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Gulf Bond Issues To Set New Highs As Cash Crunch Continues
...going funding needs. International bond issues by GCC states has been a standout success story in financial markets this year. And on many fronts, it’s a story that is only just beginning. The GCC states collectively issued $25bn worth of international bonds in the first half of 2017, more than ha...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Iran’s Budget Deficit Soars In 2016-17
...int Comprehensive Plan of Action, lower prices meant Iran’s oil revenue rose by only 10% during 2016-17; its share in total budget revenue shrank by 3%. However for calendar 2017 Iran is on course to see oil revenue rise by a whopping 38% ($15.6bn) versus 2016, the result of both higher prices and hi...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
GCC States Double Down On Gas Development
...antities of crude oil. Big plans have been announced for developing gas resources in the GCC, but as yet drilling activity appears relatively muted, and most projects are years away from fruition. The IEA, in ‘Gas 2017,’ it’s five-year global gas market outlook, takes a cautious approach and sees more th...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Delayed Projects To Shave Cumulative 80bcm From Algeria’s Gas Output By 2020
...gin production last year or early in 2017. In January, then energy minister Noureddine Boutarfa said that the project would be delivered by the end of 2017; French operator Engie’s website also says that “first gas [is] planned [at the] end of 2017.” But this could slip further, even if it is not af...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Middle East Drilling Continues Unabated Despite Oil Price Uncertainty
...Drilling in the Middle East rose to an 18-month high in June with 406 active rigs, the most since December 2015’s 409 rigs. The rig count average of 401 for the first half of 2017 is a record for the first six months of any year. Drilling in the region has remained at near-record levels ac...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Qatar Expansion Plans Shakes Up Race For 2020s LNG Market Dominance
...16 and 2022, according to the IEA’s latest five-year gas market report, ‘Gas 2017,’ released 13 July. With LNG production capacity already expected to exceed the IEA’s LNG demand projection of 460bcm by 2022, Qatar’s plans are expected to contribute to a raft of project deferrals or cancelations el...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Cairo Advances Energy Sector Privatizations
...nk of Egypt (CBE) have been making to reform the economy.” The IMF says the 2017-18 budget, which was passed largely intact last week, is a “very strong budget… it will place public debt on a clearly declining path to sustainable levels.” Ratings agency Fitch adds in a 12 July release that “Eg...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Egypt: Has Gas Boost Made Blackouts History?
...st-tracked to “accelerate gas production commitments to Egypt…before peak demand in summer 2017” (MEES, 12 May). With Eni’s 24 tcf Zohr field set to ramp up to 1.2bn cfd from November, Egypt has become increasingly confident of gas availability (MEES, 7 July). According to state gas firm Eg...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Oman Cuts Power Payout
...Oman’s power regulator says spending on subsidies will fall by 10.6% to OR456mn ($1.186bn) in 2017. The regulator says this is thanks to a rise in revenue from electricity consumers following the introduction of cost-reflective tariffs for large industrial, commercial and government co...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Oil Market Imbalance Set To Stretch Into 2019
....1mn b/d by the end of the year, the EIA still forecasts record output (see p14). While the EIA has left its 2017 forecast steady, Opec has cut its 2017 forecast for US output by 100,000 b/d from last month. The IEA is more cautious, saying that while “recent price weakness may lead the US shale patch to...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
US Output Growth: Records Tumble But Is A Slowdown On The Way?
...ergy Outlook (STEO), released 11 July. However, whilst the EIA leaves its forecast for 2017 output as a whole unchanged from last month’s report at 9.33mn b/d, it revises down its output projections for every month from December 2017 to the end-2018 limit of its forecast period. For 2018 as a wh...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Cyprus: Total Spuds Key Wildcat As Unification Talks Collapse
...15 (MEES, 2 January 2015). “Regarding Cyprus, we plan to start drilling campaign at the last quarter 2017, drilling one well inside 2017 and another well back-to-back. And we are shooting the seismic so we have more clear idea about the size of the prospect in the second half of the year,” Chief ex...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Tawke, Atrush Licenses Provide KRG With Output Boost
...oduction facility (EPF) by year end 2017 to be followed by a pipeline connection to the Tawke export terminal at Fishkabur.” There was no detail provided as to the capacity of the planned EPF. Combined production on the Tawke license has been averaging 115,000 b/d in early July. It averaged 111,000 b/d in...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Syria’s Ongoing Conflict Inflicts Huge Loss Of $226bn To GDP
...om $1=S£47 in 2011, the report notes. The local currency has further depreciated of late, with the Central Bank of Syria quoting an exchange rate of $1=S£500 in mid-June 2017. ...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Libya Oil Output Breaches 1mn B/D
...25mn b/d (MEES, 10 February). 1: LIBYA CRUDE OUTPUT IS AT THE HIGHEST LEVEL IN 4 YEARS (‘000 b/d)... SOURCE: MEES ESTIMATES. 2: …BUT 2017’S INCREASES LAG THOSE TARGETED BY NOC AT THE START OF THE YEAR ^MABRUK OUTPUT REFERS TO JURF OFFSHORE FIELD, OPERATED BY THE NOC/TOTAL MA...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Egypt Gas Output Hits 3-Year High In May, Target 2018 Self-Sufficiency
...diterranean (WND) and the onshore Nile Delta (Nooros – see chart 2). These gains mean Egypt will “soon” be able to meet 90% of its fuels needs from domestic sources, Mr Molla says. 2017 gas output will likely average around 5bn cfd, still well short of 6bn cfd demand (up from 5.75bn cfd last year) with the de...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Iraq: Bumper Oil Export Volumes Cushion Impact Of Oil Price Drops
...ficial KRG provinces. But even without the KRG-controlled volumes, the projected 2017 revenue figures are good enough not only to overtake 2016 earnings, but 2015 too. They are, however, still less than 60% of the record-setting 2012, when Iraq took in an average $7.8bn each month. Although Iraq ha...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Americas To Asia Crude Shipments Set New Records In April & May-Data Analysis
...0 B/D) 5: THE USA IS THE BIGGEST GAINER IN ASIAN MARKETS WITH THE LAST TWO MONTHS OF IMPORTS THE TWO HIGHEST ON RECORD (‘000 B/D) *JAN-APRIL FOR INDIA, TAIWAN. **FOR 2017 USES EXPORT FIGURES FOR THE PRECEEDING MONTH (EG MAY ASIAN IMPORTS ARE CALCULATED AS A PERCENTAGE OF APRIL US EXPORTS). SOURCE: OF...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Egypt Awards 650MW Dual Fuel Power Plant, Suggesting Gas Supply Worries
...cent years caused gas output to bottom out at 3.89bn cfd in early 2016. Egypt has since improved terms for gas producers and new fields have been started up, bringing output to 5.22bn cfd in May, the highest since October 2013 (see p4). Egypt’s gas demand will be around 6bn cfd for 2017 rising to 7b...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Opec Crude Production Hits 2017 High
...d Nigeria drove a huge 270,000 b/d growth in Opec production last month, and the group’s 32.63mn b/d output was the highest yet this year. This is 710,000 b/d above the group’s target production Output in the first half of 2017 has averaged 32.36mn b/d. While this is 670,000 b/d below the six-mo...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017