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Oil Services Firms See Mideast Driving Growth, For 2023 And Beyond
...iven by massive capacity expansion programs in the UAE (see p2), Saudi Arabia and Qatar. “We are poised to certainly have record revenue in Middle East during this cycle, and eclipse the previous 2014 peak [of $11.9bn] by a margin,” SLB CEO Olivier Le Peuch told his firm’s 20 January earnings call. Al...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Slimmed Down Services Firms Eye Bumper 2022 Profits
...l three are now comfortably in the black. *With increased demand for their services they are confident of further growth in margins, and profits, for 2022 and beyond; this is despite predictions that the overall market will remain “structurally smaller” than in their halcyon days to 2014...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Oilfield Services Firms Boosted By Rising Middle East Revenues
...Oil services firms continue to feel the squeeze from low oil prices. Despite concerns over regional upheaval, they are looking to Middle East gas as a key source of revenue going forwards. Industry investment has remained at a low ebb ever since oil prices collapsed in the second half of 2014...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Services Firms Are Looking Up In 2018: US The Key Driver, Mideast Solid
...lliburton both posted an increase in revenue in 2017 bolstered by increased activity in North America. Schlumberger saw revenue increase from $27.81bn in 2016 to $30.44bn in 2017 although that is still some way shy of 2014’s record $48.58bn. Schlumberger was the only firm of the three that managed to po...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Saudi Petchem Profits Up 8% In 2016, But Sabic Under Pressure
...SR22.95bn ($6.12bn) for 2016, an increase of 8% from 2015’s SR21.25bn ($5.67bn). Nevertheless, their combined net profits were still 33% lower than for 2014, when high crude oil prices supported linked petrochemicals prices until their late-year crash (see table 1 & chart). Likewise, while th...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Sabic Buys Out Shell From Sadaf JV For $820mn
...andoned the plan after the results of a feasibility study “were not encouraging” (MEES, 31 October 2014). They had been considering adding polyol and styrene monomer propylene oxide (SMPO) units to the complex. Shell says the deal marks an early termination of a joint venture agreement that was due to ex...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Oilfield Services Firms Face More Cuts: Middle East Activity Remains Resilient
...hlumberger, the world’s largest oilfield service firm, saw its overall profit more than halve, falling by 60% to $2.14bn in 2015 from $5.35bn in 2014. The fourth quarter of 2015 saw the firm post a loss of $989mn after managing to remain in the black throughout the rest of the year. Speaking on the firm’s 22 Ja...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Energy Reverses Production Decline With Iraqi Start-up
...versed two consecutive months of falling overall output for the firm, which remains well down on Q4 2014 production of 26,780 b/d. Block 9 is located in Iraq’s oil heartland of Basra. KEC spudded the Faihaa-2 Well at the block on 3 January and estimates that gross output will rise above 5,000 b/d in mi...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Strikes Overly Optimistic Stance On PNZ
.... The 300,000 b/d offshore Khafji field has been closed since October 2014. Kuwait has lost around 250,000 b/d of output from the PNZ and has been unable to compensate for reduced output. It produced 2.88mn b/d in September 2014, but just 2.75mn b/d in December. While renewed PNZ production wo...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Service Firms Retrench Despite Record Mideast Takings
...urth quarter of 2014. This was mainly “driven by record revenue in Saudi Arabia and Bahrain and robust activity in Kuwait and the UAE,” the firm says. The region accounts for just under a quarter of Schlumberger’s overall revenue. Drilling in Saudi Arabia hit all-time record levels in 2014, with a mo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
DNO Grows In Tunisia
...cently as 2010, and gas output of around 280mn cfd also well down, Tunis is keen to maintain the momentum of an exploration drive. Muhammad Akrout, chief executive of state oil company Entreprise Tunisienne d’Activites Petrolieres (ETAP), told MEES last October that 15 wells would be drilled in 2014. An eq...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Kufpec Scales Up Ambitions With Shell LNG Buyout, RWE-Dea Bid
...ntracts totaling 4.2mn t/y – or roughly half of future liquefaction capacity. Still, it is unclear what terms Wheatstone could offer KPC unavailable to the Kuwaiti NOC on the open market. For its part, Shell is set for a $15bn divestment program in 2014 and 2015. Incoming CEO Ben van Beurden says Sh...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
QP: What’s Next?
...id Barzan, which will have three of the largest well head platforms ever built in the North Field, is scheduled to be completed by 2014. QP itself has already been restructured. Dr Sada holds three positions that in other companies are filled by separate people. He is also chairman and ma...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013