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KRG Prioritizes Investor Confidence Over Stability: Will It Lose Both?
...ERATED BY IRAQ’S NORTH OIL COMPANY SINCE 16 OCTOBER 2017. SOURCE: MNR, COMPANY STATEMENTS, MEES. …ONSIDE, FOR NOW The KRG’s prioritizing of foreign investors over internal stability has at least so far more or less managed to keep the IOCs onside. Realistically, if the region is to be a vi...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Libya: Oil Output Doubles In 2017 But Peace Dividend In The Balance
...ccesses in 2017. The Tripoli-based National Oil Corporation (NOC) has lifted oil production out of the doldrums, surprising many jaded observers. Since the beginning of the year, oil production has increased by almost 50%, averaging close to 1mn b/d in Q4. For 2017 as a whole, output of 820,000 b/d is mo...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria To Retain Gas Focus In 2018 As New Fields Start Up
...The expected start-up of the three major components of Algeria’s Southwest Gas Project should boost the country’s gas output by over 9bcm/y by mid-2018, possibly to top 100bcm/y for the first time. Algeria’s sales gas output for 2017 is set to fall just short of 2016’s record 94...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria: Could 2018 See An End To Deficits?
...nths of 2017, the first time this has happened for any two-month period since 2014. Algerian gas exports have rebounded strongly since September as domestic demand has eased whilst the country has looked to maximize gas output (MEES, 15 September). The start-up of new gas fields – output from the Re...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Iraq Refining Revamp Gathers Pace, But New Capacity Some Time Away
...this project, suggesting that work on Baiji is being prioritized (MEES, 23 October 2015). The latest available data from Riyadh-based Jodi shows that federal Iraq’s refineries processed 520,000 b/d in the first 10 months of 2017, an increase of 110,000 b/d or 24% from the 410,000 b/d processed in...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Riyadh Set To Push For Saudi Power Privatization In 2018
...oking increasingly tight (see p14). Similarly, this week Riyadh’s plans to link gasoline prices to international market prices by the end of 2017 were revised, so that a gradual linkage over the 2018-25 period is now the aim (see p16). Given the likely complexities arising from the Aramco IPO and fuel pr...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Opec In 2018: More Revenue Less Market Share?
...adual erosion of discipline from those members able to increase output which doesn’t reduce prices ought to see Opec’s revenues exceed this estimate next year. THIS YEAR’S WINNERS AND LOSERS Without a doubt Libya is the biggest winner revenue-wise within Opec in 2017. Its oil earnings are set to gr...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Regional Powers Face Off In Post-Islamic State Vacuum
...Iraq and Syria have declared victory over IS. As the smoke clears they face the monumental task of rebuilding, while regional powers face off in their territories. In 2017, Iraq and Syria retook almost all of the 100,000km² formerly held by Islamic State (IS). Between the Russian-ba...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Division In The Gulf: Is There Any Way Back For GCC Unity In 2018?
...Battle lines have been drawn in the GCC. Saudi, the UAE and Bahrain are aligned firmly against Qatar, with Kuwait and Oman remaining neutral. A return to pre-June 2017 normality looks unlikely. The dream of GCC unity will wither further in 2018. The Gulf Cooperation Council (GCC) ex...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Aramco: Can It Pull Off A 2018 IPO?
...ccessful IPO? The twists and turns in the course of preparations for the IPO of state-owned Saudi Aramco have kept investors on the edge of their seats. Cracks in the plans for the IPO have kept appearing and as 2017 draws to a close, the late-2018 deadline looks tighter than ever. The fi...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Saudi 2018 Budget Delays Austerity To Jump-Start Flat Economy
...onomic stimulus alongside planned economic reforms will facilitate non-oil sector growth – a key pillar of Vision 2030. The 2018 budget was launched on 19 December. In an accompanying statement the kingdom stated that the economy contracted 0.5% in 2017. An economy mired in the doldrums would ce...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Iran Struggles To Attract Finance As Trump Ramps Up The Pressure
...ong more than 30 foreign companies that have qualified for oil and gas projects in Iran since sanctions were eased, the much touted re-opening of Iran’s oil and gas sector to IOCs is at risk of stalling. Iran was hoping to have signed three deals with IOCs under its new IPC terms by March 2017 (ME...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
East Med Bidding: Lebanon Bags Majors, Israel Goes Greek
...Whilst 2017 bid rounds from both Israel and Lebanon can be considered flops, at least Lebanon has succeeded in drawing in heavyweights Total and Eni. Hot on the heels of Israel’s 13 December announcement of the award of six blocks in the country’s 2017 bid round, neighbor Lebanon an...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
New Kuwaiti Oil Minister Faces Critical Year; Will He Last Longer?
...Fs will contribute 312mn cfd non-associated sour gas to Kuwait next year. Kuwaiti gas output has averaged 1.65bn cfd over the first nine months of 2017, and the additional volumes ought to bring total output to 1.96bn cfd. OVERSEAS DOWNSTREAM EXPANSION With Kuwait planning crude output and ex...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Saudi Targets Major Gas Gains, But LNG Imports Loom
...s the startup of the Wasit gas plant in mid-2016. Wasit has capacity to process 2bn cfd raw gas from the offshore Arabiyah and Hasbah fields, and produce 1.5bn cfd sales gas. 2017 will likewise secure gains as Saudi Arabia will benefit from a full year of the plant’s operations. SAUDI ARABIA GAS PR...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Aramco: Sasref Upgrade At Home, 2019 Start-Up For Malay Plant
...0 180 Overseas Targets: Anning, China (2017) 260 Ratnagiri, India (20...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Egypt, Russia Sign Deal To Start Work On Virgin Nuclear Plant
...rget): GW Fuel Beni Suef (Elsewedy, 2017-20) 4.80 Gas Burullus (Orascom, 2017-20) 4....
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Can Opec Eliminate Stock Overhang In 2018?
...oup's estimated $570bn oil revenues in 2017. Opec and the IEA both raised their expectations for US output gains in 2017 and 2018, with both expecting more than 1mn b/d growth next year. But here the similarities end. While Opec expects continued momentum in the global economy to sustain strong oil de...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
EIA Hikes 2018 Us Output Growth Forecast To 1.24mn B/D
...rmation alone rose by 500,000 b/d between January and November. With September through December 2017 figures revised up from those in last month’s report, the EIA is now projecting 2017 average crude output of 9.24mn b/d, up 380,000 b/d on 2016, but some 170,000 b/d shy of the post-1970 annual high of 9....
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
World Bank Oil Funding Ban To Hit Egypt Hard
...t to be finalized, with a previous target date of June 2017 having come and gone. The project’s reliance on multilaterals and western state lenders could make it vulnerable to moves against funding oil and gas projects. Multilateral lending, including from MIGA, was instrumental in getting Eg...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017