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Egypt Output Gains Threatened By Mounting Receivables
...erating costs with substantial drilling and investment needed just to keep output stable. As such, several firms suffered near death experiences (indeed, some went bust) when oil prices tanked in 2014-15 and again in 2020. Having not fully recovered from the previous slump, spending and drilling were sl...
Volume: 66Issue: 18Published at Fri, 05 May 2023 -
Majors’ Russia Exit Puts Spotlight On Mena Portfolios
...om its role at the onshore Wafra field located in the Saudi-Kuwaiti Partitioned Neutral Zone (PNZ), where it partners Kuwaiti state firm KGOC in a 50:50 JV. Last year represented the field’s first full year of production after being completely shut-in between late 2014 and February 2020 (MEES, 14 Ja...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Sonatrach Adds Equinor And Sinopec To MoU List
...vestment push (MEES, 7 February 2020). Equinor is also involved in exploration activities in Algeria at the country’s Timissit license on the border with Libya. The block, which is said to have both conventional and unconventional potential, was originally awarded in 2014 (MEES, 3 October 2014). Eq...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Yemen Set For Output Boost Following Petsec Transaction
...gistered Octavia Energy Corporation listed by Companies House was dissolved in 2014. Nevertheless, Yung Holdings is listed as having Yemen operations. In 2016, Yung Holdings purchased Calvalley Petroleum (Cyprus) Ltd, which is the operator of Block 9 (50%) alongside Indonesia’s Medco Energi (25%) and Ho...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...e Adoc concession which it entered in 2014 (MEES, 14 November 2014) as well as the Sarb/Umm Lulu stake. But though Sarb/Umm Lulu did provide a boost to Cepsa’s net output for 2019, underlying decline in the rest of its upstream portfolio – southeast Asia, Latin America, and above all Algeria – me...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Algeria’s Touat: June Start Up, July Plateau
...mainder of 2019. The Karam field, where output began in late 2014, is the key producer on the Western Desert concession. Neptune says drilling of the ‘Karam-10’ development well is ongoing following “positive results” from last year’s Karam-9 well. Shell was the key winner of Western Desert acreage in re...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
IOCs Face Mixed Picture In The Mena Upstream
...e region looks set to slide further. Meanwhile, its overall Mena liquids output fell, ExxonMobil is pressing ahead with expansion work in Abu Dhabi. After its stake at the Adco (now Adnoc Onshore) concession expired in 2014, ExxonMobil’s Abu Dhabi output collapsed from 306,000 b/d to just 16...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Kuwait Energy: Could Stretched Finances Force Firm From Key Iraq Asset?
...The 2014 discovery of the 1.13bn barrel Faihaa field by Kuwait Energy was the biggest exploration success of Iraq’s post-2009 upstream opening. But plans to develop the field to 250,000 b/d by the mid-2020s are threatened by an onerous debt burden. Iraq has been the great success st...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
UK Firm Gulfsands Vies To Outlast Syria Sanctions
...erated several of the region’s fields under a 2014 understanding. GPC reportedly produced around 17,000 b/d through 2017 as well, but due to EU sanctions on the state firm, Gulfsands does not receive a cent of revenue from its crown jewel asset. That the block’s fields and infrastructure escaped the wr...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Morocco’s Samir: Rescue Bid
...rch 2014 before processing halted in August 2015....
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
GE Backs Saudi Vision 2030 In $3bn Investment Program With SAIIC
...vestments Company (SAIIC) – established in 2014 by Saudi Arabia’s Public Investment Fund (PIF, 50%), Saudi Aramco (25%) and petchems firm Sabic (25%) to advance industrialization in Saudi Arabia – has signed a memorandum of understanding with US industrial giant General Electric to develop and localize in...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Saudi Gas Expansion Plans Progress With Tender Award
...oduce 1.7bn cfd sales gas. Wasit was initially planned to come online in 2014, but high sulfur levels at Hasbah and the Arabiyah field led to this slipping to 2016. Saipem’s firsthand experience of dealing with these issues had appeared to leave it well positioned, but it could have lost out on co...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
KRG Exports Rise With Boost From New Fields, But Takings Fall
...make a $26mn coupon payment last month. Kurdish firm KAR aims to increase production by 50,000 b/d in 2016 from its Khurmala Dome field, as well as from Kirkuk’s Avana Dome and nearby Bai Hassan field both of which the KRG (and Kar) controversially took over in 2014 (MEES, 25 March). Piped ex...
Volume: 59Issue: 19Published at Fri, 13 May 2016 -
Apache Lauds ‘Reliable’ Egypt In Low Price World
...l and gas output given the current combination of low prices and stretched capex. Apache’s key recent output gains have come from the Ptah and Berenice fields in Egypt’s far northwest – only discovered in late 2014, output has ramped up to 26,000-30,000 b/d plateau volumes from 13 wells from ea...
Volume: 59Issue: 19Published at Fri, 13 May 2016 -
Tamar Gas Gives Noble East Med Boost
...rkey, and progress here is slow. The field itself is 130km from shore in 1,700ms water depth. The original development plan, filed in December 2014, envisaged a 16.5 bcm/year (1.6bn cfd) floating production storage and offloading (FPSO) vessel to be tied-back to shore – exactly where was left un...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Service Firms Merger No Go
...November of 2014, to a low of just over $26 in February of this year, while the global rig count has gone to a 17-year low and you all know what has happened in North America, where each week we've seem to hit new historical lows,” he says. On 29 April the US rig count fell to just 420, as up...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
ENOC Moves Ahead With Offer To Absorb Dragon Oil
...later withdrew from the transaction. Petroceltic’s key production is in Egypt, while its key expansion project is in Algeria. Dragon said in its Annual Report for 2014 that it had ramped up its oil production to 92,000 b/d at the end of last year after a slow start to the year at its flagship Ch...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Companies Scale Back Libya Expectations
...rst quarter results statement on 28 April, although it has not decided to write down the value of the assets. The move was part of a $1.1bn impairment that also included the company’s producing assets in Yemen. Total’s production in Libya dropped to an average of 27,000 boe/d in 2014, its lowest level si...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Chinese State Firm Secures Abu Dhabi Field Contract
...ina National Petroleum Corp (CNPC), which is bidding for a stake in the new Adco concession, the largest producing asset in the Opec member state. The former Adco concession, in which Total, ExxonMobil, BP and Shell held 9.5% stakes, expired at the start of 2014 and the Abu Dhabi National Oil Company (Ad...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Gulfsands Cash Crunch
...vember 2014 ‘Strategic Cooperation Agreement’ with Vitol subsidiary Arawak Energy turned sour, with Arawak calling in the $10mn it fronted Gulfsands as part of the deal. “The Group is in discussions with Arawak over the repayment of the monies owing,” Gulfsands says. Interest accrues at 10%/year. Gu...
Volume: 58Issue: 21Published at Fri, 22 May 2015