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Record Libya Output Boosts TotalEnergies To Mena Record
...T’s underutilized processing facilities. OMAN: FUTURE SOURCE OF GROWTH? TotalEnergies’ gas portfolio took a big hit in the first half of the last decade through the ongoing conflicts in Yemen and Syria, which between them took out more than 600mn cfd of net gas output (see chart 3). In 2011, th...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022 -
Oilfield Services Firms See Mideast NOCs Driving Long Term Growth
...contribution is the lowest since 2011, whilst the region’s share of Halliburton’s overall earnings has rapidly slid since peaking at 35% in Q2 2020: the Q1 2021 figure was just 25%. Halliburton says the largest contributor to its 6% fall in Mideast & Asia revenue for Q1 was “lower stimulation an...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Gulf Offshore Market Firms, Now For Sustained Growth?
...gistical challenges. From near-records of over 50 active drilling rigs at the start of 2020, the region’s rig count collapsed to average just 25 for Q4 last year, the lowest figure since 1Q 2011 (see chart). Italy’s Saipem blamed “project rephasing” in the Middle East as a key source of its slump in...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Israel's Leviathan Hits Q1 Output Record As Expansion Plans Move Up The Agenda
...rtner Eiten Aizenberg who first identified the Leviathan prospect. Unable to go it alone, the firm convinced Noble and Delek to farm-in in 2008, before 2010’s wildcat drilling success (MEES, 10 January 2011). Ratio was one of the first private firms to enter Israel’s upstream following its li...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Eni In Libya: What Does The Future Hold?
...w much clearer. Eni’s net gas output slumped by 42% to 594mn cfd, while liquids production fell 45% to just 56,000 b/d in 2020. Both figures are lowest since the 2011 revolution. Of course, Eni’s output fell elsewhere too as capex cuts, lower gas demand in Egypt and Opec restrictions bit in 20...
Volume: 64Issue: 15Published at Fri, 16 Apr 2021 -
Abu Dhabi’s Taqa: Upstream Down Despite Price Recovery, Power Steady
...83bn in 2018, having peaked at $7.57bn in 2012. Last year power and water provided 53.0% of Taqa’s income, and upstream operations contributed 31.3%. This marks a near-reversal from 2011 when upstream’s peak contribution was 44.8% and power and water accounted for 30.2%. Taqa’s results also separate ou...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
UAE’s Mubadala Sells Cepsa Stake To Investor Carlyle
...id €3.97bn for the remaining 52.95% in 2011. IPIC was then merged into Mubadala in 2017 (MEES, 24 February 2017). This left Cepsa sitting alongside a host of other energy-focussed Mubadala investments, including its subsidiary Mubadala Petroleum. Holding two wholly-owned energy entities with se...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Total And Sonatrach Bury Hatchet As Algiers Pushes Partnerships Agenda
...proved contractual framework” at its key Algerian development project, 180mn cfd Timimoun, in which it has 37.75%. Sonatrach has 51% and Spain’s Cepsa the remaining 11.25%. (Total owned 50% of Cepsa until 2011 when it sold to Abu Dhabi sovereign wealth fund IPIC.) Start-up at Timimoun, a key element of...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Egypt Receivables: A Glass Half Full Or Half Empty?
...the agreement” (MEES, 3 February). Dana’s latest comments take the firm back to 2014 (and similar comments as far back as 2011) when the company talked of “calibrating its capital expenditure [in Egypt] in line with collections,” with spending “re-phased” to a later period (MEES, 8 August 20...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
BP Egypt Output: Only Good News?
...16); for Baltim the figure was 28%. This means that a major ongoing program of new exploration and tie-ins is needed to keep production steady. The collapse in output in recent years is the result of a 2011-2014 investment hiatus. Whilst new tie-ins should stem the decline, it is far from clear that th...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Eni: Unlikely Libya Boost Returns North Africa To Center Stage
...ospects, located in contractual area D (MEES, 14 August 2015). The firm is responsible for gas supply to Libya’s power generation infrastructure and for gas exports via the Greenstream pipeline to Italy. Shipments last year rose to 688mn cfd, the highest level since the 2011 ouster of Mu’ammar al-Qa...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Corporate Profile: OMV Looks To Iran To Re-Boot MENA Portfolio
...eitina fields it shares with US firm Occidental. At the time Libya provided almost 20% of OMV’s oil output making it the firm’s third most productive upstream province. But output collapsed to just 10,000 b/d in 2011 with the Libyan revolution. As with other producers in the country, hopes that a 2012 ou...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Petroceltic: Worldview Or Bust
...bsidiary Dragon Oil tried to buy the firm for $800mn (MEES, 10 October 2014). It was downhill from there. Worldview, which has steadily built a stake since 2011, in January 2015 lambasted Petroceltic CEO Brian O’Cathain's board for “failures… including the failed offer by Dragon Oil (MEES, 16 January 20...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Majors’ 2014 Mena Output: Data Analysis
...10 2011 2012 2013 2014 Mideast Gulf* 478 567 548 545 381 of which: UA...
Volume: 58Issue: 15Published at Fri, 10 Apr 2015 -
Total Reorganizes E&P Operations, Merges Mideast And North Africa
...0,000 b/d. The company has submitted bids for either a 5% or 10% stake in a new concession, but no decision is expected from current operator ADNOC before early 2015. Total, which has targeted production growth of 3% between 2011 and 2015, assuming an average oil price of $100/B for benchmark grade Br...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
Total Sees Partnerships, Technology, Exploration Driving Growth
...gionally and globally, in a bid to drive production from 2.3mn boe/d in 2012 to its targeted 3mn boe/d by 2017. The group’s expected Middle East production of around 550,000 boe/d this year is slightly down on 2011’s 570,000 boe/d. Privately officials concede that the region’s operating environment is cu...
Volume: 56Issue: 17Published at Fri, 26 Apr 2013 -
Qatar Tiptoes Into North American Upstream
...ture look for joint shale gas projects in the US and, potentially, LNG projects in North America. In the past, it has taken QPI some time to act on MOUs. QPI and Centrica originally signed an MOU in 2011 and only this week together purchased acreage in Canada. Joint Interest Mr Jaidah sa...
Volume: 56Issue: 16Published at Fri, 19 Apr 2013 -
Mubadala Petroleum Profit Slips
... UAE Mubadala Petroleum Profit Slips The profit of Abu Dhabi’s state-owned Mubadala Petroleum slipped to $798mn (Dh2.93bn) in 2012 from $1.25bn (Dh4.59bn) in 2011. This was, in part, due to lower hydrocarbons revenue – which slipped to $1.76bn (Dh6.46bn) in 20...
Volume: 56Issue: 16Published at Fri, 19 Apr 2013 -
Kufpec Looks to Asia-Pacific To Boost Output
...fpec official tells MEES. More details will be available after the decision is made. Kufpec met its 2010 production target of 80,000 barrels of oil equivalent per day (boe/d), but has since witnessed declines. While the company produced just 72,000 boe/d in 2011 and MEES estimates that it pr...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013