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Algeria On Track For $11bn Deficit Despite Gas Export Boost
...e fall particularly marked in Q2 (see chart). Revenues from number four customer the USA were up 22% in H1 2017. The US took 76,000 b/d of Algerian crude in Jan-May 2017, higher than any annual average since 2012 (though Q4 2016 saw 132,000 b/d). Volumes dwindled to near zero in 2014 and 2015 as...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Kuwait: Al-Zour Re-Award But Delay Likely
...am al-Marzuq says samples will be analyzed to determine the source. The spill is unlikely to hasten a solution to a dispute between Kuwait and Saudi Arabia over Neutral Zone operations, which has seen 300,000 b/d Khafji field shut in since October 2014 and the 200,000 b/d onshore Wafra field si...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Saudi Electricity Taps $1.75bn Loan For Capacity Expansion
...hieved. The deal is SEC’s largest syndicated loan to date. It takes to $36.2bn the outside funding the utility has secured since 2007, although the biggest single contribution was a $13.2bn ‘soft loan’ from the Ministry of Finance in 2014 (see table). The syndicated loan is SEC’s first foray into the in...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
GCC Currencies: To Peg Or Not To Peg?
...Opec’s core GCC countries peg their currencies to the US dollar, an anchor that has served them well given that it is the currency in which their key export is denominated. But as the third anniversary of the late 2014 collapse in oil prices approaches, debate is becoming more lively as to wh...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Algeria PM Sacked As Tebboune Bites Off More Than He’s Allowed
...habilitated leader of parliament’s second-largest party, the RND, Mr Ouyahia has been on the rise since he was appointed director of the president’s cabinet in March 2014. In June 2015 the RND appointed Mr Ouyahia interim secretary-general, a post he had resigned in January 2013, and in May 2016 the ap...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Oman Taps Abu Dhabi For Wind Farm Cash
...wever, its earlier estimate that the development work would take 24 months suggests that start-up is unlikely before the second half of 2019 (MEES, 17 October 2014). Masdar’s partners in building the wind farm will be US conglomerate General Electric (GE) and Spanish engineering contractor TSK. GE wi...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Oman Set To Shrink Deficit, But Not By Much
...% of Oman’s total export revenues. Presuming that non-hydrocarbon revenues and imports held roughly steady in Q2, the figures for oil and gas imply that Oman notched up a trade surplus of $2.56bn in the first half of 2017 the highest figure since 2014 when Oman notched up a $22.2bn trade surplus on th...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Libya’s Oil Production Gains May Flatter To Deceive
...bya’s oil sector since late 2014 did not give much reason for hope. Prior to 2017, the last time that oil output had exceeded 600,000 b/d was in the first half of April 2015; the last time that it averaged more than 600,000 b/d over the course of a month was in November 2014. The figures for 2017 ha...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Saudi Crude Exports At 33-Month Low As Refineries, Power Plants Take More Crude
...arply, to just 6.89mn b/d in June, their lowest level since September 2014, as refineries process just below record levels and direct crude burning in power plants rises seasonally (see charts and p8 for full data). The decline in Saudi crude exports is giving Iraq and Russia in particular a chance to...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
US Shale Output – Gains Continue Despite Cost-Cutting, Fewer New Rigs
...ministration indicates expected average June-September monthly gains for seven key US shale formations of 124,000 b/d, a level of growth in line with levels seen in the boom year of 2014. The latest projections have September output up 980,000 b/d year-on-year. Given that December last year was only up fr...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Dana Gas: Profits Up, Litigation Up, Zora Write-Down Looms
...o levels. Dana added $100mn to its debt pile to fund development of Zora (MEES, 12 September 2014); at start-up less than 18 months ago it said output would ramp up to 40mn cfd (MEES, 3 March 2016). Output is set to dwindle further. The firm has looked into the economics of a well intervention pr...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
TransGlobe: Exploration Write-Dow, Cargo Delay
...ed foreign firms $2.3bn at end-June, down from $3.4bn at end-2016 and a 2014 peak of over $6bn. As with Dana Gas, TransGlobe says gaining the direct ability to market its output in 2015 has been key to getting receivables down. And on the surface this has been a remarkable success. From a peak of...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Abu Dhabi Plans Further Offshore Reshuffling
...bmit a bid after the initial concession expired in 2014. Rosneft has sought to expand its regional presence of late (MEES, 16 June) and is also prequalified to bid for upstream contracts in Iran. ZAKUM CONSOLIDATION? No detail was provided as to how Adma will be divided, nor the rationale. But th...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Egypt Oil Output: Apache Looks To Low Hanging Fruit For Output Rebound
...st couple of years. So a lot of low-hanging fruit that should help us with volumes and also with the ability to generate more free cash flow and also reinvest more,” he says. Apache’s most recent key Egypt output gains came in 2014 from the Ptah and Berenice fields in the Khalda Offset Permit in th...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Offshore Exploration: What Chance Of A Rebound?
...azilian output is running at record levels, with the deepwater in June accounting for more than half of production for the first time (MEES, 4 August). But the exploration boom that led to this record output has tailed off: at 12 Brazil’s latest offshore rig count is less than half average 2014 le...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Bahrain: $670mn CCGT Funding
...oject. The Line 6 plant will have 540,000 tons/year output capacity, taking total smelting capacity to 1.5mn t/y. The power plant will normally burn gas, requiring up to 240mn cfd at full capacity. Bahrain’s annual gas output has been steady at 1.5bn cfd during 2014-16. Bahrain is expanding capacity of...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Zohr Almost There As Egypt Plots Further Gas Gains
...velopment. To that end it has managed to reduce the money it owes the Italians in receivables from a whopping $1.64bn at the end of the first half of 2014 to just $354mn at the end of June this year. Egypt has even managed to pay off completely, receivables which were considered overdue. “The overdue am...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Libya: Cautious Optimism With Output At 3-Year High
...Libya’s crude output hit 1mn b/d in July for the first time since 2014. IOCs hope for further gains – but continued instability means they aren’t banking on them. Most of the larger IOCs active in Libya continue to report headline production numbers ‘excluding Libya,’ even when, as has be...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
US Drilling: Schlumberger Chief Calls For Caution - Has He Got His Wish?
...the 40% upstream cost reductions achieved since 2013 to ‘stick’. But others are more skeptical. The IEA estimates that global upstream costs were 35% lower in 2016 than 2014 and that around half of these savings (50-55%) are “structural” rather than “cyclical” (45-50%). Of the 45% fall in US shale co...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Gulf NOCs Target IPOs, Other Routes To Foreign Funding
...n Salman (MbS) has estimated Aramco’s value at $2-3 trillion, implying that a 5% listing could raise $100-150bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014 (MEES, 11 November 2016). And it would appear that Aramco’s bold IPO plans have en...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017