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Gulf Crude Shipments Fall In Q2, But From Record Levels
...54mn b/d for January-May 2017 were up by a whopping 13.8% on the same period a year earlier (in the process leaving the US, at 8.15mn b/d for January-May, well behind as the world’s top importer). This massive overall growth means that though volumes from Opec countries rose by 10.9%, and those from the Mi...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Qatar’s Hydrocarbon Politics Sends Message to Saudi Arabia, UAE
...not under threat, with the emirate continuing to receive LNG cargoes from Qatar. But Dubai took just under 1mn tons last year, and it’s very possible that this will fall to zero in 2017. Egypt took a bumper 4.78mn tons, but its alliance with Saudi Arabia and growing domestic output means a fall is hi...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Kuwait Trade Surplus Falls In Q1
...Kuwait recorded a $5.3bn trade surplus in the first quarter of 2017, up $4bn on the same period in 2016. But as this is primarily down to oil revenues of $12bn, falling crude prices in Q2 imply an imminent drop-off. At $12.1bn, oil revenues represented 89% of total exports in Q1 (see ta...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Cairo Fuel Price Hike
...bsidy spend figure assumptions for both the 2016-17 and 2017-18 budgets (MEES, 9 June). The latest figure given by Mr Ismail for the still-not-approved 2017-18 budget (for the year beginning 1 July) was E£145bn on 6 June. But following this latest round of fuel price increases the expected 2017-18 fu...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Algeria: Deficit Down As IMF Warns On Over-Zealous Consolidation Plans
...venues rose by 43% ($4.5bn) to $14.9bn for the first five months of 2017 (see table). But strong oil price gains in early 2017 have since partly been reversed (see p16). Prices for Saharan Blend averaged around $47.5/B in June, in line with Brent, the futures curve for which is currently averaging ju...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
US Oil Output Looks To Have Topped 2015’s Previous Record, Set To Break 15mn B/D In 2018 (Mn B/D)
... *APR & MAY 2017 FIGURES ARE PROVISIONAL; FORECASTS (F) FROM JUNE 2017. ^ETHANOL, BIOFUEL, MTBE. SOURCE EIA, MEES CALCULATIONS....
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
QP Ousts Maersk At Key Qatari Oil Field Amid Sectoral Revamp
...tar announced on 28 June. Maersk’s current 25-year 100% operating production sharing contract (PSC) at al-Shaheen expires in July 2017. This will be replaced by a joint venture comprised of Total (30%) and state oil firm Qatar Petroleum (QP, 70%). Often seen as incidental to Qatar’s economy due to th...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Algeria: No Cash, Investment Slashed… Output To Soar. Come Again?
...nual report indicate that the company sees Algeria’s oil output rising to 75mn tons/year (1.62mn b/d using a 1 ton =7.86bl conversion factor for light Saharan Blend crude) in 2017 and 2018, before increasing further to 77mn tons (1.66mn b/d) in 2019 and 82mn tons (1.77mn b/d) in 2020. Algeria produced 1....
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Algeria Seeks Schedule Discipline For New Refineries, Hints At Outside Equity Need
...fineries to raise refining capacity from 651,000 b/d now to almost 1mn b/d. Mr Mekmouche says that if oil prices stay above $60/B from 2017 there is a “high probability” that Sonatrach will be able to finance all its projects “from its own resources.” But prices of around $30/B would leave pe...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Dubai Sets New PV Cost Benchmark In 800MW Phase Three Of Solar Park
...rgest single-site solar park in the world. A 13MW first phase was connected to the grid in 2013, while the 200MW second phase is scheduled to become operational in 2017. Dubai’s success with reducing electricity costs in its second and third phase solar park bids will likely be scrutinized with gr...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Egypt Boosts Offshore Gas In Bid To Turn Around Output Slump
...ok to expedite development. Start-up by end 2017 is targeted, ramping up to 2.7bn cfd by end-2019. This is highly ambitious: the IEA considers first output “by the end of the decade” more realistic (MEES, 17 June). Nonetheless, Eni is pressing ahead. On 20 June it awarded Schlumberger subsidiary On...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Oman’s PDO Bags $4bn Loan To Facilitate Bumper $20bn Upstream Plans
...bt service will rise from 30% of revenue last year, to 41% this year and 55% in 2017. MOODY'S GCC SOVEREIGN CREDIT RATINGS - 14 MAY DOWNGRADES Rating (outlook) was chg notes Saudi Arabia A1 (stable) Aa3 (st...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Cyprus Shuts Gas Tender
...s. The tender seeks gas volumes rising from 19.5-30.4 trillion BTU in the first year to 25-43 trillion BTU by 2025. First gas is to be delivered between 1 January 2016 and 30 June 2017, with DEFA thought to favor bids that stipulate an earlier start date (MEES, 18 April 2014). MEES understands th...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Egypt Power Capacity Boost Gathers Steam
...eks to diversify its fuel mix. SAUDI CABLE DEAL EEHC says the government will this summer sign a contract with Saudi Arabia for a transmission cable linking the Egyptian and Saudi grids “to start provisional operation in July 2017.” The grid link will comprise 1,320km of twin 3GW capacity ca...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Qatar Stares Deficit In The Face
...pt at currently-planned levels then in light of reduced oil and gas revenue, Qatar could post a fiscal deficit of 4.9% and 3.7% of nominal GDP in 2016 and 2017 respectively if lower oil prices persist, it added. For 2015 the latest QEO predicts a fiscal surplus of 1.4%, well down on the 8.7% surplus fo...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
QNB Optimistic LNG Market Will Continue To Favor Qatar
...16 US Sabine Pass Train 4 4.5 Cheniere 2017 Australia Wheatstone LNG Train 2 4.5 Chevron, Kufpec, others 2017...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Mideast Refining Capacity Boost Underscores Growing ‘Hub’ Role- IEA
...minent deadline will be hit. Mideast Cdu Capacity (Mn B/D) Middle East Crude Distillation Capacity, Oil Products Demand 2013-19 (Mn B/D) 2013 2014 2015 2016 2017...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
UN: How GCC Petchems Players Can Combat Shale Revolution
...s Laffan, Qatar 2017 6.4 Chemaweyaat ADIC (40), IPIC (40), ADNOC (20) Al-Gharbia, UAE 2018 11.0-20.0 Al-Se...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Algeria Heading For Oil Output Drop
...velopment plan for the Ahnet tight gas project projected a 2015 start up, but first gas is now more feasible in 2017. The Timimoun project was originally intended to come online in 2010, it is now slated for completion in 2017. Together, the projects that are currently in the pipeline will add 20 bcm/ye...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
ADCO Expands North East Bab, Abu Dhabi 3.5Mn B/D Target Back To 2020
...abi Marine Operating Company (ADMA-OPCO) said its 100,000 b/d oil field development of the offshore Umm Lulu field will form part of a 400,000-1mn b/d boost to the emirate’s output by 2020 (MEES, 21 June). The last time the target was publicly stated, it was set for 2017, though it was originally 20...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013