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Aramco Supplies US With Carbon-Offset Crude
...ble). The emissions were derived from a baseline assessment of operations between October 2022 and September 2023. The process was independently verified by London-headquartered LRQA. Aramco says that the offsetting is in accordance with PAS 2060:2014, which states that offsets compensate for gr...
Volume: 67Issue: 22Published at Fri, 31 May 2024 -
Energy Investment: Oil And Gas Bear The Brunt Of Unprecedented Cuts
...vestment, the sharp drop-off in investment could have profound ramifications down the line. Since the crisis struck, IOCs have sought to emphasize that they are in much better shape to handle this downturn than the previous oil price fall in 2014. That fall led to significant belt-tightening and ef...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Saudi Arabia Looks To Expand Iraq Footprint
...ntract, does not make sense” – adding that the Saudi media could have possibly misinterpreted the comments made my Mr Allawi. Nonetheless, Akkas remains a major bone of contention. Iraq’s oil ministry continues to urge Kogas to return to the field, where the Koreans declared force majeure in 2014 as Is...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Oil Investment Collapse Risks Future Shortfall-IEA
...pes out the modest increases in spending since the 2016 nadir, it leaves expected 2020 spending at a mere 42% of 2014’s peak outlay. And this is in nominal terms – in real terms the fall is much larger. *Unlike the 2015-16 spending slump, when the effect of capex cuts was mitigated by falling up...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Libya’s North Hamada: Development At Last?
...ree wells in 2014 which were all successful, leading the government to declare second commerciality for structures B, C and J. By this time, Nafusah Oil Operations was set up consisting of Medco (25%op), LIA (25%) and NOC (50%) to handle development. Development plans are based on 2P reserves of 245mn ba...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Algeria’s Touat: June Start Up, July Plateau
...mainder of 2019. The Karam field, where output began in late 2014, is the key producer on the Western Desert concession. Neptune says drilling of the ‘Karam-10’ development well is ongoing following “positive results” from last year’s Karam-9 well. Shell was the key winner of Western Desert acreage in re...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
China Imports: Saudi Cements Top Spot; Iran At 5-Year High Amid Overall Record
...ivers’. *China imported 787,000 b/d from Iran in April, the highest figure since April 2014 and only just shy of the 800,000 b/d figure indicated by Reuters ship tracking (MEES, 10 May). Reports indicate that Beijing took advantage of massively-discounted Iranian barrels to expand its strategic st...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Gulf Refiners Push 2.7Mn B/D Crude Processing Hike By End-2025
...udi Arabia which will lift the kingdom’s refining capacity to 3.3mn b/d. The refinery was originally due online in 2017 (MEES, 28 February 2014) and its planned late-2019 start up may yet slip into 2020 (MEES, 22 February). However, the project looks more likely to come online this year with Iraq’s pl...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Iraq Power Generation Hits New Heights Despite Stalled KRG Deal
...iginal intention of receiving gas feedstock from the nearby DNO-operated Summail gas field. Gas flows began in May 2014 (MEES, 12 September 2014) but didn’t last long, with DNO halting operations at the field in 2015 and relinquishing the license in 2016. Since the Summail flop, Duhok has been ru...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Jordan’s Nepco: An End To Operating Losses?
...Jordan (MEES, 8 August 2011). Volumes fell from 220mn cfd in 2010 (which nearly met domestic demand) to 78mn cfd the following year forcing Jordan to increasingly import diesel and fuel oil to generate power just as oil prices were exceeding $100/B. By 2014, Nepco was relying on oil products fo...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Egypt Doubles Down On Attempts To Reverse Gas Slump
...ese deepwater blocks were awarded to Egypt’s key gas producers BP and Eni (MEES, 3 October 2014). The new blocks are more or less enclosed by, to the west, the blocks that are set to form part of the BP/Dea West Nile Delta (WND) project, by BG’s key West Delta Deep Marine (WDDM) blocks to the so...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
LNG, Private Imports To Bridge The Gas Deficit
...ars under a deal signed in November last year (MEES, 7 November 2014), but Höegh LNG CEO Richard Tyrrell tells the firm’s 28 May Q1 conference call that “our general feeling is that [Egypt is] looking for long-term solutions.” “I think it is a project that people are really going to pay attention to be...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Algeria’s Upstream Investment: Running To Stand Still
...geria has set itself the goal of boosting gross hydrocarbon output to an annual 225mn tons of oil equivalent (toe) by 2019, up 12.5% on the 2014 figure of 200mn toe (see graph), according to the latest version of the country’s five-year energy plan published earlier this month by Algeria’s Ministry of En...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Iraq Seeks Chinese Funding For Crucial Water Injection Project
...ve to supply the foreign operators with more oil in the months ahead. It had already ramped up the volumes of crude to the IOCs since the middle of 2014, when oil prices began to fall, as the value of the barrel declined. Payments in kind to the foreign operators accounted for roughly 30% of total ex...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
DNO Reports New Tawke Production Record
...or Mor gas field increased marginally by 3.7% to 30,400 b/d of oil equivalent compared with 29,300 boe/d in the corresponding quarter of 2014, while LPG sales doubled year-on-year. The LPG plant is producing at near capacity having returned from suspension in July 2014 and sales have increased su...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Iran To Start Building Siraf Condensate Splitters, Targets Asia Petchems
...nstrained finances are unlikely to enable completion before 2017. NIORDC earlier began design work for the 120,000 b/d Pars splitter at Shiraz, but this has been put on the back burner along with five oil refineries with a combined capacity of 1.08mn b/d (MEES, 8 August 2014). While funding these pr...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Egypt P’chem Funding
...phtha. The company has also clinched a $500mn deal with General Electric, in which the US engineering giant will provide technology and an undisclosed amount of equity (MEES, 4 April 2014). While Tahrir dwarves many other Egyptian downstream projects, Carbon Holdings is also seeking smaller financing de...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
OPEC Set For Rollover, In More Ways Than One
...pped in the coming months in order to meet higher domestic demand and export commitments. Despite signs that Venezuela, which has been most hit by the collapse in oil prices since June 2014, is again trying to coordinate action with non-Opec Russia, no formal meeting is planned between Opec kingpin Sa...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Saudi Mosque Bombings Shatter Illusion Of Security
...blications criticizing Saudi Arabia and its participation in the Yemeni conflict while its leader released a speech on 14 May, his first since late 2014, claiming that Saudi rulers were “the slaves of the Crusaders and the allies of the Jews,” and had lost legitimacy to lead the Sunni people. IS ‘MORE RO...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
ENOC Moves Ahead With Offer To Absorb Dragon Oil
...later withdrew from the transaction. Petroceltic’s key production is in Egypt, while its key expansion project is in Algeria. Dragon said in its Annual Report for 2014 that it had ramped up its oil production to 92,000 b/d at the end of last year after a slow start to the year at its flagship Ch...
Volume: 58Issue: 22Published at Fri, 29 May 2015