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Saudi Aramco: The $1.7 Trillion Company
...arter of the $100bn that Crown Prince Muhammad bin Salman (MBS) has been eying since he first floated the idea of the IPO in 2016 (MEES, 8 January 2016). It also means that it’s going to be a close-run thing as to whether Aramco can overhaul the 2014 $25bn flotation of Chinese e-commerce giant Ali Baba as...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Not So Rapid: Aramco Malaysia Downstream JV Delayed
...e Refinery and Petrochemical Integrated Development (Rapid) project (MEES, 3 March 2017). The main construction contracts for PrefChem were awarded in 2014. PrefChem is being built close to Singapore at the southern tip of peninsular Malaysia. The refinery will have capacity to process 30...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
KRG Eyes Major Boost As Exxon/DNO Firm Up Baeshiqa Light Oil Find
...rrent holdings are DNO (32%op), ExxonMobil (32%), and Turkish state partner TEC (16%), while the KRG holds the remaining 20%. Based on earlier drilling, Exxon and TEC previously estimated oil-in-place at 580mn barrels, before operations were halted in 2014 amid the Islamic State’s offensive. DNO’s la...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Aramco Kicks Off Share Offering: But At What Price?
...ten repeated in recent months, the implied $2trillion overall figure, but also the desire for the flotation to be the largest ever IPO – surpassing the $25bn raised by the 2014 float of Chinese e-commerce giant Ali Baba. VOLUME VS VALUATION? Of course, the two aims are somewhat co...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Aramco Kickstarts IPO Process
...pact of Opec+ cuts is being felt on export volumes which are on track to fall to their lowest levels since 2014 (see chart). Turning to Q3, Aramco posted revenues of $70.2bn and profits of $21.1bn. Unsurprisingly, despite the annual decline, these numbers dwarfed those of the largest IOCs, with Ex...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Qatar Banks On North Field Leverage To Boost Aggressive Overseas Expansion
...ken in Argentina’s bid round earlier this year – three are operated by Exxon, two by Shell (MEES, 19 April). In the Americas, QP has also taken nine blocks in Brazil – in addition to one from 2014 – eight in Mexico, and two in Guyana. But it remains absent in the US upstream, arguably the world’s la...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Petroleum Puts Petchems Front & Center
...ed the 1.4mn t/y Al-Sejeel polymers and 1.5mn t/y Al-Karaana ethylene glycol projects amid the late 2014 collapse in crude prices. Despite the new project’s scale, it is still smaller than the combined scope of those two plants. However, new projects may be unveiled at a later date. Asked whether an...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Shell Shifts Egypt Focus To ‘Integrated Gas’
...e start the firm would – like fellow majors BP and Eni, the other key players off Egypt – have taken more of a long-term view rather than downing tools in response to payment delays. Indeed, whilst BG (and subsequently Shell) blamed EGPC for the collapse in output and the halting from 2014 of LNG ex...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Aramco: Impressive Output Rebound, But Effects Will Linger
...mn b/d (not including the Neutral Zone whose production, shut in since 2014, is shared with Kuwait), so a claimed 11mn b/d figure implies that 1mn b/d is still shut in. And the 12mn b/d figure has never been tested. Many observers, including MEES, are skeptical that the country could produce at this level fo...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Qatar Boosts Eni, Total Links With Kenya Entry
...isting work in Oman. QP works less with Total internationally, it has a 15% stake in Total Congo since 2014, while the pair made a discovery offshore South Africa in February (MEES, 8 February). More importantly, Total has a 30% stake in Qatar’s 300,000 b/d Al Shaheen field. CEO Saad al-Kaabi is ad...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Chevron Phillips Wins Stake At Major Qatar Petchems Project
...a key pillar of Qatar’s efforts to diversify its revenue base away from oil and gas – although clearly the level of diversification is limited. The planned petrochemicals complex marks a considerable turnaround from 2014-15 when QP axed its two petrochemicals projects amid lower prices and a st...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Thailand’s PTTEP Expands In Gulf With Partex Purchase
...abi’s key onshore concession until January 2014 (MEES, 10 January 2014) – and brings it partnerships with international majors (see table). The key upstream asset is 2% of Oman’s state-led PDO which operates the Sultanate’s largest portfolio of fields, the 610,000 b/d Block 6 (12,200 b/d net). This is...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Adnoc Targets Big Gains From Transformational Foreign Partnerships
...reamlining of subsidiaries in 2017 (MEES, 20 October 2017). Equally notable is the revolution underway in reshaping Adnoc’s partnerships with foreign oil firms. The number of such firms partnered with Adnoc in its upstream operations has soared from 12 in 2014 to 17 currently (see chart 1). Moreover, th...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
UAE Gas Production, Consumption Rise To Record Levels
...2bcm, to 76.6bcm. Despite the improvement, this still resulted in a shortfall of 11.9bcm over the course of 2018. This was at least the lowest since 2014 and almost 1bcm down on the 2015 peak of 12.5bcm. The UAE has had a gas shortage since 2008, and as this deficit has grown it has increasingly tu...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Dubai’s Dragon Roars In To Egypt With BP Purchase
...r 2018, up on 2017’s 84,000 b/d: the firm aims to “maintain” output at “around 100,000 b/d” in the coming years. Enoc has released few figures since taking Dragon private in 2015, but an entitlement share in line with 2014’s 56% would net it 52,000 b/d from Cheleken for 2018. The firm’s only ot...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
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 -
Abu Dhabi’s Taqa: Upstream Down Despite Price Recovery, Power Steady
...17bn). The collapse of oil prices in 2014 forced Taqa into a ‘transformation program’ in which it slashed capital expenditure and targeted debt reduction (MEES, 17 November 2017). The transformation appears to be working as far as monies owed is concerned, with net debts reduced from AD72.98bn ($19...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
UAE’s Mubadala Sells Cepsa Stake To Investor Carlyle
...TER 2014 BOOST FROM SE ASIA ENTRY *WORKING INTEREST BASIS. SOURCE: CEPSA, PARTNER COMPANIES, MEES ESTIMATES AND CALCULATIONS. 3: CEPSA: REFINED PRODUCTS & PETCHEMS SALES HIT RECORD 31.4MN TONS IN 2018, CRUDE RUNS AT HIGHEST SINCE 2012 SOURCE: CEPSA, MEES CA...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
US Shale: Major Growth Planned, Indies Crimp Spending
...ird fewer rigs (six versus nine) in the oil-focused Midland and Delaware basins. Already for Q4 2018, Apache, with 98,600 b/d oil output, topped 2014’s previous high but with just a fifth of the 42 rigs the company was running in late-2014 (see chart). But whilst output per rig is up massively, th...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019