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Egypt Launches Bidding: Search For ‘More Zohr’, But More Tie-Ins More Likely
...ye-1 duster in mid-2021 (MEES, 18 March 2022). Tiba also surrounds two Shell (60%op, BP 40%) development leases that encompass the 2012 Harmattan and 2014 Notus discoveries. Hossam Zaki, head of BP’s Pharaonic Petroleum JV with state oil firm EGPC, told oil minister Tarek El Molla in September that sa...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
‘If You Want Gas, We Have The Supply’, Algeria’s Sonatrach Tells MEES
...2021 for the highest level since 2014. Echoing calls from the likes of Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman and UAE Energy Minister Suhail al-Mazrouei, Mr Hakkar sees a clear role for oil and gas in the energy transition and has made it clear that investments in the hy...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
Exxon’s Star Shines Brightest Among Egypt’s Slew Of Mediterranean Awards
...ild-up immediately lying below the Messinian Salt.” BETTER TERMS One reason Shell’s earlier modest discoveries were deemed uneconomic was that at the time Cairo was only willing to pay a fixed $2.65/mn BTU for domestic output. By 2014, and with investment from IOCs drying up, Eg...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Neutral Zone Set For 2020 Rebound After Saudi-Kuwait Agreement
...More than five years since the first shut-in at the Partitioned Neutral Zone (PNZ: MEES, 24 October 2014), Saudi Arabia and Kuwait have reached an agreement on resuming production. The partners have ambitious plans to boost output to over 500,000 b/d by end-2020. Kuwait Foreign Minister Sh...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Iraq Books Record Exports In 2019, Plans To Advance Jordan Pipeline In 2020
...,000 b/d year-on-year. 2019 was also notable for being the first full year since 2013 of ‘federal’ exports from northern Iraq via the KRG’s export pipeline to Ceyhan, Turkey. Pipeline damage and disputes allowed for inconsistent northern exports from 2014 to 2018. But the volumes, in line with the 2018 Ba...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Libya: Output At Seven-Year High; Can It Last?
...velopment in the country’s southwest (MEES, 20 September 2019), and started work in July. Russian firm Tatneft also returned to Libya in December to carry out seismic it was forced to abandon in 2014 (MEES, 13 December 2019). And perhaps most importantly, NOC received a major boost in December having re...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Iraq: Record Exports, But Contract Reform Hangs In The Balance
...ports of 3.535mn b/d in December. This edged out December 2016’s previous record of 3.519mn b/d. With average crude export prices averaging a more than three-year high of $59.29/B, revenues of $6.496bn were the most since September 2014. Full-year revenues of $59.3bn were the highest since 2014’s $84...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Lebanon Takes Vital Steps To Opening Up Offshore Exploration
...e decrees delineate the number of blocks to be put on offer, set out tender procedures and establish the model to be used which will be in the form of production sharing contracts (PSC). The bid round was originally slated for August 2014, but the country’s political leaders only managed to agree on th...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Algeria Needs To Streamline Operations Not Just Improve Terms, Firms Say
...sts. “[Service] cost levels are far too high for the industry to survive,” Mr Viken says, “the margins are the same now at $30/B as they were with $100/B.” But Statoil remains interested in the Algerian upstream. Like most of its peers, Statoil has been implementing a cost-cutting plan since late 2014...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Adnoc Forms Overseas Arm
...pensive oil and gas assets in North America in recent years. The resultant accumulated debt has left it especially exposed to the collapse in oil prices since late 2014. The firm’s Q3 results show oil and gas revenues collapsing to Dh1.49bn ($414mn) from Dh3.18bn in Q3 2014. This contributed to an overall qu...
Volume: 59Issue: 01Published at Fri, 08 Jan 2016 -
Iraqi Provinces Demand Payment Hike After KRG Deal
...nister Hoshyar Zebari recently told MEES that the payment was being postponed due to the projected deficit as a result of lower oil prices and the cost of fighting Islamic State (IS) militants (MEES, 12 December 2014). Oil exports account for nearly all of Iraq’s revenues, with monthly takings falling fr...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Baghdad Looks To Press On With Jordan Pipeline
...aqi consortium has been formed and asked to submit a preliminary technical proposal for the 2.25mn b/d pipeline that will tie Basra oil fields to Jordan’s Red Sea port of Aqaba. (MEES, 21 November 2014). The companies, led by Chinese state firm CNPC, one of the biggest investors in southern Iraq, is ca...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Subsidies Should Go As Oil Price Falls: IEA Chief Tells Arab Ministers
...ould take advantage of lower crude oil prices now to phase out costly energy subsidies or miss a golden opportunity to stop burning their oil and gas for power generation, she said. Oil prices have sunk to a five year low since peaking at $115/B for Brent futures in mid-June 2014. This makes the im...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Egypt: Oil Price Fall Slashes Subsidies Spend
...cember. This is 30% below the E£104bn ($14.5bn) projection in the country’s 2014-15 budget which in turn is down on 2012-13’s record outlay of $22bn (MEES, 14 November). Front month Brent crude was trading around $57/B as MEES went to press, down 50% from the mid-June peak (see p24). Cairo assumes an...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Cairo Hopes $2.1Bn IOC Payment Will Pave Way For Bid Round Success
...yments throughout 2014. “We… try every quarter, or four months, to have something, so that we can [pay down the arrears] over a maximum of two years from now. It’s working. We started to turn the wheel and it’s ongoing,” he says (MEES, 5 December). Company filings tracked by MEES suggest that the to...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Iraq Achieves 2013 Oil Output Target But Exports Still Constrained
...13). Deal Or No Deal? Iraq has factored in 400,000 b/d of Kurdish exports in the 2014 budget, which is calculated on the basis of total exports of 3.4mn b/d. However, achieving that target is contingent on the settlement of past dues that Erbil says were promised by Baghdad but not fully im...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Iran: Winter Months To Bring Some Relief To Sunken Crude Export Figures
...ports until at least the end of the 2013-14 financial year in March 2014, and still be in a position to win another waiver extension from the US. Between April and November 2013, India shipped in 171,000 b/d of Iranian crude, official trade statistics show. But this is still some way off the 22...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
US Independent Buys Morocco Offshore Stake
...fshore farm-outs concomitant drilling commitments dwarf the initial payment. Plains will fund 100% of future exploration up to $215mn, including two commitment wells with potential sidetracks. The first well – slated for 2014 – will target the Toubkal prospect which has a “mean resource potential” of 1....
Volume: 56Issue: 01Published at Fri, 04 Jan 2013 -
Lebanon Unveils Bid Round Schedule
...censes to explore blocks within Lebanon’s EEZ. Additional reports indicate that the PSA expects final agreements for exploration rights to be signed in March 2014. Favorable results of 3D seismic surveys conducted by UK-based Spectrum and Norway-based Petroleum Geo-Services have attracted gr...
Volume: 56Issue: 01Published at Fri, 04 Jan 2013