2017 (see p24). The risk is that recent price ri...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Eni: Unlikely Libya Boost Returns North Africa To Center Stage
...Italian firm Eni saw its North African output rise to a record 38% of its 2015 total. The key boost came from a somewhat unlikely corner – Libya. The region will if anything increase in importance for Eni going forward with first gas from its giant Egyptian Zohr field slated for late 2017...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Corporate Profile: OMV Looks To Iran To Re-Boot MENA Portfolio
...s) out to 2020 despite taking a further ax to exploration spending. 2015 spending of €607mn on exploration was already down by 12% on 2014’s record €693mn. OMV plans a 26% cut to €450mn this year with a further 33% cut to €300mn for 2017 (and this figure maintained for 2018). Overall capex fell from €3....
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Saudi Plans $10bn Loan, First Since 1991
...ternational borrowing by Saudi Arabia, combined with the domestic debt issuance could push the general government debt to 9.4% of GDP in 2017, compared to 1.5% in 2014, due to the plunge in oil prices. Longer term, the issue of international sovereign debt will support the development of a market for Sa...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
US 2016 & 2017 Crude Output Forecasts Have Been Revised Down By Almost 500,000 B/D In Just The Last Two Months... With Output Now Set To Contract By 830,000 B/D This Year And 560,000 B/D In 2017
...EIA FORECASTS FOR US CRUDE OUTPUT (MN B/D, BY DATE OF FORECAST) US CRUDE OUTPUT GROWTH (‘000 B/D) ACTUAL FOR 2013-15, LATEST EIA PROJECTIONS (APRIL STEO) FOR 2016 & 2017....
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Qatar Gears Up For Growing US Condensate Exports, And Middle East Competition
...ll capacity by 2017, with Qatar’s condensate output to settle below 800,000 b/d until further gas developments take place. The consultancy expects export volumes to rise to 600,000 b/d through 2017 thanks to Barzan, while the second splitter at Ras Laffan begins to test-run. However, exports would fa...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Egypt’s Midor Refinery Signs Up UOP For $1.4bn, 60,000 b/d Expansion
...7,000 t/y (8,200 b/d). Midor says the expansion and revamp are to be completed by the end of 2017 and will increase white products output to 87% of the plant’s total production. At the signing ceremony, Midor chief executive Muhammad ‘Abd al-‘Aziz said the revamped plant would also increase sulfur re...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Oman’s Forecasts 85% Power Demand Rise To 2021; Gas Shortage A Worry
...mbined capacity of 2.85-3.15GW (see p3). OPWP says early power from Ibri is targeted for 2018, while full power at both sites is anticipated in 2019. Also in MIS, OPWP expects to extend the power purchase contracts for 271MW Al Kamil and 427MW Barka 1 from 2017 and 2018 respectively to 2020, while re...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Turkish Parliament Okays Second Nuclear Project
...proval. The Japanese/French consortium hopes to begin construction at Sinop in 2017. Turkey has also opened talks with US nuclear contractor Westinghouse and Chinese state firm SNPTC for another four-reactor nuclear project at an undisclosed location. This would have four 1.11GW units. Nuclear ca...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
US OUTPUT RISE TO CONTINUE TO 2020-EIA
...aph 1). BUT OIL IMPORTS TO REMAIN However, the situation is markedly different for different fuels. While the US will become a net exporter of gas from 2017 (with the ramp up of LNG exports and pipeline exports to Mexico), for oil, net imports will bottom out around 2020 at 5.5mn b/d according to the EI...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
IMF Warns Qatar Of Budget Deficit
...e hydrocarbon sector growth will recover slightly rising from 0.8% in 2015 to 1.8% in 2016 and 1.9% in 2017. For its part, the IMF expects growth in 2015 to rise to 7% with the start-up of output from the $10.3bn, 1.4bn cfd Barzan wet gas development in the second half of 2015 and the au...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Kuwait’s Unstable Politics Slow Oil Sector Advances
...preme Petroleum Council (SPC). Award is expected by October, Mr Hashim says. KOC expects to hit its first phase 60,000 b/d target by 2017; the second phase will take production to about 120,000 b/d by 2020. In the long term, KOC expects to be able to push Ratga production to 270,000 b/d by 2030, but th...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
No Quick Fix For Iraq’s Deteriorating Crude Quality
...ending processes were to blame. Mr ‘Abd al-Zahra, a deputy director general at Iraq’s state South Oil Company, said recently that the addition of new storage capacity at the Fao terminal in the northern Gulf would allow for eventual segregation of Basrah Light according to crude gravity. After 2017, Ir...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Cyprus: Bids In For Gas Import Tender
...d 30 June 2017, with DEFA thought to favor bids that stipulate an earlier start date. One of the bids came from Texas-based Noble Energy and Israeli firm Delek Group, partners in both Israel’s 19tcf Leviathan natural gas field and Cyprus’ own Aphrodite discovery. The others came from Dutch-owned oi...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014