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Egypt’s Western Desert Output Hit By Rig Delays As Gas Drilling Shunned
...the lag between handing over produced volumes to the state firm and EGPC paying for them. And though total receivables remain a far cry from the $6bn-plus figure that EGPC owed in 2013 and 2014, latest corporate filings show that dues are again edging higher – perhaps not surprisingly given Eg...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Russia’s Stroytransgaz Bags Iraq E&P Deal
...-year contract this week to explore and produce oil and gas in western Iraq’s Block 17, a ministry statement confirms. The deal requires approval from the ministerial council, and given American sanctions on the firm due to its involvement in Russia’s 2014 annexation of Crimea, it could spark fierce US op...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Iraq Sets New Oil Output Record As Jordan Exports Start
...lamic State (IS) insurgency in 2014-16, whilst Baghdad has also tested the upper limits of its export infrastructure. Since peaking at a whopping 3.63mn b/d in December (MEES, 4 January), Iraqi southern exports have averaged 3.43mn b/d throughout the first eight months of this year – less than 30...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Algeria’s Gas Projects: Playing Catch-Up
...ntracts worth a combined AD53bn ($440mn) to local firms Cosider and ENGTP late last year to develop six fields around the periphery of the 4.4bcm/y-capacity Gassi Touil development, which came online in 2014. Cosider’s AD21bn contract will see it drill 25 wells and send raw gas output of 7mn m³/day (ar...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Oman Eyes Exciting Oil Potential As Production Limits Ease
...erage 550,000 b/d production. In 2014 PDO implemented a five-year plan to hit 600,000 b/d in 2019 which the firm surpassed ahead of schedule in 2016 (MEES, 24 June 2016). Crucially, the state firm has managed to whittle natural decline down to an annual figure of less than 5% and is now seeing ex...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Iraq Crude Exports Smash Record As Protests Grip Basra
...hieved thanks to higher oil prices – benchmark Basra Light was up 38% year-on-year over the first half of the year – accompanying the record export levels. The $7.73bn that Iraq earned in August was the highest sum since July 2014’s $7.74bn. This is a major threshold for Iraq given that July 2014 was the la...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
DNO Injects Fresh Momentum Into KRG Oil Sector With Acquisition
...jority city of Mosul. ExxonMobil suspended operations at the block on 7 August 2014, before force majeure was then imposed. Documents released by WikiLeaks show that ExxonMobil and TEC put estimated oil in place at 580mn barrels. Should Baeshiqa prove commercially viable, it ought to be a simple ma...
Volume: 60Issue: 36Published at Fri, 08 Sep 2017 -
Oman Maintains Upstream Spending Despite Revenue Collapse
...rst half of the year was 99.6% of the same period last year, when annual expenditure was only marginally down on 2014’s record OR5.19bn ($13.5bn at a fixed OR1=$2.597). In fact, state capital expenditure (capex) in the first half of the year is up 13% year-on-year against 2015 at $1.53bn, though op...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Eni 30tcf Egypt Gas Find A Game-Changer For East Med Energy Market
...the year, after Antitrust Authority Commissioner David Gilo ruled in December 2014 that the two firms had formed a monopoly offshore Israel (MEES, 27 February). This ruling would have forced Noble and Delek to divest their interests in either Leviathan or Tamar, but the government stepped in an...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Shell Seeks Shale Gas Price Hike
...th Egypt to drill the first horizontal wells into shale rock on the Western Desert’s Northeast Abu al-Gharadig block (MEES, 19 December 2014). The gas price agreed with both firms is $5.45/mn BTU, but Shell is now believed to be renegotiating the price. The budget for the joint operation to drill ho...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Oman: Oil Price Revival Key To Sustaining Record 1mn b/d Output
.../B for August, down from an average of $57.07/B for the first half of 2015, $96.95/B for 2014, and $105.47 for 2013. The undersecretary’s estimates roughly align with those made by Managing Director of Petroleum Development Oman (PDO) Raoul Restucci earlier this year: around $8/B for primary oil re...
Volume: 58Issue: 36Published at Fri, 04 Sep 2015 -
Egypt Bid Round Yields First Results
...s awarded Canadian independent TransGlobe the North West Sitra concession, the company announced, with US firm Apache reportedly also winning the rights to two blocks. “It is anticipated that the ratification approval process of the new concession could be completed by late 2014,” TransGlobe said in...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Sonatrach Discoveries
...ALGERIA Sonatrach Discoveries Algerian state oil and gas giant Sonatrach says it made 18 “hydrocarbon discoveries” during the first eight months of 2014, including 13 during the first six months. Of these 13, seven were largely oil and six gas. The bulk of finds were in...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Leviathan Development Gathers Pace As Partners Sign Third Sales Deal
...serves, 6.6tcf Is Earmarked For Phase 1 Development. ^Tender Closes November 2014. Tamar: 2bn Cfd By 2017 At Tamar, Noble’s other key Israeli offshore field, Noble says it will double capacity to 2bn cfd by the end of 2017. Indeed debottlenecking recently raised Tamar’s capacity by 10% to 1.1bn cf...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Oman Taps Shell For 30,000 b/d Crude Output Boost
...id at last week’s launch of the annual Oil and Gas Year Oman 2014 energy report. “We need to understand the time-frame [and] cost. It is not going to be cheap, and will be dominated by a lot of drilling activities.” The undersecretary put current PDO crude output at 570,000 b/d – level with its av...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Imports of Iranian Oil Stay High Ahead Of September Talks
...e first seven months of 2014 versus the same period last year, as Indian refiners managed to overcome most of the sanctions-related insurance and re-insurance issues they faced in 2013. State-refiner Mangalore Refinery and Petrochemical Ltd (MRPL) and Essar Oil are currently the only two regular In...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Lebanon Bid Round: More Delays Likely
...agreement among Lebanon’s factions to form a new government – empowered to sign the oil and gas decrees – the licensing round will likely be pushed well into 2014. ...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
India Turns To Iranian Oil For Economic Relief
...an). In a letter to the Indian Prime Minister Manmohan Singh earlier this month, India’s Minister of Oil Veerappa Moily suggested the country could save up to $8.5bn in foreign exchange over the current April 2013-March 2014 fiscal year if it increases its reliance on Iranian oil, for which it is able to...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013