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Mubadala Goes Global
...troleum 44% and Russian state fund RDIF 5%. Gazprom Neft says the JV’s fields in Western Siberia have 2P oil and gas reserves of 40mn tons (300mn barrels of oil equivalent) and that oil production in 2017 totaled 1.6mn tons (33,000 boe/d). Alongside domestic consumption, the company exports crude through th...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Iraq Gas Consumption Soars To Record Heights
...Iraqi crude burn volumes fell to a 10-year low of 43,000 b/d as in 1Q 2018 it stepped up fuel oil and gas consumption in power plants. Q1 crude burn volumes were down from 71,000 b/d in 4Q 2017, which was itself one of the lowest figures in recent years. March’s 28,000 b/d was down more th...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
GCC Grid Increasingly Used For Power Trading, But Volumes Small
...ectricity have become common. Total electricity traded increased by almost 20% last year to almost 880GWh. While the actual rate of electricity supplied under trade deals was relatively small – 2016’s total power delivery was equivalent to running an 84MW power plant flat out, while 2017’s delivery was eq...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Egypt: Economic Gains Threatened By Record Import Bill
...ilst the pound was heavily overvalued. But remittances have leapt since the Egyptian currency’s November 2016 devaluation – a prerequisite for the $12bn IMF deal (MEES, 18 November 2016) – with the figure hitting $20bn (8.5% of GDP) for the first time in 2017 (see chart 1). Tourism has also re...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Lebanon Resorts to ‘Unconventional’ Tactics to Cope With Deficit
...3-10 years. The last time Lebanon borrowed from the international debt market was in March 2017, when it issued a triple-tranche Eurobond of $3bn (MEES, 24 March 2017). With $11.5bn pledged in grants and loans at the Cedre investment conference earlier this year (MEES, 13 April), international ag...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Asian* LNG Imports From Qatar Hit 4-Year High Of 14.5mn T In Q1
...*TOP FIVE ASIAN AND GLOBAL IMPORTERS. PAKISTAN (3.9MN T FOR 2017) AND THAILAND (2.3MN T FOR 2017) ALSO IMPORTANT CUSTOMERS. ^ESTIMATE FOR INDIA BASED ON JAN-FEB DATA AND NORMAL SEASONAL TRENDS. SOURCE: OFFICIAL IMPORT STATISTICS, MEES....
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Iraq Pursues Crude Capacity Gains As Revenues Rise
...is implies southern export capacity of 3.8mn b/d from the Khor al-Amaya oil terminal, Basra Oil Terminal and three single point mooring (SPM) systems. IOC PAYMENT BURDEN DIPS The output deal is paying dividends for Iraq, with revenues on track to rise $10bn to $54bn in 2017 (see chart). Mo...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Iraq Looks To Get Savvy On Crude Trading
...pand it to another company, maybe with shipping for example, or with storage.” Somo has simultaneously started selling Basra Light volumes on the Dubai Mercantile Exchange (DME). Its debut auction of 2mn barrels on 28 April was a success, with an unnamed Asian buyer purchasing the June 2017 cargo at...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Egypt’s Gasoline Imports Rising, But Key Hydrocracker Start-up Put Back To 2018
...eady. First quarter gasoline net imports averaged 71,000 b/d, the same level recorded for 2016 as a whole. However, Q1 2017 net gasoline imports are almost 40% higher than the 51,000 b/d recorded for Q1 2016, suggesting that 2017 as a whole may prove to be another record year. In contrast, Egypt’s ne...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Oman Sees Peak Power Demand Up 51% By 2023; Gas Fuel Crunch Looms
...) 2023 vs 2016 *2016 2017 2018 2019 2020 20...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Opec Output Cuts Extended But Market Relevance Wanes
...tension. US crude production is surging and is rapidly approaching record heights, while there is a strong likelihood that Opec output itself will grow this month thanks to strong gains in Libya. IEA FIGURES IMPLY MARKET REBALANCING* REMAINS ON COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BA...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Trump/Saudi Love-In Dulls Iran Post-Election Oil Investment Hope
...d Inpex from Japan have expressed serious interest in participating in the development of the Iranian oil sector. They will now have to decide if the time is right to take the plunge. Under Iran’s sixth five-year plan 2017-22, the oil industry requires around $200bn of investment if it is to me...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Saudi Aramco Courts Investors Ahead Of IPO
...ecuted. Little surprise then that Aramco executives and government ministers have been eagerly travelling the globe during the course of 2017, meeting with the heads of flagship stock exchanges, in a bid to decide which will maximize the IPO’s success. Efforts are also being made to ensure that th...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Egypt Raises $3bn Bond
...duction in subsidies and a cut in the budget deficit in 2017-18 to E£370bn, or 9% of GDP, from 9.8% of GDP in the current year. Egypt also allowed the pound to float as part of the IMF reforms. The new issue was oversubscribed attracting $11bn of book orders. According to Finance Minister Amr al-Ga...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
GE Backs Saudi Vision 2030 In $3bn Investment Program With SAIIC
...dustrial value chains in Saudi Arabia. SAIIC and GE say they will roll out joint investments of $1bn (SR3.75bn) by 2017 in addition to an aggregate potential investment of $2bn (SR7.5bn) to “drive projects in water, energy, aviation, digital and other sectors from 2017.” As part of the program, GE will be...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Algeria Maintains 2015-2019 Production Plan, Keeps Quiet On Shale
...stream projects in the first three years of the plan: $15.5bn in 2015, $22bn in 2016 and $23bn in 2017, according to Mr Sahnoun, figures which imply a drop-off in investment to $15bn/year for the last two years of the plan. Sonatrach’s CEO said $11bn would come from international partners, with the rest to...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
BP Steps Up Egypt Commitment But IOC Receivables Climb Again
...ril). Production is slated to begin in 2017 and by 2019 ramp up to 1.2bn cfd – which equates to 26% of Egypt’s 1Q15 gas output of 4.54bn cfd. BP’S WEST NILE DELTA FIELDS & KEY INFRASTRUCTURE WND PRICING DETAILS The agreement signed between the partners and Cairo is not a typical Production Sh...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Jordan To Receive First LNG Cargo On 25 May
...0,000 m³. NEPCO is expected to import additional LNG volumes from alternative sources on the market. Jordan is understood to be looking for extra cargoes this summer, up to 3 between August and September. Beyond that, it is eying a short-term deal of 18 cargoes per year in 2016 and 2017. With si...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Egypt Seeks Funding For Coal Plant, Officially Inaugurates 2GW Of Capacity
...s 38 Suez (2016) 0.65 Oil 23.8 Damietta West* (2017) 0.25 Gas 29...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Companies Scale Back Libya Expectations
...o fields were expected to add 180,000-200,000 b/d by 2017 (MEES, 9 November 2012). ConocoPhillips drilled four appraisal wells in 2015, it said in its 2014 annual report (MEES 6 March). Hess has written off the $260mn cost of two successful deepwater exploration wells on its Area 54 exploration ac...
Volume: 58Issue: 21Published at Fri, 22 May 2015