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Egypt’s Cheiron: FID For 150mn Cfd West El Burullus
...e ‘East Alexandria’ block which was put on offer last month in a bid round launched by state gas firm Egas (MEES, 6 January). Cheiron purchased West El Burullus from Engie in 2017 (MEES, 19 May 2017), with the French firm the previous year having taken FID on the stand-alone development of the WE...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
OMV’s Upstream Focus Drifts East
...only began producing there in the second half of 2018 when the Sarb & Umm Lulu concession began production. But the firm’s links to the UAE are deep and go back much further than this. Abu Dhabi state investor Mubadala took compatriot’s IPIC 24.9% stake in OMV after the two funds merged in 2017 – IP...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Kuwait’s KPC Suffers Steep Budget Cuts
...e third GCC member of Opec is on an altogether different path. Kuwait’s production capacity has been shrinking in recent years. State firm KOC, which is responsible for the bulk of Kuwait’s upstream operations, saw capacity decline from 3.15mn b/d for 2017/18 to 2.63mn b/d in 2020/21 (financial ye...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Kuwait Plans ‘Extraordinary’ $87bn Budget For 2023-24
...6.83bn ($22.5bn). Still, absent a huge oil price shock, Kuwait still looks set to generate a sizable deficit next year. Financing the deficit will remain a challenge for Kuwait, which has been unable to raise debt since 2017 as parliament has repeatedly blocked a new debt law. TAPPING STATE EN...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023