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Dana Gas Eyes Further Egyptian Production Gains
...unterclaim will be held by the court in early September. A further hearing for the level of damages will take place. A date has yet to be confirmed, but Mr Allman-Ward expects it to be in 4Q16 or Q1 of 2017. The English High Court last year ordered the KRG to pay $100mn of this, and Mr Allman-Ward told th...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...though the country had not received any grants since last year. Mr Garhy for his part, noted that the negotiations with the IMF should be seen in conjunction with the government’s growth and reform plan for the periods 2016-17 and 2017-18, as well as that for Egypt’s 2030 vision. He acknowledged the ma...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Iran Struggles To Reduce Cash Subsidies Outlay
...at those whose annual income exceeds IR350mn ($10,000) are classified as being in high income brackets and should be removed from the list by the end of the current fiscal year ending on 20 March 2017. Mohammad Nobakht, head of the Management and Planning Organization, argued then that the $10,000 cu...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Eni Output Down In Q2 But On Course To Meet 2015 Levels
...ws (MEES, 5 August). For instance, on 24 May it declared force majeure on the Brass River crude stream following a pipeline attack. Speaking on the firm’s 29 July Q2 earnings call, CEO Claudio Descalzi attempted to paint a positive picture for investors, looking ahead to 2017 when the firm ex...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
KRG Struggling To Make IOC Payments As Prepayments Dry Up
...s committed to. Production is expected to average around 5,000 b/d in the second half of the year. The Sarqala-2 well will provide an output boost, but won’t be spudded until H1 2017. There has been no update on Western Zagros’ other Kurdistan asset, the Repsol-operated Kurdamir block. A field de...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Iran Lines Up Linde To Design Cracker In Giant 12th Olefin Complex
...% by private firm Parsian Oil and Gas, 40% by the government’s Teachers Investment Fund and 2% by private investment firm Hamun Sepahan. Work on the 12th Olefin plant was originally intended to start in 2012, with a view to production start-up in 2017. However, state-owned National Petrochemical Co...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Morocco Wind Farm Award
...the European Bank for Reconstruction and Development (EBRD). EBRD and Banque Marocaine du Commerce Exterieur (BMCE) provided €126mn ($140.9mn) in equal tranches (MEES, 13 November 2015). Vestas says that delivery of the turbines is scheduled for the second quarter of 2017, with commissioning ex...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Temporary Oil Market Balancing Offset by Record Stocks
...mporary. Not just is supply set to overtake demand again in Q4 as refinery maintenance steps up, but the IEA has revised down its expected demand growth rate for 2017 on the back of weakening global economic growth forecasts. The IEA’s July Oil Market Report (OMR) expects demand growth of 1.42mn b/d this ye...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria’s Trade Balance Worsens As Government Ponders Austerity Policy
...onomy, including renewable energy sources, agro-industries, and hydrocarbon and mining downstream industries, the cabinet statement said. The Finance Ministry projects growth at 3.5% in 2016 and 4% in 2017, under the new model. Algeria has already taken some austerity measures by cutting energy su...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...oject is the Central Areas Field Complex in the Berkine Basin: operator Eni on 29 July reiterated that it “expects” the 44,000 b/d project to start-up in 2017. As for key current fields, latest figures for gross liquids output from the Anadarko-operated facilities in the Berkine Basin that process ou...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Aussie LNG Boom Squeezes Qatar In Core Asian Markets Amid Lackluster Demand
...stomers is also set to be completed by the end of 2017. Similarly, Qatar has strengthened ties with Pakistan through a 15-year deal for the supply of 3.75mn t/y of LNG. This was recently topped up with a 1.3mn t/y deal with GEIL for a 20-year period from 2018 (MEES, 15 July). The deals are un...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Egypt Looks To Rally Renewables Investors, As Oil Products Imports Soar
...mesa, 2017) 0.22 Wind Gebel El Zeit (Gamesa, 2017) 0.16 Wind Under ne...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Algeria Brings Combined Capacity To 17.68GW Despite $10bn Funding Deficit
...ich have choked off investment in new oil and gas exploration and development. Sonatrach chief executive Amine Mazouzi has declared that “the period of stagnation is behind us” and presented gas production forecasts of 141.3 bcm in 2017 rising to 165 bcm in 2010 – presumably including reinjected vo...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Iran Oil Contracts Move One Step Nearer
...eenlights the IPC swiftly, there is a strong likelihood that no contracts will be finalized under it until 2017. The scale of investment needed for projects in Iran means that a lengthy evaluation process would be required before a bid would be submitted, and Iran has yet to finalize which fields will be of...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Saudi Reserves Down Again But Deficit Narrows
...rtial privatization of the oil giant Saudi Aramco, of which up to 5% will be sold in an IPO expected in 2017. The revenue generated is earmarked to provide seed capital for the Public Investment Fund (PIF). These planned reforms have received cautious praise from the IMF, although the extent to wh...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
CBI Opens Forex Free Market To Commercial Banks
...oating exchange rate system. CBI Governor Valiollah Seif, who expects to see a unification of the two-tier system by March 2017, said that commercial banks can now buy foreign exchange from their clients and trade at the free market rate. Exporters can also sell their forex earnings to banks or deposit th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Opec Winning Back Market Share in Key Asian Markets
...recasts by 100,000 b/d for 2016 due to unexpected European resilience in its latest Oil Market Report, published 13 July, it still sees Asia as the key driver of global demand growth, up 900,000 b/d in 2016 and 840,000 b/d in 2017. In particular, it sees India and China driving growth in 2017, at 28...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
International Donors Provide Fresh Funds For Countries Hosting Syrian Refugees
...ceive JD810mn ($1.14bn) in foreign grants. This is less than the JD890mn ($1.25bn) it received in 2015 and appears conservative (MEES, 25 March). The World Bank this month announced a new aid package of $1.4bn for Jordan under its Country Partnership Framework (CPF) over the six-year period 2017-22. An...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Oilfield Services Firms Forecast Upturn As Industry Looks To Overcome Crisis
...day. The prices will have to get there soon or the supply challenges will be even greater.” Halliburton forecasts its US and Canada markets picking up the quickest, with a “continued modest uptick in the US rig count during the second half of the year and becoming more meaningful as we go into 2017...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Oman To Add 4.8GW To Grid By 2022 As Electricity Demand Forecast To Rise 74%
...MW of capacity by 2018. Raeco also operates 91MW of diesel capacity in Musandam and is building the 120MW gas-fired Musandam IPP for completion in early 2017. OMAN ELECTRICITY DEMAND PROJECTIONS (GW...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016