Taiwan Q1-3 2017 LNG Imports: Qatar Continues To Lose Market Share, Volumes Down 20% On Year-Ago Levels As Taipei Looks To Diversify

Crude Official Selling Prices ($/B)

...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE....

US Vs China Fossil Fuel Imports/Exports (Mn Tons Of Oil Equivalent) - IEA Projections

...THE US THIS YEAR^ BECAME A NET GAS EXPORTER. IT WILL BE ‘LONG’ FOSSIL FUELs FROM 2022 AND A NET OIL EXPORTER FROM 2028     CHINA THIS YEAR OVERTOOK THE US AS A GROSS IMPORTER OF CRUDE. IT IS ALREADY WAY AHEAD ON A NET BASIS *2017 WEO, NEW POLICIES SCENARIO. ^FROM 20...

BP Can’t Stop Falling For Low Cost Mideast Output

...Low cost Mideast fields are of growing importance for BP. The expiry of Abu Dhabi’s Adma sees output dip, but growth in Oman & Kuwait means long-term the trend is up. BP net oil and gas output for Jan-Sep 2017 is up 10% year-on-year (excluding the firm’s 19.75% stake in Russian state gi...

Israel: Noble Plots ‘Near-Term’ Leviathan Go-Ahead, But More Sales Needed

...US firm Noble Energy says that sanctioning of development of its 22 tcf 2010 Leviathan field offshore Israel is “on track for end 2016/early 2017.” The firm now says that it can sanction phase 1 of development based only on domestic sales, and a modest export deal to Jordan. But given th...

East Med Bidding: Israel Launches Round, Cyprus Progress

...Israel’s highly anticipated bid round for 24 offshore blocks (MEES, 30 September) was finally launched on 15 November after almost five years of no new exploration rights being granted. The deadline for the submission of bids is 21 April 2017 while winners will be announced on 15 July. Po...

Libya’s Rising Output: Now For The Hard Part

...Libyan output is at a two-year high. IOCs are skeptical on a further hike. NOC chief Mustafa Sanalla says production is running at 600,000 b/d and that NOC retains its plan to raise this to 900,000 b/d by the end of the year and 1.1mn b/d in 2017. The 600,000 b/d figure, in line with ot...

Taiwan’s LNG Imports Boosted As Government Plans To Exit Nuclear

...G 6.9mn tons/year plant since its 2014 start-up under a 20-year contract for 1.2mn t/y. The company has also committed to buy 1.75mn t/y under a 15-year contract from the 8.4mn t/y Ichthys LNG in Western Australia which is scheduled to come onstream in 2017. It will also be receiving volumes fr...

Saudi Exports, Output Full Steam Ahead Pre-Opec Meeting

...,000 b/d to 41,000 b/d. Yanbu’s manager Shaker Mahrous says “In terms of gasoline production, Yanbu Refinery is already in 2017, as it has achieved its 2017 year-end gasoline production target.” Refined products demand declined by 7% from 2.186mn b/d to 2.028mn b/d for September, and demand is slightly lo...

Saudi Electricity Plans 5.4GW IPP

...l 2.80 2016 Dhuba-1* (SEC IPP) Gas/Solar 0.61 2017 Cogen x 3 (Ar...

KRG Sees Signs of Green Shoots In Its Troubled Oil Sector

...oduction gains in 2017. But huge problems remain, not least that debt payments for earlier oil prepayments are crimping revenues to such an extent that oil revenues remain below the public sector wage bill. Refining runs have been slashed in a bid to maximize export revenues in order to make payments to IO...

Egypt IMF Loan Brings Short-Term Relief, But Uncertainties Lie Ahead

...ans to tap the international bond market for $2.75bn by the end of the year and can expect better terms after securing the IMF loan. Mr Kojak says Egypt is targeting 4-5% growth in 2017-18, rising to 6% over the medium-term which would help to reduce unemployment, projected to fall to 11-12% in 2017...

Algeria Raises $5.1bn In Bonds, Taps ADB For $1bn

...e 2017 draft budget which is being debated in parliament – with current expenditure down 9% and capital spending down 31% in real terms. The draft budget also envisages a rise in the price of subsidized gasoline and diesel (MEES, 14 October). Mr Baba Ammi says that the government has yet to de...

Abu Dhabi Reaffirms Output Hike Pledge As Adco Stalemate Continues

...The UAE remains committed to increasing oil production to 3.5mn b/d by 2017. Delegates at last year’s Adipec conference eagerly anticipated an announcement on which companies would be awarded shares in the 40% of the Abu Dhabi Company for Onshore Petroleum Operations (Adco) concession av...

Iran: It’s All About The Contracts For Total

...d of the current government’s term in August 2017, according to a 6 November report by state news agency Mehr. The Total CEO conjectured that without foreign assistance, Iran will likely be restricted to increasing production by “300, 400, 500,000 b/d;” even after this “it will take time.” On...

IEA Rolls Up Sleeves In Run-Up To Climate Conference

...llion (ppm) by 2030 – a level deemed synonymous with limiting global warming to 2°C above pre-industrial levels. The IEA claims the transition to a low-carbon world is under way, citing the introduction of policies such as the US Clean Energy Act and China’s plans to start a carbon trading scheme in 2017...

More Pain To Come As Iea Sees $80/B ‘Rebalance’ But Not Till 2020

...2015-2020 CHANGE IN US TIGHT OIL OUTPUT AT VARIOUS OIL PRICES* (MN B/D)        MARKET TO REBALANCE IN 2016? 2017? Mr Falih, the UAE’s Mr Mazru’i and Opec’s Mr Badri all are forecasting that balance will be restored to the global oil market in 2016. Mr Badri says that he ex...

Apache Hits Egypt Output Record Despite Capex Cuts

...s output of 4.2bn cfd (see graph). Apache’s Egyptian gas output peaked at 918mn cfd in Q4 2013. Eni is Egypt’s top net gas producer with 650mn cfd, almost double Apache’s net 365mn cfd, and is set to surge ahead with the planned 2017 start-up of its giant 30 tcf Zohr discovery (MEES, 6 No...

McDermott Sees Brownfield Shift In Gulf Contract Awards

...llhead jackets. Installation of two jackets in the Bul-Hanine field offshore east of Doha has been scheduled to be completed by December 2016 with the remaining two scheduled for completion in July 2017.” This month Qatari LNG producer RasGas awarded McDermott EPCI work on a flow assurance and looping pr...

Jordan Budgets For Ambitious 2016 Spending, Revenue Hike

...14 and JD520mn in 2015, and that Jordan will receive a further JD460mn in 2016 and JD400mn in 2017. But the draft 2016 budget omits a tranche of the $1.25bn originally pledged by Qatar after the latter failed to honor its pledge in the past year. Mr Tuqan blames this shortfall for the near doubling of...