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Total Aims To Become Mena’s Dominant IOC
...0 B/D 2010 2011 2012 2013 2014 2015 UAE 20...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Eni Touts Zohr As East Med Hub
...ope of any tie-in with Zohr. This could also provide the best hope for development of US firm Noble’s 5 tcf 2011 Aphrodite discovery – the only one offshore Cyprus to date – which runs the risk of being stranded. The geopolitics of Aphrodite development, and by extension future finds offshore Cy...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Total, Eni Slam Cyprus Port Snafu
...Total plans to drill its initial well offshore Cyprus by April. But, with this now only five months away it has still not been able to secure the use of a port as a logistics base. Previous drilling offshore Cyprus, by US firm Noble with its 2011 Aphrodite discovery, and by Eni on Block 9 in 20...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Suez Canal Sees Record Northbound Oil Shipments
...reign reserves still remain low at $23.5bn in November (after the IMF transferred part of its first tranche of $2.75bn), or about 65% of the 2010 figure of $36bn. SUEZ CANAL: NORTHERN OIL SHIPMENTS HAVE DOUBLED SINCE 2011 HITTING RECORD 2.4MN B/D IN Q3... ...WITH SEASONAL RECORDS SET FO...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Kuwait Eyes Push Into US Petchems With Award Of MEG Plant Contract
...tegrated with a 615,000 b/d refinery under development by state refiner KNPC and also a proposed aromatics project. PIC says the economic pre-feasibility study for Olefins 3 was completed in 2009 and a detailed feasibility study was completed in 2011. While the Al-Zour refinery and a clean fuels pr...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Libya’s Rising Output: Now For The Hard Part
...l company and we will follow closely what they are doing to recover operations on those fields,” he says. Elsewhere Total’s Libya situation is also one of ‘no change.’ “Offshore, we are operating Al Jurf as usual,” he said of the field that, with only a small interlude in 2011, has steadily pr...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Taiwan’s LNG Imports Boosted As Government Plans To Exit Nuclear
...tensified in the aftermath of the Fukushima incident in Japan in 2011 – Taiwan is also vulnerable to earthquakes. TAIWAN LNG IMPORT PRICES EDGE UP to $6.92/MN BTU in september... SOURCE: TAIWAN CUSTOMS, MEES CALCULATIONS. ...AS IMPORT SLATE BECOMES MORE DIVERSIFIED (%) Ta...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Saudi Exports, Output Full Steam Ahead Pre-Opec Meeting
...liveries. The kingdom remains a net gasoline exporter for the year – the first time since 2011. State oil firm Aramco’s magazine Arabian Sun reports that its 245,000 b/d Yanbu refinery began receiving alkylate product on 12 October. It reports that this enables it to boost gasoline production 25% from 33...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Egypt IMF Loan Brings Short-Term Relief, But Uncertainties Lie Ahead
...e January 2011 revolution. Egypt then went to the IMF seeking a loan facility of around $3bn, which was later raised to $4.8bn, but intermittent negotiations for two years or so failed to lead to any results, because Egypt and particularly its military were not in a position to bite the bullet and ac...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Oman Power: Foot Off The Gas Despite Khazzan Progress
...readbare international project pipeline. When asked on the firm’s 1 November Q3 earnings call “Given the [cost] deflation you have seen, is it time to step up the FIDs [final investment decisions]?” CFO Brian Gilvary says “we rebuilt the company over 2011 to 2014 [with a massive sell-off of assets to fund ‘De...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Lebanon: Can New President Get The Country Moving?
...abs to Lebanon, with detrimental effects on growth. Latest IMF statistics show that Lebanon’s real GDP growth in 2011-12 averaged 4.6%, but has slumped to 1% in 2015 and 2016, and is projected to rise to 2% in 2017. This low projection for 2017 could be slightly higher if indeed the election of a pr...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Egypt Devalues Currency In Bid To Calm Forex Market
...rners of foreign exchange for Egypt, have gradually fallen since the 2011 revolution with the deteriorating security situation. Recently bilateral aid from the GCC has relatively dried up with the collapse in oil prices in the past two years. NOVEMBER 2016 PRICE HIKE FOR GAS & OIL PRODUCTS (E£/li...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
UAE Plans 3% Spending Cut For 2017
...nstruction sector in Dubai has been a key driver of non-oil growth in the UAE, although activity in this sector has slowed down in the past two years or so. According to an FT report in July, property prices in Dubai have fallen by around 25% since their most recent peak in 2014, but remain above their 2011 tr...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Jordan: Opposition To Israel Gas Deal Strong But Ineffectual
...rged Egyptian gas was cut-off in 2011, its deficits were close to this $700mn figure, reflecting a state subsidy through debt. Despite the economic necessity, domestic politics weigh heavy and a letter of intent with almost identical terms that was signed in September 2014, was canned just over a ye...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Egypt’s Refiners Struggling To Keep Pace With Products Demand
...balance, with imports worth $67bn and exports just $18.5bn in 2015, according to ministry of trade statistics. Tourist revenue and direct foreign investment, the main earners of foreign exchange for Egypt have gradually fallen since the 2011 revolution with a worsening of the security situation in the co...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Iraq’s Tentative Gas Gains Insufficient To Stem Oil Burn Growth
...cessary infrastructure to process the gas, resulting in sky high flaring levels. The percentage flared has increased from 51.1% in 2009 to 69.4% last year. However, the situation is improving, with flaring falling to 63.5% so far this year, on course for the lowest level since 2011 – although the volume fl...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Iraq Invites Bids for 12 Fields in First Offering Since 2012
...al between Kerbala province and UK-independent San Leon in March 2011, outside of the auspices of the Ministry of Oil, which maintained that provinces cannot unilaterally sign deals with IOCs. The joint participation agreement was for San Leon and local partner Al-Meinaa to develop the fields under a pr...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Libya Output Continues To Rise In Wake Of Renewed Sirte Basin Production
...pacted Waha capacity. The Hess report implied crude production potential of 270,000-275,000 b/d, in line with the highest quarterly output achieved since 2011 (269,000 b/d for both Q1 and Q2 2013). The consortium had planned to increase capacity on the Waha fields to 500,000-600,000 boe/d by the de...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Korea LNG Buying Falls To Seven-Year Low In Q3
...ngle supplier, providing 45% of total imports in Q3, some 2.75mn tons. This is Qatar’s highest quarterly share on record: despite growing regional LNG supplies, from Australia in particular, Qatar has steadily grown its market share in South Korea since it bottomed out at 22.2% in 2011 (see table). Th...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Saudi Oil Exports Fall Amid Record Products Demand & Oil Burn
...urth consecutive month of net gasoline exports, a feat not achieved since November 2011. Saudi Arabia is on track to be a net gasoline exporter for the first time since 2011. SAUDI OIL EXPORTS REMAIN AT NEAR RECORD LEVELS (MN B/D) SAUDI PRODUCTS EXPORTS DOWN SLIGHTLY FROM 1H16 RE...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016