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Saudi $4.5bn Debut Domestic Sukuk
...198bn ($53bn) in 2017, down from the record figures of $79bn and $96bn in 2016 and 2015 respectively (MEES, 6 January). The actual deficit at SR26bn in Q1 was well below the SR50bn implied by the 2017 budget. However Q1 figures were buoyed by oil prices which averaged $54.6/B (for Brent); they were ar...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
China 1H 2017 LNG Imports (Mn Tons): Australia Strengthens Position As Top Supplier Setting Monthly Record In June
...*CHANGES EXPRESSED IN PERCENTAGE POINT TERMS. ^JULY-DECEMBER AVERAGE. SOURCE: CHINA CUSTOMS, IGU, MEES. China Quarterly Lng Imports (Mn T): Australia Supplies Over 50% In 2q 2017...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Upstream Investment: Are Shortfall Fears Overblown?
...ergy Investment 2017’, released last week. Upstream spending is two-thirds of total oil and gas investment, which fell by 26% to $650bn, a cumulative 2014-16 fall of 38%. Global spending on pipelines fell by 15% to $130bn whilst that on LNG fell to $25bn in 2016 from $35bn in 2014 and 2015. Th...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Algeria Re-Tenders 3.6bcm/y Ain Tsila Gas Development
...stream in late 2017 (MEES, 16 November 2012), and then late 2018 (MEES, 21 August 2015). Now it will not be completed until at least 2020. Front end engineering and design (FEED) work on the project was scheduled for 2013, but the award of the FEED contract eventually went to Chicago Bridge and Iron only in...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Iraq Prioritizes Gas Development, Border Fields
...s first LPG cargo in July 2016. Volumes remain small, though May 2017, at 8,000 b/d saw the highest output so far. IRAQ'S JULY 2017 UPSTREAM OFFERINGS REGION BLOCK as...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Suez Canal Revenues Show Signs Of Recovery In 2017
...Revenues from the Suez Canal rose to $2.49bn in the first half of 2017, the highest in two years, helping to boost Cairo’s coffers. The influence of more US crude and LNG going to Asia is becoming more apparent in the southbound data. Egypt’s economy spent much of 2016 on a respirator un...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Saudi Arabia’s Rabigh-2 JV Joins Sadara In Starting Up New Units
...0 RABIGH-2 (Aramco/Sumitomo - 2017): 2,600 Paraxylene 1,340 Low-Density Polyethylene (LDPE) 80...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Saudi Wind Deja-Vu As New 400MW Project Tendered
...mat Al Jandal closes on 10 August 2017.” After this, qualified companies will proceed to the request for proposals (RFP) stage, as managing participants or technical participants or both, based on their “experience in delivering IPP projects of this scale.” Repdo says bidders qualifying for the Du...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Opec Revenue: Sour Crude Shortfall Mitigates Price Crunch
...ghtened considerably. The predominance of sour grades within Opec is therefore somewhat mitigating the impact of price falls on the group’s revenues. The Opec basket averaged $3/B less than Brent in 2016, but this discount more than halved to just $1.48/B in the first half of 2017. And the trend has sh...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
US Shale: No Sign Yet Of A Slowdown
...ghest since June 2015. If the August output figure (based on the latest drilling data) proves correct, this would be a rise of 757,000 b/d since the start of 2017. Gains to US shale production are slightly outstripping overall US crude production gains: overall output was 9.224mn b/d in June, ac...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Saudi Crude Exports Lowest Since 2014 As Oil Burning Ramps Up
...u look at it. On the one hand the Saudi share of US demand is testing multi-year lows (see chart 1). On the other hand, taking first half 2017 volumes as a whole, US imports from Saudi Arabia have been remarkably consistent with earlier periods – indeed, as the US has slashed crude imports from el...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Gulf Bond Issues To Set New Highs As Cash Crunch Continues
...going funding needs. International bond issues by GCC states has been a standout success story in financial markets this year. And on many fronts, it’s a story that is only just beginning. The GCC states collectively issued $25bn worth of international bonds in the first half of 2017, more than ha...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Iran’s Budget Deficit Soars In 2016-17
...int Comprehensive Plan of Action, lower prices meant Iran’s oil revenue rose by only 10% during 2016-17; its share in total budget revenue shrank by 3%. However for calendar 2017 Iran is on course to see oil revenue rise by a whopping 38% ($15.6bn) versus 2016, the result of both higher prices and hi...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
GCC States Double Down On Gas Development
...antities of crude oil. Big plans have been announced for developing gas resources in the GCC, but as yet drilling activity appears relatively muted, and most projects are years away from fruition. The IEA, in ‘Gas 2017,’ it’s five-year global gas market outlook, takes a cautious approach and sees more th...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Delayed Projects To Shave Cumulative 80bcm From Algeria’s Gas Output By 2020
...gin production last year or early in 2017. In January, then energy minister Noureddine Boutarfa said that the project would be delivered by the end of 2017; French operator Engie’s website also says that “first gas [is] planned [at the] end of 2017.” But this could slip further, even if it is not af...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Middle East Drilling Continues Unabated Despite Oil Price Uncertainty
...Drilling in the Middle East rose to an 18-month high in June with 406 active rigs, the most since December 2015’s 409 rigs. The rig count average of 401 for the first half of 2017 is a record for the first six months of any year. Drilling in the region has remained at near-record levels ac...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Qatar Expansion Plans Shakes Up Race For 2020s LNG Market Dominance
...16 and 2022, according to the IEA’s latest five-year gas market report, ‘Gas 2017,’ released 13 July. With LNG production capacity already expected to exceed the IEA’s LNG demand projection of 460bcm by 2022, Qatar’s plans are expected to contribute to a raft of project deferrals or cancelations el...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Cairo Advances Energy Sector Privatizations
...nk of Egypt (CBE) have been making to reform the economy.” The IMF says the 2017-18 budget, which was passed largely intact last week, is a “very strong budget… it will place public debt on a clearly declining path to sustainable levels.” Ratings agency Fitch adds in a 12 July release that “Eg...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Egypt: Has Gas Boost Made Blackouts History?
...st-tracked to “accelerate gas production commitments to Egypt…before peak demand in summer 2017” (MEES, 12 May). With Eni’s 24 tcf Zohr field set to ramp up to 1.2bn cfd from November, Egypt has become increasingly confident of gas availability (MEES, 7 July). According to state gas firm Eg...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Oman Cuts Power Payout
...Oman’s power regulator says spending on subsidies will fall by 10.6% to OR456mn ($1.186bn) in 2017. The regulator says this is thanks to a rise in revenue from electricity consumers following the introduction of cost-reflective tariffs for large industrial, commercial and government co...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017