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Wintershall Dispute Takes Gloss Off Libya Production Peak
...cluded in the latest lifting programs for Amna crude at Zueitina Terminal, Wintershall Libya was forced to shut in oil production from its onshore Concession 96 on 7 March 2017,” said the spokesman. “It would not be an economic exploitation of the petroleum resources of the concession to continue pr...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Gulf Banking Ripe For Takeover Spree
...rgest such lender in the Middle East. In-country M&A banking deals aside, cross-border M&A activity in the Middle East has bucked the global dip in the first quarter of 2017 and remained robust, particularly in the UAE and Saudi Arabia. According to the cross-border M&A Index Q1 2017 published by...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Saudi Revenues Double In Q1
...venues in 2017, which requires average quarterly takings of $32bn. Oil revenues drove an overall year-on-year increase of more than 70% to $38.4bn, while non-oil revenues grew an anemic 1%. The report confirmed Deputy Economy Minister Muhammad al-Tuwaijri’s statement last month that the quarterly de...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Oil Boost Raises Hopes In Libya, Perhaps Falsely
...bya in the firm’s Q1 results, other than to note the resumption of production, which netted the firm additional profits of €26mn for the quarter. In the firm’s Q4 results it said it is accounting for average net production of only 12,000-13,000 b/d in 2017, implying gross production of about 10...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Algeria: In Amenas Compression Boosts Gas Exports To Highest Since 2012
...untry taking seven-year high volumes of 6.34bcm (2.49bn cfd) for the first three months of 2017, though these volumes fell in April (see chart 4). Spanish import data for the first two months of 2017 show a more modest 12% rise to 3.37bcm in Algerian volumes. BERKINE OIL OUTPUT DOWN Other Al...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Kuwait Eyes New Crude Outlet Within Six Months
...ude exports have fallen below 2mn b/d in the first months of 2017 this is due to the Opec agreement to cut production in the first six months of the year. While Kuwait’s grand plans to increase liquids production capacity around 1mn b/d to 4mn b/d by 2020 look unfeasible, it could still notch up su...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Asian LNG Imports Soar In Q1; Qatar, Australia Vie For Market Share
...LNG imports by the top three global buyers – Japan, Korea and China – all rose annually in Q1 2017 due to a combination of colder weather and growing appetite for the cooled fuel in China versus piped gas supplies from Central Asia. As buyers have more supply sources at their disposal – es...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Mena Renewables: Capacity Growing But At Half The Global Pace
...cording to the Abu Dhabi-based International Renewable Energy Agency (Irena). This compares with a 7.3% hike to 2.11TW for the world as a whole. While Mena renewables capacity continues to be dominated by hydropower, the agency’s Renewable Energy Capacity Statistics 2017 report shows a 42.4% hike in re...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
OPEC, Will It Have To Cut Deeper For Longer?
...DONESIA, WHICH HAS SUSPENDED ITS MEMBERSHIP. SOURCE: MEES. OPEC WELLHEAD PRODUCTION, APRIL 2017 (MN B/D. MEES ESTIMATES) Apr17 v Alloc. ‘Allocation’ from Ja...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
US Oil Output Hits Record 14mn B/D In April
...mains well up on that seen in 2015 and earlier years, up 70,000 b/d on April 2015 to be precise. All this implies that US overall oil output likely topped 14mn b/d for only the second time ever in April 2017. The provisional data indicates a total of 14.015mn b/d, up from the previous record of 14...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
South Sudan Looks Beyond Total For Block B
...0,000 b/d, but in the first two months of 2017 average output was down 50% to less than 110,000 b/d. Amid continued fighting there is little prospect of bringing production back to the 2013 level, let alone further increasingly output. ...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Tunisia Gas Slump
...Saida field has been repeatedly closed by strikes and sit-ins in recent years. “The company's production has been significantly curtailed in the first quarter of 2017 as a result of the shut-in of the Chouech Es Saida field in Tunisia,” Serinus said in a 16 March press release, with the co...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
KRG: Dno Presses Accelerator At Tawke Field
...OTS CAPEX INCREASE IN 2017 ($MN) SOURCE: DNO, MEES. IMPROVED PAYMENT REGULARITY Payment regularity has now improved, with the past three monthly payments being made in the first two weeks of the month (see table). Payments are currently made with a two-month delay, though Erbil’s si...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Taq Taq Sinks Below 20,000 B/D
...ril production of just 18,000 b/d on 4 May, adding that Q1 production averaged just under 25,000 b/d. It remains on track to produce 15-20,000 b/d over the course of 2017 (MEES, 31 March). Genel’s short-term finances are now dependent on its 25% stake in DNO’s Tawke. ...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Algeria Charts New Economic Direction. Is It Battling Against The Tide?
...LCULATIONS. ALGERIA FOREIGN CURRENCY RESERVES ($BN, END PERIOD) SOURCE: ALGERIAN CENTRAL BANK, IMF, APS. OIL PRICE VARIANTS For the short-to-medium term the plan presents two variant oil price scenarios: one takes conservative oil price assumptions of $40/B in 2017, $45/B in 2018 and $50...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Saudi Looks To Refocus Vision Reforms
...eaking at the Euromoney Saudi Arabia Conference 2017 on 2-3 May in Riyadh, Finance Minister Muhammad al-Jad’an said that the government has allocated more than SR40bn ($10.7bn) for NTP in the 2017 budget and that a further SR220bn ($58.7bn) will be earmarked for the NTP over the subsequent three years. Pr...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Jordan Touts $500m Bond
...Jordan has issued a $500mn Eurobond with a yield of 5.875%, due in 2026, the Ministry of Finance announced on 26 April. The bond, more than three times oversubscribed at $1.7bn, was managed by JP Morgan and Citigroup. The Eurobond issue is part of Amman’s plans to meet its 2017 financing ne...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
GE Backs Saudi Vision 2030 In $3bn Investment Program With SAIIC
...dustrial value chains in Saudi Arabia. SAIIC and GE say they will roll out joint investments of $1bn (SR3.75bn) by 2017 in addition to an aggregate potential investment of $2bn (SR7.5bn) to “drive projects in water, energy, aviation, digital and other sectors from 2017.” As part of the program, GE will be...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Abu Dhabi Shakes Up Adnoc Management
...ctor in his appointment. Adco is targeting production of 1.8mn b/d by 2018, pushed back from 2017, but with output largely stalled at 1.6mn b/d, it may miss this target. WILL HE TWEAK ADCO TERMS? One issue facing Mr Ghafli is whether to improve the terms on offer to IOCs looking to join the Ad...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
Iran Taps China For $1.5bn Refinery Upgrade, Warns Over Lack Of Upstream Progress
...pacity is 1.86mn b/d; completion of the three projects would lift crude and condensate processing capacity to 2.85mn b/d. Persian Gulf Star is the most advanced of the three, with NIORDC saying the first of three 120,000 b/d splitters is due to start up by the end of March 2017. Alireza Sadeqabadi, ma...
Volume: 59Issue: 20Published at Fri, 20 May 2016