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Dana Gas: Profits Up, Litigation Up, Zora Write-Down Looms
...UAE firm Dana Gas this week reported a rise in profits and revenue for the first half of 2017 based on sharply higher oil prices, and lower capex, compared to the same period last year. But litigation is beginning to rival gas and oil production as Dana’s main line of business, with ho...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
TransGlobe: Exploration Write-Dow, Cargo Delay
...ded 2,500-2,700 b/d of Canadian output in January – its only non-Egypt production. The firm now plans 2017 capex of $41.5mn (Egypt $35.4mn), towards the lower end of earlier guidance. TransGlobe priority for the second half of 2017 is to firm up the production potential of the Boraq discovery on th...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Mini Egypt Bid Round As GPC Expands
...nancial year (to 30 June 2017), of which around 47,000 b/d is oil and around 22mn cfd gas. A 4 August oil minstry press release says output has since risen further, to a record 57,000 boe/d. For 2017-18 as a whole GPC plans output of 53,000 b/d crude and 30mn cfd of gas, an implied total of around 59,000 bo...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Saudi Cuts Deficit, But Only Thanks To Higher Oil Price
...also some 26% less than the SR198bn ($52.8bn) figure in the original 2017 budget (MEES, 6 January). The improvement is thanks to the 62.7% (SR82.1bn) increase in H1 oil revenues versus a year earlier. Saudi Arab Light crude averaged $50.4/B in H1 2017, up 38.4% on the H1 2016 price of $36...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Oman’s Sohar $2.1bn Refinery Expansion Schedule Pushed Back
...mmissioning its expanded Sohar refinery until the first quarter of 2017, having initially aimed to have the plant ready to begin commercial operations by the end of 2016. The refinery’s crude processing capacity is being expanded from 116,000 b/d to 197,000 b/d by UK’s Petrofac and Korea’s Daelim under a $2....
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
SEC Identifying Sites For Solar Plants, Sanctions 300MW Renewables Program
...CC 50 2017 SEC Waad Al-Shamal (1.39GW) ISCC 50 2018 SE...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
New Iraqi Oil Minister Sets Out Priorities
...l production if it’s going to substantially boost its oil revenues. But this doesn’t look like occurring any time soon. UAE’s Taqa announced last week that first oil at the Atrush field – planned for 30,000 b/d – might slip into Q1 2017. Taqa is partnered with US-firm Marathon and Canada’s Sh...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
GCC Fiscal Reforms: Long Overdue And A Long Road Ahead
...arter of this year. The agreement paves the way for the introduction of these taxes in the GCC from 1 January 2017, for excise duty, and 1 January 2018, for VAT, respectively. The introduction of a GCC-wide VAT of 5% in 2018 will play a central role in supporting revenue diversification, however the li...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Dana Gas Eyes Further Egyptian Production Gains
...unterclaim will be held by the court in early September. A further hearing for the level of damages will take place. A date has yet to be confirmed, but Mr Allman-Ward expects it to be in 4Q16 or Q1 of 2017. The English High Court last year ordered the KRG to pay $100mn of this, and Mr Allman-Ward told th...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...though the country had not received any grants since last year. Mr Garhy for his part, noted that the negotiations with the IMF should be seen in conjunction with the government’s growth and reform plan for the periods 2016-17 and 2017-18, as well as that for Egypt’s 2030 vision. He acknowledged the ma...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Iran Struggles To Reduce Cash Subsidies Outlay
...at those whose annual income exceeds IR350mn ($10,000) are classified as being in high income brackets and should be removed from the list by the end of the current fiscal year ending on 20 March 2017. Mohammad Nobakht, head of the Management and Planning Organization, argued then that the $10,000 cu...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Egypt Receivables Hit $6.3bn, Up Almost $1bn From Start Of 2015
...ergy (formerly Citadel Capital), is spending €100mn on building a 180MW combined cycle gas turbine power plant which will burn Abu Qir gas from 2017 (MEES, 7 August). Croatia’s INA said in its H1 results that Egyptian receivables were up on end-2014 but without giving any details. TRANSGLOBE: DI...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
MENA Nuclear Progress Gathering Pace
...ergy Research Institute (Kaeri) for a three-year study into the feasibility of deploying Korean-designed modular 330MW reactors within the kingdom. Kaeri is building a demonstration plant for start-up in 2017. Jordan and Russia have signed an intergovernmental agreement for the first of two 1GW re...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Shell’s Cost Cutting Hits UAE Gas, Iraqi Oil
...vestment decision (FID) for the Bab sour gas project in Abu Dhabi until 2017 while stepping down from the competition for a slice of the UAE’s onshore oil concession, as part of a plan to cut costs and prioritize only the most affordable upstream projects. The moves confirm the ongoing trend of project ca...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Iraq ‘Below Investment Grade’ Ahead Of Bond Issue
...2016, although it will remain large and another more substantive IMF program is likely in 2016, while a small deficit is forecast for 2017. The agency adds that the Iraqi government has cleared $9bn in payment arrears to international oil companies (IOCs) that were run up in 2014. REFORM PLAN AP...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Hungary’s MOL Announces KRG Development Plan As Others Exit
...L intends to raise production from the block to an expected minimum of 50,000 boe/d by 2017-18. MOL also has 10% of the Pearl Consortium, alongside Austria’s OMV and the UAE’s Dana Gas, which has launched arbitration proceedings against the KRG, disputing terms of its gas development co...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Noble And Delek To Sell Israeli Gas Fields
...om 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). Leviathan partners Delek and Noble have tabled a bid, alongside Vi...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Qatar Nears Full GTL Output, Eyes Competitors’ Projects
...,000 2014 $9.5bn Chevron (75%) NNPC (25%) Uzbekistan GTL Uzbekistan 33,000 2017-18 $4bn Sasol (44.5%), Malaysia’s Petronas (11...
Volume: 56Issue: 33Published at Fri, 16 Aug 2013 -
SEC Awards Shuqaiq Power Plant To Hyundai
...atement to the Saudi Stock Exchange, SEC said work on the project would begin immediately, with commissioning scheduled to begin in November 2016 and commercial operation to start in January 2017. Hyundai said the Shuqaiq plant will incorporate the supercritical pressure technology being used in th...
Volume: 56Issue: 33Published at Fri, 16 Aug 2013 -
Petroceltic And Sonatrach Agree To Develop 'Ain Tsila For 2017 Start-Up
...GERIA Petroceltic And Sonatrach Agree To Develop 'Ain Tsila For 2017 Start-Up Petroceltic’s 'Ain Tsila gas field on the Isarene permit in Algeria’s prolific Illizi Basin is set to move to development with the company, its Italian partner Enel and Algerian state firm Sonatrach having finalized de...
Volume: 55Issue: 33Published at Mon, 13 Aug 2012