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Oman State Upstream Firm Targets 2025 Growth Via Acquisitions & Upgrades
...sat oil field in 2017 and its ramp up through the construction of the Bisat A, B, and C crude processing facilities. OQEP is now expanding the Bisat C facility to take overall crude processing capacity from 60,000 b/d to 65,000 b/d with the expanded capacity to be ”commissioned in Q3 2025.” Last ye...
Volume: 68Issue: 11Published at Fri, 14 Mar 2025 -
Egypt Eyes Takers For Undeveloped Offshore Gas Finds
...e UK major in November 2022. It was followed up in 2017 with the Salamat West discovery, which also lies in the on-offer block. Salamat, like Satis, is an Oligocene discovery, and drilled to a total depth of 6,881ms in water depth of 650ms. EUG pegs the Salamat block’s gas in place at 3....
Volume: 68Issue: 11Published at Fri, 14 Mar 2025 -
Egypt Drilling: Orion Flops As Shell Kicks Off Six-Well WDDM Campaign
...hr’s December 2017 start-up, Cairo is pushing Chevron to fast-track development at Nargis in a bid to engineer a rebound (MEES, 19 January). But with Chevron yet to file a development plan, first gas here is unlikely before 2026. As such any near-term gains to Egypt’s overall output will be reliant on cu...
Volume: 67Issue: 11Published at Fri, 15 Mar 2024 -
Iran Awards Key $20bn South Pars Gas Contracts
...ded in 2017 following extensive reservoir studies to determine the optimal development rate. Iranian media has frequently carried concerns that rapid development of Qatar’s portion of the field could result in migration of gas across the boundary. Iran’s planned program is intended to reverse fa...
Volume: 67Issue: 11Published at Fri, 15 Mar 2024 -
Eni & BP Plan 2023 Gas Wildcat On Oman’s Block 77
...5bn cfd Block 61 (BP 40%, OQ 30%, PTTEP 20%, Petronas 10%) tight gas development. BP’s successes on Block 61 sparked renewed IOC interest in Oman’s upstream. The 1bn cfd Khazzan development came online in 2017, followed in 2020 by a second 500mn cfd phase known as Ghazeer. Eni and BP first si...
Volume: 66Issue: 11Published at Fri, 17 Mar 2023 -
Egypt Sees Wildcat Drilling Slump
...this, some 5.05bn cfd, coming from the Mediterranean offshore (MEES, 4 March). The key developments that have boosted output to record levels are Eni’s 21.5tcf Zohr field which came online in late 2017 and BP’s West Nile Delta (WND) which started up in phases from 2017. But typical high de...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Saudi Arabia Throws Down Gauntlet With Aggressive Expansion Targets
...rrels at the end of 2019 according to the most recent Jodi statistics (MEES, 21 February). This is a sizeable stockpile, but it is the lowest since 2013 and is less than half the record 329.5mn barrels that was reached in October 2015. Despite its stated aim since the start of Opec+ cuts in January 2017...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Egypt Upstream Spending Slashed With Oil Price ‘Disaster’
...w several go bust (MEES, 3 February 2017). With Brent prices having collapsed from $67/B at the start of 2020 to barely half this as MEES went to press, many smaller producers are slashing all but essential spending in a bid to keep their heads above water. One such firm is Canada’s Tr...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Egypt Launches Red Sea Bidding
...udi minister says Riyadh will intensify Red Sea gas exploration over the next two years (MEES, 8 March). In a bid to attract companies to the acreage Cairo signed a $750mn deal in December 2017 with Norway’s TGS and Houston-based oilfield services firm Schlumberger which included 2D seismic data ov...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Egypt: ‘Steep Decline’ At BP’s Key WND Gas Project
...ticipated decline,” 17.25% partner Dea acknowledges in its Q4 results, released 7 March. Output from the two Phase-1 fields, Taurus and Libra, began in late March 2017, with operator BP (82.75%) saying just over a month later that production had hit 700mn cfd (MEES, 12 May 2017). BP added at the time th...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Shell Boosts Egypt Gas Output, Retains LNG Force Majeure
...Anglo-Dutch major Shell’s Egyptian net gas output hit a four-year high 407.5mn cfd in 2018, up 21% from 2017’s 335.4mn cfd. But output remains less than half of 2012 levels with offshore fields formerly operated by BG (taken over by Shell at the start of 2016) responsible for the bulk of the co...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Algeria: Key Ain Tsila Gas Project Advances With Petrofac Awarded $1bn EPC Contract
...). Algeria’s gas output fell to around 92bcm for 2018 from 94.5bcm for 2017 and 2016’s record 94.8bcm despite the start up of the key Reggane (December 2017, 2.9bcm/y) and Timimoun (February 2018. 1.8bcm/y) fields. Ain Tsila is located around 1,100km southeast of Algiers, 70km south of Total’s 3b...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
QP Expands Eni Partnership With Morocco, Mozambique Deals
...pansion continued apace this week with two big agreements with Eni for assets offshore Mozambique and Morocco. QP CEO Saad al-Kaabi pledged in December 2017 to transform the firm beyond recognition through a major international expansion (MEES, 8 December 2017) and the firm has since snapped up a series of...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
KRG-Focused Firms Continue Production Push
...rathon’s 15% stake) planning to spend $137mn this year, Atrush could exit the year at more than double its 2017 average. The firms are also planning to test a couple of already-drilled wells in addition to drilling three new ones over the course of the year targeting a heavier column of 14-22°API oil – al...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Eni Swoops For Abu Dhabi Offshore, Sells Mubadala 10% Of Egypt’s Zohr
...abi state investment firm Mubadala for $934mn. At current production rates, Eni ought to secure around 49,000 b/d net annual production from the two concessions (37,000 b/d for 2017 given its entry from March), rising to 69,000 b/d once the assets reach Adnoc’s planned production targets. Eni pa...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iran Makes Russian Breakthrough But Faces Increasingly Heavy Problem
...gning up Total and CNPC to South Pars Phase 11 in June 2017. Russian state firm Zarubezhneft signed a contract to develop two oil fields – 30,000 b/d West Paydar and 6,000 b/d Aban – and will be partnered by domestic firm Dana Energy (an 80:20 split). The Iran oil ministry’s Shana news agency re...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Libya Oil Gains Go Into Reverse
...rf offshore field, which “continued without interruption,” it said. The events prove IOCs are right to be cautious on Libya (MEES, 3 March). ConocoPhillips excluded the territory from its Q4 2016 results release, published on 2 February, and discounted it from its 2017 production guidance. In its Q4...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Keystone Cops It From KRG Revenue Collapse
...ntinue as a going concern,” it says. The company faces a struggle to rustle up the cash for two $26mn payments to bond holders due in April and October. Along with bond maturities in 2017, the firm has “almost $600mn to settle in about a year from now.” Current cash reserves are $50.6mn. The need to...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Iran Beats The Odds With 20% Gas Output Hike
...veloping Iran’s gas sector, and almost doubling the country’s output from around 165 bcm/year twelve months ago to 330 bcm/y by 2017. The plan, unveiled last year, has earmarked $21bn for new gas processing capacity, $34bn for upgrading domestic pipeline infrastructure, $3.5bn to extend the di...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
KRG Keeps The Faith With Baghdad But Cash Still Short
...a $250mn bond issue due to mature in 2017 to agree to certain amendments to the notes, as it anticipates a fall in the Book Equity Ratio as a result of the planned impairment charge for Akri Bijeel, which it no longer considers a core asset. The UK-listed company remains in negotiation with a number of...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015