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IEA On Global Oil Supply/Demand Balance
...Non Opec Output Fell In Q1 (Mn B/D) But Opec Output Grew Strongly: With Iran’s ‘Return’ It Is Set To Grow Throughout The Year. This Means Record Stocks Will Continue To Build With No Significant Drawdown Before 2017. *INCLUDES NGLs. **END-USER DEMAND, EXCLUDES STOCK BUILDS/DRAWS (OP...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Flaring Advances Ignite Iraq’s Gas Sector
...oject, but Iranian officials claim it will be completed within weeks. How optimistic an assessment this is remains unclear. The second deal was signed in 2013 and is also for 10 bcm/year, beginning in 2017. It is to supply the 1.46GW Rumaila, 1.25GW Shat al-Basra and 500MW Najibiya power plants in Ba...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Crude Price Gains Further Reduce Incentive For Output Freeze
...at low prices are taking a toll on US shale output, moving the market back towards balance. The US government’s Energy Information Administration now estimates that the country’s output will fall by 830,000 b/d this year and a further 560,000 b/d in 2017 (see p24). The risk is that recent price ri...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Eni: Unlikely Libya Boost Returns North Africa To Center Stage
...Italian firm Eni saw its North African output rise to a record 38% of its 2015 total. The key boost came from a somewhat unlikely corner – Libya. The region will if anything increase in importance for Eni going forward with first gas from its giant Egyptian Zohr field slated for late 2017...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Corporate Profile: OMV Looks To Iran To Re-Boot MENA Portfolio
...s) out to 2020 despite taking a further ax to exploration spending. 2015 spending of €607mn on exploration was already down by 12% on 2014’s record €693mn. OMV plans a 26% cut to €450mn this year with a further 33% cut to €300mn for 2017 (and this figure maintained for 2018). Overall capex fell from €3....
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Saudi Plans $10bn Loan, First Since 1991
...ternational borrowing by Saudi Arabia, combined with the domestic debt issuance could push the general government debt to 9.4% of GDP in 2017, compared to 1.5% in 2014, due to the plunge in oil prices. Longer term, the issue of international sovereign debt will support the development of a market for Sa...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
US 2016 & 2017 Crude Output Forecasts Have Been Revised Down By Almost 500,000 B/D In Just The Last Two Months... With Output Now Set To Contract By 830,000 B/D This Year And 560,000 B/D In 2017
...EIA FORECASTS FOR US CRUDE OUTPUT (MN B/D, BY DATE OF FORECAST) US CRUDE OUTPUT GROWTH (‘000 B/D) ACTUAL FOR 2013-15, LATEST EIA PROJECTIONS (APRIL STEO) FOR 2016 & 2017....
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Kuwait Bullish On Contract Award, But Quietly Shelves Production Target
...e p10 and MEES, 1 April). While production capacity is planned to rise to 3.165mn b/d by March 2017 according to Mr Jafaar, officials maintain that production will remain flat. This implies that Kuwait does not foresee full production from the currently shut in Partitioned Neutral Zone (PNZ) wi...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Egypt: Receivables Worries Risk Choking Off Exploration Boom
...dependent Petroceltic’s 50% stake in both (MEES, 19 February). The commitment for North Thekah is $170mn with two wells (MEES, 3 January 2014). No wells have yet been drilled on either block, though Edison recently said it “plans drilling North Thekah towards the beginning of 2017. We would consider dr...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Aramco/Sabic Make Up With Plan For Joint Oil-To-Chemicals Project
...nuary). Last week Prince Muhammad said that he is pushing for the Aramco IPO in 2017, and that while less than 5% equity will be offered in Aramco and its subsidiaries, Aramco’s shares will first be transferred to the PIF. In this way the PIF will “technically make investments the source of Saudi go...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Egypt Secures Saudi, UAE Funding For Power Expansion, Awards Wind Projects
...enty 2MW turbines – to be installed at an existing 200MW Gamesa-built wind farm. Gamesa says delivery of turbines for the larger project will begin in October for commissioning in third quarter 2017. Deliveries for the smaller project will begin in the third quarter for early 2017 commissioning. Ga...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Jordan: Wind Gathers Pace In Bid To Diversify
...nstruction in 2017 with a view to first electricity generation in 2019. Start-up of the Elecnor plant takes Jordan’s installed generating capacity to 4.72GW, after the 99MW Hussein steam turbine plant was decommissioned in January. It is Jordan’s second wind farm following the JWPC consortium’s 117MW pr...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
Oil Market Inches Towards Balance, With Or Without Deal
...imb until they begin to be worked off in 2017. And the IEA acknowledges that its Q2-Q4 2016 numbers for Opec output are “conservative,” factoring in only relatively modest gains for Iran as financial sanctions continue to stymie its marketing efforts. Libya could also surprise on the upside for 20...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
KRG: Prompt March Payments Boost IOC Outlook
...upon payment is due in October, while payments totaling $575mn are due in 2017 when the bonds mature. If regular payments from the KRG continue, GKP can expect to receive $13.6mn a month. It would need to save around $2.7mn of this in order to meet both the April and October payments while keeping $32...
Volume: 59Issue: 15Published at Fri, 15 Apr 2016 -
New Adnoc Supremo Commits To 3.5mn b/d Output Target Amid Leadership Shakeup
...pect to see a slow but upward improvement in the medium term. Overall we think that 2016 and 2017 will be the years during which markets will start to rebalance.” But this optimism is not universally shared, with a number of variables in play that could dampen or reverse price gains (see p11). NEW FA...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Mid-East LNG Demand‘A Driving Force’ In 2015
...lution. Whether this is realistic remains to be seen. Egypt hopes to call time on gas imports by 2020 following last year’s discovery of the 23 tcf Zohr offshore field – operator Eni plans first gas from late 2017, ramping up to 2.7bn cfd by 2019 (MEES, 25 March). But while this is substantially more th...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
OPEC Output Falls Ahead Of Meeting As UAE Outage Outweighs Iran Gains
...proaching balance is the director general of the Abu Dhabi National Oil Company (Adnoc) Sultan al-Jaber. He said this week that he expects prices to rise gradually and for the market to rebalance in 2016 and 2017 (see p2). However, there remain multiple variables that impact on this supply-demand dy...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Petroceltic: Worldview Or Bust
...rly 2019:” the 2012-approved development plan had 2017 (MEES, 13 August 2012); the firm subsequently insisted 2018 was feasible (MEES, 1 May 2015). In fact the project’s delays, so far, have been modest for Algeria. If Worldview is sensible it will seek to keep hold of Petroceltic’s project ma...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Saudi Crown Prince Plots $2,000bn Mega Wealth Fund
...uld likely happen in 2018, or even 2017, he says. The Aramco IPO and the transfer of its shares to the PIF will “technically make investments the source of Saudi government revenue not oil… within 20 years, we will be an economy or state that does not depend on oil,” he says Prince Muhammad, who al...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Saudi: Key Gas Start-Ups Increase Oil Field Flexibility
...wec) Oil 0.16 2016 Shuqaiq (SEC) Oil 2.64 2017 PP13 (SEC) Gas 1.65 2017...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016