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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 -
Algiers Aims For The Sun; Is Its Head In The Clouds?
...ntracts, 55% of revenues from taxes on gas flaring and (as of the 2017 budget) 10% of revenues from VAT on energy-consuming goods and appliances. It is also seeking funding from overseas. On 6 April, Energy Minister Noureddine Boutarfa met in Algiers with Rémy Rioux head of France’s foreign aid de...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Foreign Firms Line Up For Algeria Renewables Work
...sin. Here “production start-up was achieved… at the end of the year [2016], with start-up of six wells and linkage to the existing treatment facilities of the MLE project. The development activities are expected to be completed during 2017,” Eni says in its 2016 Factbook, released last week. A pa...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Services Firms See US Activity Boost, But Profits Remain Elusive
...venue. The three largest listed oilfield services firms have struggled to turn a profit since the beginning of 2015. They managed a collective profit of $190mn in Q1 2017, but this compares to a whopping $3.53bn in Q3 2014 just before oil prices tanked. The key ‘good news’ in the first three months of...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Saudi Vision Dims With Benefits Climbdown
...own Prince Muhammad bin Salman (MEES, 10 June 2016). Finance Minister Muhammad al-Jad’an says that the cuts’ reversal was recommended by Prince Muhammad himself, following the improvement of state finances. Deputy Economy Minister Muhammad al-Tuwaijri says the country’s Q1 2017 deficit was SR...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Abu Dhabi’s IPIC Bags $1.2bn From Malaysian Fund Settlement
...nuary this year and outlined its new organizational structure of four investment platforms in February (MEES, 24 February). The new company’s CEO Khaldun Khalifa al-Mubarak – legacy CEO of Mubadala – says he expects to begin operations in May 2017. The company’s portfolio of corporate assets wa...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Economy Takes Center Stage Ahead Of Iran Elections
...reatens irreparable damage to market stability. But the health of the Iranian banking system certainly leaves much to be desired with a high level of non-performing loans and lack of liquidity. Several small credit institutions have failed since the beginning of 2017, adding further to systematic pr...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Saudi Arabia Prioritizing Downstream Amid Production Curbs
...ll to 13.4% in 2016 after holding steady at around 20% between 2008 and 2013. More worryingly for Riyadh, it was overtaken as top supplier by Russia for the full year. It has regained top spot in the first two months of 2017, with China taking more than 1mn b/d in both months. During the first tw...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Iraq Fires Up 1GW Gas-Fired Capacity But Is There Enough Gas?
...anks to an increase in wellhead output, from 2.06bn cfd in 2013 to 2.91bn cfd for the first two months of 2017, and an increase in the proportion of this gas that is captured – though over 60% of wellhead output is still flared. For 2015, the last year for which fully comprehensive data is av...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Opec’s Balancing Act Becoming Increasingly Precarious
...COURSE FOR Q4 2017... (CUMULATIVE 2017 STOCK DRAWDOWN MN BARRELS) ...BUT OPEC’S LATEST NUMBERS SHOW THE FINISH LINE GETTING FURTHER AWAY *BASED ON OPEC SEC-GEN STATEMENT THAT REBALANCING REQUIRES 270MN BARREL STOCKDRAW. SOURCE: OPEC, IEA, MEES. IEA SUPPLY & DE...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Tunisia Awaits $2.5bn In Fresh Aid As Economy Undershoots, Energy Bill Soars
...tes, Tunisia’s economy faces major challenges, as “fiscal and external deficits reached record levels, the wage bill as a percentage of GDP has climbed to one of the highest in the world, and public debt further increased to 63% of GDP at the end of 2016.” He went on to say that growth in 2017 is ex...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Total And Sonatrach Bury Hatchet As Algiers Pushes Partnerships Agenda
...Algeria’s plans to open up a new gas province in the southwest of the country, is now scheduled for mid-2018, the Total spokesperson says. This latest date marks a further delay on the previous estimate of 2017 (never mind the most recent official Algerian date of 2016 – MEES, 17 February). Mi...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Saudi Debut International Sukuk Raises $9bn; Aramco Taps Further $3bn
...tempt to sweet-talk Saudi officials. The 2017 Saudi budget projects a whopping deficit of $53bn, albeit down from the record figures of $79bn and $96bn in 2016 and 2015 respectively (MEES, 6 January). Though Saudi Arabia does not disclose its budget oil price assumption, local investment bank Ja...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Israel: Lots Of Gas But Where’s The Market?
...nceptual development plan released in March says it has completed the engineering feasibility study and is targeting FID by the end of 2017. “Base case is a gas FPSO with gas pipeline to shore and offshore liquids offloading. Energean’s intent is to execute the project via an established deepwater co...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Gas Ousting Coal
...%. ISRAEL ELECTRIC CO^ FUEL MIX (%) 2017 FORECAST PRESUMES 20% PLANNED RISE IN GAS USE IS HIT WHILST OIL BURNING IS ENDED. ^IEC ACCOUNTS FOR 72% OF ISRAELI GENERATION CAPACITY. SMALLER GENERATORS ARE SOMEWHAT MORE RELIANT ON COAL. SOURCE: IEC, MEES CALCULATIONS....
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Oman LNG Records Rare Output Rise, But Revenue Falls Regardless
...cent levels. Any continued recovery, and there has been in the first two months of 2017, is likely to be relatively modest. Slow demand growth and the onset of fresh supplies from competitors such as Australia will extend the current supply glut for the next few years. EXPORT DESTINATIONS IN...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Oman, Kuwait Sign Multi-Billion Refinery Deal
...ll be awarded in the next two months and that the foundation stone for the project will be laid at the end of 2017. UK’s Amec Foster Wheeler completed front end engineering design for Duqm refinery recently, while DRPIC has completed prequalification and invited bids for the EPC work. Mr Zedjali sa...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Record US Oil Trade Belies Protectionist Rhetoric
....30mn b/d were only just below the four-year high of 10.34mn b/d set in Q3 last year. All this means that gross US oil trade – imports plus exports – hit a massive record of 16.24mn b/d. The equivalent a full 17% of the world’s oil output in the first three months of 2017 was either imported to or exported fr...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
BP Poised For Strong Year In Mena
...BP had a mixed 2016 in Mena with liquids output edging up while high natural decline rates at its Egyptian gas assets saw overall gas output fall. But with key startups set for the second half of the year and BP’s return to Abu Dhabi’s onshore, 2017 is set to be a major year. Recent years ha...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Shifting Sands: Saudi Arabia’s PIF’s Changing Strategy
...o months of 2017. As the world’s biggest energy user, China is growing more reliant on crude imports. Economic growth has spurred higher demand, and falling domestic production has exacerbated the need for imports. The IEA projects demand to grow 340,000 b/d in 2017, in line with last year’s gr...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017