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Abu Dhabi Ramps Up Offshore Drilling But Targets Remain Elusive
...19. But first oil has been gradually pushed back, initially into the second half of 2017 and now into early 2018. Individual aspects of the project continue to get delayed. UK firm Petrofac was awarded a $500mn EPC contract in 2013 for SARB package 3, to be completed by April 2016. But Petrofac’s 2015 re...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Egypt’s Gas Output: Has It Turned A Corner?
...derlying decline). The additions, which equate to 8% of current output, are good news for Cairo as it fights to overcome a gas deficit before its two key expansion projects, the BP-led 5 tcf West Nile Delta and Eni’s 25 tcf Zohr come online in late 2017. Annual Egyptian gas output peaked at 6.07bn cfd in...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Abu Dhabi Looks To Break Dubai’s Solar Cost Record
...wea aims to sign a power purchase agreement with the winning consortium in the first quarter of 2017. While Adwea did not list the bidders, reports say Japan’s Marubeni and China’s Jinko Solar submitted the lowest bid. Although Adwea was the first Middle Eastern utility to develop a large-scale so...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Aramco Output Policy Under Scrutiny Ahead Of Algiers
...ter both the IEA and Opec have released more pessimistic market outlooks. The IEA now sees supply exceeding demand in every quarter of 2017, while Opec sees a large supply surplus for 2017 as a whole. Even if the gains to Opec output that the IEA has factored in to its forecasts fail to materialize, su...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Iraqi Finance Minister Sacked, Deepening Political, Financial Crisis
...th Iraq on drafting the 2017 budget. MP Najibah Najib, a member of the parliamentary economic committee, said on 18 September that the IMF had told Iraq to increase the oil price assumption in the first draft from a pessimistic $35/B to $43/B for 2017, with crude oil exports projected at 3....
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Islamic Finance: A Young Industry Put To The Test
...eir assets by 12% in 2014 but this fell to 7% in 2015, according to a report published by S&P Global earlier this month (see chart 1). S&P Global predicts this slowdown will persist in 2016 and 2017, with growth stabilizing at around 5%. S&P cites two key factors as acting as a brake in 2017: the im...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Qatar Taps Debt Market
...e budget was almost balanced in 2015, a fiscal deficit of 5.3% of GDP is projected in 2016 ($8.7bn) and 2.2% in 2017 ($4.1bn), before recovering to near balance in 2018. The QNB estimate for the 2016 deficit is almost half the $17.8bn projected by the Ministry of Development Planning and Statistics (ME...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Kuwait Subsidies Row Hampers Efforts To Cut Record Deficit
...an its neighbor’s $17.8bn shortfall (see chart and MEES, 9 September). Under the budget law, passed in July, Kuwait is set to run a budget deficit of KD8.65bn ($28.7bn) for the financial year ending 31 March 2017. This rises to KD9.68bn ($31.9bn) after a further KD1.02bn ($3.4bn), 10% of re...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016