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East Med Gas Development: Hang Together Or Hang Separately
...ock in the second half of next year. By then – given that Eni plans two late 2017/early 2018 wells across its blocks, and that (barring discoveries) there is no drilling planned after this – by late 2018 either a new chapter will be opening in East Med gas, or the Cypriot one will be close to closing (se...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Cyprus Drilling Plans: Make Or Break?
...the existence of a ‘Zohr-like’ carbonate reservoir offshore Cyprus is “very promising.” In plain English it was a flop. Previous drilling had focused on sandstone plays resulting in Aphrodite, Cyprus’ only discovery to date, and the nearby Israeli Tamar and Leviathan. Of the five planned 2017...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Renewables: Mena Retarded By Low Power Prices Amid Global Progress-IEA
...ergy Agency (IEA). The agency’s Renewables 2017 forecast, published this week, says solar capacity worldwide rose by 50% last year, to 74GW, of which almost a half was in China. “China has been the leader in manufacturing solar PV equipment for some time,” says IEA renewables head Paolo Frankl, “bu...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Saudi Solar Tender: Masdar Offers Lowest Ever Power Price
...built 120km east of Abu Dhabi city at Sweihan (MEES, 7 July). There will be great interest across the renewables sector in how such low bids were achieved for Sakaka. Certainly solar panel costs have fallen sharply. The IEA’s Renewables 2017 forecast, issued this week says that in 2016 solar PV...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Opec Focuses On Exports As Compliance Slips Further
...dress its compliance with existing commitments. OPEC COMPLIANCE WANES After a strong start to 2017, output has been on a steady upwards trend since April. Opec production has grown for each of the last two quarters, and all three quarters so far in 2017 have posted year-on-year gains (see ch...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Non-Opec’s Mixed Bag
...The non-Opec signatories to the late-2016 output deal pledged to cut just under 600,000 b/d, of which 300,000 b/d from Russia. Russia hit this for the first time in August and repeated the trick in September, although it remains around 80,000 b/d above target on average over 2017 so far. Th...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Saudi King Salman’s Historic Russian Visit: Will It See Trade Leap?
...OM A LOW BASE Russia’s Industry Minister, Denis Manturov, said on 4 October that bilateral trade in the first half of 2017 had increased 30% year-on-year. However, certainly before this year, bilateral trade had been falling: 2016’s $7.4bn was well down on the previous year’s $12.4bn. The key ex...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Abu Dhabi In $10bn Bond, Prices Tighter Than Saudi
...bt to help bridge budget deficits brought about by low oil prices since mid-2014. At the same time investor demand for GCC bond issues remains strong. According to reports quoting the Abu Dhabi bond prospectus, the emirate expects its fiscal deficit to narrow to $3.74bn in 2017 from $7.05bn in 20...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Genel Reveals Extent Of Its Kurdistan Woes
...elds. These fields are essential to the KRG’s plans to export gas to neighboring Turkey. Plans to begin exports by 2017 had already slipped to 2018 last year, and 2019 looks increasingly probable. TAQ TAQ OUTPUT HALVED Genel confirmed that Q3 production at its Taq Taq field averaged 58,600 b/d an...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Egypt’s Refiners Struggling To Keep Pace With Products Demand
...though gas output has risen to 4.35bn cfd this month, it was at an 11-year low of 3.89bn cfd as recently as May (MEES, 23 September). And Cairo announced a new tender on 24 October for the import of 96 LNG cargoes for delivery in 2017 and 2018, underlining that domestic output is set to remain below de...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Iraq’s Tentative Gas Gains Insufficient To Stem Oil Burn Growth
...ak of 677mn cfd. The company aims to reach 700mn cfd by end-2016. Iraq had hoped to bring flaring rates down to zero by 2017, but it is now targeting 2020. When asked by MEES on the prospects of this being achieved, Mr Husain admitted that funding problems at BGC are delaying progress at key pl...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Green Shoots Begin To Emerge As Oilfield Service Firms See Signs Of Revival
...bsgaard highlighted the IEA revising global oil demand upwards for 2017, and Opec’s plans to implement a production ceiling below current output levels at next month’s meeting, as indicators that oil prices could see “upward movements.” But tempering the optimism he says that “visibility remains li...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Iran’s Banking Reform Bills Stalled
...d will elicit a major tussle with government. Mohammad Reza Pour-Ebrahimi head of the Majlis Economic Commission said on 22 October that he expects parliament to approve the final draft of a new banking reform bill by the end of the current fiscal year in March 2017. Although a first draft of th...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Jordan Raises $1bn New Eurobond As It Bags More Aid
...reign grants of JD814mn ($1,148mn). It will also help Jordan carry on with its economic reforms and the restructuring of its debt, he added. The World Bank also has approved an aid package of $1.4bn for Jordan for the period 2017-22 under the Country Partnership Framework (CPF). This package was of...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
In Search Of An Equilibrium Oil Price
...TURE OPEC OUTPUT REMAINS LEVEL WITH SEP’16 (33.40MN B/D, MEES EST.) SOURCE: IEA, MEES. MAJORS BULLISH, EVEN AT $50/B Having drastically cut costs from a record $25bn in 2013 to just $16-17bn this year, BP CEO Bob Dudley says that for 2017 at “just south of $55/B” the firm will not only be ab...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Sabic Shows Steely Resolve As Saudi Petchem Profits Fall In Flagging Market
...ginning in January, and by the global economic slowdown. “We predict that 2017 is going to be a quite challenging year for us,” said Mr Benyan. “We need to focus internally on how we can improve our efficiency. Despite the challenges, Sabic will continue in its growth policy. We will expand our ma...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Oman Plans Big Solar Project
...e southern Dhofar governorate near the border with Yemen and plans 7MW more in small projects. Raeco aims to develop 90MW of wind and solar capacity by 2020 and has awarded UAE’s Masdar a $200mn contract to build a 50MW wind farm at Harweel in the Dhofar region for start-up in 2017 (MEES, 10 Ju...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Kuwait Dissolves Parliament Amidst Subsidy Reform Uproar
...sing oil prices. For the current financial year, which ends in March 2017, oil revenues are on course to total $43bn, $10bn above budget. Kuwait Export Blend crude averaged just $34.35/B in the first half of the year but rose to $41.49/B in Q3, just $6/B below the previous year. With Kuwaiti ex...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Iran Opens Pre-Qualification For Upstream Tenders
...adegan field will be the first to be offered. NIOC Managing Director Ali Kardor announced on 17 October that a tender for the 42bn barrel field, currently producing around 60,000 b/d, is planned for next month, before pre-qualification concludes. The winner is expected to be announced in early 2017...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Saudi Launches Record Breaking Bond Sales
...nk Jadwa estimated that energy subsidies had cost the Saudi government $61bn (9.3% of GDP) in 2015 (MEES, 8 January). The IMF estimates that the increase in energy and water prices to international/cost recovery levels over the five-year period 2017-21 would generate gross revenue gains of SR...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016