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Kuwait Upstream Capacity Tops 3mn B/d
...nagement between Saudi Arabia and Kuwait (MEES, 24 October 2014). For Kuwait to generate 350,000 b/d capacity from the PNZ by 2035, gross capacity will have to rise to a record 700,000 b/d. Appraisal work to potentially unlock new reserves at both Khafji and Wafra has been carried out to enable this. As...
Volume: 68Issue: 05Published at Fri, 31 Jan 2025 -
Iraq’s Crude Export Revenues Surge To 10-Year High
...aqi crude was selling at $105/B, while in January the figure was $83.25/B. This was the first month since October 2014 that Iraqi crude has retailed at more than $80/B. February has gotten off to a strong start with oil prices high, and Iraq will be looking to push export volumes up amid the easing Op...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Calvalley Shuts Yemen’s Block 9 Over Security Concerns
...p). Calvalley last year said output from Block 9 was averaging 6,700 b/d, a slight increase from 2013 pre-conflict output of 6,000 b/d (MEES, 7 February 2014). Having declaring force majeure in 2015 (MEES, 23 January 2015) the firm resumed operations in July 2019 and spent $35-45mn on rehabilitating ke...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Algeria’s 1mn B/D Challenge
...present a substantial decrease on previous programs. But if spent right, this need not be a bad thing (MEES, 15 January 2021). Surging oil prices will provide some comfort – Brent hit $90/B for the first time since 2014 last week – but it is important this doesn’t spark a return to wasteful spending pr...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Kuwait Cuts Long Term Targets For Giant Burgan Field
...ture field, having first been discovered in 1938, and production capacity has fallen in recent years (see chart). In 2014, capacity was around 1.7mn b/d and KOC’s goal was to maintain capacity at that level. BP was brought to the field in 2014 under a technical service agreement (TSA) to help maintain Bu...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Iraq Breaks From The Past In Fifth Bid Round
...mama formation (38-40° API) – a deeper structure key to Baghdad’s longer-term light oil aspirations. Reserves have been estimated much higher than Huwaiza at 7bn barrels of oil in place (MEES, 17 October 2014). If revenue-sharing terms are any indication of prospective value, these two oil plays we...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Tunisia’s Net Energy Imports Hit Record In 2018
...ovisional data) are far outweighed by 78,000 b/d of net products imports (see chart 5). When combined with fluctuations in oil prices this means the country’s net energy import bill hit a record $2.35bn for 2018, beating the previous record of $2.14bn set in 2014 (see chart 6). The $670mn (40%) in...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Algeria: Gazprom Stalls On El Assel
...January, Russian energy minister Alexander Novak said Gazprom is preparing a commercial offer for development of the 2010 Rhourde Sayah (RSH) and 2014 Rhourde Sayah North (RSHN) discoveries but does not plan to participate in development of the Zemlet er Rekkeb (ZER) or Zemlet er Rekkeb North (ZE...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
KRG To Struggle For Minor 2018 Production Gains
...ree new wells planned and re-entry at a 2014 well. Two wells are also planned at Zey Gawra. Russian state-backed firm Rosneft finalized a deal for five blocks in October 2017. While the blocks were not specified, registered company names suggest they are Blocks 8,9,10,11 and 13 (see map & table). Ro...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Egypt Plots Upstream Revival, If It Can Find The Cash
...ll to IOCs remains a major point of contention. It ballooned to $6bn in 2014 and although it fell to $3bn at the end of 2015, it edged back up to $3.5bn in December according to official figures. A lack of forex at Egypt’s Central Bank means state oil firm EGPC has struggled to obtain the cash to pa...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Accusations Fly Over South Sudan Oil Field Attack
...rrent oil output was left unaffected, as the fields in Pariang – along with the remaining fields in Unity state – have been offline since coming under sustained attack by rebel forces in December 2013 (MEES, 3 January 2014). Operating consortia Greater Pioneer Operating Company (GPOC - Blocks 1 and 4) an...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Oman Bid Round Results By End-February
...ltanate. Both Blocks 18 and 59 were offered as part of an earlier round in November 2012 without attracting any serious interest. But following some recent discoveries in nearby acreage, the MOG decided to rebid them once again in July 2014, but to no avail. “Offshore there isn’t much promise. We di...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Is Morocco’s Offshore Boom Over Before It Began?
...penditure plans. Pricey frontier exploration is typically the first thing to go, given that at current oil prices even a big deepwater discovery could prove uneconomic to develop. 2014 DRILLING 2014 was billed as a key year for the country’s hopes of becoming a major oil and gas player, however of th...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Iraq’s West Qurna-2: Start-Up By May, 400,000 b/d By Fall
...rrel West Qurna-2 is one of the world’s largest undeveloped structures. It will account for the largest slice of Iraq’s planned 2014 output additions. Lukoil has a 75% operator’s stake in the West Qurna-2 consortium, having taken over the 18.75% relinquished by Norway’s Statoil in mid-2012. Iraq’s st...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Iraq, KRG Narrow Differences In Oil Row But Final Accord Elusive
...ys. “Our suggestion was that the KRG can pay whatever they feel they need to pay the contractors from their share of the budget, which is about 17% in the 2014 budget. And the contracts that were signed by the ministry of oil in Iraq will be paid from the 83% of the budget. This seems to be very fair an...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Cash Needed For Provinces
...IRAQ Cash Needed For Provinces The Iraqi government will have to borrow ID9 trillion ($7.7bn) in 2014 to be able to pay oil producing governorates $5 for every barrel of oil produced or refined locally, and for every 5,300cu ft of gas produced, if the federal parliament ap...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
ExxonMobil Mum On Abu Dhabi Onshore Plans
...owth for Exxon in 2014. Shell, which also announced disappointing Q4 earnings as it plans to divest $15bn in assets over the next two years, also expects production losses amounting to 200,000boe/d in the first quarter, largely due to the loss of 155,000 b/d of production from the expired ADCO co...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Dubai Moves On Jalilah
...110km of pipeline. The fast-track project is scheduled for completion in the second half of 2014, the company said. Technip has already completed subsea projects for DPE at the South West Fateh and Falah fields, two of Dubai’s four producing oilfields. The four structures contain an estimated 4b...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Aramco Sells Crude To Power Stations At $4.50/B
...in 2014. Their wellhead production can be boosted to 3.05bn cfd in peak summer demand months, giving 2.135bn cfd of sales gas. Wasit is part of Aramco’s plans to increase output of Saudi raw gas to 15.5bn cfd in 2015. Alternative power will not have a major impact on gas displacement in the short term....
Volume: 56Issue: 05Published at Fri, 01 Feb 2013