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Tunisia: Oil Production Slump Exacerbates Budget Shortfall
...g (for Tunisia) new fields are on the horizon, but none of these appear large enough to compensate for decline. In addition to Zarat, which could produce “tens of thousands of boe/d by 2017-18,” PA Resources has a further significant discovery, Elyssa on the southern limit of the Zarat permit. Fi...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
IMF Joins Chorus Calling Kuwait’s Spending Unsustainable
...WAIT IMF Joins Chorus Calling Kuwait’s Spending Unsustainable The IMF has joined other critics of Kuwaiti government policy in suggesting the country’s spending is unsustainable. In its Article IV consultation it estimates “that government expenditure will exhaust all oil revenues by 2017” and fi...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Baghdad Kicks Off Production Target Talks
...favor of a major plateau reduction. Firstly, it has become increasingly clear that building the contracted 10mn b/d plus of new capacity, and more importantly the associated transportation and water injection infrastructure required by 2017, as stipulated in Iraq’s service contracts, is simply not vi...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Qatar To Invest Heavily In Crude Boost
...oduction sharing agreement (PSA), which expires in 2017. Doha, however, told Maersk to hold back on boosting capacity while it studied the reservoir to understand where it should plateau output to extend the field’s life. The reservoir has suffered from a pressure drop and sea water entering the reservoir, wh...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
IEA Warns Iraq Oil Failure Would Be ‘Very Bad News’ For Markets
...e wider energy industry it is Iraq’s final production level and its timing that is paramount. Iraq’s upstream bidding round contracts stipulate production plateaus that would give the country in excess of 12mn b/d by 2017, or 13mn b/d if the Kurdish region is included. But these targets are in...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Sudan To Hike Heglig Production, South Willing To Return To Talks
...ld a panel of top experts and officials involved in the structuring of Sudan’s mooted five-year political and economic plan to 2017. Following last week’s calls from the international community to put an end to the fighting and return to the negotiating table, South Sudan has made the first mo...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Kuwait, Oman And Qatar Push Refinery And Condensate Splitter Projects
...IC) expect to prequalify engineering firms by year-end for the planned $5-10bn, 200,000-300,000 b/d Duqm refinery and petrochemical complex, allowing start-up in 2017. State-owned Oman Oil Refineries and Petroleum Industries Company (Orpic) expects to award construction contracts to expand it...
Volume: 55Issue: 18Published at Mon, 30 Apr 2012 -
Shahristani Eyes Extended Iraq Production Plateau Durations
...perts, realistic) revision to Iraq’s official 7-8mn b/d figure (MEES, 13 June 2011). Currently foreign operators have committed to maintaining plateau production for between seven and 13 years, with the plateau volumes to be reached by 2017. The critical Round 1 mega-developments – the 2....
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Abu Dhabi Burns More Crude And Gasoil To Meet Power Challenge
...abi’s program to inject carbon dioxide from up to 17 power stations and industrial plants into its oil fields, releasing reinjection gas. The CO2 output of a 1gw gas-fired plant could replace some 80mn cfd of natural gas. But its earliest start up would be 2017 (MEES, 2 April), and Abu Dhabi has yet to se...
Volume: 55Issue: 17Published at Mon, 23 Apr 2012 -
Oman Relies On PDO And BP To Meet Gas Challenge
...OMAN Oman Relies On PDO And BP To Meet Gas Challenge Oman is building gas-fueled power plants to meet demand that is rising at 7-8% per year. Before BP’s 1bn cfd tight gas project starts up at the end of 2016/early 2017 – which has slipped six months – Oman will rely heavily on Sh...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Kuwait Gives Optimistic Start-Up Dates For Asia-Pacific Refineries
...KUWAIT Kuwait Gives Optimistic Start-Up Dates For Asia-Pacific Refineries Kuwait’s joint venture refinery-petrochemical plants in China and Indonesia will start-up in 2015 and 2017 respectively, state-owned Kuwait Petroleum International (KPI) chief Husain Isma'il said on 10 April. An...
Volume: 55Issue: 16Published at Mon, 16 Apr 2012 -
Lebanon’s $950Mn Eurobond Oversubscribed
...Lebanon Lebanon’s $950Mn Eurobond Oversubscribed The Lebanese Ministry of Finance last week put together a $950mn Eurobond issue, consisting of two tranches – $600mn maturing on 12 October 2017 with a yield of 5% and $350mn maturing on 27 April 2026 with a yield of 6.4%. The issue, wh...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Development Of Joint Tunisian-Libyan Discovery On Hold
...quids). Sonde says the field could produce “tens of thousands of boe per day by 2017-18”. In addition Sonde says that four further prospects on the block indicate a potential total of 1.4bn barrels and 5 trillion cu ft respectively of oil and gas in place. Sonde, which operates the JO block, has ha...
Volume: 55Issue: 15Published at Mon, 09 Apr 2012 -
Kurds Warn Over Oil Payment, Kirkuk Field Rehabilitation
...xonMobil’s exit from leadership of the Common Sea Water Supply Project, bringing together ExxonMobil, Lukoil, BP and Eni-led upstream projects, has pushed a 4.2mn b/d phase one of this critical project back from 2015 to 2017 and maybe further, sources say (MEES, 26 March). Delays in implementing the Common Se...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
SEC Sees Orders Of $18Bn For Debut International Sukuk
...ars are priced at 195 basis points (bps) over benchmark 10-year mid swaps (equating to 200.8 bps over 2017 US treasuries) and the five-year at 140 bps over mid swaps (163.5 bps over 2022 US treasuries). These tightened 15-20 bps from initial guidance. The coupon on the five-year sukuk is 2.665% and on th...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
Greece-Cyprus-Israel Energy MOU Postponed Indefinitely
...e export “on a non-exclusive basis” of 2-3mn tons/year of LNG starting in 2017. MEES understands that the joint development of Cypriot and Israeli blocks is as yet undecided, since the Cypriot government would prefer to export its gas to European and not Asian destinations, despite the fa...
Volume: 55Issue: 14Published at Mon, 02 Apr 2012 -
ExxonMobil Water Project Exit Threatens To Derail Iraqi Upstream Schedule
...oject has been put back two years. So instead of 2015, it won’t come on until 2017.” Even if this view is overly pessimistic, there is little doubt that the project has been seriously delayed – FEED was due for award last November (MEES, 3 November 2011). In the long-run, this water is vi...
Volume: 55Issue: 13Published at Mon, 26 Mar 2012 -
Kuwait Burns Crude, Turns To Renewables, To Meet Fuel Challenge
...at Kuwait “is burning large quantities of high export value fuels – 30% of the fuel mix is crude and gasoil.” The four-year-plus delay on the 1bn cfd Jurassic northern fields gas project (MEES, 5 March), and the freezing of the planned al-Zour refinery, which won’t be ready until 2017 at th...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
Beirut Eyes LNG Import Decision, Touts Reserves
...e Lebanese daily al-Nahar reported on 14 March. The first tranche of the issue will mature in 2016 or 2017, while the second will run until 2026. The ministry needs to refinance maturing Eurobond debt in 2012. Lebanon remains one of the most highly indebted countries in the world with a debt/GDP ra...
Volume: 55Issue: 12Published at Mon, 19 Mar 2012 -
EU Representative In Baku Calls For Nabucco Readjustment
...nsortium, with regard to exporting 10 bcm/year of gas to Europe beginning in 2017-18. Confirming that Nabucco was still in the bidding for Shah Deniz Stage 2 gas (MEES, 5 March), he said that “the talks aim to change the conception of the project [Nabucco]. There are many proposals. Naturally, the proposals ch...
Volume: 55Issue: 11Published at Mon, 12 Mar 2012