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Oil Market Bulls & Bears In Pre-Algiers Stand-Off
...ec figures. Most analysts now see the global surplus of supply over demand continuing well into 2017. And of course inventories are already at record levels. Having fallen by 20mn barrels from May’s record of 540mn bl, US crude stocks unexpectedly rose again last week to stand at 524mn barrels on 19 Au...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
US Data: Reading The Runes
...ilst output from US shale formations is still falling, September’s projected fall of 85,000 b/d (to 4.47mn b/d) is the lowest this year. Meanwhile, the EIA’s forecasts for 2016 and 2017 in its latest Short Term Energy Outlook are up by 120,000 b/d and 110,000 b/d on those made the previous month (see ch...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Iraq Cuts 2017 Project Spending
...Iraq’s Planning Ministry has axed 296 projects worth $9bn and postponed a further 2,169 worth $31bn from the 2017 investment budget in a bid to slash public spending, ministry spokesman ‘Abd al-Zahra al-Hindawi says. At the same time Baghdad needs to secure funding for some 4,500 ongoing pr...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Saudi Arabia Sticks To Jazan Plans In Face Of Yemen War, Oil Price Collapse
...e refinery is still in the early days of engineering design and civil engineering but on track for completion in 2017. Saudi Aramco has awarded US firm Air Products and Saudi company ACWA Holding a contract to build the world’s largest industrial gas complex. Air Products chairman Seifi Ghasemi sa...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
UAE’s Upper Zakum On Track For 1mn B/D
...UAE UAE’s Upper Zakum On Track For 1mn B/D The UAE’s Zakum Development Company (Zadco), operator of the Upper Zakum offshore field, has awarded an extension to a 2008 redevelopment contract to Amec Foster Wheeler. When completed in 2017, Upper Zakum, already one of the world’s largest of...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Turkey Coal Power Boost
...pendence on imported gas for power generation (see p27). However, while Turkey has large coal resources, gas and renewables projects dominate its medium-term development program. Apart from a 510MW coal-fired plant being built by China’s HEI at Soma for start-up in 2017, plans for further coal ca...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
UAE’s RAK Plans Privately Financed Desalination
...pacity to desalinate 100,000 m3/day of water and store 450,000 m3. Construction will begin next month, with first desalination scheduled for June 2017 and full-scale operation in 2018. Utico says water will initially be provided to RAK and nearby areas and to other parts of the UAE as output in...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Egypt Powers Ahead To Supply Record As New Capacity Comes Online
...nerators and a steam turbine set with a combined capacity of 340MW. Ansaldo says the plant conversion will require 24 months to complete from the signing of the contract, which suggests completion in late 2017 or early 2018. FUELS: “TEMPORARY GAP” Minister of Petroleum Sharif Isma’il told a gas ma...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Iraq Faces ‘Existential Threat’ From ‘Double Edged Crisis’ - IMF
...ice of $54.7/B for 2015, $62/B for 2016 and $67.1/B for 2017. However “risks remain very high… emanating from an extension of the conflict, political tensions, weak policy implementation and further shocks from the oil market,” the fund says. Even on the prospects of oil output and exports ramp-up...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
IMF Warns Of Looming Large Saudi Deficit
...rther $5/B rise in 2017 (an average Iraqi crude export price of $54.7/B for 2015, $62.0/B for 2016 and $67.1/B for 2017 – see p20). The IMF acknowledges that “uncertainties about future oil prices and possible escalations of regional tensions are the main risks to the outlook.” The current ac...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Egypt Downstream Revival Continues With Midor Expansion
...st $1bn and be completed by the end of 2017. Construction will be carried out by Egypt’s Petrojet, while engineering and procurement will be undertaken by petroleum ministry engineering unit ENPPI. The Petrojet/ENPPI consortium last year completed an 18,200 b/d naphtha hydrotreater at the 100,000 b/d Al...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Jordan Eyes Rosatom Deal, As MENA Nuclear Plans Advance
...te characterization and environmental impact studies in May 2015 and preliminary safety analysis reports by December 2018. The agency is looking to receive a site permit from the government in 2015 and aims to secure a construction permit for the first of the plants in 2017, with a view to pouring fi...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Saudi Arabia Taps Service Companies for Oil Capacity Upgrades
...cline further by 2017. Iraq, which had been expected to be the single largest contributor of additional supply during the current decade, has recently lost large tracts of territory in the north and northwest to Islamist jihadists. And although output in the south has so far been unaffected by th...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Qatar Faces Challenging, Rapidly Changing, LNG Market
...mn t/y by 2020 – allowing for slippage on the 61.8mn t/y under construction due onstream by 2017. The next plant to start up comes onstream in 2015. North American shale gas production poses a long-term threat to Qatari dominance. Three US LNG projects totaling 5.6bn cfd of gas production ca...
Volume: 56Issue: 34Published at Fri, 23 Aug 2013 -
Orpic Tenders Liwa FEED As Oman Joins Middle East Plastics Boom
...,000 t/y iso-butanol SABIC/Celanese Jubail, Saudi Arabia 2016 50,000 t/y polyacetal QP/Shell Ras Laffan, Qatar (Al-Karaana) 2017 1....
Volume: 56Issue: 34Published at Fri, 23 Aug 2013 -
Libyan Upstream Activity Picks Up
...d engineering work (awarded in late 2010) was incomplete when hostilities broke out last year and a final investment decision has yet to be taken. Waha groups US firms ConocoPhillips (16.33%), Marathon (16.33%) and Hess (8.16%) with NOC (59.16%). Table 1: Libyan Production Increments to 2017...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Cyprus Tenders To Import Natural Gas For Domestic Power
...cility to start receiving shipments of natural gas, but gas from the Aphrodite field is not expected to become available until 2017. DEFA is the authority responsible for the import and distribution of natural gas in Cyprus. MEES understands that Cyprus intends to begin discussing with Israel in...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Baghdad Looks To Expand Kirkuk Field
...oduction ('000 B/D) Field Current Planned 2017 Kirkuk 270 570 Bai Hasan 195 240 Ja...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Petroceltic And Melrose Agree Merger
...gust closing price. Petroceltic had a market capitalisation of £185mn at the 16 August close. Petroceltic has highly promising undeveloped assets but no plans for production (and thus revenue) before 2017 (MEES, 6 August). This makes the revenue stream provided by Melrose’s oil and gas pr...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012 -
Abu Dhabi Moves Ahead With Nuclear Program
...E Abu Dhabi Moves Ahead With Nuclear Program The UAE’s nuclear operator, Emirates Nuclear Energy Corporation (ENEC), has awarded six contracts worth a total of about $3bn to a group of international nuclear fuel suppliers. The first of the four nuclear power plants to start up will be Barakah in 2017...
Volume: 55Issue: 34Published at Mon, 20 Aug 2012