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Iraq’s Unattractive Contracts Claim Fresh Victim As Shell Eyes The Exit
...ost. Current futures prices indicate that annual oil export revenue for 2017 is on track to surpass 2015 figures and rise above $60bn (see table p10). Of course these price and revenue gains are all contingent on the Opec deal holding - and working - and the next test of this is a planned 9 December me...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Basra Seeks Petrodollars
...vember, Basra Provincial Chairman Sabah al-Bazuni declared that the province had sued the Finance Ministry over the petrodollar payments, claiming that Baghdad owed it ID16trn ($13.5bn) over the past three years – this is more than 15% of the 2017 budget’s full projected spend of $80bn. The fight was al...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Leviathan Partners Line Up Funding But Still Short On Sales
...rm is negotiating a loan of around $400mn to help cover the rest of its share of development costs. The firms envisage taking a positive final investment decision on Leviathan by “end 2016/early 2017,” Noble says. “Six years of challenges [at Leviathan] are finally behind us… the dream is finally mo...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Traders Clean Up In Egypt LNG Import Tender
...is is almost 25% higher than the latest spot purchase price – $6.10/mn BTU for November – paid by leading global buyer Japan (MEES, 11 November). MEES understands that Q1 2017 cargoes have been awarded at a slope of 14-15% to Brent and 12% over the remaining cargoes. FSRU DELAY Oil Mi...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Aramco Sets Out Petchems Targets As Sadara Plant Inaugurated
...fore a permanent repair could be undertaken (MEES, 7 October). Rabigh 2 was originally scheduled to start up its first units in 2016, but the venture recently announced that construction is now not expected to be completed until the second quarter of 2017. Delays and scope changes have also raised the pr...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Oil-Poor Arab States Get Multilateral Finance Boost For Renewables
...pe that will continue to grow,” EBRD power chief Nandita Parshard says. The first project under the SPREF program will be the 120MW Khalladi wind farm near Tangier, Morocco. Khalladi is being developed by Saudi private energy developer Acwa Power for start-up in late 2017. Morocco currently has 79...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Opec Agrees To Cut, But Questions Remain Over Implementation
...tential 1.8mn b/d cut – with the ‘non-Opec’ portion slated to be finalized at a 9 December meeting – is due to come into force on 1 January 2017, but is far from a done deal, and implementation will likely be problematic. The meeting is tentatively slated for Doha, but this has yet to be finalized. Th...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Schlumberger Joins List Of Firms Knocking On Iran’s Door
...ll comply with laws governing operations in Iran, there is a significant risk – although this is a factor that oil firms are used to dealing with – that President Elect Donald Trump will change US law on sanctions when he enters the White House in January 2017. Mr Trump has publicly condemned the li...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Saudi Cash Injection: Better Late Than Never
...pect banks’ operating environment to remain challenged by low non-oil GDP growth of 0.8% this year and 2.0% in 2017, versus the 2010-15 average of 6.2%, these developments should provide a boost to the system liquidity. This, in turn, will support banks’ funding and profitability in 2017,” Moody’s sa...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Algeria Raises More Taxes In 2017 Austerity Budget
...Algeria is raising more taxes and cutting spending in its 2017 austerity budget which was approved on 22 November by parliament, in a bid to offset the fall in oil revenue from lower oil prices. The budget still needs the green light from the Algerian Senate. Only some details about the in...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Tunisia Bags $10bn Aid
...is shortfall. The 2017 budget deficit is projected to fall to TD5.4bn ($2.3bn) according to the budget law. Tunisia plans to tap the international debt market with a €1bn Eurobond in January to cover the budget deficit, according to a government source. In August it raised a $500mn five-year Eu...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016