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Egypt Bags Exxon As Shell Steps Up Commitment
...ill down on 2016’s 588mn cfd. Aside from WDDM, Shell eyes development of BG’s 2012 Harmattan Deep discovery in the shallow water just north of Damietta. Previous BG development plans were shelved amid a pricing dispute (MEES, 1 August 2014). Now Mr Hanter says “We have had very constructive di...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Upstream Investment: Is ‘More For Less’ The New Normal?
...euillac] and his team.” Whilst Total’s capex fell by 35% between 2014’s $26bn and the planned $16-17bn figure for 2019, gains in purchasing power have largely made up for this. “$1 of capex this year, is not [equivalent to] $1 that we spent five years ago… With $1 of capex [today] I can make 30-40% mo...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Heavy Outages Weigh On Seemingly Well-Supplied Market
...kely fall below Algeria at some point in the coming months. Prior to the oil price collapse in late 2014 Venezuela was producing around 2.4mn b/d, but now even positive scenarios have output of its heavy crudes falling below 1mn b/d during 2019. Not only is the US, increasingly strident in seeking to ov...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
IOCs ‘Exclude’ Libya From 2019 Plans
...serves on its Murzuq basin acreage (MEES, 31 January 2014), however, of the six wells planned for 2014 only three were drilled before worsening security saw the canning of not only these three wells but also six further wells slated for 2015 (MEES, 13 March 2015). No wells have been drilled since. Re...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Iraq’s Contentious Politicking Stymies Critical Electricity Ministry Reform
...mpany’s (BGC: South Gas Company 51%, Shell 44%, Mitsubishi 5%) progress on the gas front will help ameliorate fuel supply concerns. Power shortages had long been a perennial problem for Iraq. And then, as Mr Khatteeb notes, the Islamic State insurgency took another 4.5GW off the grid from 2014. Stalled pr...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
‘We Have Very Little Time’: MEES Sits Down With Iraq’s Electricity Minister
...eld in western Iraq where the company [Korea’s Kogas] declared force majeure (MEES, 20 June 2014). The last thing we want to do is build a power station with no fuel supply. Another delayed project in Salahuddin held back 1.2GW. All these projects require about 18 months to complete, and would th...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
IMF Slams GCC
...d have yet to “fully recover” from the 2014 slump in oil prices. Average public debt for Mena oil exporters soared from 13% of GDP in 2013 to 33% for 2018; for oil importers the figure is 85%, Ms Lagarde says. “Fiscal deficits are only slowly declining despite significant reforms on both the sp...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019