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Egypt Gas Boost Cuts Import Needs, But Self-Reliance Still A Distant Goal
...er 70% of total output at the end of 2011 and the beginning of 2012, that share fell to just 38% in Q1 2017 (see chart 4). It’s not just the Eni/BP fields; production at the Shell (ex-BG) West Delta Deep Marine project has fallen even more steeply. ENI/BP OFFSHORE NILE DELTA PRODUCTION (MN CF...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Egypt’s Petchems Boosted By New Gas – But Demand Also Rising
...rea Misr petchems plants this week reported a “stellar performance” in Q1 2017, with revenues up 15% year-on-year to $82.6mn. Alexfert utilization was “north of 100%” with the plant “receiving its full gas allocation.” At the end of 2016 EKH was already “quickly regaining its position” in the global fe...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Egypt Oil Debts Put Brake On Investment
...June. Egypt owed a total of $3.4bn at end-March according to its own reckoning, so, if completed, these two 1H 2017 payments would equate to 44% of the then total. Oil Minister Tarek El Molla says receivables will be halved by the end of the year and eliminated by mid-2019. REGULAR PA...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Riyadh Refinery Maintenance Set To Conclude
...t still rises seasonally. Jodi data released this week shows that Saudi direct crude burn averaged 280,000 b/d in Q1 2017, down 14% from 327,000 b/d in Q1 2016 (see p9)....
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Saudi Electricity: Debt Write-Off Clears Way For Break-Up
...rst quarter of 2017, a quarter in which it typically makes a loss. However, the income boost appears to be the result of a reclassification of debt, with an accompanying adjustment to the credit balance. In its Q1 financial results report posted on the Saudi Stock Exchange (Tadawul), SEC says the qu...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Opec Facing Tough Choices Ahead Of Vienna Meeting
...RKET REBALANCING* REMAINS ON COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BARRELS) ...BUT OPEC’S LATEST NUMBERS SHOW THE FINISH LINE GETTING EVER FURTHER AWAY *BASED ON OPEC SEC-GEN STATEMENT THAT REBALANCING REQUIRES 270MN BARREL STOCKDRAW. SOURCE: OPEC, IEA, MEES. BU...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Algeria Parliamentary Poll: Status Quo - On, And On, And On Again
...ts. With the government announcing further fiscal consolidation this year, the World Bank expects real GDP growth to average 1.2% in 2017-19, down from 3.8% in 2016 – that was primarily due to a strong recovery in hydrocarbon production and higher-than-expected spending. “In 2017-19, a modest 2....
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Egypt Economic Reforms Remain On Track But Long Road Ahead
...the draft 2017-18 budget, which has just been submitted to parliament but not yet approved. Mr Molla says the restructuring and rationalization of subsidies across the board, covering petroleum products, electricity and consumer goods among others, are part of a comprehensive government plan to...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Oman Export Revenues Down, Rating Junked
...port for the first time since 2015. EXPORTS DOWN, REVENUES UP Despite crude and condensate exports falling, export revenues have steadily increased from Q2 2016 through Q1 2017. MEES calculates Omani crude revenues totaled $3.7bn in Q1, up $800mn year-on-year and the highest since Q3 2015 (see ch...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Mubadala Taps Softbank
...ami says the fund “is a significant opportunity for good financial returns.” Its net profit for the year ending in March 2017 tripled to ¥1,439bn ($12.5bn) from ¥474bn the previous year – it attributes much of this to the sale of an undisclosed number of its shares in Chinese online retailer Al...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Asian LNG Prices Weaken Despite Aussie Plant Delays ($/Mn Btu)
...s on 12 May shut for at least a month, only the latest in a series of unplanned outages. And the 8.9mn t/y Ichthys project operated by Japan’s Inpex has had start-up pushed back from 3Q 2017 to 1Q 2018. • On the bearish side are signs that Egypt is looking to defer or cancel cargoes as the ramp up...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Lebanon Bidding Risks Stalling Amid Major Pullback
...ficially listed as qualified as operators (the 12 from 2013, plus Indian state firm ONGC Videsh which was upgraded from ‘non-operator’), only six have actively expressed an interest this time round. LEBANON 2017 BID ROUND BLOCKS LEBANON BID ROUND PRE-QUALIFIERS AS OP...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
BP’s WND Starts Up
...essentially two, with Taurus-Libya developed fast-track using mostly existing infrastructure to “accelerate gas production commitments to Egypt…before peak demand in summer 2017,” BP says. Phase 2 involves the Giza, Fayoum and Raven fields, which will be tied back by two separate 65km 24” tr...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Oil Firms Experience Mixed Start To 2017 In Iraqi Kurdistan
...port from Canadian field partner Shamaran in March said first oil was expected in Q2. Taqa’s Q1 report released 11 May merely says production is expected to begin in 2017, but the firm tells MEES the “export pipeline is nearing completion” and there has been “no deviation” from earlier forecasts. On...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Iraqi Coffers Reap Reward Of Higher Oil Prices
...Iraqi crude export revenues in the first four months of the year are up 75% year-on-year as significantly higher oil prices have more than offset a slight dip in volumes. January-April revenues totaled $18.9bn in 2017, against $10.8bn last year and $15.9bn in 2015, although they are well be...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Germany Q1 Crude Imports: Libya Boost Raises Opec Share
...• Russia remained the dominant supplier of crude oil to Germany in the first quarter of 2017 according to the latest imports figures (see table), but the Opec share was up year-on-year, boosted by an increase in supplies from Libya. • An average 705,000 b/d of crude arrived in Germany fr...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Oil Price Rebound Boosts Saudi Petchems Sector, Sabic Touts Restructuring Benefit
...ghest since 2013’s total SR555bn. As usual the petrochemical sector results are dominated by state-owned giant Sabic, which reported an 80% hike in first quarter net profits year-on-year to SR5.24bn ($1.40bn) and a 51% increase over returns for the fourth quarter 2016. Sabic’s Q1 2017 net profit co...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
UAE Finishes Building First Nuclear Plant, But Start-Up Delayed To 2018
...w test and commission the reactor, before handing it over to a joint venture of Enec and Kepco formed to operate the plant. Although the contract signed between Enec and Kepco in 2009 envisaged starting up one reactor each year over the period 2017-20, Enec now says the “timeline includes an ex...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
US Forecasts Up Again But Firms Wary Of Rising Costs
...ntinues to raise its crude output forecasts for this and next year. Its latest Short Term Energy Outlook, released 9 May, forecasts that output will hit 9.685mn b/d, a new record, in November this year and top 10mn b/d in October 2018 (see chart). For 2017 as a whole, the EIA’s latest overall average fo...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
April Rig Count: Algeria Drilling Hits 34-Year High, Qatar Equals Record
... April 2017 Breakdown Ap...
Volume: 60Issue: 19Published at Fri, 12 May 2017