Algeria Looks To Build On Modest Output Gains But Investors Remain Wary

...quefied natural gas, were up by 25% year on year for the first 10 months of 2016, according to the government. Combined oil and gas exports were up 11% to 109mn tons of oil equivalent (TOE) in 2016 from 98mn TOE in 2015. Sonatrach plans to increase oil and gas production to more than 205mn TOE in 2017, fr...

KRG Accelerates Payments But Suffers Further Production Setbacks

...ssavar-Rahmani says he expects 2017 output to average around current levels of 110,000 b/d. The firm plans 2017 capital investments of $100mn across its portfolio, with 65-70% of this earmarked for the KRG, and the remainder in Oman. The firm initially planned capex of $100mn for 2016, before re...

Dana Gas Restricts Egypt Investment As Receivables Rise In 2016

...st year, and we must therefore balance further investment in the country with collections going forward,” he says. The company’s overall finances are another reason for it to tighten its belt: “with Sukuk maturing in 2017, cash management remains a key priority,” it says. The firm’s cash balance wa...

Egypt Lays Out The Road To Gas Balance

...). Cairo plans to invest some $9.9bn to boost Egyptian gas production to 5.85bn cfd by the end of the country’s 2017-18 financial year in June 2018. As Oil Minister Tarek El Molla notes, this would mark a 50% hike from the 9-year low of 3.89mn cfd plumbed in May 2016. Output will “double” from mi...

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...

Output At Key Kurdistan Oil Field Could Fall 60% in 2017

...Anglo-Turkish firm Genel suffered an annus horribilis in 2016 and a trading update released this week suggests things are only going to get worse in 2017. Genel confirmed this week that average output from its flagship Taq Taq field (Genel 44% op, Sinopec 36%, KRG 20%) fell 48% last year to...

Libya’s NOC To Lift Investment Moratorium; But Divisions Remain

...nuf terminal. Switzerland-based oil trader Glencore is the only company with a contract to lift crude from Hariga, having signed an exclusive 18-month deal with NOC to ship the sweet Mesla and Sarir grades from the second half of 2015. The deal is up for renewal, MEES understands. NOC’s 2017 pr...

Oman’s Reliance On Chinese Crude Export Markets Deepens

...st year, oil field consumption grew 0.4bcm. The 1bn cfd phase one development of the Khazzan gas field by BP is scheduled for completion in late 2017. This alone is set to raise annual production by around 10.3bcm, which ought to satisfy domestic demand growth until the planned 500mn cfd (5....

Oman Divvies Up Output Cuts Among Operators

...reement in publishing details of production caps for oil firms operating Omani oil fields. The aggregate of 970,094 b/d planned crude and condensate output for January-June 2017 implies the use of November’s record output as a baseline, whereas Opec producers have agreed to use October. If Oman’s October ou...

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...

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...

Bahrain: Ambitious Gas Plans Boosted By LNG Import Go-Ahead

...A operates Bahrain’s largest power plant, the 1.54GW Al Dur plant, and plans to add a further 1.5GW in 2017 (MEES, 11 December 2015). MEES calculates that this will require an additional 170mn cfd of gas. But the biggest planned increase in gas demand in the next few years is set to come from wh...

Bapco: Bids In For Refinery Expansion

...e EPC contract in the first half of 2017 with a view to having the expanded plant fully operational by the end of 2020. The refinery expansion will take place at the same time as construction of a new 350,000 b/d pipeline – which will replace an aging 230,000 b/d pipeline – to bring some of the pl...

Kuwait: New Oil Minister Eyes Neutral Zone Restart

...cember). Many campaigned against the government’s recent fuel subsidy cuts and other measures designed to curb Kuwait’s budget deficit, set to reach KD9.7bn ($31.8bn) in the financial year to March 2017 (MEES, 11 November). Despite the gasoline price hikes (see table) Kuwaiti fuel is still the second ch...

Eni Bags $2.1bn From Zohr Sell-Off

...hr. Both firms have the option to buy a further 5% by the end of 2017 when Zohr is slated to come onstream. Though the option is “on the same terms” the deal is structured in such a way that the price paid will be higher. Rosneft’s $1.575bn payment and BP’s $525mn include pro-rata “reimbursement of pa...

KRG Goes Fishing For New Investors, But Will They Bite?

...sily within the 31,000-35,000 b/d target range. The firm is considering boosting capacity to 55,000 b/d, which it estimates will cost around $17mn more over two years than maintaining current capacity, and eventually 110,000 b/d. But CEO Jon Ferrier tells MEES that his number one priority for 2017 is to...

KRG Gas Export Plans Fade Away

...y, but progress is painfully slow. Even if a sales agreement is reached in Q1 2017, WesternZagros CEO Simon Hatfield doesn’t expect first gas until the second half of 2019. The KRG had indicated that gas from here and Repsol’s neighboring Topkhana field was earmarked for export to Turkey, but Mr Ha...