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Saudi Hands Out New Drilling Contracts
...VIET UNION (EXCEPT SAKHALIN). HESS TO TRIPLE BAKKEN RIG COUNT US shale-focused independent Hess, in a 12 January update to its 2017 capex guidance, says that it plans to spend $2.25bn on E&P next year, up from $1.9bn in 2016. The key boost is slated for North Dakota’s Bakken shale fo...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Iran’s Cash Handouts Scheme: A Lingering Problem
...s been allocated to projects and the treasury has received little cash. SCATTERGUN APPROACH The key ‘culprit’ has been the scattergun approach of the cash handouts. Under the original law every Iranian was entitled to receive a monthly payment of IR450,000 ($13.6 at the 2017-18 budget ex...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Dubai Edges Up Spending
...Dubai’s recently-revealed 2017 budget projects total spending of Dh47.3bn ($12.9bn), up 2.6% from 2016, and a deficit of Dh2.5bn ($681mn), or 0.6% of the emirate’s GDP. The second most important UAE emirate after Abu Dhabi is bucking the trend by edging up spending at a time when other Gulf st...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Global Oil Supply To 2040: Exxon Projects Conventional Crude Will Remain Dominant In Mideast, Russia, But Not Elsewhere (Mn B/D*)
...*NGLS & EXTRA-LIGHT/HEAVY OIL ON A ‘CONVENTIONAL CRUDE EQUIVALENT’ BASIS BASED ON ENERGY CONTENT. SOURCE: EXXONMOBIL 2017 ENERGY OUTLOOK. ...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
East Med: Leviathan FID Stalls As ExxonMobil Looks To Cyprus Offshore
...viathan gas. In late December 2015 Israeli Energy Minister Yuval Steinitz announced the country would begin phasing out coal burning in favor of gas by 15% in 2016 and by 20% in 2017. Demand grew accordingly last year and hit a record 978mn cfd in Q3 (see chart and MEES, 18 November 2016). Israel’s 2017 go...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Sharara Restart Pushes Libyan Output Close To 700,000 b/d
...oduction to around 950,000 b/d by early April, are a slightly delayed version of NOC’s more recent plan to increase output to 900,000 b/d by the end of 2016 and to 1.1mn b/d by the end of 2017 (MEES, 18 November 2016). Mr Sanalla is now targeting output of an even more ambitious 1.2mn barrels by the end of th...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Jordan Wind Farm Deals Concluded, Shale Still Awaiting Chinese Go-Ahead
...stas, for installation at the 89.1MW Fujeij wind farm to be built 150km south of Amman. Kepco has also secured finance from Korean and Japanese institutions. Vestas says turbine deliveries to Fujeij will begin in the fourth quarter of 2017, with commissioning starting in third quarter 2018. The to...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Opec Starts Cutting From Record Annual High
...ker Hughes. The IEA last month upgraded its Q1 2017 projection for US output by 70,000 b/d and further upward revisions are likely. OPEC’S NUMBER 2*: IRAQ CONSOLIDATES ITS POSITION WHILE IRAN PULLS AWAY FROM THE CHASING PACK (MN B/D, CRUDE OUTPUT) *SAUDI ARABIA IS WAY OUT IN FRONT, PO...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Saudi 2017 Budget Boosts Spending But Slashes Deficit By One-Third
...Saudi Arabia is banking on rising oil prices to help slash its budget deficit by more than a third. The kingdom’s newly released 2017 budget projects revenue to grow for the first time in five years, although non-oil revenue growth is set to stall despite its vaunted 2030 Vision. Saudi Ar...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Oman 2017 Budget Cuts Deficit By 44% With Brighter Prospects For Oil Revenues
...Sharp spending cuts and rising oil prices are combining to slash Oman’s projected budget deficit by 45% to OR3bn in 2017. A conservative oil price estimate means this could fall further to around OR1bn. Oman has announced an austerity budget for 2017 slashing its fiscal deficit by 44% in re...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Egypt Looks Eastwards For Big Power: To China For Coal, To Russia For Nuclear
...id Corporation of China for a $650mn transmission system linking three 4.8GW plants, using gas-fired turbines from the Siemens deal, to Egypt’s grid. These are being built at Beni Suef, Burullus and a planned new capital city 45km east of Cairo, for start-up over 2017-20. Mr Xi signed 21 pr...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Egypt’s $3.7bn ERC Project On Schedule
...The Egyptian Refining Company (ERC) joint venture is on schedule to start production at its $3.7bn hydrocracker-based project at Musturud near Cairo in the first quarter of 2017, according to Managing Director Muhammad Sa’d. “We have so far completed 80% of the construction work and we wi...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Iraq’s Leaders Admit To Economic Woes
...ectric to boost production capacity, noting that payments would be over three years, starting in 2017, because right now Iraq does not have the money. GE is thus betting on an Iraqi fiscal recovery. Right now that recovery appears a long way off (MEES, 22 January). Finance Minister Hoshyar Zebari ca...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Oilfield Services Firms Face More Cuts: Middle East Activity Remains Resilient
...Houston-based oilfield service giants Schlumberger, Halliburton and Baker Hughes are preparing for a further downturn in 2016, with thousands more redundancies planned although a recovery is slated for 2017. Despite seeing their profits plunge in 2015 on the back of oil prices that hit 11...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Strikes Overly Optimistic Stance On PNZ
...uld be a boon for Kuwait, the Emir’s optimism appears misplaced. Even Chevron, which operates Saudi Arabia’s PNZ interests on behalf of Aramco, doesn’t expect production to resume until 2017 (MEES, 6 November 2015). While Saudi Arabia is prioritizing market share over revenue, it would only profit fr...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
IMF: Saudi Fiscal Reforms A Positive Step, More Needed
...pressing economic growth in the private sector and curtailing non-oil economic activity, as many companies in this sector depend on public sector spending. The IMF therefore expects growth in 2016 to average 1.2% and rise to 2% in 2017, down from 2015’s 2.8% and 2014’s 3.5% (MEES, 22 January). Ad...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Shell Heading Towards UAE Door Over Bab Exit?
...nounced that it was pushing back a final investment decision (FID) on the project from early 2016 to 2017 (MEES, 14 August 2015). The continued slide of oil prices has caused Shell to pull the trigger early rather than wait until 2017, with benchmarks Brent and WTI hitting new 12 year lows this week (se...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
BP Major Contributor To Egypt Five Year Strategy
...alians began appraisal/development drilling on 21 December. A total of 20 wells is planned over the next 26 months. Prior to this only the one discovery well had been drilled. By linking it to shore via already existing infrastructure, Eni and Cairo are aiming for an ambitious late 2017 start-up, wi...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
South Korean LNG Appetite Thins Out, Prices Remain Under Pressure
...sult of the nuclear expansion (as well as coal and to a lesser extent renewables), analysts from London-based Energy Aspects expect LNG imports to fall by 2.3mn tons (7%) this year and by a further 1.9mn tons (6%) for 2017. Not only was last winter milder than normal in northeast Asia, increased LN...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
IMF Downgrades MENA, Saudi Growth; Is It Enough?
...nk’s similar forecasts earlier this month (MEES, 15 January), the IMF’s oil price assumptions are already way out of date, and as a result its MENA economic forecasts way optimistic. The IMF has chopped 1 percentage point from its Saudi growth projections for 2016 and 2017, compared to those it...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016