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Algeria Oil Output On The Slide
...ng-term decline, collective output is the lowest since El Merk’s first full year of output in 2014 (see chart). At just 174,000 b/d for 2018, combined HBNS and Ourhoud output is half 2011 levels and a mere 31% of the 470,000 b/d 2007 figure. Anadarko says the completion of a water treatment pr...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Qatar Seizes Golden Opportunity For US Cooperation
...C) contract for the project, with work to start this quarter. Chiyoda and McDermott previously carried out FEED work under a 2014 contract. Chiyoda has also been heavily involved in the ongoing development of Qatar’s LNG sector. Work includes the construction of three liquefaction trains of ap...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
OPEC Production Dives Amid Venezuela Instability
...0,000 b/d. Luanda has struggled to prevent declines from its aging reservoirs since oil prices fell during late 2014. DECISION TIME APPROACHING Given the collapsing output from the exempted triumvirate, the Opec 11 countries must decide whether to keep cutting in order to eliminate their 28...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Kuwait Oil Sector Risks Being Left Behind
...wait racked up budget deficits of nearly $65bn between 2014-15 and 2017-18, the emirate’s financial buffers have proven sufficient to absorb it. Kuwait will swing into a surplus this year (to April 2019), potentially of around $8bn. However, a deficit is again on the cards for 2019-20 (MEES, 25 January). ...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Sudan, South Sudan Claim Oil Production Boon, But How Much?
...0,000 b/d to come from former Upper Nile state. Prior to the conflict, production from Blocks 3 and 7 in the Upper Nile region was close to 200,000 b/d. But by late 2014 this had dropped to 140,000 b/d, and it plunged to just 117,000 b/d in 2Q 2018. If rehabilitation work in Upper Nile can be successfully ca...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
QP Triple Boost
...Qatar Petroleum’s Cyprus drilling success with Exxon (see above) was only the latest of three major international successes over the past week – four if you count the football. Qatar Petroleum’s international activities were put on the backburner amid institutional reshuffling from 2014 (ME...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Majors Plan Cautious Hike To 2019 Capex
...ILL LITTLE MORE THAN HALF 2014 LEVELS ($BN) EXXON, HAVING OVERTAKEN SHELL AS TOP SPENDER FOR 2018 PLANS THE BIGGEST BOOST TO SPENDING FOR 2019 ($BN) B=BUDGET. *SHELL GIVES $25-30BN RANGE FOR 2019, BP $15-16BN AND TOTAL $16-17BN. CHARTS ASSUME MIDPOINT OF RANGES. SHELL FIGURES IN...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Iraq Seeks To Reboot Northern Oil Sector
...chnically challenging development required (MEES, 8 February 2010). Sonangol declared force majeure in 2014 when Islamic State stormed the northern Nineveh Governorate and seized the two fields. It was already eying the exit, citing escalating sectarian violence in 2013 (MEES, 25 October 2013). Mr Lu...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iraq Drilling Hits 3-Year High, Abu Dhabi Sets New Record
...rrying about any commitments to Opec to limit output (see p9). However, Iraq’s rig count remains at little more than half of the record 96 seen in the first half of 2014 before Islamic State overran large swathes of the country. The UAE is another country where Total, in its 2017 results and 2018 ou...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iranian Oil Exports Hit Pre-Sanctions Levels As European Share Grows
...indled from 185,000 b/d in 2011 to a low-point of 104,000 b/d in 2014 and then stayed relatively flat at 111,000 b/d in 2015. 2016 saw a noticeable 24% gain to 138,000 b/d, but latest data to November implies volumes soared 75% to around 240,000 b/d in 2017. This would put Turkey as the fourth largest bu...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Egypt: Increased Gas Availability Boosts Petchems Producers
...stallations were not directly affected, instability deterred investment, as did the cash-strapped Islamist government of Muhammad Mursi’s inability to pay IOCs for their oil and gas production. Gas output collapsed from 6bn cfd in 2011 to 4.7bn cfd in 2014 and a 12-year low of 3.9bn cfd in H1 2016. At le...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Opec Steadies Production In January
...cember 2017), especially when pointing to the instability that has plagued output in recent years. Should either be accused of producing too much, they could argue that this would be to offset the risk of near-term drop-offs. January’s combined output of 2.82mn b/d was the highest since September 2014...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Major Threat For Opec With Offshore Exploration Boom
...hlumberger CEO Paal Kibsgaard told his 19 January earnings call. LONG TERM: DEEPWATER FOCUS Mexico’s latest bid round last week was by far the most successful since the country opened up its upstream to international investment in 2014. Total investment commitments were $93bn with 19 of 29 de...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Egypt Secures 2017 LNG Needs
...additional 12 cargoes put the total number of cargoes signed up since November at 117. TRADERS TO THE FORE Egypt’s state gas firm EGAS has launched a slew of LNG import tenders since 2014, with trading houses and large oil firms signing up to supply 301 LNG cargoes - including 245 cu...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
LNG: Australia Soars Past Qatar As #1 In East Asia
...ina for cargoes imported in December, the most recent month for which comprehensive data are available, averaged a fraction over $7/mn BTU, less than half 2014 levels. MORE AUSSIE LNG COMING With substantial additional Australian volumes now set to hit the market over the coming months the ex...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Opec Cuts 860,000 B/D Output, More Work Required
...ude is currently around $55.63/B, largely on a par with January’s $55.45/B and $10/B above where it stood on 29 November. Certainly, January’s cumulative cut was the largest fall since March 2014, when violence knocked off production in Iraq, Libya, Nigeria and Angola, and Saudi Arabia also cut back (ME...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Oil Markets: A Turn Away from Trade?
...wn to 1990s levels (MEES, 19 December 2014). Even with Opec cutting output in a landmark agreement at the end of 2016, it will not be enough to bring back the age of scarcity. Rather, the global oil markets look headed for tenuous balance, vulnerable as much to new supplies as new di...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
DNO Plans To Double Capex In 2016
...ile capex was nudging $300mn in 2014, it dropped to a miserly $50.7mn last year. Despite this, rising output from DNO’s KRG assets meant the company’s overall working interest production rose from 68,900 b/d to 88,400 b/d. However, spending cuts led to KRG production declining in the fourth quarter of th...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
South Sudan Attempts To Cut Sudan Oil Transit Payments
...om Upper Nile has continued, but at a diminished rate. Output in 2014 was around 160,000 b/d, but dropped to 155,000 b/d in the first quarter of 2015 and then to about 140,000 b/d in the final months of the year. After Brent, the European crude benchmark against which Dar Blend is priced, tumbled to ju...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
NOC Targets Belie Libya’s Continuing Divisions
...ditional 52,000 b/d in condensate. Nominal production capacity is 1.76mn b/d, but the last time the country achieved output of more than 1mn b/d was in mid-2013, although it came close in October 2014. Since peaking at around 620,000 b/d in March 2015, crude production has struggled to reach 40...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016