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Iran Inaugurates New South Pars Phases, But Ambitious Targets Look Unrealistic
...oduction at the two phases has begun and they are to become operational by April 2016. Fars News reports that output at the two phases is currently around 23mn cmd (800mn cfd). Production at phases 20 and 21 is planned to begin around June 2016. “This year [to mid-March 2017] will be the year of ec...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
US Crude Defies Expectations, Thwarts Saudi Strategy
...wn to the higher baseline. Output will bottom out at about 8.5mn b/d in November 2016 and “stay near 8.5mn b/d for most of 2017.” This level of production is some 1.2 million b/d below the April 2015 level, which was the highest monthly production since April 1971. “Productivity im...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Gulf Keystone Cash Position Slowly Improves on KRG Payments
...April 2016, before its guaranteed and convertible notes mature in April 2017 and October 2017 respectively. Hungary’s MOL has officially confirmed the completion of the relinquishment of the Akri-Bijeel block in which it had an 80% stake, alongside Gulf Keystone’s 20%. MOL confirmed the fi...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
World Bank Hikes Iran Growth Forecast But Global Storm Clouds Gather
...l demand growth from 1.2mn b/d to 1.0mn b/d on the back of global economic headwinds. The IEA, in its most recent monthly market report had already pushed back its expectations of global oil market rebalance – that is to say demand catching up with supply – from 3Q 2016 to early 2017 (MEES, 18 De...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Growth Forecasts - Caveat Emptor
...is caused a MEES double take. Using estimates that evidently predate the latest collapse in oil prices, the Fund gives 2015 Iraqi oil revenue as $59bn (the actual figure was $49bn). It then has revenues rising to $70bn in 2016 and $84bn in 2017. In fact, using current futures prices (the IM...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Work To Begin On Zohr As Egypt Looks To Bring Giant Field Online Next Year
...Egypt will continue to require aid from its Gulf neighbors in 2016 but this year should see the foundations laid for a brighter 2017 following last August’s discovery of the 23 tcf Zohr field by Italian firm Eni. Eni says that it plans to imminently begin drilling at Zohr after last week re...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Oman Budget Reforms May Ease Pressure On Gas-Fired Power Plans
...rther last year. BP’s 1bn cfd capacity Khazzan tight gas project, due online in 2017, is Oman’s only hope for a major domestic gas boost in the medium term. Any cuts in gas subsidies could only ease the pressure. OPWP has already begun talks with the Ministry of Oil and Gas (MOG) about the potential fo...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Opec Signs Off 2015 With Record Output
...venue in 2015 would be down a hefty $47.4bn from 2014 (a drop of 43.9%), the UAE remains committed to increasing production capacity from around 3.2mn b/d to 3.5mn b/d in 2017. While this won’t necessitate additional production, it makes a reduction less likely. Iran also looks set to go head to he...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Will 2016 See The ‘Cyprus Problem’ Become The ‘Cyprus Solution’?
...e Cyprus problem negotiations.” He says a new bid round will not be contemplated before the end of 2016 or possibly 2017, once what happens with talks on the Cyprus problem become clearer....
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Ninth-Time Lucky For Cyprus Gas Import Tender?
...illion BTU by 2025. According to the terms of the tender, first gas is to be delivered between 1 January 2016 and 30 June 2017, but that is looking increasingly unlikely and will most likely be revised if an agreement is reached with any of the bidders (MEES, 18 April 2014). ...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Oman Slashes Subsidies In 2016 Budget, Announces Economic Reforms
.../B for 2017-18 and $60/B for 2019-20, and average oil output flat at around 990,000 b/d. Though output hit 1mn b/d for the first time ever in July it has since dipped (MEES, 11 December 2015), whilst higher domestic consumption has cut into gas exports (see p9). Challenges identified in the plan in...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Is Morocco’s Offshore Boom Over Before It Began?
...nference call. “We are very focused on maturing our Morocco… licenses for 2016 and 2017 drilling,” he adds. However with the firm’s first well offshore Morocco – last April’s FA-1 well in 600ms water depth on the Foum Assaka block offshore Agadir – “fail[ing] to find hydrocarbons in commercial qu...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
EGPC Outlay On Refinery Upgrades To Top $17Bn
...pansion Alexandria 60 2017 Alexandria Exp. Alexandria 100 na Sukhna Ain Sukhna 240 20...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Dubai Picks ACWA For Solar Expansion, Plans 200MW
...rldwide.” Phase 2 will deploy solar photovoltaic (PV) technology and be operational by April 2017. DEWA’s solar park will have total capacity of 1GW when completed in 2030. The first phase of the park, a 13MW solar PV plant, was built by US firm First Solar and connected to the grid in October 2013 (MEES, 25...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Total Snags Stake In New UAE Onshore Concession
...rrent production. ADNOC has had long term plans to increase production capacity of the Adco fields to 1.8mn b/d in 2017, as part of overall plans to raise its total output capacity to 3.5mn b/d by the end of the decade, from 2.9mn b/d currently. Further increments are to come from offshore fields bu...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Iraq Pledges Higher Oil Exports Despite Market Pressure
...r production capacity of 8.5-9mn b/d by 2017, having already lowered its sights from the initial target of over 13mn b/d when the first oil auction was launched at end 2009. Mr ‘Abd al-Mahdi said after meeting Turkish Energy Minister Taner Yildiz in Baghdad, that SOMO would export 375,000 b/d th...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Oman’s Abu Tabul Gas Starts Up
...eded short-term gas supplies, ahead of the planned 2017 launch of the 1bn cfd Khazzan tight gas project on Block 61. Despite overseeing a significant hike in gas output over the past decade, Oman faces a mounting domestic gas shortage, in the face of rampant domestic demand from the power, water de...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Saudi Capacity Tops 2.9mn B/D As Yasref Ships First Products
....5 Sinopec Total Capacity 2,905 Jazan 400 2017 100 En...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt Plans 20GW Of Extra Coal Plants, 4.3GW Renewables
...esel ^2015 Suez EEHC 650 Oil 2016 Damietta West* EEHC 250 Gas 2017...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
OPEC Puts Russia On The Spot, Again
...rol, said during the same panel discussion in Davos that oil and gas upstream investment in 2015 is expected to decline by around $100bn, or by 15%, with a big chunk coming from the high cost areas. This, he says, will have implications, maybe not immediately, but in 2016 and 2017 should demand pick up an...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015