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Erbil Plays Russian Roulette With Independence Vote
...portunities than Iraqi Kurdistan. Meanwhile, Russia exported 24.5bcm of gas to Turkey in 2016, around 11% of total exports. Volumes are up 25% year-on-year in the first quarter of 2017 at 7.9bcm, which if sustained would result in a record 30.6bcm. And in Iraq, Gazprom Neft operates the 67,000 b/d Badra fi...
Volume: 60Issue: 24Published at Fri, 16 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 -
Kuwait Approves 2017-18 Budget With $26bn Deficit
...The Kuwait parliament has approved the budget for fiscal year 2017-18 starting on 1 April, with oil revenue set to remain relatively flat at KD11.7bn ($38.6bn). The budget projects that Kuwait will run its fourth consecutive deficit, with the shortfall set to rise to $26.1bn for the current ye...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Energy Subsidy Spending In Arab Countries (% Of GDP) - IMF
...OIL SUBSIDIES ARE DOWN SINCE 2013 BUT BY LESS THAN THE FALL IN OIL PRICES* *ADJUSTING THE 2013 SPEND FOR SUBSEQUENT OIL PRICE CHANGES WOULD RESULT IN AN AVERAGE FALL IN SPENDING OF 3.5% OF GDP, IE FROM 4.9% TO 1.4% FOR THE REGION AS A WHOLE. SOURCE: IMF, JUNE 2017. TOTAL EN...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Oman $500m Power Bond
...19. Besides expanding the 400kV transmission network, OETC will add new substations and transmission lines to the 220kV and 132kW distribution systems in both grids. Oman, burdened by a $7.7bn budget deficit in 2017, says that it has now completed its financing need for the year, with the $2bn in...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Global Oil* Supply And Demand To 2035 - BP’s Take (Mn B/D)
... SHARE OF LIQUIDS SUPPLY (%) *INCLUDES BIOFUELS. SOURCE: BP ENERGY OUTLOOK, 2017....
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Qatar Shrugs Off Restrictions With Continued Oil, Gas Exports
...OVIDE 2017 BOOST (‘000 B/D, NET)… …WHILE QATAR SUPPLIES 82% OF TOTAL’S MIDDLE EASTERN** GAS PRODUCTION (MN CFD) *MEES PROJECTIONS.**EXCLUDES NORTH AFRICA SOURCE: TOTAL, MEES. TOTAL HEADACHE Cosmo has only a modest upstream presence in both countries, but the sa...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
UAE Gas Supplies: Qatar Dependence Remains Despite LNG Diversification
...eraged $7.7/mn BTU in Jan-April 2016, down from $12.97/mn BTU in Jan-April 2015. They averaged $8.03/mn BTU in Jan-April 2017, though have since eased (see chart, p7). LNG IMPORT CAPACITY… The UAE has two LNG import terminals. Dubai has had a 960mn cfd floating storage and regasification un...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Rig Count: Iraq Drilling Resurgent, Saudi Offshore Growth Slow To Materialize
...gs in Iraq (all are onshore oil rigs) hit a 17-month high of 51 in May. Drilling is still well down on 2014’s highs, but has been steadily increasing since the second half of 2016. How much further it will rise in 2017 is unclear as IOCs are still cautious on investment in Iraq. Shell has mo...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
US Becomes A Player In Asian LNG Trade
...ound a month is factored in: US volumes arriving in China for December 2016 through April 2017, at 539,000 tons, equate to the November-March volumes in the US stats. Similar comparisons also hold for Japan and South Korea (see chart). US GAS & LNG EXPORTS HIT RECORD VOLUMES IN Q1 *1 TON LN...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Sadara Starts First Saudi PMDI, BGE Plants; Targets Polyurethane, Solvent Markets
...lyolefins complex. Petro Rabigh is currently nearing completion of the Rabigh 2 expansion project, which will add a further 2.6mn t/y of petchems capacity, including 1.34mn t/y of paraxylene. Petro Rabigh currently expects to finish building Rabigh 2 in the second half of 2017. SQUEEZING SABIC Ar...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Dubai Claims New Solar Pricing Record, This Time For CSP
...fferent assumptions in calculating LCOEs, which can skew cost estimates. A March 2017 study by Amro Elshurafa, senior research associate at Saudi Arabia’s King Abdullah Petroleum Studies and Research Center (Kapsarc), says that when Dewa announced in early 2015 that it would buy electricity from Saudi fi...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Libya, Nigeria Gains Expose Opec Deal’s Limitations
...d demand which will provide key indications as to whether the market is swinging into balance. If projected non-Opec growth is again revised upwards and global demand growth down, the next JMMC calls for deeper Opec cuts will grow louder. OPEC WELLHEAD PRODUCTION, MAY 2017 (MN B/D, MEES ES...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Will US Growth Stall At $45-50/B?
...mper 106,000 b/d on April, this is partly because the latter has been revised down by 40,000 b/d. Strong output growth is still projected for the remainder of 2017 and beyond. The EIA, taking into account the recent surge in investment and drilling (see p8), has hiked its output forecasts for the se...
Volume: 60Issue: 23Published at Fri, 09 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 -
Sanctions: Tehran Tries To Come In From Cold As US Threatens To Turn Up Heat
...e termination of UN sanctions and some EU sanctions; others such as the EU embargo on Iranian oil imports were suspended. Iran wasted little time in launching itself back onto the oil market. It near-doubled crude exports from its 2015 average of 1.23mn b/d to 2.21mn b/d in Q1 2017 (and an even hi...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Strong Appetite For Oman’s Sukuk
...Oman has completed its 2017 financing with a $2bn sukuk – as long as it can keep spending under control. Oman’s $2bn debut international sukuk launched on 23 May, was more than three times oversubscribed with orderbooks of $6.9bn and better than expected pricing, according to fresh de...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
IMF-Iraq Progress Towards Second Loan Tranche
...anche of $800mn to Iraq. The first $600mn tranche was released in December (MEES, 15 July 2016). Following a review of the SBA in Amman, the IMF mission chief for Iraq Christian Josz said that the fund and Iraq had reached agreement on a supplementary budget for 2017, objectives of the 2018 budget an...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Kuwait Brings More IOCs Into Heavy Oil Development
...osting liquids capacity is showcased by the rig count figures provided by US services firm Baker Hughes. Prior to 2017, Kuwait had 40 active oil rigs in just one month, March 2015, but has exceeded this mark in each of the first four months of 2017 (see chart). As heavy oil development accelerates, this sh...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Qatar: Oil & Gas Revenues Edge Up But Hit By Ratings Downgrade
...drocarbon exports have got off to a strong start in 2017 with Q1 revenues up some 25% year-on-year at $13.8bn (see charts 1 & 2). But ratings agency Moody’s swiftly took the shine off of this by downgrading Qatar’s sovereign rating one notch to Aa3 on 26 May. RAS LAFFAN REVENUE BOOST Th...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017