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IEA Warns Of Capacity Squeeze Unless Investment ‘Rebounds Sharply’
...The IEA’s latest medium term oil report repeats the organization’s siren calls that a supply crunch is in the pipeline. But it may be underestimating the scale of the US shale rebound already underway. The IEA’s ‘Oil 2017’ report, which covers medium term forecasts to 2022, warns that the 45...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
KRG’s 30,000 B/D Atrush Field: Start-Up Imminent
...G production, but for helping offset Taq Taq’s continued decline. Though Atrush output may be close to that of Taq Taq by the end of 2017 for the year as a whole output is likely to average around 15,000 b/d. The KRG has failed to provide information on overall output since November, but MEES es...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
UK Pledges Funds For Reconstruction Of Iraq’s IS-Ravaged Areas
...cember and January totaled $10.1bn, nearly twice the amount of the same period 12 months previously. Iraq’s 2017 budget projects a budget deficit of $18.4bn, though a conservative assumed oil price of $42/B means that a lower deficit of perhaps $11bn is more likely (MEES, 3 March). But though Iraq’s fi...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Oman Raises $5bn In Bumper Bond, Kickstarts 2017 GCC Issues
...Oman raised $5bn from a 1 March international bond issue which was four times oversubscribed. As such it is close to completing its entire foreign borrowing plan for 2017 necessary to cover its expected budget deficit. The issue consisted of three tranches: a five-year tranche of $1bn at...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Iraq Eyes Oil Revenue Gains And Incremental Production Growth
...Iraq’s oil sector got off to a strong start in 2017, earning slightly more than $5bn in January. This was the second consecutive month in which it earned more than $5bn, something it has not achieved since June 2015. 2017 has also seen exploration and development grow outside of Iraq’s core pr...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Zohr On Target, Rosneft Farm-In Questioned
...clear reactors by Russian state firm Rosatom. ZOHR PRODUCTION PROFILE INDICATES 22-23TCF RECOVERABLE RESOURCE *OFFICIAL START-UP (1BN CFD FROM 6 WELLS) SLATED FOR ‘END 2017,’ 14 ADDITIONAL WELLS ARE SLATED TO ADD 1.7BN CFD FROM 2019. PROFILE PRESUMES THAT THESE INCREMENTS TAKE TIME TO RA...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Algeria’s LNG Sales Shrink Further, Piped Gas Jumps 49%
...t/y) Start End Import Country Comments Eni 1.33 1997 2017...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Aramco Pays Petronas $7bn For 50% Stake In Rapid Project
...sic engineering design for the Cilacap expansion is due for completion in first quarter 2017, with front end engineering design (FEED) scheduled to begin in the second quarter and project start-up slated for 2021. Aramco chief executive Amin Nasser says the company is also interested in expansion pr...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Abu Dhabi Breaks Records With Expanded Sweihan Solar PV Project
...77 Fewa 3 Gas/Diesel 0.70 Planned: Adwea (2017) Al-Mirfa CCGT (Gas) 1....
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Asian Importers’ Opec Crude Addiction Grows
...rket share in Asia’s largest buyer, China, as Russian imports surged (see chart 1). Indications are that a concerted effort is being made to rectify this in 2017. Asia’s big four buyers increased their crude imports by 1.09mn b/d in 2016, 930,000 b/d of which came from Opec. The upshot was that Op...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
US Exporting Record Volumes Of Crude And Products In 2017
...Preliminary data for the first two months of 2017 show US crude exports this year could well eclipse last year’s record of 520,000 b/d (MEES, 23 December 2016). According to weekly data from the US government’s Energy Information Administration (EIA) the US exported 632,000 b/d in January and 93...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Lebanon’s Political And Economic Struggles Continue
...s attempt to cobble together a budget for 2017 after failing to do so for the past 12 years is unsurprisingly proving to be an uphill struggle. The disruptive headwinds from the ongoing conflict in Syria, which brought into Lebanon more than 1.5 million refugees, also led to a deterioration in ec...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
IOCs Continue To Play It Safe In Libya
...arter of 2014 with output of around 700,000 b/d. But state-owned National Oil Corporation (NOC) is yet to persuade some of its major international partners that its bullish oil and gas production targets for 2017 will be achieved. NOC is targeting production of 1.25mn b/d by the end of the year and pl...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
IMF Warning Over Iran’s Recovery
...February). In the Article IV report, the IMF notes that the Iranian economy continues to register solid growth in 2016-17 on the back of higher oil production, with real GDP growth expected to reach 6.6% in 2016-17 before easing to 3.3% in 2017-18. In the first half of fiscal 2016-17 GDP gr...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
QP Petchem Merger
...16). Oil production has also been shaken up, with France’s Total being brought in to replace Denmark’s Maersk as operator of Al-Shaheen field from July 2017. Maersk’s 100% production sharing contract will be replaced by a joint venture involving Total (30%) and QP (70% – MEES, 1 July 2016). ...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Eni Greenlights Egypt’s Zohr
...cision] only 6 months after discovery, a remarkable result, and we are well on track to start production by the end of 2017,” Eni CEO Claudio Descalzi said during the firm’s 18 March presentation of its “2016-19 Strategy.” The field, only discovered in August 2015, has rapidly become a key element of th...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Kuwait Boosts Gas-Fired Power Capacity, Prepares Further LNG Imports
...Spain’s TSK to build the 50MW Al-Shegaya solar plant. This will be Kuwait’s first utility-scale solar project – although two 10MW projects are expected to be completed in 2016 – and is due online by December 2017 (MEES, 18 September 2015). LNG BOOST Kuwait’s gas-fired power plants will in...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
MEES Special Report: Jihadist Instability In North Africa And Beyond
...e development of upstream oil and gas potential. A series of new tight gas developments in the southwest of the country are set to begin coming onstream from 2017. All are operated by joint ventures between Sonatrach and overseas oil firms deliberately recruited for their expertise in developing di...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Iran Boosting Exports Of Products As Well As Crude; Gasoline Exports To Follow?
...0mn (MEES, 6 November 2015). Iran hopes the plant will come fully onstream in the second half of 2017. 1: IRANIAN REFINERY OUTPUT (‘000 B/D)... ...% OF TOTAL 2: IRAN NET OIL PRODUCTS EXPORTS (‘000 B/D) 3: IRAN GASOLINE SUPPLY (‘000B/D)...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Keystone Cops It From KRG Revenue Collapse
...ntinue as a going concern,” it says. The company faces a struggle to rustle up the cash for two $26mn payments to bond holders due in April and October. Along with bond maturities in 2017, the firm has “almost $600mn to settle in about a year from now.” Current cash reserves are $50.6mn. The need to...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016