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Total Signs Up For Algeria Expansion
...ovisionally slated for 2019 will be keenly watched to see if the reforms have been enough to attract new investors. The previous bid round, from more than four years ago, was an almost-total flop (MEES, 3 October 2014). Sonatrach’s exploration model tends to consist of racking up the discoveries first and wo...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Can A New Government Salvage Iraq’s Economy?
...idar al-Abadi did in 2014 when Islamic State (IS) was running rampant (MEES, 26 September 2014). The next PM will, however, have to deal with the reconstruction following the devastating conflict with the group, and that is going to cost a lot of money. As much as $88bn. The next government wi...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Baghdad Poised For Northern Boost
...e end of the year. The field is also producing 100mn cfd of associated gas. The field produced 28,000 b/d prior to the Islamic State takeover (MEES, 25 July 2014). As MEES reported last month, Iraq is also pumping 30,000 b/d of heavy oil from Qayara field located 75km north of Ajeel, with “am...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Kufpec Hit From Bongkot Sale Collapse Overshadows LNG Start-Up
...ploratory drilling in 2008, initially with a 7% share that was expanded to 13.4%, when Kufpec purchased Shell’s 6.4% share for $1.14bn in 2014 (MEES, 25 April 2014). Operator Chevron maintains 64.14%; Woodside has 13%, Japan’s Jera 8% and Kyushu Electric 1.46%. Chevron also holds an 80.2% interest in th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Egypt Gas Output Set To Hit 5-Year High By Year-End
...ll in the North El Mahala Onshore (Nemo) block, one of its top seven global high-impact exportation wells for 2017-18 where “500mn boe+” is targeted. The block is situated in the onshore Nile Delta next to the North El Salhiya block of UAE-firm Dana Gas’ block, awarded in October 2014, where dr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Libya Gives Up On Output Target Amid $126bn Losses But Hopeful On Exploration
...ES, 6 October). Mr Haftar’s victory in Benghazi has paved the way for the re-opening of the town’s port and airport. A fuel tanker docked at Benghazi port on 9 October for the first time since 2014, when it was shut in due to fighting between militias loosely affiliated to rival administrations in Tr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Mideast Drilling Stays Firm, Recovery Elsewhere Will Have To Wait
...illing at near-record levels in 2017, in stark contrast to the global trend of upstream underinvestment. The rig count for GCC countries was a collective 288 in September, just 17 off the all-time high of 305 set last October, and up 26% since the start of 2014 despite low oil prices and stretched bu...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
KRG: Russian Oil Firms Ensure Kremlin’s Tacit Support
...-open the Kirkuk-Ceyhan crude pipeline, out of action since IS overran large swathes of northern Iraq in 2014. The announcement looks to be bravado aimed at showcasing Iraq’s efforts to enforce sovereignty over Kurdistan: a daunting array of political and economic obstacles make it unlikely to be re...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Algeria Reverses 2017 Austerity In Free-Spending 2018 Budget
...15 2014 2013 REVENUE (AD BN) 6,497 +15.3 +10.4 +36...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
GCC Countries Keep Middle East Drilling At Near-Record Levels
...th the rig count in September going above 500 for the first time since February, reaching 524 in the first week of October, according to weekly data. But this is still more than 70% down on October 2014 when it hit a record 1,929. • Drilling in Egypt has yet to see an uptick from the recent mo...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
UAE Goes LNG Import Crazy: Sharjah Follows Dubai And Abu Dhabi
...though it is unclear whether this will continue following last week’s deal. Gas-to-power demand in the northern Emirates has been growing at a rapid pace. Power consumption increased by 80% since 2004, hitting 20.4TWh in 2014, 18% of the UAE’s total. Sewa and the Federal Water and Electricity Au...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Oman Announces New Bid Round As Record Output Continues
...Oman’s Ministry of Oil and Gas (MOG) announced details of a new oil and gas bidding round on 12 October. Four blocks are on offer in Oman’s first bid round since 2014. It opens on 23 October and extends to 15 February. When the bid round was initially proposed earlier this year, Oman had su...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Opec Cut Plans: Will They Happen? Will They Work?
...proach, Mr Falih said that the divergence that existed between supply and demand in 2014 when prices began to slump was now being reversed. “Opec made its decision not to intervene because it was a long term strategy of divergence. And in June I said that the divergence is being reversed and now we are se...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Algeria Gets Real With $50/B 2017 Budget Oil Price
...the same period a year earlier which in turn was 40% below 2014 levels. An indication of just how dependent Algeria is on hydrocarbons is that even with the revenue collapse oil and gas still provided 94% of export revenue: the figure was 97% in 2014. Algeria recorded a trade deficit of $14bn in...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Gulf Equity Markets: Change Is Afoot
...itical mass. But UAE markets are now much more developed than in 2008. The investor base is more sophisticated, including an openness to international investors, especially after the country’s inclusion into the MSCI and FTSE emerging markets indexes. IN FROM THE FRONTIER In May 2014, global in...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Saudi Oil, Gas Spending To Continue Unabated Despite Oil Price Collapse
...ported Mr Naimi as saying, expressing a hope that the G20 could play a leading role in stabilizing the market. The Saudi minister also met separately with US Energy Secretary Ernest Moniz and the Russian Energy Minister Alexander Novak. Since steering Opec toward its November 2014 decision to pursue ma...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Oman Expects New Block Award By December
...ock was pulled from Omani independent Petrogas E&P in December 2014, following the expiry of its 15-year contract at the concession. Though Petrogas was keen to renew its contract at the block, the MOG opted to offer it to another foreign oil company in the hopes that it will be able to reverse th...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
UAE To Spend $35bn On Reducing Gas Imports For Powergen
...the investment total will be earmarked for gas field developments. Mr Mazru’i says current gas production can meet only 50% of UAE demand, with the shortfall being met through imports of gas and LNG. The UAE imported just over 6mn tons of LNG in 2014 (8.2bn m3 or 790mn cfd of gas ) and 2bn cfd of ga...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Aramco Advances Downstream Plans With Petro Rabigh, Sadara Progress
...d Saudi firm Taqa with ethylene oxide and propylene oxide for production of oilfield chemicals (MEES, 11 September). Aramco’s 2014 annual report says that integrating chemicals production with refining is “a core element of our downstream strategy.” The recently completed 400,000 b/d Satorp re...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
IEA Sees Cost Of Renewables Falling, But Regional Adoption Constrained
...velopment remains patchy. Policies aimed at enhancing energy security and sustainability lie behind record growth in global renewable electricity capacity in 2014. An additional 130GW of renewables capacity – more than 45% of net capacity added – took total global renewables capacity to 1.81TW by the en...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015