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Dana Gas: Profits Up, Litigation Up, Zora Write-Down Looms
...o levels. Dana added $100mn to its debt pile to fund development of Zora (MEES, 12 September 2014); at start-up less than 18 months ago it said output would ramp up to 40mn cfd (MEES, 3 March 2016). Output is set to dwindle further. The firm has looked into the economics of a well intervention pr...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
TransGlobe: Exploration Write-Dow, Cargo Delay
...ed foreign firms $2.3bn at end-June, down from $3.4bn at end-2016 and a 2014 peak of over $6bn. As with Dana Gas, TransGlobe says gaining the direct ability to market its output in 2015 has been key to getting receivables down. And on the surface this has been a remarkable success. From a peak of...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Abu Dhabi Plans Further Offshore Reshuffling
...bmit a bid after the initial concession expired in 2014. Rosneft has sought to expand its regional presence of late (MEES, 16 June) and is also prequalified to bid for upstream contracts in Iran. ZAKUM CONSOLIDATION? No detail was provided as to how Adma will be divided, nor the rationale. But th...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Egypt Oil Output: Apache Looks To Low Hanging Fruit For Output Rebound
...st couple of years. So a lot of low-hanging fruit that should help us with volumes and also with the ability to generate more free cash flow and also reinvest more,” he says. Apache’s most recent key Egypt output gains came in 2014 from the Ptah and Berenice fields in the Khalda Offset Permit in th...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Offshore Exploration: What Chance Of A Rebound?
...azilian output is running at record levels, with the deepwater in June accounting for more than half of production for the first time (MEES, 4 August). But the exploration boom that led to this record output has tailed off: at 12 Brazil’s latest offshore rig count is less than half average 2014 le...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Bahrain: $670mn CCGT Funding
...oject. The Line 6 plant will have 540,000 tons/year output capacity, taking total smelting capacity to 1.5mn t/y. The power plant will normally burn gas, requiring up to 240mn cfd at full capacity. Bahrain’s annual gas output has been steady at 1.5bn cfd during 2014-16. Bahrain is expanding capacity of...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Zohr Almost There As Egypt Plots Further Gas Gains
...velopment. To that end it has managed to reduce the money it owes the Italians in receivables from a whopping $1.64bn at the end of the first half of 2014 to just $354mn at the end of June this year. Egypt has even managed to pay off completely, receivables which were considered overdue. “The overdue am...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Libya: Cautious Optimism With Output At 3-Year High
...Libya’s crude output hit 1mn b/d in July for the first time since 2014. IOCs hope for further gains – but continued instability means they aren’t banking on them. Most of the larger IOCs active in Libya continue to report headline production numbers ‘excluding Libya,’ even when, as has be...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
US Drilling: Schlumberger Chief Calls For Caution - Has He Got His Wish?
...the 40% upstream cost reductions achieved since 2013 to ‘stick’. But others are more skeptical. The IEA estimates that global upstream costs were 35% lower in 2016 than 2014 and that around half of these savings (50-55%) are “structural” rather than “cyclical” (45-50%). Of the 45% fall in US shale co...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Gulf NOCs Target IPOs, Other Routes To Foreign Funding
...n Salman (MbS) has estimated Aramco’s value at $2-3 trillion, implying that a 5% listing could raise $100-150bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014 (MEES, 11 November 2016). And it would appear that Aramco’s bold IPO plans have en...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
2016 Global Energy Investment: Electricity Powers Ahead
...wn 13% on 2015. • World number two, the USA, spent $268bn, 16% of the global total. US spending was sharply down on 2015 with cuts to upstream oil and gas spending ($81bn for 2016, down 40%) the key reason. US independents saw their upstream spend collapse from $125bn in 2014 to $39bn in 20...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Egypt Touts $33bn Gas Investment, But Receivables Worry Remains
...00 STANDARD LEGACY PRICE 2.65 *PAID TO IOCS FOR EGYPT PRODUCTION **$2.96/'000FT³ FOR 2014 ($2.65 WITH UPWARDS ADJUSTMENT FOR LIQUIDS CONTENT). CASH CRUNCH Mr Molla says that Egypt’s dues for foreign firms active in the co...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Dubai 50% Splitter Boost
...s share of the UAE diesel, jet fuel and LPG markets. Enoc expanded the capacity of its twin-splitter Jebel Ali plant from 120,000 b/d to 140,000 b/d in 2012. Further expansion has been planned for some time, with Enoc awarding US engineering firm KBR a front end engineering design contract in 2014...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
US Data: Reading The Runes
...oks very modest when set aside the peak rig count of 1,609 hit in October 2014 (see chart 1). On the back of this increased drilling there are initial indications that US crude output may finally be close to bottoming out. Latest provisional US production data show crude output falling by a fu...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Libya: Zueitina Crude Shipment Threatens To Be False Dawn
...ntain about 3,080,000 barrels of crude oil and 180,000 barrels of condensate,” added NOC. The Zueitina terminal, which has an export capacity of 250,000 b/d, was shut down in April 2014 and has operated for only brief periods since (most recently in October 2015 MEES, 6 November 2015). It has been cl...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Egypt Secures Saudi-UAE Cash For IMF Facility
...volving further devaluation of the Egyptian pound. Egyptian officials reiterated this week that the government plans to end fuel subsidies within three years. This tallies with its earlier plan unveiled in July 2014 to phase out fuel subsidies over a period of five years. Spending on petroleum su...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
UAE Moors 2nd FSRU As It Looks To Take Advantage Of Cheap LNG
...duce the imperative to bring fields online. Spot LNG prices in East Asia fell from around $14/mn BTU in the first half of 2014 to around $5.5/mn BTU currently, as more liquefaction capacity has come onstream (MEES, 17 June), and demand growth has faltered. Prices were recently bolstered partly by above av...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
GCC Fiscal Reforms: Long Overdue And A Long Road Ahead
...th petrodollars only a couple of years ago, times have certainly changed for the Gulf countries. Between June 2014 and February 2016, the international oil price plunged by 70% and the IMF forecasts that GCC states’ oil export earnings will fall by $300bn in 2016. This is in line with MEES ca...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
IMF Loan To Egypt Will Need To Be Supplemented With Serious Reforms
...more than a decade (see p16). Egypt has cut its spending on petroleum subsidies by 23% from E£71.5bn in 2014-15 to E£55bn in 2015-16, with a further cut to E£35bn projected in the 2016-17 budget, according to state-oil firm EGPC. ...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Iran Lines Up Linde To Design Cracker In Giant 12th Olefin Complex
...mpany (NPC) – which originally conceived and planned the project, before it was handed over to Kian in 2014 under government’s privatization push – said that the project was still at the preliminary design stage at the end of 2014. Linde has been lined up to design the project’s cracker and 13...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016