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Lebanon’s $950Mn Eurobond Oversubscribed
...Lebanon Lebanon’s $950Mn Eurobond Oversubscribed The Lebanese Ministry of Finance last week put together a $950mn Eurobond issue, consisting of two tranches – $600mn maturing on 12 October 2017 with a yield of 5% and $350mn maturing on 27 April 2026 with a yield of 6.4%. The issue, wh...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Development Of Joint Tunisian-Libyan Discovery On Hold
...quids). Sonde says the field could produce “tens of thousands of boe per day by 2017-18”. In addition Sonde says that four further prospects on the block indicate a potential total of 1.4bn barrels and 5 trillion cu ft respectively of oil and gas in place. Sonde, which operates the JO block, has ha...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Kurds Warn Over Oil Payment, Kirkuk Field Rehabilitation
...xonMobil’s exit from leadership of the Common Sea Water Supply Project, bringing together ExxonMobil, Lukoil, BP and Eni-led upstream projects, has pushed a 4.2mn b/d phase one of this critical project back from 2015 to 2017 and maybe further, sources say (MEES, 26 March). Delays in implementing the Common Se...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
SEC Sees Orders Of $18Bn For Debut International Sukuk
...ars are priced at 195 basis points (bps) over benchmark 10-year mid swaps (equating to 200.8 bps over 2017 US treasuries) and the five-year at 140 bps over mid swaps (163.5 bps over 2022 US treasuries). These tightened 15-20 bps from initial guidance. The coupon on the five-year sukuk is 2.665% and on th...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Greece-Cyprus-Israel Energy MOU Postponed Indefinitely
...e export “on a non-exclusive basis” of 2-3mn tons/year of LNG starting in 2017. MEES understands that the joint development of Cypriot and Israeli blocks is as yet undecided, since the Cypriot government would prefer to export its gas to European and not Asian destinations, despite the fa...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
ExxonMobil Water Project Exit Threatens To Derail Iraqi Upstream Schedule
...oject has been put back two years. So instead of 2015, it won’t come on until 2017.” Even if this view is overly pessimistic, there is little doubt that the project has been seriously delayed – FEED was due for award last November (MEES, 3 November 2011). In the long-run, this water is vi...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Kuwait Burns Crude, Turns To Renewables, To Meet Fuel Challenge
...at Kuwait “is burning large quantities of high export value fuels – 30% of the fuel mix is crude and gasoil.” The four-year-plus delay on the 1bn cfd Jurassic northern fields gas project (MEES, 5 March), and the freezing of the planned al-Zour refinery, which won’t be ready until 2017 at th...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Beirut Eyes LNG Import Decision, Touts Reserves
...e Lebanese daily al-Nahar reported on 14 March. The first tranche of the issue will mature in 2016 or 2017, while the second will run until 2026. The ministry needs to refinance maturing Eurobond debt in 2012. Lebanon remains one of the most highly indebted countries in the world with a debt/GDP ra...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
EU Representative In Baku Calls For Nabucco Readjustment
...nsortium, with regard to exporting 10 bcm/year of gas to Europe beginning in 2017-18. Confirming that Nabucco was still in the bidding for Shah Deniz Stage 2 gas (MEES, 5 March), he said that “the talks aim to change the conception of the project [Nabucco]. There are many proposals. Naturally, the proposals ch...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012 -
Kuwait’s Jurassic Gas Project Hits More Problems
...ird said the 530,000 b/d plan can be expanded to 615,000 b/d if Kuwait’s heavy oil projects are successful. Mr Rashdi hopes to commission the 615,000 b/d version in 2017. However, the project – first planned in the early 1990s – was blocked by parliament’s objection in 2009. Its contract award was su...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Edison And DEPA Persist With ITGI, Pursue Other Supply Options
...seidon partners, Italy’s Edison and Greek state utility DEPA, could take their final investment decision by mid-2013, whereas the preferred TAP project aims to become operational in 2017. “If Shah Deniz expects to ship gas to the European Union by 2018 then a final investment decision (FID) will have to be...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Baghdad Eyes $500Bn Energy Spend To 2030
...enarios – with the figures referring to nominal 2017 production targets. The study is being coordinated by the office of Thamir Ghadhban, head of the Iraqi Prime Minister’s Advisory Commission. Originally it was to have been completed by the end of the first quarter, but the intrinsic complexity of...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
TAQA Taps Malaysia Investors Via $215Mn Ringgit Issue
...nditions, said the spokesperson. In December TAQA issued Regulation S/144a bonds, which allow them to be sold into Europe and the US respectively. The issue includes $750mn of bonds due in March 2017 at 4.125% and $750mn due in December 2021 at 5.875%....
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Saudi Aramco And Pertamina Sign MOU For 300,000 B/D Java Refinery
...utheast Asia,” a Saudi Aramco press release said. The Saudi firm is adding 1.2mn b/d to domestic refinery capacity by the beginning of 2017 (see table) and also has signed an MOU with China’s state-owned CNPC for a new 200,000 b/d refinery in China’s southwest Yunnan province. But the refinery drive is...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Neutral Zone Oil Production Capacity To Increase 180,000 B/D By 2019
...ich will go to Kuwait. The increase in production will start by 2015.” A big increase may come from Chevron’s steam flood development of the Wafra field’s First Eocene reservoir, adding an extra 500,000 b/d of 14-20° API crude, starting to ramp up after 2017. A final investment decision [FI...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Shah Deniz 2 Gas Supply Decision Likely To Be Taken In Stages
...rope beginning in late 2017 (MEES, 19 December 2011). The situation has been exacerbated by the announcements of a proposed Trans Anatolian Pipeline (TANAP) as an alternative to Nabucco’s cross-Turkey section and also a plan to expand Turkey’s Natural Gas Transmission System (NGTS). However, Socar CEO Ro...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Chevron Outlines Major Tengiz Investment Plan
...crease Tengiz production to 800,000-850,000 b/d by late 2017. Tengiz is Kazakhstan’s largest field and in 2010 produced 567,000 b/d of oil, 44,000 b/d of natural gas liquids and 822mn cfd of gas. He said that the Caspian Pipeline Consortium (CPC) pipeline, in which Chevron holds 15% equity, has so far ha...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
IEA’s World Energy Outlook: Review And Discussion Of MENA Deferred Investment Case
...S. In terms of production, lower investment in MENA reduces global oil production by 3.8mn b/d at its 2017 peak and 1.5mn b/d in 2035, compared with the NPS. The shortfall in MENA production, of some 3.4mn b/d in 2015, peaks at around 6.2mn b/d in 2020 by which time it is partly compensated by an in...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
KNPC Brings Total Onboard As $9Bn China Refinery Project Talks Progress
...edstock necessitates multiple secondary units. And MEES understands that even if the partners reach a final investment decision soon, completion might not be until 2017-18, although Mr Zanki expects it “much sooner”. In addition to a 296,000 b/d crude distillation unit, the Guangdong refinery will, an...
Volume: 55Issue: 05Published at Mon, 30 Jan 2012 -
Abu Dhabi Continues Uncertainty Over 1.4Mn B/D Concession
...nger operate (MEES, 10 October 2011). The consortium’s target is 1.5mn b/d production capacity by 2017. The SPC will approve bidding guidelines before their release by ADNOC. Mr Suwaidi said they will state the available equity and the desired number of shareholders. Companies will submit bids to AD...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012