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Kufpec Eyes Portfolio Optimization After Exiting Norway & China
...cord 107,000 boe/d set in 2019 (see chart). Kufpec had previously aimed to reach 200,000 boe/d by 2020, but ultimately fell well short of this goal (MEES, 8 September 2017). NORWAY CLOSURE Kufpec’s foray into Norway began in 2013 with the purchase of Norske AEDC, the Norwegian su...
Volume: 67Issue: 02Published at Fri, 12 Jan 2024 -
Chevron And Energean Face Off For Israel Acreage
...7tcf Athena prospect. If substantial gas is discovered, Energean says it will prioritize development ahead of Tanin which lies further away from the planned Energean Power FPSO. MEES understands Energean is set to relinquish Block 22 offshore Israel, which it was awarded along with Block 12 in 2017...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Aramco Readies For Sabic Acquisition, IPO With Reserves Upgrade, Bond Plans
...nds have exactly matched output of 10mn b/d or so. DeGolyer & MacNaughton assessed Aramco’s crude and condensate reserves – essentially the entirety of Saudi Arabia except for the Neutral Zone shared with Kuwait – as of 31 December 2017 at 268.5bn barrels. Gas reserves were placed at 325.1 tr...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Saudi Kicks Off 2019 Fundraising With $7.5bn Bond Issue
...gan in 2016 to tap the international debt market to cover its fiscal deficit. Saudi Arabia raised $17.5bn worth of bonds in 2016, a record $21.5bn in 2017. Issuance dipped to $13bn for 2018 as oil prices hit a four-year high, erasing the strain on Riyadh’s finances (MEES, 21 December 2018). But, with oi...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Saudi Aramco IPO: New Year, New Promise Or More Headaches?
...Aramco continues preparations towards an IPO. But relatively minor ones. The key disclosures needed for the favored location of New York within the stipulated end-2018 timeframe are nowhere to be seen. With Aramco IPO planning ending 2017 on a muted note, the state energy giant has st...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Acwa Reaches Financial Close On Egyptian Solar
...ojects at Benban. This came after Egypt’s power Ministry gave in to international financiers’ insistence that disputes be subject to international arbitration (MEES, 16 June 2017). Subsequently the World Bank (IFC) joined the EBRD in supporting the Benban projects, taking combined backing to $1.1bn out of...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
KEC: Merger Cash Boost
...25. But fulfilling these plans requires investment way beyond KEC’s meagre $43mn Q3 2017 cash reserves. The firm’s key revenue stream comes from mature fields in Egypt which produced 15,200 b/d net for Q3 2017 (of a company total 28,300 b/d – the highest figure on record thanks to continued ramp-up...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Gulf Keystone Cash Position Slowly Improves on KRG Payments
...April 2016, before its guaranteed and convertible notes mature in April 2017 and October 2017 respectively. Hungary’s MOL has officially confirmed the completion of the relinquishment of the Akri-Bijeel block in which it had an 80% stake, alongside Gulf Keystone’s 20%. MOL confirmed the fi...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Cairo Begins To Restore Faith In Its Oil And Gas Sector
...oject, as well as 8-9mn barrels of condensate and 450,000 tons of LPG. Peak “incremental daily production” of 160mn cfd (27,000 boe/d) and 5,600 b/d condensate is expected to occur in 2017, the firm says. This implies that Dana’s total Egyptian output will by then top 70,000 boe/d. BG RECEIVABLES BA...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015