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Shell Plans To Double Egypt Output By 2030
...om 50-70ms and was drilled a total of three times by BP between 1999 and 2014. The field could hold up to 1.4tcf, but BP still walked away in 2019 (MEES, 5 April 2019). Its proximity to Shell’s now depleted Rosetta field should provide a relatively cost-effective tie-back option for development. Th...
Volume: 69Issue: 06Published at Fri, 06 Feb 2026 -
Chevron’s Neutral Zone Operations Return To Growth
...uck around in the PNZ despite a rocky recent history there. Kuwait was unhappy that it wasn’t consulted when Saudi Arabia renewed the operating agreement with SAC for 30 years in 2009. Grievances over management of the PNZ came to a head in 2014/15 when the offshore and onshore portions were shut-in, on...
Volume: 69Issue: 06Published at Fri, 06 Feb 2026 -
QatarEnergy Crowns LNG Conference With Two Major Supply Deals
...silient energy future for the nation.” The deal was notable given that Japanese imports of Qatari LNG have been on a steep downwards trajectory over the past decade, dropping from a record 16.14mn tons in 2014 to just 3.42mn tons last year (itself an improvement on 2024 levels) as long term sales co...
Volume: 69Issue: 06Published at Fri, 06 Feb 2026 -
Algeria Gas Exports Lowest Since 2020; Is Key Field Still Out?
...ar earlier at 7.99bcm (9.41bn cfd), average output of 10.3bn cfd (88.9bcm) for 11M 2014 was down 7% year-on-year. Whilst granular output data for the key fields of state giant Sonatrach are treated as a national secret, many are aging and have seen repeated spending on compression and EOR pr...
Volume: 68Issue: 06Published at Fri, 07 Feb 2025 -
Oman Launches 2025 Bid Round With Three Onshore Blocks
...set in 2012 and 2014 but failed to sign anyone up (MEES, 8 August 2014). One previous exploration well “failed to reach the target” according to the ministry, but “active hydrocarbon seepage found in the block” supports the likelihood of a “working petroleum system.” The ministry also claims it is su...
Volume: 68Issue: 06Published at Fri, 07 Feb 2025 -
US Output Leaps 1.5mn B/D For 2023, Topping 20mn B/D For The First Time In Q4. Is Peak Output Near?
....93mn b/d and NGLs up 530,000 b/d at 6.43mn b/d, also a record (see chart 1 & p19 for full data). Last year’s gains were the fourth highest ever behind 2.2mn b/d for 2018, 1.8mn b/d for 2019 and 2014’s 1.7mn b/d. Of course, ‘boom’ in those previous cycles rapidly turned to bust as oil prices collapsed: ou...
Volume: 67Issue: 06Published at Fri, 09 Feb 2024 -
Majors Outspend Capex Targets Amid Record Profits
...y of $100/B. But they were higher over the years to 2014. The big change since then has been that capital spending remains restrained. The five firms’ total 2022 outlay of $95.6bn was less than half 2013’s $195.5bn, meaning much plumper margins (see chart). All five firms, nevertheless, su...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Iraqi Kurdistan Gas Pipeline Boost: Turkey Exports Next?
...reement, Kurdistan was to supply Turkey with an initial 4 bcm/year from 2017, rising to 10 bcm/y by 2020 with the option of increasing to 20 bcm/y (MEES, 17 January 2014). A 2017 agreement for Rosneft to construct a pipeline with up to 30 bcm/y capacity also came to naught. Progress since then has been es...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Tethys Eyes Modest 2022 Rebound As EOG Walks From Block 49
...pex to $91mn for 2022, up from $35.2mn for 2021. Not just is this significantly above last year’s pandemic-hit capex figure, but it is significantly higher than in 2014 before the initial oil price downturn (see chart 2). The capex will be front-loaded. This investment surge is being funded by la...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Libya’s Noc Eyes Algeria Border Fields Potential
...natrach on 10 February signed an MoU in Tripoli that “aims to resume Sonatrach’s activities in Libya in order to fulfill its contractual obligations and begin to develop the discovered fields.” Sonatrach was forced to abandon its exploration activities on the Libyan side of the Algeria-Libya border in 2014...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Libya Back To Square One With Two Prime Ministers
...the political division between 2014 and 2021 when two rival parallel administrations, one based in the east and another (internationally recognized) one based in the west, vied for control of the country. The failure by eastern-based General Khalifa Haftar to take Tripoli by forced during a 20...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Aramco Royalty Rate Set To Soar If Brent Tops $100
...That Saudi Arabia’s finances are benefiting from higher oil prices is a given. But Aramco’s floating royalty rate means that the government stands to profit immeasurably should Brent top $100/B for the first time since September 2014. As oil prices rise well beyond $90/B and near-term pr...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Saudi & Egypt Drilling Activity Picks Up
...udi, Iraq and the UAE had seen drilling at near-record levels prior to the early-2020 ‘Covid’ slump, the Egypt market has been depressed since oil prices headed south in 2014-15. But key oil producer Apache as well as smaller players have signaled an investment rebound on higher prices and improved te...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Egypt Oil Output Plumbs New 40-Year Low For 2020
...nai). *The Western Desert, which overtook the Gulf of Suez region as Egypt’s key production area in 2011 and has provided over half of production since 2014, saw output fall 7% to a 9-year low of 321,000 b/d for 2020. December’s 290,000 b/d was the lowest monthly figure since May 2010. This comes as the re...
Volume: 64Issue: 06Published at Fri, 12 Feb 2021 -
Iraq Mulls Power Sell-Offs Amid Cash Crunch, Pre-Election Rivalry
...rliamentary elections planned in October. Kar’s most prominent role is as operator of the 160,000 b/d Khurmala Dome of the Kirkuk field in Iraq’s autonomous Kurdistan region. It also contentiously operated Kirkuk’s Avana Dome and the nearby Bai Hassan field between 2014 and 2017 until federal forces re...
Volume: 64Issue: 06Published at Fri, 12 Feb 2021 -
Saudi-Kuwait Neutral Zone Start-Up Approaches
...wait, and peaked at more than 500,000 b/d. However, output had slid below 500,000 b/d even before the first shut-ins in 2014 (MEES, 25 October 2019). In the last full year of output, 2013, the offshore section produced over 250,000 b/d, while the onshore portion added another 210,000 b/d, for a co...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Iraq Crude Exports: Slow January Highlights Systemic Vulnerabilities
...aqi exports averaged 3.96mn b/d over 2019, up from 3.82mn b/d for 2018. Overall, more than 60% of Iraqi exports ended up in the major Asian markets. The proportion has increased considerably over the past five years, with barely 50% heading to Asia in 2014. Unsurprisingly, China as the world’s la...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Egypt Petchems Sector Boosted By Gas Revival, Eyes Expansion
...ES, 8 May 2015). Data from state firm Echem – partner in most Egyptian petchems projects – show its output rebounding from 1.47mn tons for the 2014-15 financial year to 3.8mn tons for 2016-17. PETCHEMS STRATEGY President Abdel Fattah al-Sisi met with oil minister Tareq El Molla and ot...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Algeria’s Sonatrach: New CEO, Same Old Challenges
...UINOR, MEES CALCULATIONS. 2: ALGERIA'S OIL & GAS REVENUES HAVE SLUMPED SINCE THE 2014 CRASH IN OIL PRICES BUT STILL MAKE UP NEAR-40% OF OVERALL BUDGET REVENUES SOURCE: IMF, ALGERIA FINANCE MINISTRY, MEES. 3: ALGERIA'S GAS EXPORTS (BCM) ARE LOWEST SINCE 1995, WHILE OUTPUT HAS SL...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Oxy Advances Mena Strategy 2.0
...work together on projects of strategic importance.” That’s not to say that the Shah gas development was all plain sailing, with startup slipping from 2014 to 2015 as the parties had to devise how to cope with the high sulfur levels. Once started up in 2015, the field was ramped up to full we...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019