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Egypt Indicators Show Recovery Is Gathering Pace
...yptian economy are looking firmer than they have for some time. The country’s current account deficit fell to $5.3bn for the first nine months of the 2017-18 financial year (ie 3Q17-1Q18), down 58% from $12.5bn a year earlier, though the country’s quarterly trade deficit remains stuck at around $9bn (see ta...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Kuwait Eyes Long-Delayed Jurassic Gas Expansion
...considerable confidence that these ambitious targets will be met. Certainly, Kuwait has stepped up gas drilling activity this year according to data from US service firm Baker Hughes. It averaged 12 active gas drilling rigs in the first half of 2017, up from 8 in the same period in 2016. Th...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Total Shrugs Off Regional Tensions, Eyes Further Qatar Projects
...Nearly 30% of Total’s liquid production came from the Middle East and North Africa in the first half of 2017, slightly up year-on-year. Net volumes averaged 384,000 b/d and are set to rise some 23% in the current quarter with the firm taking over as operator at Qatar’s 300,000 b/d Al-Shaheen oi...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Qatar Looks To Expand Its Lng Options As Contract Renegotiations Loom
...dition, increased renewables power generation capacity combined with plans to restart Japan’s nuclear plants in the coming years points to falling gas demand from Japan’s power sector until 2022, according to the IEA in its recently published Gas Market 2017. The agency expects the highest decrease in...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Saudi Approves Scaled-Back Nuclear Plans, Studies Reactors Large And Small
...tchdog IAEA setting out 13 priorities for Riyadh during 2017-21. The IAEA says the agreement provides a medium term reference for both parties’ planning. The priorities listed in the agreement include: nuclear energy planning and implementation; regulatory infrastructure; a research reactor; nuclear se...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
US Firms Scale Back Investment, Claim Output Unaffected
...With WTI stuck below $50/B almost continuously since late-April, US-focused majors and large independents have dialed back on 2017 capex. They claim output will rise nonetheless. Achieving this in the short term looks feasible. Longer-term will be more tricky. US-focused E&Ps responded to th...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Services Firms: Back To Black
...The world’s largest oilfield services firms are finally seeing a return to profit. 1H 2017 is the first time Schlumberger, Halliburton and Baker Hughes have made a combined half-yearly profit since the first half of 2015. Following the aftermath of the oil price collapse the big three oi...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Libya Looks To Corral IOCs Into Activity Boost
...ntinues to aim for more ambitious targets set out early in the year, and in particular to ramp up output to 1.25mn b/d by the end of 2017 (MEES, 10 February). With this in mind, NOC chief Mustafa Sanalla is doing what he can to encourage companies already operating in Libya to continue to boost pr...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
IMF Cuts Saudi Growth Forecast, Warns On Global Trade Headwinds
...The IMF is relaxed on the economic outlook for the two largest GCC economies, Saudi and the UAE. But rising global protectionism presents a left-field risk. The latest IMF forecasts downgrade Saudi growth for 2017 to just 0.1% (from 0.4% three months earlier) and to 1.1% (from 1.3%) for 20...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Saudi $4.5bn Debut Domestic Sukuk
...198bn ($53bn) in 2017, down from the record figures of $79bn and $96bn in 2016 and 2015 respectively (MEES, 6 January). The actual deficit at SR26bn in Q1 was well below the SR50bn implied by the 2017 budget. However Q1 figures were buoyed by oil prices which averaged $54.6/B (for Brent); they were ar...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
China 1H 2017 LNG Imports (Mn Tons): Australia Strengthens Position As Top Supplier Setting Monthly Record In June
...*CHANGES EXPRESSED IN PERCENTAGE POINT TERMS. ^JULY-DECEMBER AVERAGE. SOURCE: CHINA CUSTOMS, IGU, MEES. China Quarterly Lng Imports (Mn T): Australia Supplies Over 50% In 2q 2017...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Upstream Investment: Are Shortfall Fears Overblown?
...ergy Investment 2017’, released last week. Upstream spending is two-thirds of total oil and gas investment, which fell by 26% to $650bn, a cumulative 2014-16 fall of 38%. Global spending on pipelines fell by 15% to $130bn whilst that on LNG fell to $25bn in 2016 from $35bn in 2014 and 2015. Th...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Algeria Re-Tenders 3.6bcm/y Ain Tsila Gas Development
...stream in late 2017 (MEES, 16 November 2012), and then late 2018 (MEES, 21 August 2015). Now it will not be completed until at least 2020. Front end engineering and design (FEED) work on the project was scheduled for 2013, but the award of the FEED contract eventually went to Chicago Bridge and Iron only in...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Iraq Prioritizes Gas Development, Border Fields
...s first LPG cargo in July 2016. Volumes remain small, though May 2017, at 8,000 b/d saw the highest output so far. IRAQ'S JULY 2017 UPSTREAM OFFERINGS REGION BLOCK as...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Suez Canal Revenues Show Signs Of Recovery In 2017
...Revenues from the Suez Canal rose to $2.49bn in the first half of 2017, the highest in two years, helping to boost Cairo’s coffers. The influence of more US crude and LNG going to Asia is becoming more apparent in the southbound data. Egypt’s economy spent much of 2016 on a respirator un...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Saudi Arabia’s Rabigh-2 JV Joins Sadara In Starting Up New Units
...0 RABIGH-2 (Aramco/Sumitomo - 2017): 2,600 Paraxylene 1,340 Low-Density Polyethylene (LDPE) 80...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Saudi Wind Deja-Vu As New 400MW Project Tendered
...mat Al Jandal closes on 10 August 2017.” After this, qualified companies will proceed to the request for proposals (RFP) stage, as managing participants or technical participants or both, based on their “experience in delivering IPP projects of this scale.” Repdo says bidders qualifying for the Du...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Opec Revenue: Sour Crude Shortfall Mitigates Price Crunch
...ghtened considerably. The predominance of sour grades within Opec is therefore somewhat mitigating the impact of price falls on the group’s revenues. The Opec basket averaged $3/B less than Brent in 2016, but this discount more than halved to just $1.48/B in the first half of 2017. And the trend has sh...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
US Shale: No Sign Yet Of A Slowdown
...ghest since June 2015. If the August output figure (based on the latest drilling data) proves correct, this would be a rise of 757,000 b/d since the start of 2017. Gains to US shale production are slightly outstripping overall US crude production gains: overall output was 9.224mn b/d in June, ac...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Saudi Crude Exports Lowest Since 2014 As Oil Burning Ramps Up
...u look at it. On the one hand the Saudi share of US demand is testing multi-year lows (see chart 1). On the other hand, taking first half 2017 volumes as a whole, US imports from Saudi Arabia have been remarkably consistent with earlier periods – indeed, as the US has slashed crude imports from el...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017