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Qatar Gets Flexible In Bid To Adapt To Brave New LNG World
...apt to this new world LNG order. As of end-2015 Qatar was the world’s largest LNG producer with 77mn tons/year of liquefaction capacity. But it will be overtaken by Australia during 2017 and likely by the US early next decade (see table 1). Since 2005 it has had a moratorium on new development of...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Saudi Arabia Boosts Products Exports To Minimise Impact Of Crude Cuts
...Saudi Arabia is set to cut production by 500,000 b/d from October levels in January under the recent Opec/non-Opec output deal. Crude and refined product exports are both on track for record annual highs in 2016, but lower production will mean one, or both, will have to fall in 2017. But hy...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
The Iraqi State Faces A Perilous 2017
...Iraq is exiting 2016 buoyed by high oil prices, but faces a tumultuous 2017. The current administration is unlikely to be toppled, but as for the viability of the state? That’s a different question. Iraq ends 2016 with its leaders publicly praising the country’s security improvements, ye...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
BP Back in Business With Abu Dhabi Deal
...d-2017. Production gains from the onshore concession are an essential part of Abu Dhabi’s plans to increase capacity from 3.1mn b/d to 3.5mn b/d in 2017. The remainder is to come from the two offshore concessions, Adma and Zadco which are currently being merged (MEES, 11 November). While 3.5mn b/d looks ou...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Iran Looking Ahead To A Big 2017 In Its Oil And Gas Sector
...Iran can look back at a successful 2016 in its oil and gas sector, with production soaring. But 2017 looks to be bigger still as it aims to finalize contracts with IOCs. The bulk of international sanctions targeting Iran were lifted in January and the country’s crude output has soared by...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Middle East Set For M&A Boost In 2017
...nk of Abu Dhabi and First Gulf Bank. Due to be completed in Q1 2017, it will be the largest domestic Middle Eastern deal of all time, creating the largest bank in the Mena region. Many of the region’s biggest banks missed analysts’ earnings estimates in Q3 due to an increase in non-performing lo...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Qatar Slashes 2017 Budget Deficit But Maintains Spending At High Levels
...Qatar Slashes 2017 Budget Deficit But Maintains Spending At High Levels Qatar’s budget for 2017 projects that it will post its second consecutive deficit, although it expects this to fall $8.4bn to $7.8bn. But a conservative oil price assumption means next year’s deficit may actually be as...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Aid For Egypt, Iraq & Jordan
...facilitate access to water in Irbid and improve distribution. Jordan is also the recipient of a $250mn World Bank loan to help redress fiscal imbalances in the energy and water sectors and improve public services. Jordan expects to receive foreign grants of some JD777mn ($1,096mn) in 2017 to lo...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Mideast Set To Overtake N America As Top Per-Household Power User By 2022... For Overall Residential Energy Use The Mideast Was Already ‘World Champion' In 2015 And Is Set To Remain So Through 2040
... SOURCE: EXXONMOBIL 2017 ENERGY OUTLOOK....
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
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...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
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...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
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...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
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...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Eni Forces Sonatrach Gas Sales Concessions
...eakeven on our Gas and Power business, as we promised in 2017,” he adds. The renegotiated agreement covers almost 20% of the gas imported into Italy and is another step in Eni’s adjustment of its long-term gas supply contracts and optimizing costs in its gas and power unit, the company says. The deal fo...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Coal: Dubai Starts Work On 2.4GW Plant, Part Of 21GW Mena Expansion
...rada Morocco Sepco III 0.32 1.45 Under construction, start-up 2017 Safi Mo...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Non-Opec Production Agreement Raises As Many Questions As Answers
...The 10 December finalization of an agreement between key non-Opec producers and Opec to cut production by almost 1.8mn b/d is set to hasten the market’s rebalancing, the IEA and Opec both agree. Both have also revised upwards their forecasts for global demand in 2017 in their monthly oil ma...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Should I Stay Or Should I Go? Majors In The KRG
...nada’s Western Zagros as operator of the Garmian block in southwestern Kurdistan in May. Both partners have 40%. • Production comes from the Sarqala field, which is producing around 5,500 b/d of light oil from one well. Spudding of a second well has been pushed back from H1 2017 to Q3 2017, bu...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Iraq Budgets For Higher Revenue In 2017 As Oil Prices Rise
...Iraq is on track to record a massive $21.5bn deficit in 2016, a modest improvement on last year’s $26bn. The recently-passed 2017 budget projects a deficit of ‘only’ $18.4bn, though a conservative oil price assumption means it may undershoot. Iraq is banking on higher oil revenues in 2017 to...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Oman Eyes Debt Market
...Oman is planning to issue $1.5-2bn of international bonds in 2017 to plug its budget deficit, senior central bank official Ali Hamdan al-Raisi says. Finance ministry official Muhammad Jawad bin Sleiman adds that Oman has yet to decide whether it will be a normal bond or loan, or sukuk. Om...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Gulf Finance: Rise Of The Renminbi
...nks for the 30-year tranche of Saudi’s $17.5bn bond issued in October – Asian investors bought 22% of the $6.5bn Saudi 30-year notes. Saudi is expected to tap the international bond markets again in 2017 as it seeks to reduce its budget deficit. Asian banks, including Chinese, have considerable ex...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016