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Egypt’s $3.7bn ERC Project On Schedule
...The Egyptian Refining Company (ERC) joint venture is on schedule to start production at its $3.7bn hydrocracker-based project at Musturud near Cairo in the first quarter of 2017, according to Managing Director Muhammad Sa’d. “We have so far completed 80% of the construction work and we wi...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Iraq’s Leaders Admit To Economic Woes
...ectric to boost production capacity, noting that payments would be over three years, starting in 2017, because right now Iraq does not have the money. GE is thus betting on an Iraqi fiscal recovery. Right now that recovery appears a long way off (MEES, 22 January). Finance Minister Hoshyar Zebari ca...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Oilfield Services Firms Face More Cuts: Middle East Activity Remains Resilient
...Houston-based oilfield service giants Schlumberger, Halliburton and Baker Hughes are preparing for a further downturn in 2016, with thousands more redundancies planned although a recovery is slated for 2017. Despite seeing their profits plunge in 2015 on the back of oil prices that hit 11...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Strikes Overly Optimistic Stance On PNZ
...uld be a boon for Kuwait, the Emir’s optimism appears misplaced. Even Chevron, which operates Saudi Arabia’s PNZ interests on behalf of Aramco, doesn’t expect production to resume until 2017 (MEES, 6 November 2015). While Saudi Arabia is prioritizing market share over revenue, it would only profit fr...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
IMF: Saudi Fiscal Reforms A Positive Step, More Needed
...pressing economic growth in the private sector and curtailing non-oil economic activity, as many companies in this sector depend on public sector spending. The IMF therefore expects growth in 2016 to average 1.2% and rise to 2% in 2017, down from 2015’s 2.8% and 2014’s 3.5% (MEES, 22 January). Ad...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Shell Heading Towards UAE Door Over Bab Exit?
...nounced that it was pushing back a final investment decision (FID) on the project from early 2016 to 2017 (MEES, 14 August 2015). The continued slide of oil prices has caused Shell to pull the trigger early rather than wait until 2017, with benchmarks Brent and WTI hitting new 12 year lows this week (se...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
BP Major Contributor To Egypt Five Year Strategy
...alians began appraisal/development drilling on 21 December. A total of 20 wells is planned over the next 26 months. Prior to this only the one discovery well had been drilled. By linking it to shore via already existing infrastructure, Eni and Cairo are aiming for an ambitious late 2017 start-up, wi...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
South Korean LNG Appetite Thins Out, Prices Remain Under Pressure
...sult of the nuclear expansion (as well as coal and to a lesser extent renewables), analysts from London-based Energy Aspects expect LNG imports to fall by 2.3mn tons (7%) this year and by a further 1.9mn tons (6%) for 2017. Not only was last winter milder than normal in northeast Asia, increased LN...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
IMF Downgrades MENA, Saudi Growth; Is It Enough?
...nk’s similar forecasts earlier this month (MEES, 15 January), the IMF’s oil price assumptions are already way out of date, and as a result its MENA economic forecasts way optimistic. The IMF has chopped 1 percentage point from its Saudi growth projections for 2016 and 2017, compared to those it...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Iran Inaugurates New South Pars Phases, But Ambitious Targets Look Unrealistic
...oduction at the two phases has begun and they are to become operational by April 2016. Fars News reports that output at the two phases is currently around 23mn cmd (800mn cfd). Production at phases 20 and 21 is planned to begin around June 2016. “This year [to mid-March 2017] will be the year of ec...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
US Crude Defies Expectations, Thwarts Saudi Strategy
...wn to the higher baseline. Output will bottom out at about 8.5mn b/d in November 2016 and “stay near 8.5mn b/d for most of 2017.” This level of production is some 1.2 million b/d below the April 2015 level, which was the highest monthly production since April 1971. “Productivity im...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Gulf Keystone Cash Position Slowly Improves on KRG Payments
...April 2016, before its guaranteed and convertible notes mature in April 2017 and October 2017 respectively. Hungary’s MOL has officially confirmed the completion of the relinquishment of the Akri-Bijeel block in which it had an 80% stake, alongside Gulf Keystone’s 20%. MOL confirmed the fi...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
World Bank Hikes Iran Growth Forecast But Global Storm Clouds Gather
...l demand growth from 1.2mn b/d to 1.0mn b/d on the back of global economic headwinds. The IEA, in its most recent monthly market report had already pushed back its expectations of global oil market rebalance – that is to say demand catching up with supply – from 3Q 2016 to early 2017 (MEES, 18 De...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Growth Forecasts - Caveat Emptor
...is caused a MEES double take. Using estimates that evidently predate the latest collapse in oil prices, the Fund gives 2015 Iraqi oil revenue as $59bn (the actual figure was $49bn). It then has revenues rising to $70bn in 2016 and $84bn in 2017. In fact, using current futures prices (the IM...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Work To Begin On Zohr As Egypt Looks To Bring Giant Field Online Next Year
...Egypt will continue to require aid from its Gulf neighbors in 2016 but this year should see the foundations laid for a brighter 2017 following last August’s discovery of the 23 tcf Zohr field by Italian firm Eni. Eni says that it plans to imminently begin drilling at Zohr after last week re...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Oman Budget Reforms May Ease Pressure On Gas-Fired Power Plans
...rther last year. BP’s 1bn cfd capacity Khazzan tight gas project, due online in 2017, is Oman’s only hope for a major domestic gas boost in the medium term. Any cuts in gas subsidies could only ease the pressure. OPWP has already begun talks with the Ministry of Oil and Gas (MOG) about the potential fo...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Opec Signs Off 2015 With Record Output
...venue in 2015 would be down a hefty $47.4bn from 2014 (a drop of 43.9%), the UAE remains committed to increasing production capacity from around 3.2mn b/d to 3.5mn b/d in 2017. While this won’t necessitate additional production, it makes a reduction less likely. Iran also looks set to go head to he...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Will 2016 See The ‘Cyprus Problem’ Become The ‘Cyprus Solution’?
...e Cyprus problem negotiations.” He says a new bid round will not be contemplated before the end of 2016 or possibly 2017, once what happens with talks on the Cyprus problem become clearer....
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Ninth-Time Lucky For Cyprus Gas Import Tender?
...illion BTU by 2025. According to the terms of the tender, first gas is to be delivered between 1 January 2016 and 30 June 2017, but that is looking increasingly unlikely and will most likely be revised if an agreement is reached with any of the bidders (MEES, 18 April 2014). ...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Oman Slashes Subsidies In 2016 Budget, Announces Economic Reforms
.../B for 2017-18 and $60/B for 2019-20, and average oil output flat at around 990,000 b/d. Though output hit 1mn b/d for the first time ever in July it has since dipped (MEES, 11 December 2015), whilst higher domestic consumption has cut into gas exports (see p9). Challenges identified in the plan in...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016