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OPEC May Production Drops Despite Saudi And Iran Increases
...8.6mn b/d for 2016 and 8.2mn b/d for 2017. Meanwhile, in an indication that the global crude overhang is beginning to tighten amid falling non-Opec output in not only the US but in countries as diverse as Mexico and Ghana, US commercial crude stocks fell by 8mn barrels in May from April’s 54...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Egypt’s Med Gas Output Collapse: Can Even Zohr Make Up The Losses?
...TUAL OUTPUT TO 2015, PROJECTION FOR 2016, ESTIMATE FROM 2017. INCLUDES INCREMENTAL GAINS AT CURRENTLY-OPERATING PROJECTS BUT EXCLUDES ZOHR, WND. ^BASED ON COMPANY FORECASTS. THESE MAY PROVE OPTIMISTIC ESPECIALLY AS REGARDS THE RATE OF RAMP-UP. **CURRENTLY CONTRACTED CARGOES ONLY, FURTHER VOLUMES LIKELY TO...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Zohr Number-Crunching
...eld more riches. ZOHR PRODUCTION PROFILE INDICATES 22-23TCF RECOVERABLE RESOURCE *OFFICIAL START-UP (1BN CFD FROM 6 WELLS) SLATED FOR ‘END 2017,’ 14 ADDITIONAL WELLS ARE SLATED TO ADD 1.7BN CFD FROM 2019. PROFILE PRESUMES THAT THESE INCREMENTS TAKE TIME TO RAMP UP. SOURCE: MEES, BASED ON EN...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
KRG Scrabbles To Pay IOCs Amid Strain Of Prepayment Obligations
...scovery as well as Russian state firm Gazprom Neft’s takeover as operator from Canadian-listed partner Western Zagros. But increases beyond current 5,000 b/d output this year are off the cards, with the Sarqala-2 well set to be spudded in the first half of 2017. Western Zagros also confirms that Re...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Eni Advances Libya Gas Plans Amid Short-Term Cuts
...e second half of 2017 through to the second half of 2018,” it adds, noting that in light of the continued and chronic instability in Libya, “all offshore mobilizations will be undertaken from Malta” around 250km to the north. Eni’s gas output, both from Bahr Essalam and the Wafa field deep in th...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Aramco Looks To Build On Record Output With ‘New Era’ Of Integration
...tchems volumes do not include two big projects which are due online in 2016 and 2017. Although Sadara started up its first polyethylene unit in December 2015, no commercial production took place. The 2.6mn t/y Rabigh 2 expansion joint venture with Japan’s Sumitomo is due to begin commissioning this year, al...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Aramco Steps Up Petchems Challenge To Sabic
...provide basic engineering and proprietary furnace technology for a new cracker, which is being built by Taiwan’s CTCI under an engineering, procurement and construction contract. Sabic says the cracker is expected to cost $94.5mn and is scheduled for completion in the second half of 2017. The cr...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
International Investors Size Up Ambitious Egypt Wind And Solar Program
...bel El Zeit area – one is for 120MW and one for 40MW. The capacity is due online in 2017 at an existing 200MW Gamesa-built wind farm. Earlier NREA awarded Spain’s Gamesa a €220mn ($246mn) turnkey contract for a 220MW wind farm at Gebel El Zeit, for start-up in 2017. Meanwhile, EETC has signed an Mo...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Opec: Fit For Purpose? What Purpose Is That Exactly?
...vernment’s Energy Information Administration (EIA) is now forecasting 2016 crude output of 8.60mn, down from 2015’s record 9.43mn b/d, with a further 400,000 b/d fall forecast for 2017. But of course, as the Saudis and other Gulf producers are acutely aware, these forecasts are highly sensitive to prices. Th...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Latest Us Output Figures And Projections
...CRUDE OUTPUT THIS YEAR... EIA 2017V16 AND 2016V15 FORECASTS BY DATE OF FORECAST. ...BUT WITH A 150,000 B/D UPWARD REVISION TO ITS 2017 FORECAST THE END MIGHT BE IN SIGHT EIA 2017V16 AND 2016V15 FORECASTS BY DATE OF FORECAST....
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Aramco Sees Gas As Central To Economic Transformation
...pending as it does on political as well as below-ground factors (see p14), easier to forecast is that Saudi NGLs output will continue to rise with that of gas. The IEA has Saudi NGLs output rising by 90,000 b/d between 2015 and 2017 and by a further 75,000 b/d by 2021, while Asia Pacific Energy Consulting pr...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
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 -
Saudi Edges Up Capacity, Looks To IPPs For Boost
...arted up in third quarter 2014 is expected to reach full commercial operation this year, the 2.10GW Rabigh-2 CCGT plant is expected to start commercial operation in June 2017, and the 1.5GW Fadhili cogen JV between SEC and Aramco is “currently at the proposal phase.” SEC expects the signing of a co...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
Saudi 2030 Plans: Turning The Vision Into Reality
...troChina’s valuation briefly topped $1 trillion in the wake of its November 2007 floatation: it is now worth $192bn. LATE 2017: 5% ARAMCO LISTING? “What we’ve been hearing from the local banks and brokers we’ve been speaking to, who are among the biggest in the region, is that the Aramco listing will ta...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
New Saudi Minister Faces Task Of Turning Vision Into Reality
...ise overall capacity (MEES, 26 February). The delayed expansion of the Khurais oil field – initially scheduled for 2017 – remains on course for finalization in 2018. Capacity here is slated to increase by 300,000 b/d to 1.3mn b/d. In the longer term, Mr Falih will play a key role in driving fo...
Volume: 59Issue: 19Published at Fri, 13 May 2016 -
Iran Output Rebound Sets Stage For Saudi Stand-Off In Vienna
...16 contract, prices which imply an average value of $45/B for 2016 as a whole. The EIA report cited stronger than expected economic data as a key contributory factor. This has led the EIA to revise global demand projections upwards by 0.3mn b/d and 0.2mn b/d for 2016 and 2017 respectively, le...
Volume: 59Issue: 19Published at Fri, 13 May 2016 -
KRG Exports Rise With Boost From New Fields, But Takings Fall
...obable (2P) reserves were sharply downgraded in February (MEES, 4 March). Meanwhile, London-listed Gulf Keystone Petroleum (GKP) plans to produce 41,000 b/d by year-end at the Shaikan field, from around 35,000 b/d currently, but is hamstrung by more than $575mn worth of bonds maturing in 2017. It failed to...
Volume: 59Issue: 19Published at Fri, 13 May 2016 -
Iraqi Kurdistan Producers Seek Positives In Challenging Environment
...sue now, rather than making the coupon payments and not addressing the 2017 maturing of the debt that hangs over the company, GKP’s board appears to have confidence that a deal can be made with the bondholders. Resolving the issue would certainly be a positive development for the share price and would fr...
Volume: 59Issue: 18Published at Fri, 06 May 2016