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Kuwait Targets Heavy Oil Reserves With Eye On Future
...88mn b/d, all of which was produced by KOC. The company claims capacity has risen to just over 3mn b/d and is targeting 3.15mn b/d by March 2017 – it previously aimed to hit this mark at the start of 2015. KOC reports its production capacity breakdown as: South and East Kuwait 1.7mn b/d, North Kuwait 78...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
US Hikes 2017 Output Forecast As Firms Prepare To Raise Spending
...tlook for 2017 US crude output was looking bleak midway through 2016 as oil majors and oilfield services firms cut back on spending. But with oil prices now above the $50/B mark, the EIA has raised its forecasts for next year’s output. The US government agency’s latest Short Term Energy Outlook, re...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Iran Inks Petchems Investment Deals With Japan & China, Shell Adds Upstream MoU
...anian year in March 2017 through short-term usance and medium-terms contracts. NPC investment director Hossein Alimorad says the company is talking with two German companies to open credit lines amounting to €12bn ($13bn), with Japanese firms for a total of €10bn ($11bn) including the Marubeni and It...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Egypt Sparks Up First Megaproject But Scales Back Expansion Plans
...mbined cycle gas turbine (CCGT) plant being built by Egypt’s Elsewedy 115km south of Cairo at Beni Suef. The plant’s generating units will be connected to the grid over the period 2017-20. The Beni Suef plant will comprise eight 600MW generating units, each made up of a 400MW gas turbine/generator an...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Opec Hits New Record Output as Attention Switches to Non-Opec
...d preliminary data indicates November output including NGLs reached 12.3mn b/d (see p6). Brazil is also set to ramp up production further and hit a quarterly record of 2.63mn b/d in Q3, although output slipped slightly in October. The IEA projects liquids output growth to continue in 2017, ri...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Qatar Wealth Fund QIA And Glencore In $11.3bn Rosneft Deal
...0,000 b/d in the Middle East, from fields in the UAE, Qatar, Oman, Iraq and Yemen. Next year Total will take over as operator of Qatar’s most important oilfield, 300,000 b/d al-Shaheen, when Danish operator Maersk’s license expires in July 2017. QIA was also a shareholder in Shell – itself a major in...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Eni Cuts Zohr Stake: BP First Taker, Rosneft Next?
...gned with BP, the UK firm has an option to buy a further 5% stake under the same terms “before the end of 2017,” ie Zohr’s planned start-up date. BP is Eni’s habitual partner in the Egyptian Mediterranean. The firms have a 50:50 split of the three key offshore Mediterranean blocks – El Temsah, Ras El...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Iran’s 2017-18 Budget Projects Higher Oil Revenue But Taxing Times Ahead
...Iran’s oil and gas revenue is projected to rise in real terms by 37% to $33bn in the 2017-18 draft budget from $25bn in the current year, President Hassan Rohani announced this week in his budget statement to parliament. The surge in revenue is due to a combination of rising oil exports fo...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Iran Launches New Contracts Ahead Of Opec Meet
...kely low oil prices) persisting into 2017 (see p10 and MEES, 16 October). While Opec Secretary General ‘Abd Allah al-Badri told reporters on the sidelines of Adipec that he welcomed Iran’s impending return, the prospect of Opec members cutting production to make way for Iran is extremely unlikely. Th...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Rabigh 2 Joins Petchems Start-Up Queue, Saudi Capacity Surge Nears
...BIC/Celanese Jubail, S Arabia 2016 50 polyacetal SABIC/Mitsubishi Jubail, S Arabia 2017 250 MMA, 40 PMMA SA...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Egypt Inaugurates 200mw Gebel El Zeit Wind Farm
...ncluded in December 2010. Completion of the farm raises Egypt’s claimed wind capacity to 950MW. NREA has awarded a €220mn turnkey contract for another Gebel El Zeit wind farm, a 220MW project to be built by Spain’s Gamesa for start-up in the second half of 2017 (MEES, 24 April). Egyptian Electricity Tr...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Dubai Expands Solar Plans But Keeps Faith In Coal
...rrent 9.66 Planned Additions: Solar Park 2 (2017) Solar 0.2 Jebel Ali M Expansion (2018) Gas 0....
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Saudi Stance Wins Out At Opec Meeting
...ndensate and NGLs) to its output by the end of next year then any market rebalance gets pushed back to 2017 (see graphs). If this analysis was repeated based on the Opec, rather than the IEA, demand forecasts the market would not even be close to balance. QUOTA CALL In the run up to the Opec me...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Turkey Advances First Nuclear Plant, Eyes New 4.4GW Project
...actor in 2017. Japan’s Mitsubishi Heavy Industries (MHI) and Itochu Corporation and France’s GDF Suez and Areva were awarded a contract last year to build four 1.1GW nuclear plants at Sinop, with the first scheduled for start-up in 2023 (MEES, 10 May 2013). Long-Term Needs Turkey’s 9.2GW of ap...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Turkey Bags More CCGT Funding, Russia Pledges Gas
...the plant in 2017 (MEES, 7 November). EBRD says it will provide a loan of $250mn, comprising $200mn from its own account and $50mn syndicated to Banque Saudi Fransi. The latter is also providing parallel financing of $100mn under a murabaha Islamic financial instrument, says EBRD. The Wo...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Iraq Pencils In 3.4Mn B/D 2014 Exports But Lowers Output Targets
...ter injection to compensate for the pressure drop,” he says. The success of the seawater project is a main factor in determining whether the contracts will be extended beyond 2020 for Majnoon and beyond 2017 for Rumaila, he adds. Water Project To Be Ready In 2018 But the minister denies that th...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
UAE Says 3.5Mn B/D Capacity Target On Schedule
...UAE UAE Says 3.5Mn B/D Capacity Target On Schedule The UAE is sticking to its 3.5mn b/d 2017 capacity expansion target. It says stalled renewal of the ADCO concession that makes up close to half of current 3mn b/d capacity will not delay its ramp-up plans. UAE En...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Umm Lulu Moves Forward
...RB) and Nasr fields. ADMA-OPCO’s plans are key to hitting the Emirate’s 3.5mn b/d 2017 production target. Yet ADNOC’s target production has slipped to 2019-20 thanks, in large part, to delays at key offshore fields such as Upper Zakum (MEES, 21 June). Three-quarters of ADMA-OPCO’s production wi...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
QNB Optimistic On Qatar’s LNG Future
...troleum Exploration Company (Kufpec) – the overseas, upstream arm of Kuwait Petroleum Corporation (KPC) – has a 7% stake in the $29bn, 8.9mn t/y Chevron-led Wheatstone LNG project, set to come online in 2017 and later ramp up to 15mn t/y. QNB makes no mention of East Africa, where up to 80mn t/y – sl...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013 -
Sonatrach To Replace Skikda Plastics Complex
...trochemicals project would face competition for state funding from other downstream plans. Sonatrach recently started building a new refinery at Biskra, the first of four 100,000 b/d plants due onstream in 2017. The company has proposed building a petrochemicals plant alongside the Biskra refinery, which Mr Yo...
Volume: 56Issue: 49Published at Fri, 06 Dec 2013