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Output At Key Kurdistan Oil Field Could Fall 60% in 2017
...Anglo-Turkish firm Genel suffered an annus horribilis in 2016 and a trading update released this week suggests things are only going to get worse in 2017. Genel confirmed this week that average output from its flagship Taq Taq field (Genel 44% op, Sinopec 36%, KRG 20%) fell 48% last year to...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Libya’s NOC To Lift Investment Moratorium; But Divisions Remain
...nuf terminal. Switzerland-based oil trader Glencore is the only company with a contract to lift crude from Hariga, having signed an exclusive 18-month deal with NOC to ship the sweet Mesla and Sarir grades from the second half of 2015. The deal is up for renewal, MEES understands. NOC’s 2017 pr...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Oman’s Reliance On Chinese Crude Export Markets Deepens
...st year, oil field consumption grew 0.4bcm. The 1bn cfd phase one development of the Khazzan gas field by BP is scheduled for completion in late 2017. This alone is set to raise annual production by around 10.3bcm, which ought to satisfy domestic demand growth until the planned 500mn cfd (5....
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Saudi Ups Power Profits Ahead Of Planned Sell-Off
...pply grids (MEES, 4 March 2016). FURTHER HIKES Meanwhile, further increases to Saudi electricity tariffs are likely. Following the publication of the 2017 annual budget, Mr Falih said that during 2017-20 the government will gradually link all domestic energy prices to a benchmark that has yet to...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
GCC Drilling Remains Strong Despite Upstream Capex Cuts
...ng for their buck with extra savings coming from squeezing contractors. With oil prices stabilizing in the mid-$50/B range since the November Opec agreement to cut output (MEES, 2 December 2016) upstream spending could rebound somewhat in 2017. Conversely, as Mideast spending fell less than el...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Iraq: Mosul Offensive Gains Momentum Amid Lingering Failures
...latively modest progress so far, restarting production any time in 2017 may prove too ambitious a goal. ...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Politics Prioritized As Lebanon Advances Bidding Plans
...e end of 2017. The timeline is ambitious, especially given that three of the five blocks – numbers 8, 9 and 10 – contain a 854km² wedge also claimed by Israel (see map), with whom Lebanon has no diplomatic relations. The other two, 1 and 4, are in the north of Lebanon’s offshore – further from ex...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Total: Cyprus “Thrilling”
...Total says Cyprus is a “thrilling prospect” for 2017 with the firm set to drill its Block 11 in April. Eni’s 30 tcf 2015 Zohr discovery was in Egyptian waters just 6km to the south. Total eyes similar geology. The French firm refutes reports of delayed drilling due to uncertainty over its lo...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Saudi Petchem Profits Up 8% In 2016, But Sabic Under Pressure
...Petchems giant Sabic saw profits fall last year despite a stronger fourth quarter. Seemingly unfazed by President Trump’s protectionism, it is targeting strong growth in the US in 2017, as well as in China. Saudi Arabia’s 14 exchange-listed petrochemicals firms reported total net profits of...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Sabic Buys Out Shell From Sadaf JV For $820mn
...Saudi petrochemicals giant Sabic is to buy Shell’s 50% stake in their Sadaf petrochemical joint venture for $820mn in a deal announced 22 January. Sabic says the purchase is expected to be completed before the end of 2017. The Sadaf complex is located at Jubail on Saudi Arabia’s Gulf co...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Iraq Gets US Backing For $1bn Bond Issue
...ll be used to finance Iraq’s budget deficit as stipulated in the 2017 budget law, noting that Iraq is paying lower interest on this issue than other countries with similar US-guaranteed bond issues. It is unclear if the US will continue with this largess under President Donald Trump, or indeed if hi...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Jordan Slashes Planned Deficit By 25% For 2017
...Cash-strapped Jordan is slashing its budget deficit in nominal terms by 25% in 2017 to JD830mn ($1.17bn), or 2.8% of GDP, from the revised deficit of JD1.1bn ($1.55bn), or 4% of GDP in 2016, in line with the IMF-supported reforms to rationalize expenditure. The kingdom is currently ho...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Oman Divvies Up Output Cuts Among Operators
...reement in publishing details of production caps for oil firms operating Omani oil fields. The aggregate of 970,094 b/d planned crude and condensate output for January-June 2017 implies the use of November’s record output as a baseline, whereas Opec producers have agreed to use October. If Oman’s October ou...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Jordan Keeps Up Renewables Momentum With Solar Award & New Tender
...16 176 Total End-2016 4,524 Planned: TSK/ Enviromena (2017) Quweira So...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
IEA, Opec Bring Forward Projected Market Rebalancing
...The IEA and Opec are both confident that the oil production curbs agreed upon at the end of last year are hastening the rebalancing of supply and demand. In their latest monthly reports, both organizations see sizeable stock drawdowns in 2017, although they differ considerably on the extent an...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Kuwait Energy Shuns EBRD For Vitol Cash
...ne months of 2016 and doubled from October with a second well added. A third well is set to begin producing this month with output slated to ramp up to 20,000 b/d during the course of 2017, KEC says. The Vitol cash “will enable Kuwait Energy to continue and expedite its early production efforts in...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years
...ace when you’re in a bad starting position,” he adds. Mr Garhy says that Egypt is trying to curb its budget deficit to around 10.1% of GDP by the end of fiscal 2016-17 in June, down from 12.3% a year ago, and to cut the stock of public debt to 98% of GDP by the end of June 2017 from the 101% mark at...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Algeria Deficit Tops $17bn; Is Reserve Fund Finished?
...Algeria’s reserve fund, the Fonds de Regulation des Recettes (FRR), has most likely become superfluous following the government’s decision to divert the country’s hydrocarbons revenue to the state budget effective 2017 rather than to the FFR. The FFR for many years collected all ‘su...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
IMF Slashes Saudi Growth Forecast – Based On Questionable Assumptions
...The IMF, in the latest update to its World Economic Outlook, released 16 January, has slashed its forecast for Saudi Arabia’s 2017 economic growth to just 0.4%, down from its forecast of 2% growth made three months ago (MEES, 7 October 2016). Unsurprisingly, Saudi Arabia has taken umbrage at...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
GCC Sovereigns Set Out Plans To Boost Their Balance Sheets
...wait 1Q17 10 S. Arabia 2017 10...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017