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Zohr Almost There As Egypt Plots Further Gas Gains
...velopment. To that end it has managed to reduce the money it owes the Italians in receivables from a whopping $1.64bn at the end of the first half of 2014 to just $354mn at the end of June this year. Egypt has even managed to pay off completely, receivables which were considered overdue. “The overdue am...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Libya: Cautious Optimism With Output At 3-Year High
...Libya’s crude output hit 1mn b/d in July for the first time since 2014. IOCs hope for further gains – but continued instability means they aren’t banking on them. Most of the larger IOCs active in Libya continue to report headline production numbers ‘excluding Libya,’ even when, as has be...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
US Drilling: Schlumberger Chief Calls For Caution - Has He Got His Wish?
...the 40% upstream cost reductions achieved since 2013 to ‘stick’. But others are more skeptical. The IEA estimates that global upstream costs were 35% lower in 2016 than 2014 and that around half of these savings (50-55%) are “structural” rather than “cyclical” (45-50%). Of the 45% fall in US shale co...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Gulf NOCs Target IPOs, Other Routes To Foreign Funding
...n Salman (MbS) has estimated Aramco’s value at $2-3 trillion, implying that a 5% listing could raise $100-150bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014 (MEES, 11 November 2016). And it would appear that Aramco’s bold IPO plans have en...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
2016 Global Energy Investment: Electricity Powers Ahead
...wn 13% on 2015. • World number two, the USA, spent $268bn, 16% of the global total. US spending was sharply down on 2015 with cuts to upstream oil and gas spending ($81bn for 2016, down 40%) the key reason. US independents saw their upstream spend collapse from $125bn in 2014 to $39bn in 20...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017