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BP Back At Iraq’s Kirkuk
...der the auspices of a 2013 MoU which was disrupted by Islamic State’s 2014 takeover of much of northern Iraq, with the major restarting work in 2018. BP says the scope of the new MoU encompasses rehabilitation of existing facilities, construction of new facilities including gas expansion projects, an...
Volume: 67Issue: 31Published at Fri, 02 Aug 2024 -
Libya Exploration Looking Up As Eni & BP Lift Force Majeure
...11. It again planned to kick off drilling in 2012 before instability picked up (MEES, 4 June 2012). BP declared force majeure in 2014, and in 2015 wrote off the $598mn it had spent up till then on “exploration and other costs in Libya” (MEES, 31 July 2015). Eni in 2018 agreed to take over as op...
Volume: 66Issue: 31Published at Fri, 04 Aug 2023 -
Softening Oil Sector Puts Brakes On Saudi Growth
...in Q2 according to preliminary government figures, to 5.5% from Q1’s 5.4%. It has now notched up five consecutive quarters above 5% for the first time since 2014. However, given the extent to which the economy is dominated by the oil and gas sector – which is itself undergoing an extensive ca...
Volume: 66Issue: 31Published at Fri, 04 Aug 2023 -
Iran’s Energy Sector: Lots Of Bluster But Limited Progress
...at under the Gazprom MoU, “it was decided...to jointly implement a project to supply gas to Oman and Pakistan.” This is a reference to two gas export pipeline projects that have long been planned by Iran but which have gone nowhere. For Oman, a deal was inked in 2014 for Iran to export up to 10 bc...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
Qatar Export Revenues Soar Amid Tight LNG Market
...port revenues of $63.1bn – and ought to overtake 2021 full-year figures of $73.56bn during the current quarter. For 2022 as a whole a figure close to 2014’s $113bn hydrocarbon exports is on the cards. The eight-year high export figures pushed Qatar’s trade surplus up to $47.6bn over the first half of...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
Algeria: Key Oil Fields At 20-Year Low
...eld operated by Spain’s Cepsa. From a peak of 470,000 b/d in 2007 and 384,000 b/d for 2014, the first full year of El Merk output, production has been in near continuous decline since, falling to just 220,000 b/d for 2020 and 175,000 b/d for the first half of 2021, according to MEES number-crunching ba...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Qatar Export Revenues Soar To Highest Level Since 2018
...bn+/quarter days of 2014 when oil prices were around $100/B. While those prices remain a long way off, Qatar is investing heavily in a bid to boost export revenues substantially. Qatar earlier this year took FID on the four-train $28.75bn North Field East (NFE) expansion project which is slated to in...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Saudi Arabia, Kuwait Discuss Neutral Zone Ramp Up
...proximately half the level from before its 2014-shut down. PNZ production also comes from the onshore Wafra Joint Operations (WJO), where Chevron represents Saudi Arabia alongside KGOC. Chevron’s net output in both quarters this year was 57,000 b/d, implying gross output of 114,000 b/d. This puts to...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Egypt’s Key Oil Producers See Output Slump
...ill.” In particular the firm is eying “stratigraphic targets” similar to the 2014 Ptah and Berenice discoveries (see map) which have been central to how Apache has since viewed the region’s geology. “We’ve got some wells we’re pretty excited to drill. The nice thing about those is they’re vertical, on...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
China’s CNOOC Enters Key Abu Dhabi Concessions
...ES. CHINA’S GROWING PRESENCE IN UAE UPSTREAM CHINESE EXPANSION China is a key buyer of Emirati crude, ranking as the UAE’s fifth largest client last year. But Chinese firms were absent from the country’s upstream until CNPC dipped its toe into the waters in 2014 with the es...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Neutral Zone’s Wafra: Exports Restart
...spended since 2014 (MEES, 29 May 2015). Saudi Arabia and Kuwait have long had disagreements over PNZ-management, with Kuwait especially disgruntled that Chevron represents Saudi Arabia at Wafra. Despite their disagreements, Saudi Arabia and Kuwait reached an agreement to restart PNZ output in December 20...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Audit For Libya’s Central Banks
...the Libyan financial system and creating the conditions for the eventual unification of the Central Bank of Libya (CBL),” says UNSMIL. Libya has effectively had two central banks since 2014 when a political crisis split the country into two rival eastern and western administrations. In the me...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Iraq Crude Exports Edge Up In July
...opping 40% of oil revenues. Having posted seven consecutive quarters averaging $6bn/month oil export revenues (which per annum works out to at least $72bn), it is fair to say that Iraq has escaped the 2014-2017 mess of low prices and low revenues. The challenge now is even bigger: how does Iraq tr...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
QP Expands Overseas
...nce 2014), South Africa (MEES, 8 February), and, above all, in Qatar, where Total has 30% of the 300,000 b/d Al Shaheen field. And it’s not just upstream. Last month QP signed an $8bn US Gulf petchems tie-up with ConocoPhillips (MEES, 19 July). Following the latest deal, which awaits Guyana’s re...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Now Or Never For Leviathan As Partners Re-Float LNG Plans
...d Belgium’s Exmar to provide a Front-End Engineering and Design (FEED) study for the construction of an FLNG facility for Leviathan. This is not the first time that the partners have attempted to promote FLNG as part of Leviathan’s development. In 2014 Australia’s Woodside pulled out of a $2bn de...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Israel Awards 12 Blocks
...though that is due to be completely sold off by 2021 as part of another antitrust ruling from 2014 (MEES, 2 January 2015). Edison early this year said it was relinquishing Royee but later committed to drilling the block by September as part of a deal with 70% partner Ratio, which would in turn take 15...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
China Takes Record Saudi Crude As Iran Volumes Fall To 9-Year Low
...cord 5.61mn b/d from Opec and a record 4.27mn b/d from the Middle East. That said the Mideast share, at 43.2% of total 1H 2019 imports, is well down on the annual peak of 52% hit in 2014. China remains vulnerable to any disruption in the Straits of Hormuz, but much less so than Japan which sourced a wh...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Tunisia At The Crossroads
...2014. Mr Essebsi won Tunisia’s first free presidential election and his Nidaa Tounes party took the most seats in the legislative elections. Nidaa Tounes formed a coalition with the Ennahda party (alongside two others) which sought to tackle deep socioeconomic challenges. In 2016, the co...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Iraq Takes On Mansuriya
...nders in early 2014 (MEES, 28 February 2014), whilst later that year Islamic State attacks across Diyala province forced TPAO to halt operations (MEES, 10 October 2014). Despite a relatively high remuneration fee of $7/boe in the technical service contract, the stakeholders fell out with Baghdad ov...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Egypt Goes West And Digs Deep In Quest For Oil Output Boost
...creases in Apache’s Western Desert output have come from the 2014 Ptah and Berenice discoveries on the Shushan and Faghur basins respectively, which were hailed as the firm’s largest finds in Egypt in 13 years (MEES, 3 April 2015 ). The fields now produce around 30,000 b/d. Italy’s Eni, on the back of...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018