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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 -
India Presses Buyers’ Advantage In Oversupplied LNG Market
...though there is probably more potential upside than downside to the forecasts given the expectation that these low prices will persist. We forecast another 2.4mn tons (15%) increase year-on-year of gas imports in 2017,” they say. The successful renegotiation with RasGas has now set a precedent and gi...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Turkey’s Tüpraş Racks Up Profits, Maxes Output As Runs Of Iraqi Crude Double
...anned. However, Azeri state firm Socar is building the 200,000 b/d capacity Socar Turkey Aegean Refinery (STAR) at Aliaga, for integration with the Petkim petrochemicals complex. Start-up is scheduled for 2017 and the project is expected to cost $5.5bn. Turkey’s Calik Enerji has also proposed a 30...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Moroccan Renewable Plans Have Wind In Their Sails With 2GW Target In Sight
...hicles’” to develop the projects. Enel says they are expected to be completed and brought online between 2017 and 2020. Electricity generated in the five wind farms will be sold to ONEE under 20-year power purchase agreements. Enel says it will have a 50% shareholding in the projects, comprising a mix of...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Oman Desalination Contracts Signed
...mbined capacity of 530,000 m3/day – equivalent to more than 70% of Oman’s current desalination capacity of 740,000 m3/d – are among a number of projects with a combined desalination capacity of 730,000 m3/d which OPWP intends to bring online during 2017-19. The 280,000 m3/d Barka Phase 4 project will be Om...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Will Oil Price Rebound Delay Market Balance?
...non-Opec output projections in general and those for the US in particular (see graph, MEES, 11 March). The US government’s Energy Information Administration’s latest Short Term Energy Outlook, released last week, revised down its projections of 2016 and 2017 crude output for the fifth month ru...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Oman Presses On With Key Energy Projects Despite Revenue Slump
...l-time record of 73; in the MENA region only Saudi Arabia is running more rigs (see graph and MEES, 11 March). Some 10 of these rigs are working on the BP-led Khazzan gas project which the major says is on target for first gas in 2017 ramping up to 1.5bn cfd plateau from 2020 (MEES, 11 March). LI...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Kuwait Plans Economic Reforms In Light Of Revenue Collapse
...soline in Kuwait. Additionally the reform plan envisages the rationalization of water and electricity subsidies, but that this will not happen before 2017, he notes. Kuwait’s latest budget envisages spending on subsidies of KD2.9bn ($9.6bn) for the 2016-17 financial year, down 22% in real terms (19% in...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Algeria Looks To Get Refining Expansion Back On Track With FEED Awards
...at were to be four 5mn tons/year (108,000 b/d) refinery projects – ie 20mn t/y, the equivalent of two-thirds of current capacity – for start-up from 2017. By mid-2015 the plan had slipped to two 108,000 b/d refineries and one 3mn t/y (64,000 b/d) plant, with start-up anticipated “beyond 2020.” No...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Egypt Eyes 11.6GW Of Coal-Fired Power, Easing Pressure On Gas Supplies
...16) 0.65 Oil Abu Qir (2017) 0.18 Gas 6th of October* (2017) 0.34 Gas South Helwan (20...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iraq, Nigeria Outages Lead Opec Production Fall
...recast, and now expects it will bottom out below 8mn b/d in Q3 2017 (see graph). OFFICIAL US CRUDE OUTPUT FORECAST REVISED DOWN BY A FURTHER 270,000 B/D FOR 2017 IN EIA’S LATEST ENERGY OUTLOOK, END-2016 FIGURE NOW 1.44MN B/D BELOW YEAR-AGO PREDICTION (MN B/D BY DATE OF FORECAST) SOURCE: EIA SH...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
BP: Mideast Moves To Center Stage In Cash-Constrained Times
...ojects where appropriate in response to the current business environment.” BP expects Capex of between $17-19bn for 2016 and 2017, a modest-to-zero reduction on 2015 Capex of $18.7bn, down by 18% from 2014’s $22.9bn. BP says it also expects to make $5-8bn from divestments by 2017. BP’s 2015 spend in...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Saudi Arabia Eyes International Loan But Risks Credit Downgrade
...llows Moody’s recent decision to lower its price assumptions for Brent to $33/B for 2016, $38/B for 2017 and $48/B for 2019. The agency now “expects [prices] to remain low for several years.” Moody’s says that it expects to complete these reviews “within two months,” ie by early May. The review pe...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iran Could Face Major Banking Crisis Post-Sanctions
...rch 2017. The new five-year plan will then start, by when the government expects its financial positon to have improved after the lifting of sanctions. While no reason was given for the delay in launching the new plan, the delay gives the Rohani administration more time to review the outcome of the cu...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
‘Low Cost’ Zohr Moves To Center Stage As Eni Slashes Upstream Spend
...ase. Eni says the “development plan envisages the start of production by the end of 2017,” a highly ambitious target. The terms of the development lease envisage output ramping up to 2.65bn cfd, more than half of the country’s current output, by 2019. But a final investment decision (FID) has yet to be ma...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Libya: Companies Have Only Bad News, Apart From Eni
...FRASTRUCTURE …BUT BETTER NEWS IN ALGERIA There was better news for Repsol in Algeria, where Mr Imaz said in prepared remarks on the earnings statement that the execution of the company’s Reggane North project “progresses,” with first gas due in 2017. The project has suffered substantial delays since Re...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016