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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 -
Aramco & Sabic Think Big With $20bn Oil-To-Chemicals Plans
...an Exxon’s 1mn t/y crude-to-olefins unit at its 592,000 b/d Singapore refinery. Started in 2014, this uses a proprietary design which “can crack anything from light gases to heavy liquids, including crude oil,” the firm says. Aramco and Sabic are eyeing the Red Sea Port of Yanbu as a site, al...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Libya’s Waha Ramps Up Output To 260,000 b/d But Challenges Lie Ahead
...6,000 b/d of crude. At the time this was the highest level since late 2014, when it was sustained only briefly. Marathon (16.33%) is one of three US firms in the WOC venture alongside ConocoPhillips (16.33%) and Hess (8.16%). State-owned National Oil Corporation (NOC) has the largest share in the company (59...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
North Africa Focus For German $15bn Upstream Tie-Up
...mes from the 110mn cfd Disouq field in the Nile Delta (DEA 100%). Output here was supposed to reach 200mn cfd but lack of investment has meant the German firm has been unable to arrest the field’s decline from 2014’s peak of 140mn cfd. The next regional addition for either company will likely come fr...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017