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Oman’s Blocks 3&4: Output Rebound Hopes Recede
...%. Output is now at the lowest since Q4 2014 when production was just ramping up (see chart). At the start of 2023, Tethys’ annual output guidance was 30,000-33,000 b/d, a projection that was only just met by actual 1H production of 30,670 b/d (MEES, 21 July) but now looks beyond reach. Indeed, up...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Services Firms Eye Gulf Revenue Bonanza
...was desired.” MARGINS OVER REVENUE Having seen their revenues collapse with oil prices in 2014 and again in 2020, the ‘big three’ now claim to be much leaner operators. As such, though their collective revenues remain little more than half 2014 levels, all three have notched up healthy pr...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Qatar Banks On North Field Leverage To Boost Aggressive Overseas Expansion
...ken in Argentina’s bid round earlier this year – three are operated by Exxon, two by Shell (MEES, 19 April). In the Americas, QP has also taken nine blocks in Brazil – in addition to one from 2014 – eight in Mexico, and two in Guyana. But it remains absent in the US upstream, arguably the world’s la...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Petroleum Puts Petchems Front & Center
...ed the 1.4mn t/y Al-Sejeel polymers and 1.5mn t/y Al-Karaana ethylene glycol projects amid the late 2014 collapse in crude prices. Despite the new project’s scale, it is still smaller than the combined scope of those two plants. However, new projects may be unveiled at a later date. Asked whether an...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Eni Grows North African Presence
...natrach CEO Abdelmoumen Ould Kaddour, Algeria has made a flurry of deals with IOCs in recent months although crippling red tape often means projects are subject to major delays. Firms are wary of this, resulting in underwhelming interest in the country’s most recent 2014 bid round which saw a meagre fo...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
US Firms Pull Back From The World
...ise production in 2017 whilst further cutting capital spending (capex) which is already, at just over $5bn for Q3 2016, 50% down on 2014 levels. Chevron’s 2014 capex spend was $40.4bn, it was $33.8bn for 2015 and “we will likely end [2016] below $25bn in capital outlays, in fact potentially coming in cl...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Occidental To Focus On ‘Core’ MENA Assets
...ross the Middle East in 2014 – including in the UAE and Oman (MEES, 6 March). The US mini-major will now look to raise approximately $600mn from the sale of acreage in the US Bakken formation’s Williston Basin, CEO Stephen Chazen says. This would make Oxy one of the largest operators to pull out of the Ba...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015