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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