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Egypt Secures 2017 LNG Needs
...Cairo moved this week to lock-in its gas needs for 2017 by signing a deal to take up to 45 LNG cargoes from Russian state oil giant Rosneft, France’s Engie and Oman state refiner Orpic’s commercial arm OTI, in a deal worth $1bn according to Oil Minister Tarek El Molla. This adds to the 12...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
LNG: Australia Soars Past Qatar As #1 In East Asia
...pectation has to be that prices will again fall back with winter buying now over – especially seeing that key spot buyer Egypt now appears to have filled its 2017 requirements (see p5). ASIA’S ‘BIG 3’ see collective LNG IMPORTS rise 3.5% IN 2016 ON LATE-YEAR BUYING SURGE (MN TONS) SOURCE: IM...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Shell Sees Qatar’s Pearl GTL Plant Offline For ‘A Couple Of Months’
...Shell anticipates that its Pearl gas-to-liquids (GTL) plant at Ras Laffan in Qatar may be offline into the second quarter of 2017 as it works to fix a problem with “some or all” of the plant’s 18 gasifiers. The problem came to light in late December, when the Anglo-Dutch major announced that it...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Falih Takes Charge Of Saudi Renewables, Sets Schedule For Solar & Wind Tender
...P) Dhuba-1 (605MW) ISCC 50 2017 SEC Waad Al-Shamal (1.39GW) IS...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Opec Cuts 860,000 B/D Output, More Work Required
...Opec cut crude production by 860,000 b/d in January, the largest monthly fall in nearly three years, but remains 570,000 b/d above its H1 2017 output target. Oil prices have dropped around $1/B since the start of February but remain comfortably above $50/B, suggesting that the markets are co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Middle East Drilling Remains Strong Despite Low Oil Prices
...The boom in US shale drilling in recent months has seen the country move to center stage in 2017 upstream spending plans (MEES, 3 February). But activity in the Middle East, the one region not to have seen a downturn over the past two years, remains robust. Since the mid-2014 oil price co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Iran’s Post Sanctions Success Threatened By Trump Storm Clouds
...y 2017 has long been flagged up as of crucial importance as it is the date Iranians go to the polls to decide whether President Hassan Rohani will serve a second term. Hardliners opposed to Mr Rohani’s efforts to open up will be looking to unseat him. But one development that was certainly not given mu...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
NOC Charm Offensive To Encourage Resumption Of Investment
...vestment in the country. According to NOC projections shared by chairman Mustafa Sanalla at London’s Chatham House in late January, the state firm is targeting oil production of 1.25mn b/d by the end of 2017 (see chart 1). If NOC meets its objectives, Libya will average just short of 800,000 b/d in Fe...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
OMV Expands in Libya With Purchase Of Oxy Zueitina Stake
...175,000 b/d from the field in the near future. OMV also has a share in production from the small Shatira field (Block NC163, Area 106) which has capacity of about 1,100 b/d. OMV expects its Libya production to reach an average 10,000 b/d in 2017, said the 2 February statement. “Subject to on...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Iran’s Banking Reforms Delayed By Government Bickering
....6bn in August 2013. The cabinet in January approved the allocation of $3.8bn from the CBI’s surplus assets to reduce the government debts to a number of banks. Meanwhile the CBI has ordered all banks to draw up annual financial statements by 20 March 2017 in accordance with International Financial Re...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Dubai Seeks $3bn Airports Loan
...sorting to borrowing to ensure that key projects keep moving. The emirate’s 2017 budget projects a small deficit of $681mn, or 0.6% of Dubai’s GDP, unlike previous years of balanced budgets (MEES, 13 January). Dubai is pressing on with plans to boost its already flourishing tourism sector by aiming to at...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Qatar: No Need For New Bonds
...Qatar may not need to issue an international bond in 2017 as pressure on the emirate’s state finances is easing, Finance Minister Sharif al-‘Imadi said this week. The minister added that with oil prices “close to breakeven levels,” though a new bond issue remains an option for 2017, no de...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Oil Markets: A Turn Away from Trade?
...ternational oil trade, which has made petroleum the model of a highly functional global market. The 2015 lifting of the US ban on crude oil exports may go down in history as the capstone of the era of global oil trade (MEES, 23 December 2016). As we sit here in 2017, two developments threaten that mo...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Egypt Plots Upstream Revival, If It Can Find The Cash
...,500 b/d for 2017 as a whole with a planned $40mn capex spend. Its receivables had fallen to $14.4mn by September 2016, down from a peak of $216mn in Q3 2014. The firm expects to recoup between $15-$17mn from the sale of 350,000 barrels of oil production in Q1 this year, implying around $45/B, or a $10...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Algeria’s Sonatrach Lines Up Majors For Petchems Projects
...d 9 bcm/year (870mn cfd) of output by the end of 2017. However, Sonatrach’s petchems plans – if all occurred as planned – would add over 650mn cfd to Algeria’s gas-based feedstock requirement by 2021. This need for gas, coupled with a major capital requirement, will likely thwart any rapid pe...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Oman Lines Up 11 Companies For Misfah Power Project, Eyes Import Options
...ectricity generated and expects the project to be ready for operation in the third quarter of 2017. ROOFTOP SOLAR Oman is also looking to encourage building owners to install small-scale solar photovoltaic (PV) systems – typically these are installed on rooftops – so they can meet their own power ne...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Opec Cuts: US Shale The Early Winner
...ot in the arm as majors and US-focussed independents begin to announce their 2017 spending plans. As recently as September, the IEA was flagging up the potential for a third straight year of capex cutbacks in 2017 (MEES, 16 September). But the mood has shifted markedly, partly due to the jump in pr...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Services Firms See Light At End Of Tunnel, In US At Least
...lliburton lost $53mn while Baker Hughes lost $14mn. But Mideast resilience is last year’s news. For 2017 the firms’ focus is back on the US, and the Permian shale formation in particular (see p8). US REBOUND TO BOOST PROFITS… Schlumberger says it expects an increase in upstream and E&P activity th...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Kuwait Budgets For Lower Deficit In 2017-18
...Kuwait projects a healthy 30% revenue hike for the 2017-18 financial year (beginning 1 April). The deficit will fall by 18.4% from the 2016-17, according to preliminary details on the state budget approved by the Kuwait cabinet this week. The budget still has to go before parliament, which ca...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Egypt Bonds: Looking East
...murai bonds,” without specifying how much his country will seek to borrow. Mr Garhy says the proceeds of January’s bond issue, which was more than three times oversubscribed, has helped his ministry to plug the budget gap for both the current 2016-17 fiscal year (ending June 2017) and part of the an...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017