Abu Dhabi Oil Shake-Up: Hold On To Your Hats

...all Mubarraz, Umm al-Anbar and Neewat al-Ghalan fields. It also expects first oil from Adoc’s Hail field in the first half of 2017, with full production set to double output. Adoc has 1.4mn barrels storage capacity on Mubarraz Island, which is connected via a 16km pipeline to a Single Point Mooring (SP...

Egypt Oil Output Collapses As Firms Cut Investment

...wn from a mid-2014 peak of €1.2bn. Egypt’s 25 tcf 2015 Zohr discovery is the jewel in the crown of Eni’s strategy of focusing on relatively-low cost large near-field tie-ins. This remains on target to start in December 2017, Mr Mondazzi says. Phase 1 output will reach 1bn cfd during 2018, pl...

GE Takeover Of Baker Hughes To Create Services #2

...ergy, water, aviation and digital sectors. By 2017 GE and SAIIC plan to spend $1bn on projects with Saudi and international firms in support of the Saudi Vision 2030 economic diversification program (MEES, 27 May). GE/BAKER HUGHES TO LEAPFROG HALLIBURTON AS GLOBAL SERVICES #2 ($BN Q1-3 16 RE...

Sonatrach Taps China For Algiers Refinery Revamp

...mpany says –probably optimistically – it could likely finance the program from its own resources if oil prices return above $60/B from 2017, or could tap domestic banks if prices were lower. However, the recent appointment of Noureddine Boutarfa as Energy Minister means on official open-minded about ou...

Kuwait To Invest In Oman’s Duqm Refinery

...oduce light products for export and bunkers for the port. Adnoc has since announced vague plans for downstream expansion (see p2). OOC says the Duqm site has been levelled and a final investment decision is set for Q2 2017. DRPIC last year invited seven prequalified firms and consortia to bid for th...

Oman Power: Foot Off The Gas Despite Khazzan Progress

...source is subject to final approval of the Government of Oman and BP – both expected in 2017…Subject to final approval, Khazzan Phase 2…is expected to come onstream around 2020,” BP says. Khazzan Phase 1 “is on track to deliver first gas near the end of 2017,” Oil Minister Muhammad al-Rumhy says. As of...

Dubai Adds CSP, Hydro To Renewables Mix; Northern Emirates Eye Coal

...60 Dewa (2017) Solar Park 2 (PV) 0.20 Sewa (2017) Hamriyah Exp (Gas) 0.18 Enec (2017...

Opec Shows No Sign of Cutting Ahead of November Meeting

...vember highlights the extent of the problem. If Opec output continues at current levels then, according to IEA demand projections, the market will only balance in Q4 2017. According to Opec’s projections any rebalance will have to wait till 2018 (see table).  The IEA report raises expected 2017 non-Opec pr...

World Bank 2017 ‘Ease Of Doing Business’: UAE Climbs 5 To Cement Top Mena Ranking; Saudi Down Again

Lebanon: Can New President Get The Country Moving?

...is week. Mr Gobril says parliament’s first priority is to approve a budget for 2017 after failing to do so for almost a decade. He stresses the need to reduce the squandering of fiscal resources and to cut the budget deficit, which is expected in 2016 to reach 8.6% of GDP, with public debt at 144% of GD...

Streamlined Oxy Set to Bag UAE Gas Expansion Project

...5% to 8% in 2017.” Capex in the first nine months of 2016 was just $1.99bn, down more than 50% on the same period last year and barely a third of the first nine months of 2014.  OCCIDENTAL PETROLEUM: MENA PRODUCTION *DOLPHIN PRODUCTION COMES FROM QATAR'S NORTH FIELD. **EXCLUDES iRAQ, BA...

Saudi Investment & Fundraising: What A Difference A Year Makes

...change reserves are unlikely to fall much beyond their current level in the coming years. “In terms of the fiscal position, we expect the kingdom’s budget deficit to narrow to around 7.5% of GDP in 2017. Meanwhile, the dollar revenues that the international bond sale brings will also help to finance th...

IMF Poised To Approve Egypt Loan

...valued pound and to a higher Brent oil price than that assumed in the original budget. Electricity tariff rates will not increase before the beginning of the next fiscal year which starts on 1 July 2017, a spokesman of the Electricity Ministry says. But after the devaluation, the ministry will incur ad...

Kuwait Bonds On Track

...Kuwait’s plans to tap the international bond market to finance the 2016-17 budget deficit are firming up. Minister of Finance Anas al-Salih says Kuwait will raise KD2.9bn ($9.6bn) in dollar-denominated bonds in Q1 2017. The issue will not only diversify the sources of government revenue, it wi...