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Foreign Firms Line Up For Algeria Renewables Work
...sin. Here “production start-up was achieved… at the end of the year [2016], with start-up of six wells and linkage to the existing treatment facilities of the MLE project. The development activities are expected to be completed during 2017,” Eni says in its 2016 Factbook, released last week. A pa...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Services Firms See US Activity Boost, But Profits Remain Elusive
...venue. The three largest listed oilfield services firms have struggled to turn a profit since the beginning of 2015. They managed a collective profit of $190mn in Q1 2017, but this compares to a whopping $3.53bn in Q3 2014 just before oil prices tanked. The key ‘good news’ in the first three months of...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Saudi Vision Dims With Benefits Climbdown
...own Prince Muhammad bin Salman (MEES, 10 June 2016). Finance Minister Muhammad al-Jad’an says that the cuts’ reversal was recommended by Prince Muhammad himself, following the improvement of state finances. Deputy Economy Minister Muhammad al-Tuwaijri says the country’s Q1 2017 deficit was SR...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Abu Dhabi’s IPIC Bags $1.2bn From Malaysian Fund Settlement
...nuary this year and outlined its new organizational structure of four investment platforms in February (MEES, 24 February). The new company’s CEO Khaldun Khalifa al-Mubarak – legacy CEO of Mubadala – says he expects to begin operations in May 2017. The company’s portfolio of corporate assets wa...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Economy Takes Center Stage Ahead Of Iran Elections
...reatens irreparable damage to market stability. But the health of the Iranian banking system certainly leaves much to be desired with a high level of non-performing loans and lack of liquidity. Several small credit institutions have failed since the beginning of 2017, adding further to systematic pr...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Aramco Sees Petchems SMEs As Key To Vision 2030 Transformation
...opylene rubber 75; ethylene vinyl acetate 70; polyethylene terephthalate 420 Sabic/Celanese Jubail 2017 Polyacetal 50 Sabic/Mitsubishi Ju...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Upstream Investment Slump Presages Output Crunch, Oil Chiefs Warn
...ffontaines. RECOVERY IMMINENT According to the IEA, supply and demand in the oil market will rebalance by 2017. “In 2016 we should see a surplus of about 1mn b/d following a 2mn b/d surplus in 2015; in 2017 there will be a balancing, with demand higher than supply going forward over the rest of the next 5 ye...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Prince Muhammad’s Vision 2030: Far Sighted Or Over-Ambitious?
...l giant Saudi Aramco, scheduled for 2017. He expects this to value the company at $2-3 trillion. The IPO will be floated on the Saudi stock market, but there are ideas of offering the Aramco shares outside Saudi Arabia, potentially via a New York-based fund. Thus Aramco will be transformed from an...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Majors Downgraded, Gulf Sovereigns To Follow?
...sing oil prices. Brent has averaged $45/B since mid-April, some $12/B higher than the agency’s $33/B 2016 oil price assumption (it was February’s decision to downgrade its oil price assumptions that triggered Moody’s ratings review for oil-linked companies and sovereigns; its 2017 oil prices assumption wa...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Total, Eni, Shell Downgraded; BP Escapes
...st production scheduled to come onstream in 2016-18, as well as rising prices, will lead to improvements in the company’s pressurized cash flow-based metrics in 2017 and beyond.” Key among these new “shorter-cycle higher return projects” is Egypt’s Zohr, which is slated to produce from late 2017, ra...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
IEA On Global Oil Supply/Demand Balance
...Non Opec Output Fell In Q1 (Mn B/D) But Opec Output Grew Strongly: With Iran’s ‘Return’ It Is Set To Grow Throughout The Year. This Means Record Stocks Will Continue To Build With No Significant Drawdown Before 2017. *INCLUDES NGLs. **END-USER DEMAND, EXCLUDES STOCK BUILDS/DRAWS (OP...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
UAE: South Koreans Hope To Expand Presence Through Adco
...oduction of 1.8mn b/d by 2017, when total capacity in the Opec member state is expected to rise to 3.5mn b/d though that deadline appears to have slipped slightly. There was a tacit understanding when Adnoc invited bids for the new concession that 5% stakes would be reserved for Asian companies from Japan, So...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
BP: Khazzan Unaffected By Oil Price Slump
...0 wells in total. BP says gas in place totals a massive 100 tcf. “2017 is when we plan to have first gas from the field, and that will ramp up to 1bn cfd,” Mr Townshend told reporters on the sidelines of the Middle East Petroleum and Gas Conference (MPGC) on 20 April. And while Mr Townshend ch...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Aramco Awards Final Big Jazan Contract; Yasref Ramp-Up Boosts Light Products
...mpletion in 2017. In the 15 April issue of ‘Arabian Sun,’ Aramco’s in-house magazine, Aramco says it has awarded detailed design for the refinery, while “the procurement of materials is ongoing, and lay-down yards are already filling up with pipes and steel that is ready for assembly.” Jazan re...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Aramco Secures Jazan Feedstock; More Saudi Projects Planned
...16 Rawec Exp (Rawec) 0.16 5 2016 Shuqaiq (SEC) 2.64 80 2017 PP13 (SE...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Gamesa On For Egypt Wind Farm
...EGYPT Gamesa On For Egypt Wind Farm Egypt’s New and Renewable Energy Authority (NREA) has awarded a €220mn turnkey contract to Spain’s Gamesa for the 220MW Gulf of El Zayt wind farm on the western Red Sea coast. Gamesa says that the plant is expected to start up in 2H 2017. Gamesa wi...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Firms Face Up To Mounting Libya Write-Offs
...pairment – rated the chances of a full resumption of operations on 1 January 2016 and 1 April 2017 at 50% each. TOTAL’S LIBYA OUTPUT (‘000 B/D, NET) 2010 2011 2012 2013 20...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Egypt Pledges To Pay $1bn To International Oil & Gas Firms
...stallments until 2017, it said then. End-2013 filings by IOCs indicate that Egypt was true to its word. BP lopped $700mn from its dues on a year-on-year basis (MEES, 7 March), whilst six smaller IOCs cut receivables by a total of almost $500mn in the fourth quarter alone. Such figures likely un...
Volume: 57Issue: 17Published at Fri, 25 Apr 2014 -
Algeria: Politics Unchanged, Oil & Gas ‘Must Do Better’
...tes will start coming onstream from 2017. “For the next few years, we assume things will be held pretty much steady at current levels,” says Mr Pollard. And steady production means falling exports given booming domestic demand – especially for gas, with Algeria bringing online a massive 12GW of gas-fi...
Volume: 57Issue: 17Published at Fri, 25 Apr 2014 -
Tunisia: Oil Output Down On Political Delays
...bitious Zarat development plan targets initial output of 24,000 b/d oil from 2017 (with gas initially re-injected). PA’s financial worries only ended when deep-pocketed but controversial Geneva-based trading house Gunvor took a majority stake and pledged to extend financial backing. Gunvor is the ma...
Volume: 57Issue: 17Published at Fri, 25 Apr 2014