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Iraq Oil Revenues Soar But Stretched Southern Export Capacity Caps Gains
...en monthly earnings averaged $7.84bn (see chart).If achieved, this would be a 40% increase on last year’s $59.32bn, itself a 36% gain on 2016. 2017’s oil revenue gains helped Iraq secure a rare budget surplus of ID1.79 trillion ($1.52bn) according to data from the Ministry of Finance, a major tu...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Saudi-Kuwait Neutral Zone: Supply Concerns Spur Restart Rumors
...CI) contract in 2015 for work at the Hout field. The work was scheduled for completion in 2Q 2017, but had yet to be finished at end-Q1. Meanwhile, vessel tracking site Marine Traffic shows two Saudi-flagged jackup rigs were this week at the Khafji field, including one which arrived on 3 July. Wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Tunisia: Petrofac Quits, DNO Cuts Its Losses
...nority shares in fields off Nigeria and Gabon with net 2017 output of just 300 b/d. Not only is Panoro not paying, DNO will effectively cover Panoro for $12mn of exploration commitments on the Sfax offshore permit, which Panoro sees as the most promising and where DNO has a 87.5% operator’s stake. DN...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Opec+ Leaders Make Head Start In Boosting Production
...ound 300,000 b/d from June levels. At 11.06mn b/d, Russian output was the most since March 2017 and 130,000 b/d above its previously allocated 10.93mn b/d (see chart). OPEC WELLHEAD PRODUCTION, June 2018 (MN B/D, MEES ESTIMATES) CONGO JOINED EFFECTIVE 22 JUNE, WILL BE INCLUDED IN TABLE FR...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Lebanon’s Recurring Power Nightmare
...stalled Available Fuel Zouk-1 ST (x4) 1984-87 607 365 HFO Zouk extension GT* 2017 194 194 HFO (gas) Jieh-1 ST (x5) 19...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Karadeniz Eyes 8.3gw Fleet
...wn regional allegations of neocolonialist ambition – began supplying power in Ghana in October 2017. The company also operates in Zambia and Indonesia. Dealing with cash-strapped nations is not always easy. Karadeniz began supplying Basra with 410MW in 2010, but operations came to a halt in 2016 wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Oman Reduces Peak Electricity Load Forecast, Targets Lower Gas Burn
...rough 2024, despite a steady 7% a year growth in electricity generation. OPWP says that in 2017 electricity demand in the MIS grid grew “at a relatively slow pace compared to the historical average.” Peak demand increased by 3.3% to 6.12GW in 2017, compared with an average 7% a year during 2010-17, wh...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
$11bn Egypt Petchems Project Belatedly Green Lighted
...ough Egypt’s overall economic fortunes have improved over the last 18 months the country’s overall quarterly trade deficit remains stuck at around $9bn (an annual $36.5bn for 2017) as higher prices for oil imports have cancelled out a rise in export earnings (see p13). Tahrir’s anticipated export re...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Egypt Indicators Show Recovery Is Gathering Pace
...yptian economy are looking firmer than they have for some time. The country’s current account deficit fell to $5.3bn for the first nine months of the 2017-18 financial year (ie 3Q17-1Q18), down 58% from $12.5bn a year earlier, though the country’s quarterly trade deficit remains stuck at around $9bn (see ta...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018