‘Iran Is A Risk…The US Is A Risk’ Total’s Pouyanné Speaks To MEES

...oduction, 9% last year, more than 4% this year, more than 4% next year. We have a huge portfolio of projects. The strategy for me is that in a commodity business with volatility you need to invest when the price is low because the costs are lower too. But you need cash to do that. From 2017 we will again sa...

Saudi Delayed Payments Risk Slowing Economy Further

...nth confirmed that the Petro Rabigh 2 expansion had been pushed back to the second half of 2017 due to delays in the schedule and scope changes in the work program (MEES, 7 October). A contractual dispute with South Korea's SK Engineering & Construction led to the 400,000 b/d Jazan refinery being pu...

Israel: Noble Plots ‘Near-Term’ Leviathan Go-Ahead, But More Sales Needed

...US firm Noble Energy says that sanctioning of development of its 22 tcf 2010 Leviathan field offshore Israel is “on track for end 2016/early 2017.” The firm now says that it can sanction phase 1 of development based only on domestic sales, and a modest export deal to Jordan. But given th...

East Med Bidding: Israel Launches Round, Cyprus Progress

...Israel’s highly anticipated bid round for 24 offshore blocks (MEES, 30 September) was finally launched on 15 November after almost five years of no new exploration rights being granted. The deadline for the submission of bids is 21 April 2017 while winners will be announced on 15 July. Po...

Libya’s Rising Output: Now For The Hard Part

...Libyan output is at a two-year high. IOCs are skeptical on a further hike. NOC chief Mustafa Sanalla says production is running at 600,000 b/d and that NOC retains its plan to raise this to 900,000 b/d by the end of the year and 1.1mn b/d in 2017. The 600,000 b/d figure, in line with ot...

Taiwan’s LNG Imports Boosted As Government Plans To Exit Nuclear

...G 6.9mn tons/year plant since its 2014 start-up under a 20-year contract for 1.2mn t/y. The company has also committed to buy 1.75mn t/y under a 15-year contract from the 8.4mn t/y Ichthys LNG in Western Australia which is scheduled to come onstream in 2017. It will also be receiving volumes fr...

Saudi Exports, Output Full Steam Ahead Pre-Opec Meeting

...,000 b/d to 41,000 b/d. Yanbu’s manager Shaker Mahrous says “In terms of gasoline production, Yanbu Refinery is already in 2017, as it has achieved its 2017 year-end gasoline production target.” Refined products demand declined by 7% from 2.186mn b/d to 2.028mn b/d for September, and demand is slightly lo...

Saudi Electricity Plans 5.4GW IPP

...l 2.80 2016 Dhuba-1* (SEC IPP) Gas/Solar 0.61 2017 Cogen x 3 (Ar...

KRG Sees Signs of Green Shoots In Its Troubled Oil Sector

...oduction gains in 2017. But huge problems remain, not least that debt payments for earlier oil prepayments are crimping revenues to such an extent that oil revenues remain below the public sector wage bill. Refining runs have been slashed in a bid to maximize export revenues in order to make payments to IO...

Egypt IMF Loan Brings Short-Term Relief, But Uncertainties Lie Ahead

...ans to tap the international bond market for $2.75bn by the end of the year and can expect better terms after securing the IMF loan. Mr Kojak says Egypt is targeting 4-5% growth in 2017-18, rising to 6% over the medium-term which would help to reduce unemployment, projected to fall to 11-12% in 2017...

Algeria Raises $5.1bn In Bonds, Taps ADB For $1bn

...e 2017 draft budget which is being debated in parliament – with current expenditure down 9% and capital spending down 31% in real terms. The draft budget also envisages a rise in the price of subsidized gasoline and diesel (MEES, 14 October). Mr Baba Ammi says that the government has yet to de...

Abu Dhabi Oil Shake-Up: Hold On To Your Hats

...all Mubarraz, Umm al-Anbar and Neewat al-Ghalan fields. It also expects first oil from Adoc’s Hail field in the first half of 2017, with full production set to double output. Adoc has 1.4mn barrels storage capacity on Mubarraz Island, which is connected via a 16km pipeline to a Single Point Mooring (SP...

Egypt Oil Output Collapses As Firms Cut Investment

...wn from a mid-2014 peak of €1.2bn. Egypt’s 25 tcf 2015 Zohr discovery is the jewel in the crown of Eni’s strategy of focusing on relatively-low cost large near-field tie-ins. This remains on target to start in December 2017, Mr Mondazzi says. Phase 1 output will reach 1bn cfd during 2018, pl...

GE Takeover Of Baker Hughes To Create Services #2

...ergy, water, aviation and digital sectors. By 2017 GE and SAIIC plan to spend $1bn on projects with Saudi and international firms in support of the Saudi Vision 2030 economic diversification program (MEES, 27 May). GE/BAKER HUGHES TO LEAPFROG HALLIBURTON AS GLOBAL SERVICES #2 ($BN Q1-3 16 RE...

Sonatrach Taps China For Algiers Refinery Revamp

...mpany says –probably optimistically – it could likely finance the program from its own resources if oil prices return above $60/B from 2017, or could tap domestic banks if prices were lower. However, the recent appointment of Noureddine Boutarfa as Energy Minister means on official open-minded about ou...

Kuwait To Invest In Oman’s Duqm Refinery

...oduce light products for export and bunkers for the port. Adnoc has since announced vague plans for downstream expansion (see p2). OOC says the Duqm site has been levelled and a final investment decision is set for Q2 2017. DRPIC last year invited seven prequalified firms and consortia to bid for th...

Oman Power: Foot Off The Gas Despite Khazzan Progress

...source is subject to final approval of the Government of Oman and BP – both expected in 2017…Subject to final approval, Khazzan Phase 2…is expected to come onstream around 2020,” BP says. Khazzan Phase 1 “is on track to deliver first gas near the end of 2017,” Oil Minister Muhammad al-Rumhy says. As of...

Dubai Adds CSP, Hydro To Renewables Mix; Northern Emirates Eye Coal

...60 Dewa (2017) Solar Park 2 (PV) 0.20 Sewa (2017) Hamriyah Exp (Gas) 0.18 Enec (2017...

Opec Shows No Sign of Cutting Ahead of November Meeting

...vember highlights the extent of the problem. If Opec output continues at current levels then, according to IEA demand projections, the market will only balance in Q4 2017. According to Opec’s projections any rebalance will have to wait till 2018 (see table).  The IEA report raises expected 2017 non-Opec pr...

World Bank 2017 ‘Ease Of Doing Business’: UAE Climbs 5 To Cement Top Mena Ranking; Saudi Down Again