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Kuwait 2012-13 Budget Maintains Record Spending
...ternational Monetary Fund (IMF) in May this year said that Kuwait’s spending is unsustainable and warned that “government expenditure will exhaust all oil revenues by 2017” and that fiscal consolidation is needed in the medium term if current trends continue. But this was dismissed by economists who ma...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
Abu Dhabi Looks To Offshore Future
...16 2018 Nasr 0 65 2018 2018 Sarb (Satah Ras al-Boot)* 0 100 2017...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Petroceltic Eyes Algerian And Egyptian Expansion
...ving to front end engineering next year and development drilling in 2015. A total of 20 wells are planned before first gas production in the third quarter of in 2017. Some 150 development wells are planned over the field’s lifetime. 10 Tcf Reserves, 7 BCM/Year August’s declaration of...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Producers And Consumers Seek Cure For Oil Market Turbulence
...ntracted fields by 2017-20. Some IOCs have already submitted revised development plans and our own reservoirs department is conducting its own studies. Both the IOCs and the oil ministry are not far from the consultants’ initial figures – but there is no decision yet. No decision on production levels will be...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Repsol Strikes Gas In Algeria
...produce 3.6 bcm/year from late 2017, and where Enel is a partner. The key Algerian projects for both Repsol and GdF going forward are in the country’s far southwest. Repsol is operator of the $3bn Reggane Nord development which is slated to produce 2.9 bcm/y from late 2016, whilst Gd...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
KOC Eyes $56bn Investment Bonanza
...pital expenditure of $11.5bn in 2012-13, $5.9bn in 2013-14, $11.4bn in 2014-15, $12.5bn in 2015-16, $9.1bn in 2016-17, and $5.4bn in 2017-18. Bad Press To some Kuwait may appear a poster child for how not to run an oil industry. But while there are clear issues surrounding pa...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Leviathan Partners To Drill 4Th Well
...chel license area. This is also designed to function as a production well once it starts up in 2017-18 and will be necessary to complete the field’s mapping. Expected to be drilled in four months, the well will be located 125km to the west of Haifa and will reach a total depth of 5,...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Mubadala To Invest $8bn In East African LNG Production
...s joint venture with ADNOC that operates Shah, Al-Hosn Gas, to run all three fields. Mr Kubota says Fujairah’s permanent import LNG terminal could be completed by 2017 taking total import capacity up to 1.2bn cfd. Phase one – 600mn cfd of LNG – will come from a floating regasification and st...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Ankara Poised To Unleash KRG Upstream Investment
...000 to go to 15,000 b/d by end 2012. 35,000 b/d by end 2013 and phase 3 125,000 b/d by end 2017. Ain Sifni 20% (see Hunt below). 27-Jul-11 Ma...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
'Democratic' Bumps Fail To Prevent Libyan Gains
...elds by the end of 2015 (MEES, 2 November). Meanwhile, RWE-Dea is looking to finalize the development timeframe for its 30,000 b/d NC-195 and NC-197 discoveries. By 2017 NOC is targeting 2.2mn b/d with key additional volumes to be supplied by the Waha consortium (which groups NOC with US fi...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Libya Weighs Options For Gas Development
...pansion plans of the Waha consortium which wants to more than double its crude output to 600,000 b/d by 2017 partly through the development of the 80,000 b/d gas-condensate field discovered on block NC-98 and the development of 180-200mn cfd gas production at the Faregh field. Hess Ho...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Egypt Extends Gas Bidding; TransGlobe Awarded Oil Blocks
...d 3D seismic and drill exploration wells. TransGlobe is looking to the four bid round blocks to add up to 15,000 b/d to the company’s Egyptian production by 2017, part of ambitious plans to ramp it up to 40,000 b/d over the next five years (MEES, 16 June). The company’s current Eg...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
November Political Changes Unlikely To Impact Energy Macro-Trends
...asons, why the OECD Energy Watchdog, the IEA, predicts total Middle East crude exports to China, will subside somewhat to 2.5mn b/d by 2017. According to the IEA’s Medium-Term Oil Market Report, total Gulf exports east will also decrease, but tepid EU demand and surging US supply will mean As...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
IEA Sees Ethylene Market Driven By Ethane Cracker Surge
...st and the US, according to the International Energy Agency (IEA). In the 12 October Medium-Term Oil Market Report the agency predicted that global ethylene capacity will rise to 183.4mn tons/year in 2017 from 147.6mn t/y in 2011, equivalent to yearly growth of 3.7%. In 2012, oil eq...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
IMF: Hydrocarbon Dependence Leaves GCC Exposed
...ending These levels of spending however are unsustainable in the longer-run, the IMF said, suggesting the GCC members should plan to reduce their government spending to make budgets more sustainable. Failure to do so could result in the group’s combined surplus turning into a deficit by as early as 2017...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Petroceltic Eyes Production Debuts In Algeria And Kurdistan
...$1.7-1.8bn just to get to first gas,” Mr O’Cathain said. ʹAin Tsila partners – Petroceltic (56.625%), Sonatrach (25%) and Italy’s Enel (18.375%) – are provisionally looking at a first quarter 2017 production start-up. Petroceltic, which farmed out to Enel in April this year, is looking at se...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Saudi Arabia Pens Nuclear Cooperation Deal With South Korea
...ntract in 2009 to build four nuclear plants in the UAE, set to be ready between 2017 and 2020, making the UAE the first Gulf Arab nation with nuclear power (MEES, 4 January 2010)....
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
TPAO Plans East Mediterranean Offshore Deal With Shell
...oduction by the beginning of 2017,” he said. Commenting on TPAO’s status, the minister said it had strengthened and can now enter partnerships with large firms. He said that the company might one day be capable of conducting searches with its own ship. Recently, the CGG Veritas seismic ship Oceanic Ch...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
IAB Invites International Experts To Review UAE Nuclear Energy Plans
...e year 2020, official figures show. The UAE is planning to build four nuclear power plants by 2020 as part of a $20bn nuclear program scheduled to begin commercial operations by 2017 (MEES, 14 November)....
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
UAE Outlines Financing And Fuel Intentions For $20Bn Nuclear Program
...velop four nuclear reactors in the UAE. In 2009, Korea Electric Power Corporation (KEPCO) was awarded the contract to complete the construction of the four plants from 2017 to 2020, to making the UAE the first Gulf Arab nation with nuclear power (MEES, 4 January 2010). The financing structure for th...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011