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Qatar Restarts Gas Expansion Plans As Iranian Output Of Shared Field Soars
...rrently planned to begin operations this year. ExxonMobil has a 7% stake and its 2016 Operational Review lists Barzan with its planned 2017-18 startups. Along with the 1.4bn cfd of natural gas, Barzan is also expected to provide Qatar with 22,000 b/d of field condensate, 6,000 b/d of plant condensate, 20...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Egypt Tenders Wind Project As Three Megaprojects Begin Supplying Grid
...NSTRUCTION Project (contractor, online): GW Fuel Beni Suef (Elsewedy, 2017-20) 4.80 Gas Bu...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Temporary Outages Help Opec Inch Closer To Target
...TPUT STILL 190,000 B/D ABOVE TARGET* (MN B/D) *TARGET OF 31.78MN B/D BASED ON DECEMBER AGREEMENT OF 32.5MN B/D MINUS INDONESIA, WHICH HAS SUSPENDED ITS MEMBERSHIP. SOURCE: MEES. OPEC WELLHEAD PRODUCTION, MARCH 2017 (MN B/D, MEES ESTIMATES) *INCLUDES SHARE OF NEUTRAL ZO...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Return Of Iranian Crude Makes Big Splash In Europe
...bstantially higher figure this year, although 2011’s volume looks set to elude it. 2017 has got off to a relatively strong start according to initial results. Spain was the third largest EU buyer of Iranian crude last year with 49,900 b/d (see chart 2) and in January it lifted more than twice this at 91...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Egypt Receivables: A Glass Half Full Or Half Empty?
...ll of $396mn (47%) from the end-2015 figure of €771mn ($837mn), with the total down almost $500mn over two years (see table). “The residual amount outstanding at the reporting date has been further reduced by a payment dated January 2017 amounting to $240mn (€228mn).” BP, is more coy; its latest an...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
BP Egypt Output: Only Good News?
...nual report released 6 April, also flags up the Nooros field on the Abu Madi West block split with Eni (75%, BP 25%) in the shallow offshore Nile Delta as a key 2016 success. Output here hit plateau levels of 875mn cfd gas and 7,000 b/d condensate in January 2017, less than 18 months after discovery, BP...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Egypt Foreign Reserves Hit Six-Year High But Still Long Way To Go
...e country. The governor also says that the improved financial situation has helped the balance of payments as non-oil exports rose and remittances from Egyptians overseas increased. DRAFT BUDGET APPROVED Egypt’s cabinet on 29 March approved a draft budget for the 2017-18 financial year, wh...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Kuwait Plans To Double Debt Ceiling To $66bn
...s debut Eurobond offering which was three times over-subscribed. Despite the appetite for Kuwaiti debt, the offering was less than the $10bn expected (MEES, 17 March). Mr Salih said the amount raised covered the majority of Kuwait’s financing needs from international markets for 2017. Even under the cu...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Egypt: Key West Nile Delta Project Set For Start-Up
...an [in] the summer,” Mr Dudley told the firm’s 7 February Q4 earnings call. “The wells in the Taurus and Libra fields are close to coming onstream. Production in West Nile Delta is scheduled for the second quarter of 2017,” RWE says. The Taurus and Libra fields constitute the 600mn cfd Phase 1 of th...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Algeria Keeps Oil Spending Flat, Extends Exploration Search Offshore
...Algerian state oil firm Sonatrach has announced an eye-catching $50bn planned five year upstream spend for 2017-21. The figure is a slight increase on that for the most recent five-year plan, but a significant reduction compared to previous years. Once plans to spend about $5bn/year do...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Ta-Ta Taq Taq: Demise of Key Kurdish Field Weighs On KRG Exports
...port blend in February, it will still have grown heavier over the past year. KRG output averaged around 543,000 b/d last year and despite the Taq Taq woes, the KRG ought to exceed this in 2017, if only because a February-March 2016 pipeline outage hit last year’s figures. Absent similar outages th...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Kuwait Refinery Shuts, New Capacity Delayed, Crude Exports To Rise
...til the start-up of the country’s ambitious $12bn ‘clean fuels project’ refinery expansion and upgrade plans. But this in turn has been pushed back from 2017 to 2018-19, and even the latter timeframe may prove ambitious. KNPC brought forward the Shuaiba shutdown after a series of unscheduled ou...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Rosatom Starts Work On New Iran Nuclear Plant, Cementing Russia’s Mena Presence
...24 1.0 2 5.5 Rosatom building. Work started Mar 2017 Planned: Iran Bushehr-3 20...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Americas To Asia Crude: In It For The Long Haul
...at 2017 sees the acceleration of a trend already in effect in 2015 and 2016 of increasing Americas crude volumes washing up in Asia. China has been the key pioneer in this regard. Venezuelan crude long dominated regional supplies to China as the country sought to keep up with ‘repayments’ on ever-in...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Libyan Oil Output Gains Go Into Reverse Amid Growing Instability
...the field were ongoing. Third Force members wrote to NOC warning them that uncontrolled militia would threaten the Sharara pipeline, Libya Herald reported. LIBYAN GAS EXPORTS (MN CFD)*... VOLUMES STARTED 2017 STRONGLY, FELL IN LATE JANUARY, AND COLLAPSED TO JUST 110MN CFD ON 28 MARCH *AL...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Hungary’s Mol - Mena Profile: No More Chasing Barrels
...ins’ made so far have come from squeezing engineering and oil field service firms – these firms at least view this as unsustainable (MEES, 3 February). Mol feels the majority of its cuts are sustainable, however, and will help propel the firm to a similarly successful 2017. “We started to take a lo...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Aramco’s Tax Slashed To Boost IPO Valuation
...ovided long-awaited transparency on an issue that will have critical importance in determining the success of the 5% share listing of Aramco scheduled for late-2018. The new rate is effective retroactively from 1 January 2017. As well as income tax, Aramco currently pays a 20% royalty on revenue, a fe...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Saudi Wealth Fund Eyes $3bn Jordan Investments
...EMPLOYMENT Following a mission to Jordan in mid-March, the IMF noted that the conflicts in Syria and Iraq continued to weigh on the Jordanian economy, with growth expected at around 2% in 2016 and unemployment rising to 15.3%. But it expects that growth will pick up modestly in 2017, driven by a moderate re...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
East Med Deepwater Exploration: In Search Of ‘More Zohr’
...ey reviewed the seismic with the new Zohr concept in mind and liked what they saw. Eni, in its latest annual report, released 22 March, reiterates that it expects first gas from Zohr before the end of 2017. Output is set to reach the Phase 1 plateau of 1.2bn cfd by March/April next year, ramping up...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Aramco IPO Valuation: The Devil Is In The Detail
...the Saudi state’s need to balance its budget that has been running at a deficit due to the slump in oil prices since mid-2014. The country’s 2017 budget projects a sizeable SR198bn ($53bn) deficit, albeit down by a third from 2016 (MEES, 6 January), with ratings agency Fitch this week downgrading Sa...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017