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Opec Market Share Policy To Bear Fruit Next Decade - But Not For All
...intain expensive plans to hike output. This assertion was backed up by Mr Mazru’i at Adipec in Abu Dhabi on 9 November, who stated that the fall in oil prices had not changed the country’s vision. He reaffirmed his commitment to increasing crude production to 3.5mn b/d by 2017, a target the IEA ap...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Israel Reaches Final Hurdle Before Gas Outline Implementation
...livered between 1 January 2016 and 30 June 2017, with Defa thought to favor bids that stipulate an earlier start date (MEES, 18 April 2014). Three bids are currently on the table: from a Greek consortium headed by local businessmen; from trading giant Vitol which this year opened an oil products st...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Lebanese Politicians Pass Essential Financial Laws
...oductive cabinet. LEBANON: KEY ECONOMIC INDICATORS -IMF 2011 2012 2013 2014 2015 est. 2016 est. 2017 est. GDP Gr...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Abu Dhabi Reaffirms Output Hike Pledge As Adco Stalemate Continues
...The UAE remains committed to increasing oil production to 3.5mn b/d by 2017. Delegates at last year’s Adipec conference eagerly anticipated an announcement on which companies would be awarded shares in the 40% of the Abu Dhabi Company for Onshore Petroleum Operations (Adco) concession av...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Iran: It’s All About The Contracts For Total
...d of the current government’s term in August 2017, according to a 6 November report by state news agency Mehr. The Total CEO conjectured that without foreign assistance, Iran will likely be restricted to increasing production by “300, 400, 500,000 b/d;” even after this “it will take time.” On...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
IEA Rolls Up Sleeves In Run-Up To Climate Conference
...llion (ppm) by 2030 – a level deemed synonymous with limiting global warming to 2°C above pre-industrial levels. The IEA claims the transition to a low-carbon world is under way, citing the introduction of policies such as the US Clean Energy Act and China’s plans to start a carbon trading scheme in 2017...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
More Pain To Come As Iea Sees $80/B ‘Rebalance’ But Not Till 2020
...2015-2020 CHANGE IN US TIGHT OIL OUTPUT AT VARIOUS OIL PRICES* (MN B/D) MARKET TO REBALANCE IN 2016? 2017? Mr Falih, the UAE’s Mr Mazru’i and Opec’s Mr Badri all are forecasting that balance will be restored to the global oil market in 2016. Mr Badri says that he ex...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Apache Hits Egypt Output Record Despite Capex Cuts
...s output of 4.2bn cfd (see graph). Apache’s Egyptian gas output peaked at 918mn cfd in Q4 2013. Eni is Egypt’s top net gas producer with 650mn cfd, almost double Apache’s net 365mn cfd, and is set to surge ahead with the planned 2017 start-up of its giant 30 tcf Zohr discovery (MEES, 6 No...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
McDermott Sees Brownfield Shift In Gulf Contract Awards
...llhead jackets. Installation of two jackets in the Bul-Hanine field offshore east of Doha has been scheduled to be completed by December 2016 with the remaining two scheduled for completion in July 2017.” This month Qatari LNG producer RasGas awarded McDermott EPCI work on a flow assurance and looping pr...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Jordan Budgets For Ambitious 2016 Spending, Revenue Hike
...14 and JD520mn in 2015, and that Jordan will receive a further JD460mn in 2016 and JD400mn in 2017. But the draft 2016 budget omits a tranche of the $1.25bn originally pledged by Qatar after the latter failed to honor its pledge in the past year. Mr Tuqan blames this shortfall for the near doubling of...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Egypt’s Waning Gas Output Receives Nile Delta Boost
...EGYPT Rising Nile Delta gas output offers the promise of relief to ongoing shortages. Egypt’s gas output has fallen every quarter since Q3 2012, dropping to just 4.2bn cfd in the third quarter of this year. A significant hike is unlikely before late 2017 when Cairo hopes to have st...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Chevron Optimistic On Neutral Zone, But Not Till 2017
...KUWAIT Chevron is optimistic that production at the Wafra field in Saudi Arabia and Kuwaitís shared Neutral Zone will resume by 2017. However, cost cutting measures in the face of sustained low oil prices threaten further delays to planned steamflood injection at the field. Chevron CE...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
BG’s Egypt Decline Expected To Continue As Shell Takeover Nears
...rst ever cargo to Egypt during Q3. Egypt has now signed up to import a total of 167 cargoes until 2020 by which time it hopes to gain energy independence, following the discovery of the 30 tcf Zohr gas field by Italian firm Eni in August and UK firm BP’s West Nile Delta project coming online in 2017 (ME...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
S&P Downgrades Saudi, Riyadh Rejects Assessment
...mpromized political and economic stability, the agency says. Absent a strong increase in oil prices, S&P forecasts that Saudi Arabia’s fiscal deficit will only gradually narrow in the coming years: to 10% of GDP in 2016, 8% in 2017 and 5% in 2018, as planned fiscal consolidation measures begin to gain tr...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Saudi Economy Will Remain Coupled To Oil Prices
...en “based on planned fiscal consolidation measures” the deficit will be 10% of GDP in 2016, 8% in 2017 and 5% in 2018 “absent a rebound in oil prices,” S&P adds (see p18). NO GOOD OPTIONS Unlike previous episodes of oil price decline, Saudi Arabia has maintained oil output despite the 60% fa...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Iraq Hikes 2015 Export Projections, Includes Kirkuk, KRG Oil
...2009 and 2010 for further development or development of major oil fields in the south with initial plans to raise production capacity to over 13mn b/d by 2017. It has since lowered its target to around 9mn b/d and has negotiated lower plateau production targets with nearly all the major op...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Dubai Solar Shortlist
...en completed in 2030. Phase-2 is slated for 2017 start-up. Phase-1, a 13MW capacity solar PV plant was connected to the Dubai grid in October 2013. Dubai aims to generate 5% of its electricity from solar plants by 2030, although gas will still be the main provider with 71%. While DEWA is keen to...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Qatar Looks Resilient To Lower Oil Prices
...ile lower oil prices will sooner or later feed through into lower LNG revenue, Qatar, with its already established infrastructure, is in a much stronger position than the nascent competition. Australia is set to overtake Qatar as the world’s number one LNG producer by 2017 on their way to pr...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Jordan Moves Toward Austerity In 2015
...760mn) for current spending an JD1,175mn ($1,657mn) for capital expenditure. With inflation estimated at 2.4% in 2015, total spending is slated to rise by less than 1% in real terms. Real GDP is expected to grow at 4% in 2015 and 4.5% in each of 2016 and 2017. The Economy In 2014 Reviewing the cu...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
BP Still Hopeful Of Kirkuk Deal
...ploration and production, tells MEES that preparations are under way to start the third and final phase of development to take output towards the new, revised plateau of 400,000 b/d by 2017. Halfaya is operated by PetroChina with a 45% stake. Its partners are: Petronas (22.5%) and Total (22.5%) and Iraq’s So...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014