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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 -
Qatar Eyes 2.5gw Gas-Fired Power/Desalination Project
...mestic gas requirements will be met by the much-delayed Barzan development within the North Field. This is due online in 2017 and intended mainly for domestic consumption (MEES, 7 April). Barzan and the first post-moratorium development are each expected to deliver 2bn cfd of raw gas for processing in...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Adnoc Strengthens OMV Ties With Abu Dhabi Downstream Expansion Plans
...oduce a broader range of chemicals. Borealis says a final investment decision (FID) for Borouge 4 would likely be taken “around the end of 2017” with a view to plant start-up around five years after FID. Borouge also plans another polypropylene plant, PP5, which it aims to approve in 2017 to be “up an...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
UAE Pushes Solar, Big & Small, But Leaves Room For New Gas-Fired Capacity
...esel 2.77 Fewa 3 Gas/Diesel 0.70 End-2016 Capacity 28.63 Online 2017...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Gulf Opec Maintains Asia Volumes But Loses Market Share
...Despite output cuts, Opec’s core Gulf producers actually sent slightly more crude to their core East Asian customers in the first four months of 2017 versus both the same period last year and 2016 as a whole. But this has not been enough to maintain their share of the key Chinese market where th...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Lebanon Faces Looming US Financial Sanctions Over Hizbollah Ties
...falls Lebanon and its banking system,” Mr Torbey added. Like the previous legislation, the new draft entitled the “Hizballah International Financing Prevention Amendment Act of 2017” will target all political groups in Lebanon suspected to have a strong link with Hizbollah. For the first time the dr...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
WesternZagros Eyes Windfall From KRG Output Gains
...oduction. Shortly after WesternZagros confirmed the Crest offer, it announced that it has raised its 2017 revenue expectations up 40% on the back of increased Sarqala output. That said, WesternZagros exited Q1 with $22.5mn cash, down from $24.7mn at end-2016, according to results released 26 May. The Q1 re...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Saudi Looks To Pop Deficit With Fizzy Drinks Tax
...T IN 2021 AT CURRENT* RATE OF DRAWDOWN (SAMA NET FOREIGN ASSETS, $BN END-PERIOD) *JAN-APR 2017. SOURCE: SAMA, IMF, MEES....
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Iraq Oil Takings Up
...erage monthly earnings of around $4.7bn in 2017, while this falls to about $4.57bn when factoring in lower oil prices in the second half of the year (see chart). This results in total annual earnings of $54.8-56.8bn over the course of the year, up from $43.71bn last year but well down on 2012’s high wa...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Global upstream spending hit 10-year low in 2016-EIA ($bn*)
...*2016 PRICES. SOURCE: EIA, MAY 2017....
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Iraq Pursues Crude Capacity Gains As Revenues Rise
...is implies southern export capacity of 3.8mn b/d from the Khor al-Amaya oil terminal, Basra Oil Terminal and three single point mooring (SPM) systems. IOC PAYMENT BURDEN DIPS The output deal is paying dividends for Iraq, with revenues on track to rise $10bn to $54bn in 2017 (see chart). Mo...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Iraq Looks To Get Savvy On Crude Trading
...pand it to another company, maybe with shipping for example, or with storage.” Somo has simultaneously started selling Basra Light volumes on the Dubai Mercantile Exchange (DME). Its debut auction of 2mn barrels on 28 April was a success, with an unnamed Asian buyer purchasing the June 2017 cargo at...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Egypt’s Gasoline Imports Rising, But Key Hydrocracker Start-up Put Back To 2018
...eady. First quarter gasoline net imports averaged 71,000 b/d, the same level recorded for 2016 as a whole. However, Q1 2017 net gasoline imports are almost 40% higher than the 51,000 b/d recorded for Q1 2016, suggesting that 2017 as a whole may prove to be another record year. In contrast, Egypt’s ne...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Oman Sees Peak Power Demand Up 51% By 2023; Gas Fuel Crunch Looms
...) 2023 vs 2016 *2016 2017 2018 2019 2020 20...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Opec Output Cuts Extended But Market Relevance Wanes
...tension. US crude production is surging and is rapidly approaching record heights, while there is a strong likelihood that Opec output itself will grow this month thanks to strong gains in Libya. IEA FIGURES IMPLY MARKET REBALANCING* REMAINS ON COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BA...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Trump/Saudi Love-In Dulls Iran Post-Election Oil Investment Hope
...d Inpex from Japan have expressed serious interest in participating in the development of the Iranian oil sector. They will now have to decide if the time is right to take the plunge. Under Iran’s sixth five-year plan 2017-22, the oil industry requires around $200bn of investment if it is to me...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Saudi Aramco Courts Investors Ahead Of IPO
...ecuted. Little surprise then that Aramco executives and government ministers have been eagerly travelling the globe during the course of 2017, meeting with the heads of flagship stock exchanges, in a bid to decide which will maximize the IPO’s success. Efforts are also being made to ensure that th...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Egypt Raises $3bn Bond
...duction in subsidies and a cut in the budget deficit in 2017-18 to E£370bn, or 9% of GDP, from 9.8% of GDP in the current year. Egypt also allowed the pound to float as part of the IMF reforms. The new issue was oversubscribed attracting $11bn of book orders. According to Finance Minister Amr al-Ga...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Tunisia: Key Gas Project Faces Further Delays As Unrest Grows
...rget start-up date remained 2017 (see table). Nawara, a project previously flagged up as key to OMV, was totally missing from prepared Q1 results material. The firm’s more detailed May capital markets presentation indicates that the overall project is 77% complete with the 95mn cfd gas treatment pl...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Egypt Gas Boost Cuts Import Needs, But Self-Reliance Still A Distant Goal
...er 70% of total output at the end of 2011 and the beginning of 2012, that share fell to just 38% in Q1 2017 (see chart 4). It’s not just the Eni/BP fields; production at the Shell (ex-BG) West Delta Deep Marine project has fallen even more steeply. ENI/BP OFFSHORE NILE DELTA PRODUCTION (MN CF...
Volume: 60Issue: 20Published at Fri, 19 May 2017