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Kuwait Energy Reaps Reward From Iraq Investments
...bsidiary of Dubai state firm Enoc) with 30%, and Egyptian state firm EGPC (10%). KEC’s net output rose from 6,490 b/d in Q4 2016 to 8,030 b/d in Q1 2017. KEC did not provide information on Block 9’s gross output this quarter, but previous statements put the firm’s net share at 60% of the total. This im...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
KRG: Major Pullback Continues; Gazprom Success Softens The Blow
...stern Zagros 40%, KRG 20%), where production averaged 4,000 b/d in 2016. Output had settled at around 5,000 b/d. Western Zagros previously guided that output was set to remain at this level throughout 2017, with a second well set to be spudded in July that would boost output to 15,000 b/d in 2018. Bu...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Iraq Greenlights Halfaya Phase 3 Development
...lfaya is one of five fields providing crude for the Basra Heavy stream launched in 2015 and the second largest contributor to the grade behind Lukoil’s West Qurna II, which averaged a record 408,000 b/d last year. Lukoil expects 2017 output to remain relatively flat. Basra Heavy exports fluctuate bu...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Sadara Polyolefins Fully Operational, Rabigh 2 Slated For 2H 2017
...dara" in 2017. With the olefins and polyolefins chain now operational, Sadara will next bring online the ethylene oxide and propylene oxide and derivatives units, before completing the aromatics plant and linked isocyanates and polyols units. Sadara expects most of its final products to be ex...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Jordan Pushes Ahead With Oil Shale-Fired Power Plant, Lining Up More Solar
...velopment: 957 2017: Enviromena/TSK Quweira Solar 103 2018:Sepco Sa...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Algiers Aims For The Sun; Is Its Head In The Clouds?
...ntracts, 55% of revenues from taxes on gas flaring and (as of the 2017 budget) 10% of revenues from VAT on energy-consuming goods and appliances. It is also seeking funding from overseas. On 6 April, Energy Minister Noureddine Boutarfa met in Algiers with Rémy Rioux head of France’s foreign aid de...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
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