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Opec Confirms 13% 2016 Revenue Fall: Iran The One Winner
...Opec released its Annual Statistical Bulletin (ASB) this week, which detailed its members’ oil export revenues. The group’s overall takings fell 13.2% from 2015, which itself was the lowest since 2004, to $445.7bn (see table). Revenues are on track to post a moderate 14% gain in 2017, la...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Erbil Plays Russian Roulette With Independence Vote
...portunities than Iraqi Kurdistan. Meanwhile, Russia exported 24.5bcm of gas to Turkey in 2016, around 11% of total exports. Volumes are up 25% year-on-year in the first quarter of 2017 at 7.9bcm, which if sustained would result in a record 30.6bcm. And in Iraq, Gazprom Neft operates the 67,000 b/d Badra fi...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Algeria Holds IOC Partners Close
...me on stream in the second half of the year with first output from Engie-operated Touat also slated to follow before the end of 2017 (MEES, 17 February). PIPELINE PROGRESS The 770km, 8.8bcm/year capacity GR-5 pipeline linking Reggane with Algeria’s Hassi R’Mel gas hub (via Touat and Timimoun) wa...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Kuwait Approves 2017-18 Budget With $26bn Deficit
...The Kuwait parliament has approved the budget for fiscal year 2017-18 starting on 1 April, with oil revenue set to remain relatively flat at KD11.7bn ($38.6bn). The budget projects that Kuwait will run its fourth consecutive deficit, with the shortfall set to rise to $26.1bn for the current ye...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Energy Subsidy Spending In Arab Countries (% Of GDP) - IMF
...OIL SUBSIDIES ARE DOWN SINCE 2013 BUT BY LESS THAN THE FALL IN OIL PRICES* *ADJUSTING THE 2013 SPEND FOR SUBSEQUENT OIL PRICE CHANGES WOULD RESULT IN AN AVERAGE FALL IN SPENDING OF 3.5% OF GDP, IE FROM 4.9% TO 1.4% FOR THE REGION AS A WHOLE. SOURCE: IMF, JUNE 2017. TOTAL EN...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Oman $500m Power Bond
...19. Besides expanding the 400kV transmission network, OETC will add new substations and transmission lines to the 220kV and 132kW distribution systems in both grids. Oman, burdened by a $7.7bn budget deficit in 2017, says that it has now completed its financing need for the year, with the $2bn in...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Global Oil* Supply And Demand To 2035 - BP’s Take (Mn B/D)
... SHARE OF LIQUIDS SUPPLY (%) *INCLUDES BIOFUELS. SOURCE: BP ENERGY OUTLOOK, 2017....
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Algeria: New Energy Minister Faces Revenue Meltdown, Political Uncertainty
...NA economies. The IMF has the Algerian economy contracting by 3.9% in 2015, 3.4% in 2016 and 2.9% in 2017 – a cumulative contraction of almost 10%. Financial reserves remain high, at $143bn, though they fell at rapid pace from their 2013 peak of $192bn. They will likely deplete further this year. AL...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bahrain Eyes Sitra Bids
...early October with a view to awarding the engineering, procurement and construction contract in the first half of 2017, according to Reuters. The news agency cited industry sources as estimating the cost of the project at about $5bn. The report lists consortia planning to submit bids as: Ja...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iran: Gas Plans Progress But Exports A Distant Prospect
...rector of Pars Oil and Gas Company (POGC) Ali Akbar Shabanpour said Phases 17 & 18 will come online in the second half of 2016. They are slated to produce 1.8bn cfd (18 bcm/year). State news agency Shana reported on 11 June that drilling at Phases 20 & 21 is complete and will be online by March 2017, br...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
LNG Supply Glut To Depress Prices For Years To Come
...kely price recovery. The IEA forecasts the US gas production will “remain relatively flat across 2015 and 2017,” with the fact “that it did not decline meaningfully in 2015 despite low oil and gas prices evidence of the remarkable technology and financial resilience of the US gas industry.” Po...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iran Sets Out Plans For 75% Refining Capacity Hike
...86mn b/d, according to Abbas Kazemi, managing director of state-owned refiner NIORDC. NIORDC will complete the first of three 120,000 b/d condensate splitters comprising Persian Gulf Star at Bandar Abbas by the end of March 2017, Mr Kazemi says. The five projects being prioritized are expected to cost al...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Oman Targets Up To 2GW Of New Post-2020 Capacity
...rayyat IWP 200 2017 Salalah 2 IPP 445 2018 Barka 3 IWP 280 2018 Sohar 2 IWP 250 2018 Dhofar IWP 80 20...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
IEA: Oil Market To Rebalance In Second Half Of 2016, But Only Temporarily
...ain in the first half of 2017. Its latest monthly Oil Market Report, released 14 June, the IEA raises its 2016 global demand growth estimate from 1.22mn b/d to 1.33mn b/d largely due to a 172,000 b/d upward revision to demand in the first half of the year. Opec’s decision (or non-decision) earlier th...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Gas: ‘Remarkable Turnaround,’But Not Quite Yet
...rst four months of this year. MEES also expects output to bottom out in 2017, but at just 37 bcm (3.6bn cfd), way below the IEA’s 48bcm figure (see chart, p16 and MEES, 3 June). The expected “rapid turnaround in the country’s production performance” is thanks to improved terms that have in...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bonds Away: GCC Countries Tap Markets For $3.5bn As Saudi Waits In Wings
...nd the same Baa1 rating as Oman, “supported by high levels of wealth, fiscal space offered by relatively low levels of general government debt and still sizable government financial assets, and comparatively low risk.” Moody’s expects government debt to rise to 33% of GDP by 2017 from less than 5% at...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iraq Lowers Sights On Capacity As Reality Sets In
...nstraints are ignored, is likely to stagnate till at least 2017 if not beyond. But Mr ‘Abd al-Mahdi says that the cost cuts will not have a material impact on production capacity, which will be maintained at current levels. However, some of the foreign oil companies present at a London conference on 9 Ju...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Egypt On Road To Gas Recovery After Years of Stagnation
...ssive task, given that this is 16% above current output, with no new developments slated to come onstream in the meantime. The IEA projects output will edge higher to 52 bcm in 2018 – following the start up in late 2017 of the BP-led $12bn West Nile Delta (WND) project (MEES, 27 March). Output is slated to...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
IEA Cuts Mideast Gas Demand And Production Outlook
...untry can export 65 bcm/year by 2017 (MEES, 5 June). The Algerian government has reported domestic consumption at 38 bcm for 2014 (MEES, 27 March). The political volatility in Libya further clouds North Africa’s ability to sustain – let alone increase - exports to key customers in Europe. “The good ne...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
LNG Market Faces Considerable Demand Upside Amid Low Prices
...pected to hit the market by 2017, adding to global current capacity of 301mn tons. Extra volumes are expected to come from the US, East Africa, Russia and Southeast Asia (see graph). However, lower oil prices are jeopardizing the economic viability of some proposed projects, which could result in ca...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015