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Syria Accelerates Its Upstream Ambitions
...banon unilaterally claimed its EEZ in a letter to the United Nations in 2011, but Syria – not a signatory to the United Nations Convention on the Law of the Sea (UNCLOS) – rejected this in 2014. Last month, Lebanon’s cabinet finally approved its maritime border with Cyprus, 18 years after Beirut and Ni...
Volume: 68Issue: 47Published at Fri, 21 Nov 2025 -
Gulf Offshore Drilling At 10-Year Low As Saudi, Abu Dhabi Stall On Contracts
...abia, also the lowest figure in almost 10 years (see chart). The UAE also had 10 rigs for October, the lowest since August 2014, whilst Qatar accounted for the remaining five. Recent earnings calls of offshore drilling firms add some color to the factors behind this slump in activity. They also su...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Saudi Aramco: The $1.7 Trillion Company
...arter of the $100bn that Crown Prince Muhammad bin Salman (MBS) has been eying since he first floated the idea of the IPO in 2016 (MEES, 8 January 2016). It also means that it’s going to be a close-run thing as to whether Aramco can overhaul the 2014 $25bn flotation of Chinese e-commerce giant Ali Baba as...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Not So Rapid: Aramco Malaysia Downstream JV Delayed
...e Refinery and Petrochemical Integrated Development (Rapid) project (MEES, 3 March 2017). The main construction contracts for PrefChem were awarded in 2014. PrefChem is being built close to Singapore at the southern tip of peninsular Malaysia. The refinery will have capacity to process 30...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
KRG Eyes Major Boost As Exxon/DNO Firm Up Baeshiqa Light Oil Find
...rrent holdings are DNO (32%op), ExxonMobil (32%), and Turkish state partner TEC (16%), while the KRG holds the remaining 20%. Based on earlier drilling, Exxon and TEC previously estimated oil-in-place at 580mn barrels, before operations were halted in 2014 amid the Islamic State’s offensive. DNO’s la...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
GCC Debt Smashes All Records
...hrain with $3bn. Less than three years ago, Saudi Arabia, Kuwait and Oman had never issued debt in the international markets but the plunge in oil prices since the end of 2014 sent their budget deficits soaring. Indeed, while political relations have frayed throughout the course of the year, one fr...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
‘Iran Is A Risk…The US Is A Risk’ Total’s Pouyanné Speaks To MEES
...at people are exaggerating. Yes, we have seen a few rigs come back into the picture. But in the US today, you have 450 active oil rigs, it’s nothing compared to what we had in 2014, when it was around 1,400 [see chart, p20]. Yes, this is a potential dynamic, but I think it is not clear how many of th...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Egypt: IOC Receivables Fall 5% In Q3, But Still Up On End-2014
...ES, 14 August). However dues are up by $500mn on the end of 2014. Egypt made a series of large payments late last year and at the time pledged to repay its debts to foreign oil and gas firms by the end of 2016. However amid slumping gas output, which slipped to a 10-year low of 4.2bn cfd in Q3 20...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Dana Gas Positive On UAE, Egypt, But Kurdish Receivables A Major Concern
...evious year’s 68,700 boe/d. Declining output from the company’s Nile Delta gas acreage is to blame: production in Egypt fell 21% from 40,500 boe/d in Q3 2014, to 32,144 boe/d, with the company blaming this on natural decline. Indeed Dana Gas share of production in Iraqi Kurdistan actually increased sl...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
$30Bn Halliburton-Baker Hughes Merger To Have Major MENA Implications
...lliburton and Baker Hughes 1-3Q 2014 revenues were $42bn, a figure that would see the combined firm rival Schlumberger as the global market leader. A deal of this magnitude will almost certainly attract the attention of anti-trust regulators in the United States, and it will also likely face regulatory hu...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Services Firms Bullish On Saudi, Wary Of Iraq Security
...sts, each resulting from delays under Zubair early production facility construction project. This project was approximately 60% complete at the end of Q3 with an anticipated project completion date of Q3 2014.” “As the Zubair contract is accounted for on a percentage of completion basis all known an...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Mubadala To Invest $8bn In East African LNG Production
...jairah. This would complement or replace any contracts it will sign for supplies that will start in 2014. Abu Dhabi has been unable to import more gas through the 3.6bn cfd Dolphin Energy’s pipeline network to the UAE. The pipeline still has spare capacity of 1.6bn cfd. But Dolphin, in which Mubadala ha...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012