GCC Sovereigns Set Out Plans To Boost Their Balance Sheets

...wait 1Q17 10     S. Arabia 2017 10...

Iran Prepares To Boost Gas Exports

...an. Armenia appears on track to have imported around 400mn m³ (39mn cfd), again in line with normal levels. In terms of new export markets in 2017, Iraq is the likeliest destination. In November 2015, the two countries inked an agreement for Iran to deliver 700-1,200mn cfd of gas by pipeline to th...

CCED Ups Oman Output But 2017 Target Fades

KRG Set For Modest Oil Output Gains After Painful 2016

...IOCs in Iraqi Kurdistan are targeting modest production gains in 2017. But the KRG’s ability to pay remains problematic, while geological woes continue. Iraqi Kurdistan’s oil sector suffered a turbulent 2016 marred by attacks on export infrastructure, geological downgrades and failure to pa...

Iraq Crude Exports Hit Record High

...ntrolled pipeline to Ceyhan in Turkey have yet to be released but will likely be slightly up on November’s 54,000 b/d. As for 2017, H1 exports are set to fall from their current heights under the planned Opec production curbs. Oil Minister Jabbar al-Luaibi confirmed this week that it is currently im...

Egypt Hopes To Restart LNG Exports By 2020: Where Will The Gas Come From?

...e end of 2017 according to local daily Al-Borsa. This comes after state-oil firm EGPC was forced to pay some $480mn towards the bill, costs that were originally to have been covered by LNG exports. But MEES understands Shell is far from happy with the Egyptian authorities as it has failed to fo...

Aramco Awards Ras Tanura Clean Fuels, Seals Indonesia Deal

...nfiguration has been completed and the process to select technology licensors will start soon. Basic engineering design work is scheduled for completion in first quarter 2017, with progress to FEED in the second quarter and project start-up slated for 2021. The Cilacap expansion is a key part of Aramco’s ov...

UAE Sets Out Nationwide Power Strategy, Targets 50% ‘Clean Energy’ By 2050

...16) Al-Mirfa CCGT (Gas) 1.60 Dewa (2017) Solar Park 2 (PV) 0.20 Sewa (2017) Hamriyah Ex...

Saudi Cuts Deep To Boost Prices, But Will US Shale Pocket The Gains?

...der which its “allocation" was 10.06mn b/d for the first six months of 2017 (see table and MEES, 2 December 2016). Saudi crude production was 10.40mn b/d in December according to MEES estimates (MEES, 6 January), whilst the most recent official Saudi monthly figures had production at an all-time re...

Saudi Hands Out New Drilling Contracts

...VIET UNION (EXCEPT SAKHALIN).     HESS TO TRIPLE BAKKEN RIG COUNT US shale-focused independent Hess, in a 12 January update to its 2017 capex guidance, says that it plans to spend $2.25bn on E&P next year, up from $1.9bn in 2016. The key boost is slated for North Dakota’s Bakken shale fo...

Iran’s Cash Handouts Scheme: A Lingering Problem

...s been allocated to projects and the treasury has received little cash. SCATTERGUN APPROACH The key ‘culprit’ has been the scattergun approach of the cash handouts. Under the original law every Iranian was entitled to receive a monthly payment of IR450,000 ($13.6 at the 2017-18 budget ex...

Dubai Edges Up Spending

...Dubai’s recently-revealed 2017 budget projects total spending of Dh47.3bn ($12.9bn), up 2.6% from 2016, and a deficit of Dh2.5bn ($681mn), or 0.6% of the emirate’s GDP. The second most important UAE emirate after Abu Dhabi is bucking the trend by edging up spending at a time when other Gulf st...

Global Oil Supply To 2040: Exxon Projects Conventional Crude Will Remain Dominant In Mideast, Russia, But Not Elsewhere (Mn B/D*)

...*NGLS & EXTRA-LIGHT/HEAVY OIL ON A ‘CONVENTIONAL CRUDE EQUIVALENT’ BASIS BASED ON ENERGY CONTENT. SOURCE: EXXONMOBIL 2017 ENERGY OUTLOOK.  ...

East Med: Leviathan FID Stalls As ExxonMobil Looks To Cyprus Offshore

...viathan gas. In late December 2015 Israeli Energy Minister Yuval Steinitz announced the country would begin phasing out coal burning in favor of gas by 15% in 2016 and by 20% in 2017. Demand grew accordingly last year and hit a record 978mn cfd in Q3 (see chart and MEES, 18 November 2016). Israel’s 2017 go...

Sharara Restart Pushes Libyan Output Close To 700,000 b/d

...oduction to around 950,000 b/d by early April, are a slightly delayed version of NOC’s more recent plan to increase output to 900,000 b/d by the end of 2016 and to 1.1mn b/d by the end of 2017 (MEES, 18 November 2016). Mr Sanalla is now targeting output of an even more ambitious 1.2mn barrels by the end of th...

Jordan Wind Farm Deals Concluded, Shale Still Awaiting Chinese Go-Ahead

...stas, for installation at the 89.1MW Fujeij wind farm to be built 150km south of Amman. Kepco has also secured finance from Korean and Japanese institutions. Vestas says turbine deliveries to Fujeij will begin in the fourth quarter of 2017, with commissioning starting in third quarter 2018. The to...

Opec Starts Cutting From Record Annual High

...ker Hughes.  The IEA last month upgraded its Q1 2017 projection for US output by 70,000 b/d and further upward revisions are likely. OPEC’S NUMBER 2*: IRAQ CONSOLIDATES ITS POSITION WHILE IRAN PULLS AWAY FROM THE CHASING PACK (MN B/D, CRUDE OUTPUT) *SAUDI ARABIA IS WAY OUT IN FRONT, PO...

Saudi 2017 Budget Boosts Spending But Slashes Deficit By One-Third

...Saudi Arabia is banking on rising oil prices to help slash its budget deficit by more than a third. The kingdom’s newly released 2017 budget projects revenue to grow for the first time in five years, although non-oil revenue growth is set to stall despite its vaunted 2030 Vision. Saudi Ar...

Oman 2017 Budget Cuts Deficit By 44% With Brighter Prospects For Oil Revenues

...Sharp spending cuts and rising oil prices are combining to slash Oman’s projected budget deficit by 45% to OR3bn in 2017. A conservative oil price estimate means this could fall further to around OR1bn. Oman has announced an austerity budget for 2017 slashing its fiscal deficit by 44% in re...