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Tunisia Bags $10bn Aid
...is shortfall. The 2017 budget deficit is projected to fall to TD5.4bn ($2.3bn) according to the budget law. Tunisia plans to tap the international debt market with a €1bn Eurobond in January to cover the budget deficit, according to a government source. In August it raised a $500mn five-year Eu...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Total Aims To Become Mena’s Dominant IOC
...ying the groundwork for production gains in 2017. Total is increasingly focusing on this region: unlike its peers, which are increasingly focusing any spare cash on the US in general and Texas’ Permian basin in particular (MEES, 4 November). With global upstream investment having declined for two st...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Eni Touts Zohr As East Med Hub
...OM THE ORIGINALLY-IMPLIED 22.5 TCF. ^OFFICIAL START-UP END 2017. SOURCE: MEES, BASED ON ENI STATEMENTS & PRESENTATIONS. DRILLING EXPEDITED IN SEARCH FOR MORE ZOHR Eni is set to drill Block 9 in late 2017, Mr Barberis says. Eni drilled two previous wells here in early 2015. These fl...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Qatargas Ramps Up Output At Ras Laffan 2 Splitter
...mpletion in Q3 2016. While a recent Ministry of Development Planning report said start-up had been pushed back from Q4 2016 to 2017 (MEES, 24 June), the latest information suggests a Q4 2016 start-up is still possible. Ras Laffan 2 will process untreated condensate from the giant offshore North Field. Th...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Morocco Awards Three PV Projects, As Mena Gets Serious About Solar
...ll as 80MW at Laayoune and 20MW at Boujdour in the Moroccan-occupied Western Sahara. Construction will begin in Q1 2017 and take 12 months. Acwa says the Noor PV1 electricity price is US¢4.8/kWh. This lowest bid is significantly higher than the ¢2.99/kWh for the 800MW third phase of the 5GW solar pa...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
‘Iran Is A Risk…The US Is A Risk’ Total’s Pouyanné Speaks To MEES
...oduction, 9% last year, more than 4% this year, more than 4% next year. We have a huge portfolio of projects. The strategy for me is that in a commodity business with volatility you need to invest when the price is low because the costs are lower too. But you need cash to do that. From 2017 we will again sa...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Saudi Delayed Payments Risk Slowing Economy Further
...nth confirmed that the Petro Rabigh 2 expansion had been pushed back to the second half of 2017 due to delays in the schedule and scope changes in the work program (MEES, 7 October). A contractual dispute with South Korea's SK Engineering & Construction led to the 400,000 b/d Jazan refinery being pu...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Israel: Noble Plots ‘Near-Term’ Leviathan Go-Ahead, But More Sales Needed
...US firm Noble Energy says that sanctioning of development of its 22 tcf 2010 Leviathan field offshore Israel is “on track for end 2016/early 2017.” The firm now says that it can sanction phase 1 of development based only on domestic sales, and a modest export deal to Jordan. But given th...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
East Med Bidding: Israel Launches Round, Cyprus Progress
...Israel’s highly anticipated bid round for 24 offshore blocks (MEES, 30 September) was finally launched on 15 November after almost five years of no new exploration rights being granted. The deadline for the submission of bids is 21 April 2017 while winners will be announced on 15 July. Po...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Libya’s Rising Output: Now For The Hard Part
...Libyan output is at a two-year high. IOCs are skeptical on a further hike. NOC chief Mustafa Sanalla says production is running at 600,000 b/d and that NOC retains its plan to raise this to 900,000 b/d by the end of the year and 1.1mn b/d in 2017. The 600,000 b/d figure, in line with ot...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Taiwan’s LNG Imports Boosted As Government Plans To Exit Nuclear
...G 6.9mn tons/year plant since its 2014 start-up under a 20-year contract for 1.2mn t/y. The company has also committed to buy 1.75mn t/y under a 15-year contract from the 8.4mn t/y Ichthys LNG in Western Australia which is scheduled to come onstream in 2017. It will also be receiving volumes fr...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Saudi Exports, Output Full Steam Ahead Pre-Opec Meeting
...,000 b/d to 41,000 b/d. Yanbu’s manager Shaker Mahrous says “In terms of gasoline production, Yanbu Refinery is already in 2017, as it has achieved its 2017 year-end gasoline production target.” Refined products demand declined by 7% from 2.186mn b/d to 2.028mn b/d for September, and demand is slightly lo...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Saudi Electricity Plans 5.4GW IPP
...l 2.80 2016 Dhuba-1* (SEC IPP) Gas/Solar 0.61 2017 Cogen x 3 (Ar...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
KRG Sees Signs of Green Shoots In Its Troubled Oil Sector
...oduction gains in 2017. But huge problems remain, not least that debt payments for earlier oil prepayments are crimping revenues to such an extent that oil revenues remain below the public sector wage bill. Refining runs have been slashed in a bid to maximize export revenues in order to make payments to IO...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Egypt IMF Loan Brings Short-Term Relief, But Uncertainties Lie Ahead
...ans to tap the international bond market for $2.75bn by the end of the year and can expect better terms after securing the IMF loan. Mr Kojak says Egypt is targeting 4-5% growth in 2017-18, rising to 6% over the medium-term which would help to reduce unemployment, projected to fall to 11-12% in 2017...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Algeria Raises $5.1bn In Bonds, Taps ADB For $1bn
...e 2017 draft budget which is being debated in parliament – with current expenditure down 9% and capital spending down 31% in real terms. The draft budget also envisages a rise in the price of subsidized gasoline and diesel (MEES, 14 October). Mr Baba Ammi says that the government has yet to de...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Abu Dhabi Oil Shake-Up: Hold On To Your Hats
...all Mubarraz, Umm al-Anbar and Neewat al-Ghalan fields. It also expects first oil from Adoc’s Hail field in the first half of 2017, with full production set to double output. Adoc has 1.4mn barrels storage capacity on Mubarraz Island, which is connected via a 16km pipeline to a Single Point Mooring (SP...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Egypt Oil Output Collapses As Firms Cut Investment
...wn from a mid-2014 peak of €1.2bn. Egypt’s 25 tcf 2015 Zohr discovery is the jewel in the crown of Eni’s strategy of focusing on relatively-low cost large near-field tie-ins. This remains on target to start in December 2017, Mr Mondazzi says. Phase 1 output will reach 1bn cfd during 2018, pl...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
GE Takeover Of Baker Hughes To Create Services #2
...ergy, water, aviation and digital sectors. By 2017 GE and SAIIC plan to spend $1bn on projects with Saudi and international firms in support of the Saudi Vision 2030 economic diversification program (MEES, 27 May). GE/BAKER HUGHES TO LEAPFROG HALLIBURTON AS GLOBAL SERVICES #2 ($BN Q1-3 16 RE...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Sonatrach Taps China For Algiers Refinery Revamp
...mpany says –probably optimistically – it could likely finance the program from its own resources if oil prices return above $60/B from 2017, or could tap domestic banks if prices were lower. However, the recent appointment of Noureddine Boutarfa as Energy Minister means on official open-minded about ou...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016