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Aramco Ups LNG Stake
...e facility since 2014. Overall, Shell supplied 67mn tons of LNG to buyers in 2023, making it the largest IOC portfolio player. INCREASED LNG EXPOSURE The transaction further strengthens MidOcean and Aramco’s position in the global LNG market, says MidOcean, adding that it “will pr...
Volume: 67Issue: 38Published at Fri, 20 Sep 2024 -
Kuwait Starts Up Key Northern Oil Facility
...thering center in the north of the emirate. GC-31 is one of three gathering centers for which contracts worth $2.3bn were awarded in 2014 (MEES, 11 July 2014). All were initially slated to come online in late 2017, but were delayed. The first two, GC-29 and GC-30 were brought online in 2018, but GC-31’s co...
Volume: 64Issue: 38Published at Fri, 24 Sep 2021 -
Sunny Hill Quits Egypt
...bstantially worse with the 2H 2014 oil price crash. The firm effectively went bust and was taken over by its key bondholder Worldview Capital in early 2016 (MEES, 8 April 2016). Worldview subsequently adopted one of the toughest stances on EGPC receivables of all IOCs in the country. It halted all but es...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Egypt Takes Oil Target In-House As Production Plumbs 40-Year Low
...gust). Indeed, for many, investment has never recovered from the oil price slump in the second half of 2014. For other key global oil provinces, not least the Middle East, the late-2014 oil price slump came on the back of years of plenty. But firms in Egypt had by early 2014 already endured three years of...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Iraq: Soaring Domestic Oil Demand Will Test Next Government
...cords. Prior to the IS advances, Iraq’s products consumption averaged 521,000 b/d in the first half of 2014 before slumping to 429,000 b/d for 1H 2015 – a direct result of the IS occupation. Not just is Baghdad now having to supply more products to its populace than pre-IS, but it is having to do so wh...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Technical Service Contract Woes Continue To Haunt Iraq
...revising downwards the contractual production plateau targets for fields, but the essential TSC format remains unchanged (MEES, 12 June 2015). This series of alterations in 2014-15 brought the implied total 2020 target from key IOC fields down from 11mn b/d in 2009 to 7mn b/d. It fell further ea...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Abu Dhabi Ramps Up Offshore Drilling But Targets Remain Elusive
...Abu Dhabi’s offshore drilling is set to hit a new record in 2016 as it continues to invest despite the slump in oil prices since the second half of 2014. Despite this, offshore development plans are running behind schedule and there is a high likelihood of further delays. Abu Dhabi aims fo...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Egypt’s Gas Output: Has It Turned A Corner?
...2009 and remained thereabouts until mid-2012. Since then new fields have been unable to offset the country’s declining aging acreage. The rate of decline peaked at almost 100mn cfd per month in 2014: though it has since fallen, September’s output figure, if sustained, would mark the first year-on-ye...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Iraq Slashes Investment Threatening Oil Output Gains
...te 2014, more or less held from February to May this year, it has since broken down. For July and August the KRG handed over a mere 60,000 b/d to federal marketer Somo at Ceyhan. So while total Iraqi crude exports (including the KRG) have been, at 3.18mn b/d so far this year, within touching di...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015 -
Egypt Steps Up Block Awards
...low domestic demand. The fall in gas output and the rise in domestic demand have forced the government to put an end to exports, and enter into negotiations over LNG imports. Mr ’Abd al-Badi’ says he expects 10 new projects to come online in the 2014-15 fiscal year, with investments totaling ab...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Iraq: Bracing For Another Fall
...rget date due to protests earlier this year around the field. Lukoil is keen to recoup the $2.5bn it has already spent on first phase development and is planning to spend a further $2 billion in 2014. A total of 67 wells will be needed to reach 400,000 b/d and the company is still awaiting approval fr...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
Shaikan Suspension
...ggest discoveries in the region, began on 24 July GK says. Oil sales averaged 5,100 b/d in August with production rising to 12,000 b/d on September 1. Output will rise to 20,000 b/d once a second production well is completed in October, GK says. It plans to ramp up to 40,000 b/d in 2014 from ei...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
ENI Launches Libyan Gas Expansion FEED Prequalification
...r geological and geophysical processing. This would appear to relate to plans to move ahead next year with Phase II Bahr Essalam development as well as its wider Mellitah expansion plans. Eni also plans to produce 10,000 b/d of crude from Ghadames Basin Block NC-118 from late 2014. De...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012