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BP Seeks To Build On Historic Middle East Foundations In ‘Return To Upstream’ Strategy
...ream. BP returned to the remodeled concession in December 2016, after the original concession agreement expired in 2014, and the current agreement runs until end-2054. Return to Adco lifted BP’s net Abu Dhabi output to a record 257,000 b/d in 2017, but after the offshore Adma concession expired at the en...
Volume: 68Issue: 12Published at Fri, 21 Mar 2025 -
Key Russian Investor Takes Over Syria Producer Gulfsands
...ate firm Sinochem holding the other half, the block has de facto been operated by Syrian state firm General Petroleum Corporation (GPC) since its restart in 2014. This restart came via a deal with the local Kurdish authorities who receive part of the revenues. Gulfsands does not receive royalties from on...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Shell Recommits To Egypt With Plans To Double Offshore Output
...ute domestic gas shortage, Cairo in 2013 begun diverting increased volumes of WDDM output to the domestic market. This left next to no gas for BG to export. BG declared force majeure on LNG sales in early 2014, writing off over $1bn in revenue for 2013 (MEES, 31 January 2013). It exported just one LNG ca...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Majors In The Middle East: 2016, A Year Of Consolidation
...on. TOTAL: GULF OUTPUT TO RISE Total’s pursuit of low cost barrels has seen it increase its presence in the Gulf states in recent years. Regional output fell in 2014 when Abu Dhabi was reshaping its onshore Adco concession, but got back on track in 2015 when Total became the first legacy partner to...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Total: Adco Boosts Oil Output But Gas Lower On Yemen conflict
...s net UAE output rising from 115,000 b/d in 2014 to 274,000 b/d in 2015. This 159,000 b/d increment equates to 78% of the firm’s overall output gains. Even more indicative of the importance of Adco is that for 2014 – between the end-2013 expiry of the previous concession and Total taking the renewed st...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Majors Have Another Year To Forget In The Middle East
...oduction for ExxonMobil in 2014, overtaking the Middle East. The gap widened further last year (see graph 4). Production growth from the UAE’s offshore Upper Zakum field led incremental overall regional growth of 18,000 b/d, to 398,000 b/d, well down on 2013’s 545,000 b/d. However, both the US and Middle Ea...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Gulfsands Struggles For Cash As Syria Return Recedes
...ing forward, the requirement for working capital funding is immediate and discussions with major shareholders are underway urgently to that effect,” Gulfsands says. … VITOL CALLS IN $11MN LOAN The firm thought that it had secured a financial lifeline through a November 2014 strategic pa...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Dubai: $20Bn Debt Rollover
...owth in the UAE is expected to remain firm at 4.5% in 2014, according to the IMF (MEES, 7 February). Abu Dhabi, the richest among the seven emirates in the federation, has the financial resources and liquidity to bail out Dubai. Prior to the 2009 crisis, Dubai took out more than $100bn in lo...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014