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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 -
Tamar Downtime Is Wake-Up Call for Israel
...neration fuel mix for 2017, with coal 37-38% and renewables the remaining 2-3%. In the absence of Tamar gas, Israel had to switch in diesel and fuel oil (see chart). In case of a longer outage it also has the option of importing LNG via a receiving buoy offshore the northern port city of Hadera. It is st...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Rosneft Plans Key Gas Pipeline To Unlock Kurdish Exports to Turkey
...creasingly competitive Turkish market. Turkey imported 45.4bcm of gas in 2016, of which number one supplier Russia provided 24.5bcm (54%). Imports are on course to soar to 55bcm in 2017, with Russian supplies growing to 29bcm, though Russia’s market share (53%) is broadly steady (see chart). The ca...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
KRG Receives Chevron Boost
...200 b/d at its Shewashan field over 2017. But while it completed a 10,000 b/d early production facility and a fourth well last quarter, output languishes at around 1,100 b/d due to water-cut problems....
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Algerian Oil Bolstered By Berkine Basin Prospects
...sponsible for the only new-field crude production scheduled for 2017 (MEES, 3 February), but it is taking longer than expected to ramp up. Production start-up was completed at the end of 2016, with development activities to be completed “during 2017,” according to Eni’s 2016 Factbook, published in April (ME...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Petronas Quits Algeria As Cepsa Expands
...Whilst foreign investors in Algeria’s upstream include an unlikely assortment of Asian NOCs, one firm heading for the exits is Malaysia’s Petronas. Petronas has decided to divest its oil and gas assets in Algeria, it said in the press release accompanying its H1 2017 results, published on 25...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Kufpec Splashes The Cash in Norway But 2020 Target Remains Distant
...kes some retrospective accounting gymnastics for Kufpec to include Bongkot in its 2016 output figure. The Thai purchase was announced in January 2017 (MEES, 3 February) but has yet to complete – Kufpec’s recently-released 2016 Annual Report says the acquisition is expected to be completed by end-2017. No...
Volume: 60Issue: 36Published at Fri, 08 Sep 2017 -
Oman Taps Abu Dhabi For Wind Farm Cash
...scat government are overstretched, leading it to raise $10.55bn of funding from the international finance market already this year (see p12), the Abu Dhabi Fund for Development (ADFD) is already lined up to back the $200mn wind project. Raeco originally aimed to have the wind farm online in 2017. Ho...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Dana Gas: Profits Up, Litigation Up, Zora Write-Down Looms
...UAE firm Dana Gas this week reported a rise in profits and revenue for the first half of 2017 based on sharply higher oil prices, and lower capex, compared to the same period last year. But litigation is beginning to rival gas and oil production as Dana’s main line of business, with ho...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
TransGlobe: Exploration Write-Dow, Cargo Delay
...ded 2,500-2,700 b/d of Canadian output in January – its only non-Egypt production. The firm now plans 2017 capex of $41.5mn (Egypt $35.4mn), towards the lower end of earlier guidance. TransGlobe priority for the second half of 2017 is to firm up the production potential of the Boraq discovery on th...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Mini Egypt Bid Round As GPC Expands
...nancial year (to 30 June 2017), of which around 47,000 b/d is oil and around 22mn cfd gas. A 4 August oil minstry press release says output has since risen further, to a record 57,000 boe/d. For 2017-18 as a whole GPC plans output of 53,000 b/d crude and 30mn cfd of gas, an implied total of around 59,000 bo...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
SK Inks Tabriz Refinery Deal As Korean Investment Hits $19bn
...re need of upgrade and modernization.” The upgrade is intended to reduce Tabriz’s fuel oil output to 2% of total production. One of the aims of Iran’s refinery upgrade program is to reduce the need for gasoline imports, which averaged 49,000 b/d in 2016 and 64,000 b/d in the first four months of 2017...
Volume: 60Issue: 32Published at Fri, 11 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 -
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 -
Tawke, Atrush Licenses Provide KRG With Output Boost
...oduction facility (EPF) by year end 2017 to be followed by a pipeline connection to the Tawke export terminal at Fishkabur.” There was no detail provided as to the capacity of the planned EPF. Combined production on the Tawke license has been averaging 115,000 b/d in early July. It averaged 111,000 b/d in...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Iran Aims For Total Reboot Of Oil And Gas Sector
...March 2016. The field – originally developed as two separate north and south portions – currently produces 115,000 b/d will be the first Iran offers under a tender. The tender has been delayed and is now planned to take place in late 2017 (MEES, 23 June). Mr Zanganeh also said this week that ta...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Total Talks Crackers On Both Sides Of Gulf
...ere should be further gains in 2017 as the Wasit processing plant is now at full capacity after starting up last year (MEES, 20 May 2016). PROJECTS HISTORY If the two petrochemicals projects go ahead, it could be the first time Total has been actively involved in project developments in both co...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Doha’s Diplomatic Dispute – The Financial Impact
...NKS Qatari banks’ foreign liabilities have risen over the last few years as they became increasingly dependent on foreign funding during a period of strong economic growth. Their foreign liabilities increased to QR451bn ($124 billion) in March 2017 from QR310bn at the end of 2015. According to a re...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Algeria Holds IOC Partners Close
...me on stream in the second half of the year with first output from Engie-operated Touat also slated to follow before the end of 2017 (MEES, 17 February). PIPELINE PROGRESS The 770km, 8.8bcm/year capacity GR-5 pipeline linking Reggane with Algeria’s Hassi R’Mel gas hub (via Touat and Timimoun) wa...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Egypt Seeks Virtuous Output Circle: Reserves Up, Dues Down, More Output
...r gas at least, Eni’s August 2015 Zohr discovery was seen as a turning point. Zohr is slated to start producing before the end of 2017. And even before then gas output has turned the corner after bottoming out at 3.89bn cfd, a third below 2011 levels, in early 2016. The latest boost, to 4.91bn cfd in...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017