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Saudi Aramco IPO Plans Progressing But Key Challenges Lie Ahead
...7bn) in 2017 in order to spur economic growth following 2016’s sluggish 1.2% rise in real GDP. The government is looking to narrow the budget deficit to SR198bn ($53bn) in 2017 (MEES, 6 January). “Saudi Arabia will need to make sure the fiscal regime does not discourage investment in the IPO. Back in...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Abu Dhabi Finalizes Onshore Concession With Chinese Partnership
...CO CRUDE OIL PRODUCTION (‘000 B/D) SOURCE: ADCO, MEES. ADCO TARGET FADING AWAY? Abu Dhabi plans to increase Adco production capacity to 1.8mn b/d during 2017. But with current capacity at around 1.66mn b/d, this target is unlikely to be achieved. Along with development plans be...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Kuwait: Subsidy Row Presages Return To Disruption As Usual
...June 2017 (MEES, 11 July 2014). Al-Rai reports that GC-31 is 15 months behind schedule and that Kuwait Oil Company is considering imposing a fine of up to 10% (KD25mn-$82mn) on the firm. Dodsal submitted the second lowest initial bid for the Al-Zour pipeline. Larsen and Toubro submitted th...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Gulf Crude Burn: Saudi Arabia Leads Fall From Sky-High Levels
...sit gas processing plant (providing 1.7bn cfd sales gas) in Q2 2016 and fuel subsidy cuts crimped demand. • 2017 should see further gains as Wasit will be operational for the full year, especially if the government follows through with further planned subsidy reforms. • The numbers are ha...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Saudi Arabia Reaps Benefits Of Downstream Investment
...the ramp up of output from two new 400,000 b/d refineries during 2013-15. This brought Aramco’s total domestic refining capacity up to 2.90mn b/d. With last year’s record intake hit despite a run rate of just 75%, new refining records are very possible in 2017, although planned maintenance and up...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Baghdad-Erbil Refining Deal Signals Pragmatism Winning Out
...eventing the onset of exports (MEES, 13 January 2017). While the current gas standoff highlights the potential obstacles to the Basra-Abadan pipeline, the second planned pipeline is far more ambitious. This would link the NOC fields in Kirkuk with Iran, most likely to the 110,000 b/d Tabriz re...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Mubadala Restructured
...irate’s “most significant investment companies into one global investment power house,” and will provide “commercial opportunities across more strategic sectors all over the world.” The new company’s CEO Khaldun Khalifa al-Mubarak – legacy CEO of Mubadala – says he expects to begin operations in May 2017. ...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Shell’s Take On LNG In 2016
...2016 LNG IMPORT GROWTH (MN T): EGYPT JORDAN, PAKISTAN ARE IN THE TOP 5. ALL HAVE SHAKY FINANCES... SOURCE: SHELL 2017 LNG OUTLOOK (USING DATA FROM IHS, MOODY’S, FITCH), MEES. ...PUSHING DOWN THE AVERAGE CREDIT RATING OF GLOBAL LNG BUYERS... ...AND BOOSTING TR...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Israel: Exploration On Hold As Firms Await Leviathan Progress
...e 22 tcf Leviathan field where operator Noble says it expects to take a final investment decision (FID) this quarter. LEVIATHAN FID: FULL SPEED AHEAD? Noble issued its 2016 results and 2017 outlook on 13 February. In what has become a familiar trope it says Leviathan FID is almost there. But no...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Energean Bullish: Is It Justified?
...ergean says it hopes to reach FID by the end of 2017 and have first gas by 2020. CEO Mathios Rigas has optimistically said gas from the two fields will compete with Noble and Delek’s Tamar gas field, Israel’s only current producer at 900mn cfd in Q4 after hitting record 978mn cfd in Q3. Gas supplies 60% of...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Oman Output Cut Tempered By Export Surge
...mpanies are boosting production capacity, but, so long as Oman complies with the pledge made to Opec on 10 December to cap first half 2017 output at 970,094 b/d, its full year 1mn b/d target will be difficult to hit. Crude and condensate production fell to 966,000 b/d in January the lowest level in 16 mo...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Oman Completes Key Units In Sohar Refinery Upgrade
...te 2013. The expanded refinery was due online by end-2016, but Oil Minister Muhammad al-Rumhy last August announced an unexplained slide to 2017. Mr Rumhy’s announcement followed a scheduled major turnaround from late February to late April. Orpic said work would include “modifications to the ex...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Algeria Looks To Build On Modest Output Gains But Investors Remain Wary
...quefied natural gas, were up by 25% year on year for the first 10 months of 2016, according to the government. Combined oil and gas exports were up 11% to 109mn tons of oil equivalent (TOE) in 2016 from 98mn TOE in 2015. Sonatrach plans to increase oil and gas production to more than 205mn TOE in 2017, fr...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Qatar Looks To Cement Role As Pakistan’s Top LNG Supplier
...come online in December 2017. PAKISTAN LNG IMPORTS MARCH 2015* TO JANUARY 2017 ('000 TONS)… *PAKISTAN BEGAN IMPORTING LNG IN MARCH 2015. ^NOT LNG PRODUCERS, IMPLIES RE-DIRECTED CARGOES. SOURCE: CEDIGAZ LNG SERVICE. … QATAR SUPPLIED 75% OF 2016 VOLUMES (MN T)...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Kuwait Advances Petchems Expansion With Key Olefins, Aromatics Awards
...a KD34.2bn ($112bn) national investment plan for the period 2015-19. The plan, since expanded to $115bn for 2017-21, included the new refinery at Al-Zour and a clean fuels project at two of Kuwait’s existing refineries (MEES, 20 February 2015). The new parliament, elected in November, is less co...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Egypt Power Ministry Seeks More Funding As First Megaproject Linked To Grid
...l Ayun Musa (Al-Nowais) 2.64 Coal El-Shabab* (Techint, 2017) 0.50 Gas Dairut (Ac...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Opec: Can It Cut More And Cut Longer?
...rong, soaring supplies in countries not party to the deal, in particular the US and Brazil, have left Opec with an uphill task. Opec’s job has been helped by growing oil demand: whilst both the IEA and Opec revise up 2017 non-Opec supply in their latest monthly market reports, they revise up demand by...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Tunisia: Oil & Gas Slump, Tourism Collapse – Bonds To The Rescue?
...Tunisia has launched an €850mn international bond to help cover its projected $2.3bn 2017 budget deficit. The central bank says the seven-year bond priced at 5.625% was twice oversubscribed. Finance Minister Lamia Zribi says Tunisia will return to the market later this year with the aim of...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Majors Look To Permian For 2017 Rebound
...Majors are looking to keep capex tight in 2017. They hope that by focusing extra cash on the US Permian they will be able to boost output nonetheless. With cost inflation already gathering pace they will struggle to pull this off. The five supermajors plan collective capex spending of ju...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Total Sees Expansion ‘Opportunities,’ But Not In Shale
...Total is setting aside $2bn for potential acquisitions in 2017. But these won’t be in the Permian. Building on a theme he explored in a recent MEES interview (MEES, 25 November 2016), Total CEO Patrick Pouyanné told his firm’s 9 February Q4 earnings call “US shale is too expensive for me...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017