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Opec Output Edges Down But Saudi Wary Of ‘Free Riders’
...e to resurgent US shale production: the EIA this week revised up its forecast of US 2017 crude output by 230,000 b/d to 9.21mn b/d. Opec Secretary General Mohammad Barkindo has previously said he thinks a 270mn barrel fall in OECD stocks is required. But, whilst overall OECD stocks are falling, ME...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
IEA Warns Of Capacity Squeeze Unless Investment ‘Rebounds Sharply’
...The IEA’s latest medium term oil report repeats the organization’s siren calls that a supply crunch is in the pipeline. But it may be underestimating the scale of the US shale rebound already underway. The IEA’s ‘Oil 2017’ report, which covers medium term forecasts to 2022, warns that the 45...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
KRG’s 30,000 B/D Atrush Field: Start-Up Imminent
...G production, but for helping offset Taq Taq’s continued decline. Though Atrush output may be close to that of Taq Taq by the end of 2017 for the year as a whole output is likely to average around 15,000 b/d. The KRG has failed to provide information on overall output since November, but MEES es...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
UK Pledges Funds For Reconstruction Of Iraq’s IS-Ravaged Areas
...cember and January totaled $10.1bn, nearly twice the amount of the same period 12 months previously. Iraq’s 2017 budget projects a budget deficit of $18.4bn, though a conservative assumed oil price of $42/B means that a lower deficit of perhaps $11bn is more likely (MEES, 3 March). But though Iraq’s fi...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Oman Raises $5bn In Bumper Bond, Kickstarts 2017 GCC Issues
...Oman raised $5bn from a 1 March international bond issue which was four times oversubscribed. As such it is close to completing its entire foreign borrowing plan for 2017 necessary to cover its expected budget deficit. The issue consisted of three tranches: a five-year tranche of $1bn at...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Iraq Eyes Oil Revenue Gains And Incremental Production Growth
...Iraq’s oil sector got off to a strong start in 2017, earning slightly more than $5bn in January. This was the second consecutive month in which it earned more than $5bn, something it has not achieved since June 2015. 2017 has also seen exploration and development grow outside of Iraq’s core pr...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Zohr On Target, Rosneft Farm-In Questioned
...clear reactors by Russian state firm Rosatom. ZOHR PRODUCTION PROFILE INDICATES 22-23TCF RECOVERABLE RESOURCE *OFFICIAL START-UP (1BN CFD FROM 6 WELLS) SLATED FOR ‘END 2017,’ 14 ADDITIONAL WELLS ARE SLATED TO ADD 1.7BN CFD FROM 2019. PROFILE PRESUMES THAT THESE INCREMENTS TAKE TIME TO RA...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Algeria’s LNG Sales Shrink Further, Piped Gas Jumps 49%
...t/y) Start End Import Country Comments Eni 1.33 1997 2017...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Aramco Pays Petronas $7bn For 50% Stake In Rapid Project
...sic engineering design for the Cilacap expansion is due for completion in first quarter 2017, with front end engineering design (FEED) scheduled to begin in the second quarter and project start-up slated for 2021. Aramco chief executive Amin Nasser says the company is also interested in expansion pr...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Abu Dhabi Breaks Records With Expanded Sweihan Solar PV Project
...77 Fewa 3 Gas/Diesel 0.70 Planned: Adwea (2017) Al-Mirfa CCGT (Gas) 1....
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Asian Importers’ Opec Crude Addiction Grows
...rket share in Asia’s largest buyer, China, as Russian imports surged (see chart 1). Indications are that a concerted effort is being made to rectify this in 2017. Asia’s big four buyers increased their crude imports by 1.09mn b/d in 2016, 930,000 b/d of which came from Opec. The upshot was that Op...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
US Exporting Record Volumes Of Crude And Products In 2017
...Preliminary data for the first two months of 2017 show US crude exports this year could well eclipse last year’s record of 520,000 b/d (MEES, 23 December 2016). According to weekly data from the US government’s Energy Information Administration (EIA) the US exported 632,000 b/d in January and 93...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Lebanon’s Political And Economic Struggles Continue
...s attempt to cobble together a budget for 2017 after failing to do so for the past 12 years is unsurprisingly proving to be an uphill struggle. The disruptive headwinds from the ongoing conflict in Syria, which brought into Lebanon more than 1.5 million refugees, also led to a deterioration in ec...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
IOCs Continue To Play It Safe In Libya
...arter of 2014 with output of around 700,000 b/d. But state-owned National Oil Corporation (NOC) is yet to persuade some of its major international partners that its bullish oil and gas production targets for 2017 will be achieved. NOC is targeting production of 1.25mn b/d by the end of the year and pl...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
IMF Warning Over Iran’s Recovery
...February). In the Article IV report, the IMF notes that the Iranian economy continues to register solid growth in 2016-17 on the back of higher oil production, with real GDP growth expected to reach 6.6% in 2016-17 before easing to 3.3% in 2017-18. In the first half of fiscal 2016-17 GDP gr...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
QP Petchem Merger
...16). Oil production has also been shaken up, with France’s Total being brought in to replace Denmark’s Maersk as operator of Al-Shaheen field from July 2017. Maersk’s 100% production sharing contract will be replaced by a joint venture involving Total (30%) and QP (70% – MEES, 1 July 2016). ...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Saudi Aramco IPO Plans Progressing But Key Challenges Lie Ahead
...7bn) in 2017 in order to spur economic growth following 2016’s sluggish 1.2% rise in real GDP. The government is looking to narrow the budget deficit to SR198bn ($53bn) in 2017 (MEES, 6 January). “Saudi Arabia will need to make sure the fiscal regime does not discourage investment in the IPO. Back in...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Abu Dhabi Finalizes Onshore Concession With Chinese Partnership
...CO CRUDE OIL PRODUCTION (‘000 B/D) SOURCE: ADCO, MEES. ADCO TARGET FADING AWAY? Abu Dhabi plans to increase Adco production capacity to 1.8mn b/d during 2017. But with current capacity at around 1.66mn b/d, this target is unlikely to be achieved. Along with development plans be...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Kuwait: Subsidy Row Presages Return To Disruption As Usual
...June 2017 (MEES, 11 July 2014). Al-Rai reports that GC-31 is 15 months behind schedule and that Kuwait Oil Company is considering imposing a fine of up to 10% (KD25mn-$82mn) on the firm. Dodsal submitted the second lowest initial bid for the Al-Zour pipeline. Larsen and Toubro submitted th...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Gulf Crude Burn: Saudi Arabia Leads Fall From Sky-High Levels
...sit gas processing plant (providing 1.7bn cfd sales gas) in Q2 2016 and fuel subsidy cuts crimped demand. • 2017 should see further gains as Wasit will be operational for the full year, especially if the government follows through with further planned subsidy reforms. • The numbers are ha...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017