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Iraq’s Upstream Expansion Plans Recede Over The Horizon
...an revenues have collapsed regardless. And yet under Iraq’s technical service contracts payments to IOCs actually rose $1bn last year to $14bn. Payments to IOCs as a percentage of oil revenue soared from 15.5% in 2014 to 28.6% last year. And 2016 could be more bitter yet. Based on export revenues fo...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Egypt’s Debts To IOCs Soar Above $5bn
...ving each been owed $200-240mn at end-2012 the three firms have seen their fortunes diverge sharply. The two gas-focused companies saw their receivables soar in 2013 and 2014 and then fall in late 2015; their dues are now almost exactly in line with the end-2012 figures (see table). DIRECT MA...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Leviathan Advances
...e sure to face political opposition. The same is the case in Jordan, which in the face of parliamentary opposition (as well as the relative attractiveness of LNG at currently-depressed prices) has yet to firm up a September 2014 MoU to import 45 bcm of leviathan gas over 15 years. ...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Algeria Plans For Lower Revenue By Slashing Upstream Investment
...vestment to $73bn (officially “more than $73bn”) for 2016-20, down from $90bn for 2015-19, which in itself was down from its $100bn 2014-18 plans (MEES, 11 July 2014). While Sonatrach managed to spin last year’s cuts as a maintenance of its investment plans combined with a stronger dollar and falling co...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Saudi Asian Market Share Under Threat: Mees Data Analysis
...0 B/D): RUSSIA TOPS SAUDI AS leading SUPPLIER IN FOUR OF LAST SIX MONTHS. IS THIS A PERMANENT SHIFT? FOR SOUTH KOREA SAUDI ARABIA HAS HAD ITS SHARE SQUEEZED BY IRAQ (UP 220,000 B/D SINCE 2014) AND IRAN (UP 120,000 B/D) FOR TAIWAN KUWAIT MADE SERIOUS INROADS INTO THE SAUDI MA...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
GE Backs Saudi Vision 2030 In $3bn Investment Program With SAIIC
...vestments Company (SAIIC) – established in 2014 by Saudi Arabia’s Public Investment Fund (PIF, 50%), Saudi Aramco (25%) and petchems firm Sabic (25%) to advance industrialization in Saudi Arabia – has signed a memorandum of understanding with US industrial giant General Electric to develop and localize in...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
IMF $5.4bn Loan To Iraq Offers Relief For IOCs
...eling by the plunge in oil prices since mid-2014. Oil sales constitute more than 90% of government revenue and in 2014 amounted to $84.3bn from production of 3.3mn b/d. Yet despite output surging to 3.98mn b/d last year, the largest rise in Opec, oil takings collapsed to just 42.7mn b/d (see chart, p2...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
KRG Hit By Economic Strains And Falling Output At Key Field
...st 72,000 b/d. Taq Taq remains a key export field for the KRG, the largest producer after just Tawke and output from “Khurmala” – a grouping operated by Kurdish firm KAR that includes fields in federal Iraq taken over by the KRG in 2014. Its poor performance is therefore a significant blow to the re...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Algeria Maintains 2015-2019 Production Plan, Keeps Quiet On Shale
...ternational Petroleum Investment Company. This was due to poor returns, MEES understands (MEES, 6 March). Even with the two new fields Algeria will struggle to keep output level with 2014’s 1.15mn b/d. Production last year received a boost from the ramp-up of output at the Anadarko-operated El Merk pr...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Wintershall Exits Qatar Gas Block
...d Austria’s OMV signed a Technical Evaluation Agreement with the Abu Dhabi National Oil Company (Adnoc) to evaluate the potential of the Shuweihat sour gas and condensate field. A first appraisal well was drilled in March 2014. Wintershall will take over the long-term exploration and development of th...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
BP Steps Up Egypt Commitment But IOC Receivables Climb Again
...ndon’s approval. The fear is that the North Sea fields could be shut in by possible future EU sanctions against Russia following the conflict in Ukraine which began in 2014. It is rumoured that L1 is not happy with the price it could receive for its North Sea assets. This could mean the firm will fall sh...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Receivables Up 4% But Fortunes Vary
...ross a number of opportunities in Egypt that we’re now screening and going through due diligence on. So those things have moved more onto the front burner for us,” CEO Ross Clarkson says. Kuwait Energy went even better. In its Consolidated Financial Statements for 2014, released 14 May, it says that “su...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
GKP Not Stirring On 36,000 B/D Shaikan 2015 Target
...IRAQ Gulf Keystone Petroleum (GKP) is producing 40,000 b/d from the Shaikan field in Iraq’s Kurdistan region, the maximum capacity attained at the end of 2014. The company, which has struggled to sustain its Kurdistan operation due to the delay in receiving payment for exports via Turkey, sa...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Sonatrach Revises Algeria Petchems Strategy, But Feedstock Issues Remain
...6mn t/y ethane-fed ethylene derivatives complex and a 3mn t/y plastics/elastomers complex with a naphtha-fed cracker (MEES, 19 December 2014). The polyolefins plant as now envisaged will process ethane, LPG and naphtha to produce high-density polyethylene (HDPE), low-density polyethylene (LDPE), li...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Egypt Seeks Funding For Coal Plant, Officially Inaugurates 2GW Of Capacity
...d supply system is a politically sensitive topic. On May 19 Prime Minister Ibrahim Mahlab and Minister of Electricity Muhammad Shakir inaugurated the 750MW Banha power plant near Cairo. However, two 250MW gas-fired turbines were completed in open-cycle mode in 2014, with the subsequent addition of...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Jordan Taps Arab Fund For Power Expansion
...ojects. Last year the World Bank lent Jordan $221mn for a 117MW wind farm at Tafila, while the EBRD lent $25mn for a 24MW solar PV project at Ma’an (MEES, 24 October 2014)....
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Saudi Arabia Crude Production And Exports Hit Record Highs (‘000 B/D)
...0 B/D) Mar-15 vsFeb-15 vsMar-14 Feb-15 Jan-15 1Q15 vs4Q14 vs1Q14 2014 2013 20...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
South Sudan: Remaining Oil Output Under Threat
...e responsible for the entirety of South Sudan’s current oil output, following the shut-down of output from the country’s only other producing region, Unity state, in January 2014 (see table). With round after round of peace talks mediated by the eight-nation Intergovernmental Authority on De...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Companies Scale Back Libya Expectations
...rst quarter results statement on 28 April, although it has not decided to write down the value of the assets. The move was part of a $1.1bn impairment that also included the company’s producing assets in Yemen. Total’s production in Libya dropped to an average of 27,000 boe/d in 2014, its lowest level si...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Chinese State Firm Secures Abu Dhabi Field Contract
...ina National Petroleum Corp (CNPC), which is bidding for a stake in the new Adco concession, the largest producing asset in the Opec member state. The former Adco concession, in which Total, ExxonMobil, BP and Shell held 9.5% stakes, expired at the start of 2014 and the Abu Dhabi National Oil Company (Ad...
Volume: 58Issue: 21Published at Fri, 22 May 2015