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Egypt Inches Towards Paying Off Receivables Bill
...ll in late 2014 when it halved dues to $3.1bn on the back of borrowed cash (MEES, 5 December 2014). EGPC has pledged to pay off receivables by mid-2019. VICIOUS CIRCLE EGPC can point to the sums it is owed by other ministries as a reason it has fallen so far behind with payments. As of late 2017...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Iran The Wild Card Amid Opec Pre-Vienna Posturing
...quiring a unanimous decision for production increases there is plenty of room for any prospective agreement to collapse. The current production restrictions have been in place since January 2017 and were extended to end-2018 during the last Opec+ meeting on 30 November (MEES, 1 December 2017). But the ex...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Mena Remittances Up 10% In 2017
...Remittances are a crucial lifeline to the region’s cash-strapped oil importing economies. Thanks largely to Cairo’s floatation of the Egyptian Pound in late 2016, Mena remittance inflows topped $56bn in 2017 after having fallen year-on-year since 2014. Egyptian inflows hit $20bn ac...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Algeria’s Planned Hassi Messaoud Refinery: Chinese, Korean Firms In The Running
...trojet. The planned Hassi Messaoud refinery is the only remaining element of once-ambitious plans to build four new 5mn t/y refineries. The original target date was 2017 (MEES, 21 September 2012), but this came and went with the 2016 award of a FEED contract to Amec Foster Wheeler subsequently cancelled. So...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Tunisia Looks To The Sun To Cut Dependence On Algerian Gas
...tion Plan’ places such factors above environmental concerns as the key motivation for the push for renewables. “The national energy situation is characterized by a growing energy deficit which hit 49% in 2017. This has major implications in terms of energy supply security, notably for the power se...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
North Africa The Key Focus Of Eni Solar Plans
...w energy solutions” element of the company’s 2017-20 strategy outlook with a focus on “hybrid projects” with “technological and geographical synergy with other Eni business lines.” “Our distinctive model consists of replacing internal gas consumption in our assets with solar or wind power… This ap...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Iran’s Banking Sector: Dark Days Loom
...ghtening of sanctions from 2012, the last year in which oil revenues were above $100bn. ASTRONOMICAL SUMS Freshly-released Central Bank of Iran (CBI) figures for the 2017-18 fiscal year (which ended on 20 March), published this week, pegs end-year bad loans at an astronomical 1,300 trillion ri...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Kuwait Brings More IOCs Into Heavy Oil Development
...osting liquids capacity is showcased by the rig count figures provided by US services firm Baker Hughes. Prior to 2017, Kuwait had 40 active oil rigs in just one month, March 2015, but has exceeded this mark in each of the first four months of 2017 (see chart). As heavy oil development accelerates, this sh...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Qatar: Oil & Gas Revenues Edge Up But Hit By Ratings Downgrade
...drocarbon exports have got off to a strong start in 2017 with Q1 revenues up some 25% year-on-year at $13.8bn (see charts 1 & 2). But ratings agency Moody’s swiftly took the shine off of this by downgrading Qatar’s sovereign rating one notch to Aa3 on 26 May. RAS LAFFAN REVENUE BOOST Th...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Qatar Eyes 2.5gw Gas-Fired Power/Desalination Project
...mestic gas requirements will be met by the much-delayed Barzan development within the North Field. This is due online in 2017 and intended mainly for domestic consumption (MEES, 7 April). Barzan and the first post-moratorium development are each expected to deliver 2bn cfd of raw gas for processing in...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Adnoc Strengthens OMV Ties With Abu Dhabi Downstream Expansion Plans
...oduce a broader range of chemicals. Borealis says a final investment decision (FID) for Borouge 4 would likely be taken “around the end of 2017” with a view to plant start-up around five years after FID. Borouge also plans another polypropylene plant, PP5, which it aims to approve in 2017 to be “up an...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
UAE Pushes Solar, Big & Small, But Leaves Room For New Gas-Fired Capacity
...esel 2.77 Fewa 3 Gas/Diesel 0.70 End-2016 Capacity 28.63 Online 2017...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Gulf Opec Maintains Asia Volumes But Loses Market Share
...Despite output cuts, Opec’s core Gulf producers actually sent slightly more crude to their core East Asian customers in the first four months of 2017 versus both the same period last year and 2016 as a whole. But this has not been enough to maintain their share of the key Chinese market where th...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Lebanon Faces Looming US Financial Sanctions Over Hizbollah Ties
...falls Lebanon and its banking system,” Mr Torbey added. Like the previous legislation, the new draft entitled the “Hizballah International Financing Prevention Amendment Act of 2017” will target all political groups in Lebanon suspected to have a strong link with Hizbollah. For the first time the dr...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
WesternZagros Eyes Windfall From KRG Output Gains
...oduction. Shortly after WesternZagros confirmed the Crest offer, it announced that it has raised its 2017 revenue expectations up 40% on the back of increased Sarqala output. That said, WesternZagros exited Q1 with $22.5mn cash, down from $24.7mn at end-2016, according to results released 26 May. The Q1 re...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Saudi Looks To Pop Deficit With Fizzy Drinks Tax
...T IN 2021 AT CURRENT* RATE OF DRAWDOWN (SAMA NET FOREIGN ASSETS, $BN END-PERIOD) *JAN-APR 2017. SOURCE: SAMA, IMF, MEES....
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Iraq Oil Takings Up
...erage monthly earnings of around $4.7bn in 2017, while this falls to about $4.57bn when factoring in lower oil prices in the second half of the year (see chart). This results in total annual earnings of $54.8-56.8bn over the course of the year, up from $43.71bn last year but well down on 2012’s high wa...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Global upstream spending hit 10-year low in 2016-EIA ($bn*)
...*2016 PRICES. SOURCE: EIA, MAY 2017....
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Egypt’s Med Gas Output Collapse: Can Even Zohr Make Up The Losses?
...TUAL OUTPUT TO 2015, PROJECTION FOR 2016, ESTIMATE FROM 2017. INCLUDES INCREMENTAL GAINS AT CURRENTLY-OPERATING PROJECTS BUT EXCLUDES ZOHR, WND. ^BASED ON COMPANY FORECASTS. THESE MAY PROVE OPTIMISTIC ESPECIALLY AS REGARDS THE RATE OF RAMP-UP. **CURRENTLY CONTRACTED CARGOES ONLY, FURTHER VOLUMES LIKELY TO...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Zohr Number-Crunching
...eld more riches. ZOHR PRODUCTION PROFILE INDICATES 22-23TCF RECOVERABLE RESOURCE *OFFICIAL START-UP (1BN CFD FROM 6 WELLS) SLATED FOR ‘END 2017,’ 14 ADDITIONAL WELLS ARE SLATED TO ADD 1.7BN CFD FROM 2019. PROFILE PRESUMES THAT THESE INCREMENTS TAKE TIME TO RAMP UP. SOURCE: MEES, BASED ON EN...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016