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Energean Files Karish Development Plan; Bidding Delayed, Again
...d connected to the same FPSO, Energean says. CEO Mathios Rigas says his firm hopes to receive “approval of the FDP as soon as possible in order to be able to reach Final Investment Decision by the end of 2017.” However, investment will not go ahead without more sales deals and – given co...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Morocco Looks To Cut Reliance On Algerian Gas
...Morocco imported 109mn cfd of gas from Algeria in 2016 and Q1 2017, some 93% of the country’s consumption. In theory there is scope for these volumes to rise – gas provides only 6% of Morocco’s primary energy demand. But, in practice, fractious relations between the two Maghreb neighbors – th...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Iran Expands Crude Export Infrastructure
...ables tankers to “berth at nine newly overhauled loading arms without restrictions or technical hurdles” according to Iran Oil Terminals Company (IOTC). Iranian oil exports have ramped up since sanctions were eased in January 2016, with volumes in the first five months of 2017 up 30% year-on-year at 2....
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Oman Postpones Misfah With Slowing Demand Growth
...ectricity, from over 240m3/MWh in 2016 to below 190m3/MWh for 2020 and beyond (see chart). Gas consumption in power plants fell for the first time in three years in 2016 to 7.99 bcm (770mn cfd). In the first five months of 2017 it has remained flat year-on-year at 710mn cfd). While OPWP says that its el...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...54mn b/d for January-May 2017 were up by a whopping 13.8% on the same period a year earlier (in the process leaving the US, at 8.15mn b/d for January-May, well behind as the world’s top importer). This massive overall growth means that though volumes from Opec countries rose by 10.9%, and those from the Mi...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Qatar’s Hydrocarbon Politics Sends Message to Saudi Arabia, UAE
...not under threat, with the emirate continuing to receive LNG cargoes from Qatar. But Dubai took just under 1mn tons last year, and it’s very possible that this will fall to zero in 2017. Egypt took a bumper 4.78mn tons, but its alliance with Saudi Arabia and growing domestic output means a fall is hi...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Kuwait Trade Surplus Falls In Q1
...Kuwait recorded a $5.3bn trade surplus in the first quarter of 2017, up $4bn on the same period in 2016. But as this is primarily down to oil revenues of $12bn, falling crude prices in Q2 imply an imminent drop-off. At $12.1bn, oil revenues represented 89% of total exports in Q1 (see ta...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Cairo Fuel Price Hike
...bsidy spend figure assumptions for both the 2016-17 and 2017-18 budgets (MEES, 9 June). The latest figure given by Mr Ismail for the still-not-approved 2017-18 budget (for the year beginning 1 July) was E£145bn on 6 June. But following this latest round of fuel price increases the expected 2017-18 fu...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Algeria: Deficit Down As IMF Warns On Over-Zealous Consolidation Plans
...venues rose by 43% ($4.5bn) to $14.9bn for the first five months of 2017 (see table). But strong oil price gains in early 2017 have since partly been reversed (see p16). Prices for Saharan Blend averaged around $47.5/B in June, in line with Brent, the futures curve for which is currently averaging ju...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
US Oil Output Looks To Have Topped 2015’s Previous Record, Set To Break 15mn B/D In 2018 (Mn B/D)
... *APR & MAY 2017 FIGURES ARE PROVISIONAL; FORECASTS (F) FROM JUNE 2017. ^ETHANOL, BIOFUEL, MTBE. SOURCE EIA, MEES CALCULATIONS....
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Total Gives $1bn Impetus To Iran’s Upstream Opening
...meframe was given, but on 10 May, CFO Massimo Mondazzi said “in Iran, we’re going to recover any outstanding [receivables] that we have and this will happen in 2017.” OIL AND GAS FIELDS TO BE OFFERED UNDER THE IRAN PETROLEUM CONTRACT GreenField pr...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Qatar Hydrocarbon Revenues Holding Firm in Q2 Despite Outages
...venues had soared in early 2017 thanks to the startup of the 146,000 b/d Ras Laffan 2 condensate splitter on 2 December (MEES, 2 June). But the impact of unscheduled maintenance on 146,000 b/d Ras Laffan 1 splitter in April is clearly shown by the latest data from Riyadh-based Jodi. However, the 15...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Baghdad-KRG Refining Deal Eases Light Products Shortfall
...nths of 2017. Diesel demand has averaged just short of 100,000 b/d in January-April 2017. Recent improvements in reducing gas flaring have significantly cut the need to burn diesel in power plants at times of peak electricity demand (see chart 4). Iraq’s refineries are relatively unsophisticated – th...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Saudi Grid Has 74.3GW Generating Capacity Available, Says SEC
...so been working on improving the operating efficiency of its power plants. Average thermal efficiency in SEC power plants was 35.6% in Q1 2017, the company says, compared with 34.5% in the same quarter of 2016. The utility claims that efficiency improvements in its oil-fired power plants saved th...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Saudi Crude Exports Down, Refining Runs Up, More Products Exports
...rrels (130,900 b/d) in April, the first fall since January. This boosted the total amount of crude Saudi Arabia supplied to the market to 10.077mn b/d, the first time it has exceeded 10mn b/d since December. 1: SAUDI ARABIA MONTHLY CRUDE BURN (‘000 B/D): 2017 CONSISTENTLY LOWER THAN 2016 SO...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Tunisia: Oil Blockades Ease But Costs Keep Rising
...sts for Tunisia continue to mount. From being a net oil exporter as recently as 2010, domestic output fell to a mere 46% of demand for the first four months of 2017 (see table & chart 1). Were it not for the fall in oil prices the situation would be more dire still – indeed for gas, although output is al...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Egypt Ends Forex Controls
...bsidies and streamlining public finances in order to cut the budget deficit. He also expects inflation to fall to just 13% during 2018 from the latest figure of 31%. Egypt’s parliament is currently debating the 2017-18 draft budget which envisages total spending of E£1,206bn ($67bn) and a deficit of E£37...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Doha’s Diplomatic Dispute – The Financial Impact
...NKS Qatari banks’ foreign liabilities have risen over the last few years as they became increasingly dependent on foreign funding during a period of strong economic growth. Their foreign liabilities increased to QR451bn ($124 billion) in March 2017 from QR310bn at the end of 2015. According to a re...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
South Korea Credit Line Offers Relief For Iran’s Ailing Economy
...rliamentarian who represents the Majlis on the NDFI governing board. The Washington-based SWF Institute previously estimated reserves at $62bn. According to the 2017-18 budget bill, the government is required by law to allocate 30% from its oil and gas export revenue to the wealth fund, up from 20% in the bu...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
US Shale Output Soars But Permian Productivity Falling
...ODUCTIVITY STEADY DESPITE DOUBLING OF RIG COUNT OVER LAST 5 MONTHS 3: BAKKEN: RIG COUNT REMAiNS AT JUST 20% OF 2012 PEAK *FOR NEW WELLS. SOURCE: EIA DPR, JUN 2017. US SHALE OUTPUT FORECASTS (MN B/D, BY DATE OF FORECAST) 4: OVERALL US SHALE OUTPUT* RE...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017