Egypt Extends Gas Bidding; TransGlobe Awarded Oil Blocks

...d 3D seismic and drill exploration wells.   TransGlobe is looking to the four bid round blocks to add up to 15,000 b/d to the company’s Egyptian production by 2017, part of ambitious plans to ramp it up to 40,000 b/d over the next five years (MEES, 16 June). The company’s current Eg...

November Political Changes Unlikely To Impact Energy Macro-Trends

...asons, why the OECD Energy Watchdog, the IEA, predicts total Middle East crude exports to China, will subside somewhat to 2.5mn b/d by 2017.   According to the IEA’s Medium-Term Oil Market Report, total Gulf exports east will also decrease, but tepid EU demand and surging US supply will mean As...

IEA Sees Ethylene Market Driven By Ethane Cracker Surge

...st and the US, according to the International Energy Agency (IEA). In the 12 October Medium-Term Oil Market Report the agency predicted that global ethylene capacity will rise to 183.4mn tons/year in 2017 from 147.6mn t/y in 2011, equivalent to yearly growth of 3.7%.   In 2012, oil eq...

IMF: Hydrocarbon Dependence Leaves GCC Exposed

...ending These levels of spending however are unsustainable in the longer-run, the IMF said, suggesting the GCC members should plan to reduce their government spending to make budgets more sustainable. Failure to do so could result in the group’s combined surplus turning into a deficit by as early as 2017...

South Sudan Orders Oil Production Restart

...l Output Through 2017 In its Medium-Term Oil Market Report 2012 meanwhile, the International Energy Agency (IEA) said it did not expect to see any significant increase in either country’s production over the coming five years, despite best efforts by both the Sudanese and Southern Sudanese go...

Qatar Faces LNG Market Challenges

...e Sabine Pass project, and the next project that is likely to go ahead probably won’t read final investment decision (FID) until 2Q13, or even 2014; putting them in the 2017-18 time frame,” Mr Flower says.   But if Japan starts importing US LNG at Henry Hub prices, some feel this may re...

Middle East Refinery Capacity To Surge, Says IEA

...owing regional oil product demand,” Toril Bosoni, refining analyst for IEA’s monthly Oil Market Report, told MEES. The IEA sees Middle East oil demand growing by 1.7mn b/d from 2011 to 2017 or an average annual growth rate of 3.4% – the highest in the world. With forecast additions to Middle East re...

Iraq Wakes Up From Power Shortage Nightmare

...the Kurdistan Regional Government (KRG) into a 1,500mw Combined Cycle power station by 2015.   Even after the mega-deal purchases, Iraq plans to spend around $4.5bn/year, or some $27bn, up to 2017, on its electricity sector (see table). This 2012-17 spend will break down as follows: $14bn fo...

Woodside Keen On Leviathan Partnership, Pelagic Prepares Aphrodite-2 Well

...cility located in Cyprus – but will need a strategic partner experienced in LNG to carry the project through. Currently, the target date for Leviathan production start-up is a tentative 2017. But exports from Leviathan and other Israeli fields will depend on whether the Israeli government’s export policy fo...

IEA Predicts Bleaker Days Ahead For OPEC

...ar through to 2017, and the estimated Call on OPEC is cut from 2013 by some 600,000-900,000 b/d. The IEA has also downgraded its projections for OPEC NGL supply.  And most critically for OPEC member countries, the MTOMR sees average oil import prices falling in nominal terms from $107/B this year st...

Turkey Turning To Nuclear Power, Counting On Coal

...clear power plant at Barakah in Abu Dhabi in partnership with the Emirates Nuclear Energy Corporation (Enec). Project cost is put at $20bn and it is due to come online in 2017.   Turkish and Russian heads of state signed in May 2010 an intergovernmental agreement allowing for the Russian fi...

UAE Issues Liability Law For Nuclear Power

...newables and coal-fired power programs. Nuclear operator Emirates Nuclear Energy Corporation (ENEC) plans to build four 1.4gw capacity nuclear plants at Barakah, with one becoming operational each year during 2017-20.   While the UAE continues to put in place the legislation and organizations re...

Duqm Complex Set For 2017 Completion

Foreign Investors Look For Streamlined Algerian Oil Bureaucracy As Shell Exits

...and-off over the price Sonatrach will pay for the gas; Total hopes – especially in light of the revisions to Algeria’s oil law – that the terms will reflect the difficulty of developing what it considers to be ‘unconventional’ deposits. Total has put back estimated first production to 2017...

Thailand’s PTT, PetroVietnam and China’s CNOOC Expand In Algeria

....25%     2.9 3tcf reserves. Development approved late 2011 Q3 2017 'Ain Tsila Petroceltic 37%op, Sonatrach 51%, ENEL 12%   30 3....

East Asian Firms Come Of Age In Middle East With Iraq Investment Drive

...t Malaysia’s Petronas too is significant, leading the 230,000 b/d Garraf project and with stakes also in Halfaya and Majnoon. While Iraq is unlikely to want to reach its overly-ambitious 2017 plateau target of 7.28mn b/d, East Asian firms can realistically be looking at participation in 2.73mn b/d of...

Cyprus Tenders For Short-Term Gas Supply

...s offshore, that resource is unlikely to be available for domestic use before 2017-18. “DEFA therefore requires a short-term supply of natural gas to provide an alternative energy supply to Cyprus for the period to 30 September 2018 while the project for the commercialization of Cyprus’ own natural ga...

Jordan Signs MOU With Canadian Firm For Shale Oil Project

...art production at the rate of 20,000 b/d of crude from shale oil by 2016. It also plans to complete a 460mw power plant by 2017 which would burn shale oil. A second Jordanian-British firm, Karak International Oil (KIO), is exploring near the city of Karak, 100km south of ‘Amman and intends to produce up...

Iraqi Electricity Industry Poised For 20,000MW Lift-Off

...ve languished in warehouses until now. But, even discounting the mega-deal purchases, Iraq plans to spend around $4.5bn/year, or some $27bn up to 2017, on its electricity sector (see table). This 2012-17 spend will break down as follows: $14bn for generation, $5bn for transmission and $8bn for di...

Chevron Neutral Zone Delay Jeopardizes Kuwait 2020 Crude Target

...udhatain fields, starting in August 2013.      Ms Hashim and KOC chief Sami Al-Rushaid, have both said that the region’s production capacity will reach 1mn b/d in 2017 through opening three new crude collection centers, a 400,000 b/d water injection project, 400 wells and an oil pipeline to Mina al-Ah...