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Egypt Gas Hub Ambitions Gather Pace
...d LNG import bill which came to $10.3bn in 2017. Since receiving its first cargoes in April 2015 the bulk of the LNG Egypt received was in 2016, when imports totaled 979mn cfd of gas, some 20% of the country’s total gas consumption – which would in turn have been higher had more gas been av...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Iraq: Record Oil Exports, Revenues At 6-Year High
...which appear on the cards but cannot be discounted – full year revenues are set to total around $87bn. This would be a 46% increase on 2017’s $59.5bn and the highest figure since 2013’s $89.2bn (see chart 2). DIVERSE EXPORT SLATE Iraq has a relatively broad slate of crude buyers, al...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Saudi Solar Plans: Crashing Like Icarus?
...y). This in turn marked a scaling back of government atomic and renewables agency Kacare’s 2013 plan for 54GW of renewables capacity by 2030. The megaplan was also in stark contrast to Saudi renewables progress to date: total renewables capacity amounted to 92MW as of the end of 2017, according to Ab...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
OPEC Production Up As Saudis Tout More In The Pipeline
...oduction rose just 100,000 b/d in September as the group struggled to offset ongoing declines in Iran and Venezuela. The 33.01mn b/d that it posted was a 14-month high, and was 110,000 b/d more than in September 2017. Opec output has averaged 32.60mn b/d over the first nine months of the year, 16...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Iraqi Government Formation Gathers Pace
...om within the Kurdistan political establishment may be little more than tepid. His support for last year’s controversial independence referendum (MEES, 22 September 2017) was cool at most: the dominant Kurdistan Democratic Party (KDP) backed Mr Masum for the presidency. On the international stage it...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
KRG Vote: No Change
...aq’s May elections and September 2017’s controversial independence referendum) and concerns over corruption. Indeed, allegations of election fraud since the polls are rife. The duopoly of the dominant Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK) was further entrenched as...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Iran Awards Key Contract For Strategic Hormuz Bypass Project
...ports – overwhelmingly from Kharg Island, with small volumes from nearby Soroosh – averaged 2.1mn b/d in 2017, alongside a further 490,000 b/d condensate from Assaluyeh, for a combined 2.6mn b/d. But with the imminent return of US oil-sector sanctions after 4 November, Iran’s oil exports have already be...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Egypt’s Petchems Producers Step On The Gas
...st short of the 10.6% rise in Egypt’s gas output over the same period. Egypt’s gas output rose by a further 19% to average 5.34bn cfd for 2017-18, implying a jump in propane output to over 687,000 t/y. The further leap in gas output to a record 6.6mn cfd for September has almost certainly boosted Eg...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Egypt LPG: Jekyll & Hyde
...ged up to 16,000 b/d for 2017-18. Egypt’s butane imports rose by 11% to 74,000 b/d for 2017-18, though Cairo will be hoping that efforts to expand the country’s piped natural gas network on the back of record output will make this a high-watermark. ...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Shamaran Plans EPFs at KRG
...rathon’s 15% stake to boost its share to 35.1%. The KRG holds the remaining 25%. Production began in July 2017 and while capacity is 30,000 b/d the closest it has come was 27,000 b/d in January. Since then output has been hampered by technical problems and fell to around 12,000 b/d in April before bo...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Noble Completes Tamar Farm-Down
...rel for $450mn in July 2017 before setting up Tamar Petroleum as a vehicle to sell off additional stakes (MEES, 30 June 2017). The largest single shareholder is now privately-owned Israeli firm Isramco with 28.75% though Noble, with 25%, remains operator (see chart). NOBLE COMPLIES WITH RE...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Saudi Steps Up Spending In Bid To Boost Economy
...lf of 2018 that will see the budget deficit nearly quadruple from 1H 2018. Nevertheless, the expected $39.5bn deficit announced in revised Ministry of Finance figures is still considerably less than 2017’s $63.6bn. Government figures show that the kingdom accrued a deficit of $11.1bn in the first ha...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
East Med Gas Development: Hang Together Or Hang Separately
...ock in the second half of next year. By then – given that Eni plans two late 2017/early 2018 wells across its blocks, and that (barring discoveries) there is no drilling planned after this – by late 2018 either a new chapter will be opening in East Med gas, or the Cypriot one will be close to closing (se...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Cyprus Drilling Plans: Make Or Break?
...the existence of a ‘Zohr-like’ carbonate reservoir offshore Cyprus is “very promising.” In plain English it was a flop. Previous drilling had focused on sandstone plays resulting in Aphrodite, Cyprus’ only discovery to date, and the nearby Israeli Tamar and Leviathan. Of the five planned 2017...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Renewables: Mena Retarded By Low Power Prices Amid Global Progress-IEA
...ergy Agency (IEA). The agency’s Renewables 2017 forecast, published this week, says solar capacity worldwide rose by 50% last year, to 74GW, of which almost a half was in China. “China has been the leader in manufacturing solar PV equipment for some time,” says IEA renewables head Paolo Frankl, “bu...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Saudi Solar Tender: Masdar Offers Lowest Ever Power Price
...built 120km east of Abu Dhabi city at Sweihan (MEES, 7 July). There will be great interest across the renewables sector in how such low bids were achieved for Sakaka. Certainly solar panel costs have fallen sharply. The IEA’s Renewables 2017 forecast, issued this week says that in 2016 solar PV...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Opec Focuses On Exports As Compliance Slips Further
...dress its compliance with existing commitments. OPEC COMPLIANCE WANES After a strong start to 2017, output has been on a steady upwards trend since April. Opec production has grown for each of the last two quarters, and all three quarters so far in 2017 have posted year-on-year gains (see ch...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Non-Opec’s Mixed Bag
...The non-Opec signatories to the late-2016 output deal pledged to cut just under 600,000 b/d, of which 300,000 b/d from Russia. Russia hit this for the first time in August and repeated the trick in September, although it remains around 80,000 b/d above target on average over 2017 so far. Th...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Saudi King Salman’s Historic Russian Visit: Will It See Trade Leap?
...OM A LOW BASE Russia’s Industry Minister, Denis Manturov, said on 4 October that bilateral trade in the first half of 2017 had increased 30% year-on-year. However, certainly before this year, bilateral trade had been falling: 2016’s $7.4bn was well down on the previous year’s $12.4bn. The key ex...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Abu Dhabi In $10bn Bond, Prices Tighter Than Saudi
...bt to help bridge budget deficits brought about by low oil prices since mid-2014. At the same time investor demand for GCC bond issues remains strong. According to reports quoting the Abu Dhabi bond prospectus, the emirate expects its fiscal deficit to narrow to $3.74bn in 2017 from $7.05bn in 20...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017