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Egypt Looks To Kickstart WestMed Exploration With Seismic Surge
...fine their exploration strategies,” PGS says. Cairo previously commissioned PGS to shoot 2D seismic right across the Herodotus Basin in 2017-18 (MEES, 25 January 2019), before choosing to only offer up blocks comprising the nearer-shore portion of the Basin in subsequent drilling. BP DE...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Aramco’s Moonshot: Jafurah Development To Power Major Gas Drive
...oduction began in 2017 and Aramco puts current North Arabia gas processing capacity at 400mn cfd (MEES, 30 March 2020). Now, clear progress is being made on the two larger developments in Eastern Province – South Ghawar and the Jafurah Basin. At South Ghawar, Aramco reaffirmed this week that first ph...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Iran Unveils 10 Year Upstream Investment Plan
...Azerbaijan. Until 2019 Iran used to regularly import gas from Turkmenistan to supply northern areas. Volumes peaked in 2017 at around 9.3bcm, before steadily dropping as South Pars output ramped up and Iran struggled to make payments (MEES, 13 January 2017). Mr Owji now says that “debt settlement wi...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Iraq Plans Oil Prepayments To Alleviate Financial Meltdown
...uld exceed $20bn this year (see chart 2) – up from a $3.49bn deficit in 2019 and two small surpluses in 2017 and 2018. This prepayment deal will help reduce the gap, but only by a relatively small fraction. On the oil side, Iraq is doing all it can to mitigate the damage. Its planned launch of Ba...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
KRG: Chevron’s Sarta Online As Gazprom Eyes Sarqala Rebound
...Junior partner Genel Energy announced this week the startup of the Sarta oil field in Iraqi Kurdistan, the first new field to come online in the semi-autonomous region since Taqa’s Atrush in 2017. First oil from the Sarta-3 well is flowing to the 20,000 b/d early production facility, and Ge...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Israel Gas Output, Exports At Record Levels
...favoring Leviathan – in which they both have substantially larger stakes than at Tamar (see charts, p7) – in sales contracts (MEES, 10 July). Jordan has imported small volumes of Israeli gas since the Arab Potash plant on the Dead Sea began offtakes from Tamar at the start of 2017. Volumes av...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
QP Announces Aggressive Upscaling Of LNG Expansion Project
...ld MEES in 2017 that “the winner in this business is the one which can remain the lowest cost producer…we are the lowest cost producer” (MEES, 8 December 2017). When it comes to the expansion, Mr Kaabi is adamant that “you have to make sure that you are going to be efficient in your construction, an...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Kuwait Oil Exports: China Dominant, While Vietnam Rises
...rea’s imports of Kuwaiti oil are already on track to fall to a four-year low of 411,000 b/d in 2019, while No.4 buyer India is heading for a three-year low of 209,000 b/d. Taiwan volumes are also in decline and are neck-and-neck with the 2017-level (see chart). Kuwaiti crude and condensate exports ha...
Volume: 62Issue: 48Published at Thu, 28 Nov 2019 -
Saudi Arabia Must Look Overseas To Realize Gas Export Dream
...xt 10 years in its bid to boost raw gas production to 23bn cfd by 2026 (MEES, 15 December 2017). CEO Amin Nasser told the Gulf Petrochemicals and Chemicals Association (GPCA) conference in Dubai this week that output currently stands at 14bn cfd. If accurate, this is a substantial increase on the 2017...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Wintershall Joins Eni In Abu Dhabi Sour Gas
...g (MEES, 1 December 2017). No surprise given that it will require “pipelines, islands, wells, you name it. It is a very complex project” according to upstream chief Abdulmunim al-Kindy. Adnoc is confident that its experience in developing the ultra-sour onshore Shah gas field alongside US firm Ox...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Libya Steps Up Drilling
...Zueitina Oil Co. Zueitina in turn groups NOC with OMV after the latter bought out Occidental (MEES, 10 February 2017). Current output is around 30,000 b/d. Occidental and OMV in 2007 had plans to boost production at Nafoora using improved oil recovery techniques. Years of war and political in...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
China Imports: Aramco Claims Ring Hollow As Russia, Iraq Notch Up Record Volumes
...ades [with] Aramco’s Arab Medium crude oil a preferred choice for the plant’s baseload,” Aramco said in an August 2017 press release which commemorated Cnooc taking delivery of its first ever cargo of Saudi crude. This made Cnooc “the last of China’s three large national oil companies to join Saudi Ar...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Adnoc Plans $109bn Spend, Prioritizes Gas & Downstream
...e UAE’s crude exports went to Asia-Pacific last year. Japan is perennial #1 customer taking 760,000 b/d for the first nine months of 2017. India is distant second with 360,000 b/d, followed by Thailand (290,000 b/d). ADNOC LOOKS SET TO FALL SHORT OF 3.5MN B/D END-2018 capacity TARGET (MN...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Egypt: Gulf Of Suez Oil Output At 40-Year Low On Back Of Lower Prices, Capex
...% of the country’s total in 2010, to just 253,000 b/d for the first nine months of 2017 (see chart 1). Output has been below 40% of the Egyptian total – a level never before breached – in six of the last eight quarters. The region is where Egypt’s oil output began in the mid-1960s following th...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Payment Problems
...ming of those payments is not transparent,” he says. In an echo of earlier comments Dana says it is looking to “maintain a conservative cash strategy” in Egypt. Its Egypt capex for the first nine months of 2017 was just $28mn, down 74% year-on-year. Upcoming spending will be limited to “three on...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Iraq’s Unattractive Contracts Claim Fresh Victim As Shell Eyes The Exit
...ost. Current futures prices indicate that annual oil export revenue for 2017 is on track to surpass 2015 figures and rise above $60bn (see table p10). Of course these price and revenue gains are all contingent on the Opec deal holding - and working - and the next test of this is a planned 9 December me...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Basra Seeks Petrodollars
...vember, Basra Provincial Chairman Sabah al-Bazuni declared that the province had sued the Finance Ministry over the petrodollar payments, claiming that Baghdad owed it ID16trn ($13.5bn) over the past three years – this is more than 15% of the 2017 budget’s full projected spend of $80bn. The fight was al...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Leviathan Partners Line Up Funding But Still Short On Sales
...rm is negotiating a loan of around $400mn to help cover the rest of its share of development costs. The firms envisage taking a positive final investment decision on Leviathan by “end 2016/early 2017,” Noble says. “Six years of challenges [at Leviathan] are finally behind us… the dream is finally mo...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
KNPC To Close Shuaiba In 2017
...KNPC To Close Shuaiba In 2017 Kuwait’s state refiner KNPC will shut down its ageing 200,000 b/d Shuaiba refinery permanently by April 2017, more than two years earlier than planned the company said this week. This follows a series of unplanned closures, most recently due to a fire in a he...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Looks Beyond Current Storms To Gas-Fueled Upland
...cent corporate presentation, adding that Shell’s previous drilling had targeted offshore Egypt’s “classical Tertiary clastic play.” Eni’s confidence in its new model was such that it drilled the Shorouk block’s Zohr prospect despite there being no contractual obligation to do so before a second, 2017...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015