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Saudi Revenues Double In Q1
...venues in 2017, which requires average quarterly takings of $32bn. Oil revenues drove an overall year-on-year increase of more than 70% to $38.4bn, while non-oil revenues grew an anemic 1%. The report confirmed Deputy Economy Minister Muhammad al-Tuwaijri’s statement last month that the quarterly de...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Oil Boost Raises Hopes In Libya, Perhaps Falsely
...bya in the firm’s Q1 results, other than to note the resumption of production, which netted the firm additional profits of €26mn for the quarter. In the firm’s Q4 results it said it is accounting for average net production of only 12,000-13,000 b/d in 2017, implying gross production of about 10...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Algeria: In Amenas Compression Boosts Gas Exports To Highest Since 2012
...untry taking seven-year high volumes of 6.34bcm (2.49bn cfd) for the first three months of 2017, though these volumes fell in April (see chart 4). Spanish import data for the first two months of 2017 show a more modest 12% rise to 3.37bcm in Algerian volumes. BERKINE OIL OUTPUT DOWN Other Al...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Kuwait Eyes New Crude Outlet Within Six Months
...ude exports have fallen below 2mn b/d in the first months of 2017 this is due to the Opec agreement to cut production in the first six months of the year. While Kuwait’s grand plans to increase liquids production capacity around 1mn b/d to 4mn b/d by 2020 look unfeasible, it could still notch up su...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Asian LNG Imports Soar In Q1; Qatar, Australia Vie For Market Share
...LNG imports by the top three global buyers – Japan, Korea and China – all rose annually in Q1 2017 due to a combination of colder weather and growing appetite for the cooled fuel in China versus piped gas supplies from Central Asia. As buyers have more supply sources at their disposal – es...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Mena Renewables: Capacity Growing But At Half The Global Pace
...cording to the Abu Dhabi-based International Renewable Energy Agency (Irena). This compares with a 7.3% hike to 2.11TW for the world as a whole. While Mena renewables capacity continues to be dominated by hydropower, the agency’s Renewable Energy Capacity Statistics 2017 report shows a 42.4% hike in re...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
OPEC, Will It Have To Cut Deeper For Longer?
...DONESIA, WHICH HAS SUSPENDED ITS MEMBERSHIP. SOURCE: MEES. OPEC WELLHEAD PRODUCTION, APRIL 2017 (MN B/D. MEES ESTIMATES) Apr17 v Alloc. ‘Allocation’ from Ja...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
US Oil Output Hits Record 14mn B/D In April
...mains well up on that seen in 2015 and earlier years, up 70,000 b/d on April 2015 to be precise. All this implies that US overall oil output likely topped 14mn b/d for only the second time ever in April 2017. The provisional data indicates a total of 14.015mn b/d, up from the previous record of 14...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
South Sudan Looks Beyond Total For Block B
...0,000 b/d, but in the first two months of 2017 average output was down 50% to less than 110,000 b/d. Amid continued fighting there is little prospect of bringing production back to the 2013 level, let alone further increasingly output. ...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Tunisia Gas Slump
...Saida field has been repeatedly closed by strikes and sit-ins in recent years. “The company's production has been significantly curtailed in the first quarter of 2017 as a result of the shut-in of the Chouech Es Saida field in Tunisia,” Serinus said in a 16 March press release, with the co...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
KRG: Dno Presses Accelerator At Tawke Field
...OTS CAPEX INCREASE IN 2017 ($MN) SOURCE: DNO, MEES. IMPROVED PAYMENT REGULARITY Payment regularity has now improved, with the past three monthly payments being made in the first two weeks of the month (see table). Payments are currently made with a two-month delay, though Erbil’s si...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Taq Taq Sinks Below 20,000 B/D
...ril production of just 18,000 b/d on 4 May, adding that Q1 production averaged just under 25,000 b/d. It remains on track to produce 15-20,000 b/d over the course of 2017 (MEES, 31 March). Genel’s short-term finances are now dependent on its 25% stake in DNO’s Tawke. ...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Algeria Charts New Economic Direction. Is It Battling Against The Tide?
...LCULATIONS. ALGERIA FOREIGN CURRENCY RESERVES ($BN, END PERIOD) SOURCE: ALGERIAN CENTRAL BANK, IMF, APS. OIL PRICE VARIANTS For the short-to-medium term the plan presents two variant oil price scenarios: one takes conservative oil price assumptions of $40/B in 2017, $45/B in 2018 and $50...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Saudi Looks To Refocus Vision Reforms
...eaking at the Euromoney Saudi Arabia Conference 2017 on 2-3 May in Riyadh, Finance Minister Muhammad al-Jad’an said that the government has allocated more than SR40bn ($10.7bn) for NTP in the 2017 budget and that a further SR220bn ($58.7bn) will be earmarked for the NTP over the subsequent three years. Pr...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Jordan Touts $500m Bond
...Jordan has issued a $500mn Eurobond with a yield of 5.875%, due in 2026, the Ministry of Finance announced on 26 April. The bond, more than three times oversubscribed at $1.7bn, was managed by JP Morgan and Citigroup. The Eurobond issue is part of Amman’s plans to meet its 2017 financing ne...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Kuwait Energy Reaps Reward From Iraq Investments
...bsidiary of Dubai state firm Enoc) with 30%, and Egyptian state firm EGPC (10%). KEC’s net output rose from 6,490 b/d in Q4 2016 to 8,030 b/d in Q1 2017. KEC did not provide information on Block 9’s gross output this quarter, but previous statements put the firm’s net share at 60% of the total. This im...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
KRG: Major Pullback Continues; Gazprom Success Softens The Blow
...stern Zagros 40%, KRG 20%), where production averaged 4,000 b/d in 2016. Output had settled at around 5,000 b/d. Western Zagros previously guided that output was set to remain at this level throughout 2017, with a second well set to be spudded in July that would boost output to 15,000 b/d in 2018. Bu...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Iraq Greenlights Halfaya Phase 3 Development
...lfaya is one of five fields providing crude for the Basra Heavy stream launched in 2015 and the second largest contributor to the grade behind Lukoil’s West Qurna II, which averaged a record 408,000 b/d last year. Lukoil expects 2017 output to remain relatively flat. Basra Heavy exports fluctuate bu...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Sadara Polyolefins Fully Operational, Rabigh 2 Slated For 2H 2017
...dara" in 2017. With the olefins and polyolefins chain now operational, Sadara will next bring online the ethylene oxide and propylene oxide and derivatives units, before completing the aromatics plant and linked isocyanates and polyols units. Sadara expects most of its final products to be ex...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Jordan Pushes Ahead With Oil Shale-Fired Power Plant, Lining Up More Solar
...velopment: 957 2017: Enviromena/TSK Quweira Solar 103 2018:Sepco Sa...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017