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Saudi Investment Primes DME For Regional Expansion
...ainst the DME Oman contract, but DME has long targeted Iraq’s Somo (MEES, 15 September 2017) and Saudi Arabia’s financial backing may tempt it to make the switch from Platts Oman. The partners have sought to emphasize that “ensuring the integrity of the DME Oman contract” is of the utmost priority an...
Volume: 67Issue: 04Published at Fri, 26 Jan 2024 -
Cyprus Gas Ambitions: From Dreams To Reality In 2023?
...e border. And with Eni either operating or partnering TotalEnergies on the key blocks on the Cypriot side of the border, it was well placed to look for ‘more Zohr’ in Cyprus. Though the first such well, July 2017’s Onesiphoros on Block 11 (Total 50%op, Eni 50%), only discovered sub-commercial vo...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Egypt Oil Output: Any Chance Of A Rebound?
...cord 61,800 b/d for 2H 2020, a record 12% of Egypt’s total output, effectively maintaining the monthly record 62,000 b/d hit last August (MEES, 18 September 2020). Having averaged 40,000 b/d for the decade to 2017, GPC output from onshore fields in the Eastern and Western Desert, has rapidly increased si...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Adnoc’s Sour Crude Wins Over Buyers In China
...0,000 b/d production capacity (Adnoc 60%, Exxon Mobil 28%, Inpex 12%: see chart 2). The partners are working to expand capacity to 1mn b/d by 2024 (MEES, 17 November 2017). Upper Zakum is one of the deliverable grades for the Shanghai International Energy Exchange (INE) oil futures contract which was la...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Oilfield Services Firms Boosted By Rising Middle East Revenues
...llion dollar awards for work in expanding capacity offshore Saudi Arabia (MEES, 12 July 2019). SERVICES FIRMS REVENUE ($BN): BIG THREE SEE COMBINED REVENUES EDGE UP TO 5-YEAR HIGH $80BN IN 2019 *GE SUBSIDIARY SINCE JULY 2017. SOURCE: COMPANY FILINGS, MEES. MENA BRIGHTSPOT Si...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Bahrain’s Grand Ambitions: MEES Speaks With Oil Minister Muhammad Al Khalifa
...w into this formation. We flowed oil in 2017, this is the oil we flowed, from the first test well. Now we are drilling wells to put them on an extended flow test and that data we’ll collect and put in a data room and invite international companies to have a look. Hopefully it becomes cost co...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Services Firms Are Looking Up In 2018: US The Key Driver, Mideast Solid
...2017 saw oilfield services firms shift their focus away from their Middle East operations to North America. Middle East resilience during the 2015-16 slump in upstream spending helped the top three global oilfield services firms Schlumberger, Halliburton and GE subsidiary Baker Hughes ke...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
IMF Hikes Growth F’cast
...lcome news,” IMF MD Christine Lagarde says. The IMF’s latest World Economic Outlook update, released 22 January, pegs global growth at 3.9% for both 2018 and 2019, each up 0.2 percentage points from the previous forecasts made in October, and a rise from growth of 3.2% for 2016 and 3.7% for 2017. Fo...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Saudi Petchem Profits Up 8% In 2016, But Sabic Under Pressure
...Petchems giant Sabic saw profits fall last year despite a stronger fourth quarter. Seemingly unfazed by President Trump’s protectionism, it is targeting strong growth in the US in 2017, as well as in China. Saudi Arabia’s 14 exchange-listed petrochemicals firms reported total net profits of...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Sabic Buys Out Shell From Sadaf JV For $820mn
...Saudi petrochemicals giant Sabic is to buy Shell’s 50% stake in their Sadaf petrochemical joint venture for $820mn in a deal announced 22 January. Sabic says the purchase is expected to be completed before the end of 2017. The Sadaf complex is located at Jubail on Saudi Arabia’s Gulf co...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Oilfield Services Firms Face More Cuts: Middle East Activity Remains Resilient
...Houston-based oilfield service giants Schlumberger, Halliburton and Baker Hughes are preparing for a further downturn in 2016, with thousands more redundancies planned although a recovery is slated for 2017. Despite seeing their profits plunge in 2015 on the back of oil prices that hit 11...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Strikes Overly Optimistic Stance On PNZ
...uld be a boon for Kuwait, the Emir’s optimism appears misplaced. Even Chevron, which operates Saudi Arabia’s PNZ interests on behalf of Aramco, doesn’t expect production to resume until 2017 (MEES, 6 November 2015). While Saudi Arabia is prioritizing market share over revenue, it would only profit fr...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Upper Zakum Extended, Terms Sweetened
...vember, ADNOC unveiled a plan to boost Upper Zakum production from current levels of about 585,000-590,000 b/d to 1mn b/d. Prior to the announcement, ZADCO had planned to push production to 750,000 b/d by 2017. It is unclear when the consortium expects to hit the 1mn b/d target; Inpex said in a statement th...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
QP: What’s Next?
...d the structural changes QP itself has undergone, one option for the company is to further develop the downstream domestic market. QP will have completed its planned petrochemical base when the $6.5bn, 15mn tons/year monoethylene glycol plant (QP 80%, Shell 20%) starts up in 2017. It could build mo...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013