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Oryx Experiences More Hawler Delays
...d-2016 (MEES, 12 May). With focus shifting from Hawler’s disappointing Demir Dagh field to Zey Gawra, Oryx said in a December 2016 presentation that it was targeting 12,000-15,000 b/d by end-2017, but this will be another missed target. Its planned capex for the second half of 2017 has been slashed from $29...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Iraq Eats Into Saudi Share Of Key Crude Markets; Stage Set For Tense Opec Meet
...d-2016 output before the Opec deal came into effect) have consistently fallen since. For June the same four buyers took just 3.68mn b/d of Saudi crude, the lowest volume since September 2015 (see charts). Looking at the collective shift between Q1 and June 2017 for the three key east Asian importers, th...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Kuwait Delivering First Crude Cargo To Vietnam Refinery, Eyes Global Expansion
...%) 248 248 124 Nghi Son, Vietnam (35.1%, 2017) n/a 200 70...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Benban Solar Plan: Egypt PV Gets $635mn World Bank Cash
...e not finalized. The EBRD was hoping to “start construction before the end of 2017” on the 16 projects it is financing. The IFC expects the projects it will support to sign power purchase agreements in the third quarter of 2017. A number of the larger projects aim to begin construction in the fourth qu...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Opec Seeks To Bolster Flagging Cohesion
...ssia – chair and alternating-chair of the JTC respectively – “in the presence of representatives from the Kingdom of Saudi Arabia, which is serving as President of Opec in 2017.” The remaining JTC members – Algeria, Venezuela and Oman – will not be attending. As for which of the participating pr...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
US Drilling: Schlumberger Chief Calls For Caution - Has He Got His Wish?
...ll on 21 July. “The pursuit of equity appreciation outweighs the lack of free cash flow, net income and return on capital employed.” In marked contrast to the larger independents and majors who remain more focused on cost-cutting than raising output – BP this week cut its planned 2017 capex from $17...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Qatar Oil & Gas Revenues Fall To Eight Month Low
...Qatar’s hydrocarbon revenues, and those from oil exports in particular, fell sharply in June amid ongoing geopolitical upheaval. Qatar’s 2017 deficit is already on track to exceed the budget figure, weakening revenues would provide a further blow. Qatari oil and gas export revenues fell to...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Oman Taps China For $3.6bn Amid Ratings Downgrade
...tracted strong interest, prompting the government to raise the size from the original $2bn target. The ministry says the loan completes Oman’s external funding requirements for 2017 whilst adding geographical diversity to Oman’s external funding sources – past funding has largely come from western ba...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Gulf NOCs Target IPOs, Other Routes To Foreign Funding
...ke place on the Abu Dhabi Stock Exchange by the end of 2017. Adnoc has not publicly stated the size of the stake that will be sold but Bloomberg on 11 July reported that Adnoc may seek a valuation as high as $14bn, with proceeds from the share sales potentially pulling in as much as $3bn for Abu Dh...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
IMF Greenlights Iraq Cash, Calls For More Reform
...w phase following last month’s liberation of Mosul. The IMF points out that the authorities are maintaining the peg of the Iraqi dinar to the US dollar, which provides “a key anchor to the economy.” But much work is required in 2017-18 to boost non-oil revenue and reduce current expenditure. Pl...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Lebanon To Hike Taxes
...x measures as a first step towards fiscal reform, paving the way for ratifying the 2017 budget for the first time since 2005. Lebanon’s draft budget was approved by the cabinet in March and submitted to parliament for approval. It projects total expenditure of $15.8bn and a fiscal deficit of $5.2bn, or...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
2016 Global Energy Investment: Electricity Powers Ahead
...• Global energy investment fell by 12% to $1.7trillion, some 2.2% of global GDP, in 2016, according to the IEA’s recently-released World Energy Investment 2017 report. The fall comes on the back of 2015’s 8% fall. • Spending on electricity, at $718bn, overtook that on oil and ga...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Kuwait Eyes Long-Delayed Jurassic Gas Expansion
...considerable confidence that these ambitious targets will be met. Certainly, Kuwait has stepped up gas drilling activity this year according to data from US service firm Baker Hughes. It averaged 12 active gas drilling rigs in the first half of 2017, up from 8 in the same period in 2016. Th...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Total Shrugs Off Regional Tensions, Eyes Further Qatar Projects
...Nearly 30% of Total’s liquid production came from the Middle East and North Africa in the first half of 2017, slightly up year-on-year. Net volumes averaged 384,000 b/d and are set to rise some 23% in the current quarter with the firm taking over as operator at Qatar’s 300,000 b/d Al-Shaheen oi...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Qatar Looks To Expand Its Lng Options As Contract Renegotiations Loom
...dition, increased renewables power generation capacity combined with plans to restart Japan’s nuclear plants in the coming years points to falling gas demand from Japan’s power sector until 2022, according to the IEA in its recently published Gas Market 2017. The agency expects the highest decrease in...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Saudi Approves Scaled-Back Nuclear Plans, Studies Reactors Large And Small
...tchdog IAEA setting out 13 priorities for Riyadh during 2017-21. The IAEA says the agreement provides a medium term reference for both parties’ planning. The priorities listed in the agreement include: nuclear energy planning and implementation; regulatory infrastructure; a research reactor; nuclear se...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
US Firms Scale Back Investment, Claim Output Unaffected
...With WTI stuck below $50/B almost continuously since late-April, US-focused majors and large independents have dialed back on 2017 capex. They claim output will rise nonetheless. Achieving this in the short term looks feasible. Longer-term will be more tricky. US-focused E&Ps responded to th...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Services Firms: Back To Black
...The world’s largest oilfield services firms are finally seeing a return to profit. 1H 2017 is the first time Schlumberger, Halliburton and Baker Hughes have made a combined half-yearly profit since the first half of 2015. Following the aftermath of the oil price collapse the big three oi...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Libya Looks To Corral IOCs Into Activity Boost
...ntinues to aim for more ambitious targets set out early in the year, and in particular to ramp up output to 1.25mn b/d by the end of 2017 (MEES, 10 February). With this in mind, NOC chief Mustafa Sanalla is doing what he can to encourage companies already operating in Libya to continue to boost pr...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
IMF Cuts Saudi Growth Forecast, Warns On Global Trade Headwinds
...The IMF is relaxed on the economic outlook for the two largest GCC economies, Saudi and the UAE. But rising global protectionism presents a left-field risk. The latest IMF forecasts downgrade Saudi growth for 2017 to just 0.1% (from 0.4% three months earlier) and to 1.1% (from 1.3%) for 20...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017