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Chevron Looks To Smash Egypt’s Gas Price Ceiling
...i managed to break the price ceiling when in 2017 it secured a Brent crude-linked pricing formula for Zohr with prices rising to a ceiling price of $6.20/mn BTU when the crude benchmark is at or above $70/B. It drops to $4.30/mn BTU when Brent is at or below $40/B. The first project to secure th...
Volume: 67Issue: 23Published at Fri, 07 Jun 2024 -
Iraq’s Hoped-For Opec Quota Boost Slips Away
...ES, 10 March 2017). Even if Iraq were to succeed with this, it could backfire given that its current quota is based on state-wide production inclusive of Kurdistan, and so would be revised down in such a scenario. Last month, Oil Minister Hayan Abdulghani said that his country “was not allocated it...
Volume: 67Issue: 23Published at Fri, 07 Jun 2024 -
KRG Oil Sector In The Crosshairs As Baghdad Steps Up Legal Attacks
...ports around 100,000 b/d (MEES, 15 April) to Turkey’s Ceyhan Port via a KRG-controlled pipeline. Prior to being reclaimed by federal forces in 2017, the KRG took over most operations in Kirkuk for almost three years. On the dynamics of a potential arbitration between Baghdad and the IOCs, Shwan Zu...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Tehran & Baku Agree To Double Gas Swap
...lume agreed upon last year (MEES, 3 December 2021). Mr Owji also claims that his country could even “easily” increase the amount swapped to “three or four times.” The original deal announced on 29 November 2021 ended a five-year hiatus in Iranian imports of Turkmen gas. Iran in early 2017 an...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Egypt’s Zohr Struggles With Water Breakthrough
...er the years proved the rule more than the exception for fields in Egypt’s Mediterranean deepwater. ‘Exhibit A’ in this regard is BP’s $9bn West Nile Delta project. By the time the ‘Phase 3’ Raven field came online in April output from Phases 1 and 2 – which only started up in 2017 and 2019 re...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Iraq-Iran Oil Swaps: Less Than Meets The Eye
...der to consume the crude domestically. KIRKUK’S WASTED CAPACITY The deal was initially reached in December 2017 as a supposedly quick solution to shut-in Kirkuk crude, but security concerns in Diyala and Kirkuk provinces have been a constant impediment (MEES, 23 February). When Federal Ir...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Qatar Embargo One Year On: Anatomy Of Resistance
...One year on, Qatar has made no meaningful concessions to Saudi Arabia and its allies. Unimpeded oil and gas exports have enabled it to largely offset the disruption. The anniversary of the 5 June 2017 Qatar embargo summed up the entire situation in a nutshell. Qatari officials bizarrely cl...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Qatar Marks Embargo Anniversary With Exxon Tie-Up
...Doha has marked the 1st anniversary of the Saudi-led embargo with a high-profile Exxon hook-up. The move highlights the futility of efforts to isolate Qatar. After Saudi Arabia, UAE, Bahrain and Egypt imposed an economic embargo on Qatar on 5 June 2017 it swiftly became clear that Doha’s hy...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Qatar Shrugs Off Restrictions With Continued Oil, Gas Exports
...OVIDE 2017 BOOST (‘000 B/D, NET)… …WHILE QATAR SUPPLIES 82% OF TOTAL’S MIDDLE EASTERN** GAS PRODUCTION (MN CFD) *MEES PROJECTIONS.**EXCLUDES NORTH AFRICA SOURCE: TOTAL, MEES. TOTAL HEADACHE Cosmo has only a modest upstream presence in both countries, but the sa...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
UAE Gas Supplies: Qatar Dependence Remains Despite LNG Diversification
...eraged $7.7/mn BTU in Jan-April 2016, down from $12.97/mn BTU in Jan-April 2015. They averaged $8.03/mn BTU in Jan-April 2017, though have since eased (see chart, p7). LNG IMPORT CAPACITY… The UAE has two LNG import terminals. Dubai has had a 960mn cfd floating storage and regasification un...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Rig Count: Iraq Drilling Resurgent, Saudi Offshore Growth Slow To Materialize
...gs in Iraq (all are onshore oil rigs) hit a 17-month high of 51 in May. Drilling is still well down on 2014’s highs, but has been steadily increasing since the second half of 2016. How much further it will rise in 2017 is unclear as IOCs are still cautious on investment in Iraq. Shell has mo...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
KRG Struggles To Cope With Soaring Debt Payments
...tuation, whereby it has $575mn of bonds maturing in 2017. An 18 April coupon payment of $26.4mn was missed, despite the company having $69.5mn cash reserves on 12 April, the last date on which it reported the balance (MEES, 15 April). The company is in ongoing talks with stakeholders over restructuring its ba...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Total Sees Sunshine Amid Gulf Turbulence-Interview With CEO Patrick Pouyanne
...cluding Saudi Aramco, which is under pressure to cut costs. “What I observe is that there has not been a single big project announced in six months. The engineering companies are starting to worry. They already have projects locked up to 2017 so they don’t want to cut their charges. They are trying to re...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Algeria Ploughs On With Failed Policies
...ports, but we will also increase our capacity to supply the domestic market. If the market recovers and we get good value for our hydrocarbons then we are here to supply.” In a keynote speech delivered by Mr Demmak to the WGC on 2 June he said that Algeria “will be able to export 65 bcm in 2017 and th...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
Iraq’s Southern Exports Hit Record 2.6mn b/d But North Still Out
...velop the field in December 2009 under a 20-year technical services contract for a remuneration fee of $5.5/B. Gazprom Neft has estimated the investment required to take the field to its target plateau of 170,000 b/d by 2017 at $2bn. Iran, which has made development of shared fields with Iraq a top pr...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Iraq: Shell Steps On The Gas With Basra Project
...ird quarter of 2017, but few realistically expect this to be in place until 2018 at the earliest (MEES, 29 March). Given that most operators of Basra projects believe reaching plateau targets with responsible reservoir management is unachievable without the CSSP, it is surprising more of them have not fo...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
BP, Oman Pen 1Bn cfd Khazzan Tight Gas Deal
....” As well as the 1bn cfd of gas, the project is expected to produce 20,000 b/d of condensate. Project start-up though has slipped to the second half of 2017 at the earliest. BP has said it hopes to reach a final investment decision (FID) and declaration of commerciality before the end of th...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013