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BP Eyes Kirkuk Deal By February
...der the auspices of a 2013 MoU which was disrupted by the Islamic State’s 2014 takeover of much of northern Iraq, with the major restarting work in 2018. BP has decided to give Kirkuk a second chance due to Iraq’s willingness to offer improved contract terms under its ‘profit sharing’ Development an...
Volume: 67Issue: 48Published at Fri, 29 Nov 2024 -
Libya Exploration Picks Up Steam As NOC Reiterates Ambitions
...13). Only two wells, of what had originally been planned as an 11-well campaign, were ultimately drilled. But though both saw “gas discoveries … in Devonian horizons,” the firm pulled out its staff and wrote off its entire to-date Libya exploration spend of $137mn as security deteriorated in early 2014...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Chevron Eying Egypt Collaborations, Exxon Expands In Cyprus
...rth Africa. Woodside previously had Libya and Mauritania assets, and back in 2014 was in talks to take a 25% stake in Israel’s Leviathan (MEES, 23 May 2014). Egypt last year listed Woodside as being among international firms to have expressed an interest in West Med acreage (MEES, 17 January 2020), so it...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Iraq Plans Oil Prepayments To Alleviate Financial Meltdown
...epayment contract with Vitol and local firm Matrix Energy in July. But governments walk a fine line when leveraging long-term revenues for an immediate cash injection. And Baghdad needn’t look far for examples. When oil prices collapsed in 2014-2015, Iraq’s Kurdistan Regional Government (KRG) turned to pr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Iraq: Contract Revamp To Be Revealed This Month
...the Opec meeting in Vienna this week. Iraq has been looking to move away from its rigid techinal service contracts (TSCs) since oil prices crashed in late 2014. Under these, per-barrel remuneration to IOCs stays fixed irrespective of price, placing a high burden on the government in a low oil pr...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Egypt: Gulf Of Suez Oil Output At 40-Year Low On Back Of Lower Prices, Capex
...sues related to defective pumps.) Fellow Canadian firm SDX Energy (formerly known as Sea Dragon) has meanwhile cut capex from $18.0mn in 2014 (when it only had Egyptian assets) to just $5.7mn for the first nine months of this year – and the latter includes Morocco where it acquired the assets of ba...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Payment Problems
...early 2012 and remained at $6.3bn as recently as September 2014. Though EGPC made substantial inroads after this, by then collapsing oil prices had come in as a sucker punch. Though payment delays also affected larger firms such as Eni, BP and Shell, smaller Egyptian-focused firms were much le...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Iraq’s Unattractive Contracts Claim Fresh Victim As Shell Eyes The Exit
...newing its stake in Abu Dhabi’s onshore Adco concession following its 2014 expiry, this would leave it with just Oman, where it has a 34% ‘leading’ stake in dominant 600,000 b/d producer PDO, a source of currently producing Mena oil. On the gas front, Shell’s Mena gas exposure is also evolving. In Ja...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Leviathan Partners Line Up Funding But Still Short On Sales
...o most likely options – before sanctioning the project. This is clearly not now going to happen. The partners signed a letter of intent with BG (subsequently taken over by Shell) in June 2014 for the supply of 105bcm of gas over 15 years, an implied 685mn cfd, to the firm’s Egypt LNG liquefaction pl...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Kuwait Seeks Silver Lining In Price Downturn
...oviders – in order to ensure that “when this recovery does happen, and it takes time but it will happen, that we are in a position to supply.” Indeed, Kuwait posted its first budget deficit since 1999-2000 for 2014-2015. The deficit was KD2.31bn ($8.0bn) for the year that ended in March 2015, whilst the bu...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Kufpec Charged With Bringing Technology Back Home
...rget, Kufpec has been expanding aggressively under the auspices of Shaikh Nawaf, following former CEO Nizar al-‘Adsani’s appointment as KPC chief in 2013. Although there was no production increase in 2014, Shaikh Nawaf attributes this to a focus on buying assets in the development stage. Some of Ku...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Libya: Could ‘Peace Deal’ Double Oil Output To 800,000 B/D?
...cent years, which culminated in an armed incursion into the Sharara field in November 2014. Unlike several fields in the Sirte basin, no major damage has been reported to field infrastructure at Sharara and El Feel. Field managers at Sharara said in December 2014 that the field was being kept ready to...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Repsol On Libya: Bad News Only
...erating income and €42mn off adjusted net income in the third quarter. The company operates the Sharara field, which has been shut in since November 2014 (see main story). The lack of exports from Libya cost the company $0.3bn year on year during the first nine months of the year, it said. Adjusted ne...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Looks Beyond Current Storms To Gas-Fueled Upland
...rrency reserve issue will be resolved within the next twelve months. Tourism, a pillar of Egypt’s economy, making up 12% of GDP in the 2014-15 financial year (ending 31 June), is also an important source of foreign reserves (MEES, 13 November). But with the 31 October downing of a Russian passenger pl...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Edison Hopes For More Zohr
...e south. Both are split 50:50 with Irish independent Petroceltic, with Edison operator, and abut the maritime border with Israel (see map above). North Port Fouad was awarded in EGAS’ 2014 bid round and North Thekah in 2013 bidding, while the firm snapped up the neighboring Northeast Hapy li...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Closing In On Debt Repayment And New Bid Round, Minister Says
...used rolling blackouts over the summer and brought exports to a virtual standstill, leaving two LNG export facilities idled. Output slumped to 4.8bn cfd for the first seven months of 2014 (and a 10-year low of 4.55bn cfd for July – the most recent available data), over 700mn cfd down on estimated de...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Barzan Start-Up To Raise Qatar LPG Exports
...mn tons/year. An additional 500,000 t/y of LPG is expected to be added once the Barzan gas project is commissioned in 2014.” Dr Sada told the conference that LPG demand is rising rapidly, particularly in the residential and commercial sector: “This is particularly evident in emerging economies such as...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Algeria’s South West Gas Project Delayed To Late-2016
...gan earlier this year with a total of 41 wells, of which 24 were to be drilled before first production. Construction of gas processing facilities will begin in 2014, GdF says. GdF is operator with 49% whilst Sonatrach has its customary 51% stake. However GdF is responsible for almost two-thirds (65%) of...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
Qatari Condensate Production On The Rise
...Energy and Industry Muhammad al-Sada signed a 25-year renewal of Total’s PSA for 25,000 b/d offshore al-Khaleej. The contract was due to expire in early 2014. For Qatar’s swing producer, the offshore al-Shaheen field, the development plan is to plateau production at current rates of 30...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
Morocco Set For Record 2013 Drilling As Genel Expands
...year exploration period. The firm says it will kick off seismic acquisition in January, “with the aim of drilling our first well in 2014.” The 3,259 sq km block has water depths of 60ms to 320ms. Mir Left is directly offshore Agadir and immediately northeast of the Sidi Moussa Block where Genel in Au...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012