Kuwait To Invest In Oman’s Duqm Refinery

...oduce light products for export and bunkers for the port. Adnoc has since announced vague plans for downstream expansion (see p2). OOC says the Duqm site has been levelled and a final investment decision is set for Q2 2017. DRPIC last year invited seven prequalified firms and consortia to bid for th...

Oman Power: Foot Off The Gas Despite Khazzan Progress

...source is subject to final approval of the Government of Oman and BP – both expected in 2017…Subject to final approval, Khazzan Phase 2…is expected to come onstream around 2020,” BP says. Khazzan Phase 1 “is on track to deliver first gas near the end of 2017,” Oil Minister Muhammad al-Rumhy says. As of...

Dubai Adds CSP, Hydro To Renewables Mix; Northern Emirates Eye Coal

...60 Dewa (2017) Solar Park 2 (PV) 0.20 Sewa (2017) Hamriyah Exp (Gas) 0.18 Enec (2017...

Opec Shows No Sign of Cutting Ahead of November Meeting

...vember highlights the extent of the problem. If Opec output continues at current levels then, according to IEA demand projections, the market will only balance in Q4 2017. According to Opec’s projections any rebalance will have to wait till 2018 (see table).  The IEA report raises expected 2017 non-Opec pr...

World Bank 2017 ‘Ease Of Doing Business’: UAE Climbs 5 To Cement Top Mena Ranking; Saudi Down Again

Lebanon: Can New President Get The Country Moving?

...is week. Mr Gobril says parliament’s first priority is to approve a budget for 2017 after failing to do so for almost a decade. He stresses the need to reduce the squandering of fiscal resources and to cut the budget deficit, which is expected in 2016 to reach 8.6% of GDP, with public debt at 144% of GD...

Streamlined Oxy Set to Bag UAE Gas Expansion Project

...5% to 8% in 2017.” Capex in the first nine months of 2016 was just $1.99bn, down more than 50% on the same period last year and barely a third of the first nine months of 2014.  OCCIDENTAL PETROLEUM: MENA PRODUCTION *DOLPHIN PRODUCTION COMES FROM QATAR'S NORTH FIELD. **EXCLUDES iRAQ, BA...

Saudi Investment & Fundraising: What A Difference A Year Makes

...change reserves are unlikely to fall much beyond their current level in the coming years. “In terms of the fiscal position, we expect the kingdom’s budget deficit to narrow to around 7.5% of GDP in 2017. Meanwhile, the dollar revenues that the international bond sale brings will also help to finance th...

IMF Poised To Approve Egypt Loan

...valued pound and to a higher Brent oil price than that assumed in the original budget. Electricity tariff rates will not increase before the beginning of the next fiscal year which starts on 1 July 2017, a spokesman of the Electricity Ministry says. But after the devaluation, the ministry will incur ad...

Kuwait Bonds On Track

...Kuwait’s plans to tap the international bond market to finance the 2016-17 budget deficit are firming up. Minister of Finance Anas al-Salih says Kuwait will raise KD2.9bn ($9.6bn) in dollar-denominated bonds in Q1 2017. The issue will not only diversify the sources of government revenue, it wi...

LNG: Asian Buying Rises, But Output Up By More

...cargoes over a four-year period from April 2017. ASIAN 2016 LNG IMPORTS SET TO EDGE ABOVE 2015 VOLUMES ON UPTICK IN LATE-YEAR BUYING (MN TONS) F= 2016 FORECAST BASED ON JAN-SEP VOLUMES AND 2015 SEASONALITY. *ESTIMATES FOR TAIWAN, INDIA. BASED ON JAN-AUG VOLUMES.             SOURCE: IM...

Jordan 200mw Solar Deal

...esel 20 Sepco (2017) Samra HRSG^ 75 Sepco Samra Ga...

US Firms Pull Back From The World

...ise production in 2017 whilst further cutting capital spending (capex) which is already, at just over $5bn for Q3 2016, 50% down on 2014 levels. Chevron’s 2014 capex spend was $40.4bn, it was $33.8bn for 2015 and “we will likely end [2016] below $25bn in capital outlays, in fact potentially coming in cl...

UAE Plans 3% Spending Cut For 2017

...The UAE cabinet has approved a federal budget of Dh48.7bn ($13.3bn at a fixed $1=Dh3.673) for 2017, which is part of a five-year budget of Dh 248bn ($67.5bn) for 2017-21, the Emirates News Agency WAM said on 30 October. The 2017 budget in nominal terms is virtually unchanged from the Dh...

Algeria: Forex Down Again, On Track For $20bn Deficit

...w banks but said that it hopes to set up in Algeria joint ventures with large international banks.  The country has sought to get to grips with declining revenue by, for the first time in years, adopting a realistic oil price assumption in its 2017 draft budget (MEES, 14 October). However, wh...

Saudi: New Finance Chief

...eat confidence in the Saudi Vision 2030 “despite all the challenges.” The new finance minister’s first major task will be to put the finishing touches on the 2017 budget expected to be unveiled toward the end of the year. The Saudi government has introduced a series of austerity measures, in...

Genel Reveals Extent Of Its Kurdistan Woes

...elds. These fields are essential to the KRG’s plans to export gas to neighboring Turkey. Plans to begin exports by 2017 had already slipped to 2018 last year, and 2019 looks increasingly probable. TAQ TAQ OUTPUT HALVED Genel confirmed that Q3 production at its Taq Taq field averaged 58,600 b/d an...

Egypt’s Refiners Struggling To Keep Pace With Products Demand

...though gas output has risen to 4.35bn cfd this month, it was at an 11-year low of 3.89bn cfd as recently as May (MEES, 23 September). And Cairo announced a new tender on 24 October for the import of 96 LNG cargoes for delivery in 2017 and 2018, underlining that domestic output is set to remain below de...

Iraq’s Tentative Gas Gains Insufficient To Stem Oil Burn Growth

...ak of 677mn cfd. The company aims to reach 700mn cfd by end-2016. Iraq had hoped to bring flaring rates down to zero by 2017, but it is now targeting 2020. When asked by MEES on the prospects of this being achieved, Mr Husain admitted that funding problems at BGC are delaying progress at key pl...

Green Shoots Begin To Emerge As Oilfield Service Firms See Signs Of Revival

...bsgaard highlighted the IEA revising global oil demand upwards for 2017, and Opec’s plans to implement a production ceiling below current output levels at next month’s meeting, as indicators that oil prices could see “upward movements.” But tempering the optimism he says that “visibility remains li...