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Eni Sees Egypt Receivables Again Raise Their Head
...s field with gas-in-place reserves of 30tcf (MEES, 4 September 2015). Zohr started up in December 2017. But even before then, the prospect of bumper times ahead led Eni to go easy on berating Cairo for monies due. Under a March 2015 deal struck with EGPC intended to eliminate receivables, Eni ag...
Volume: 64Issue: 32Published at Fri, 13 Aug 2021 -
Egypt Expediting West Med Drill Plans
...e country’s gas production. It has been a meteoric rise for the region after output bottomed out in Q1 2017 at just 38.1% of the national total. Output was first given a boost by BP’s 5tcf West Nile Delta project, when the Phase 1 Libra and Taurus fields came online in May 2017 (MEES, 12 May 2017...
Volume: 63Issue: 34Published at Fri, 21 Aug 2020 -
Total Lauds Latest QP Tie Ups
...ighboring blocks 2913B and 2912. QP will take 30% of Block 2913B, with Total retaining a 40% operating stake alongside private firm Impact Oil (20%) and state firm Namco (10%). The block lies 150km west of (ie further offshore from) the Kudu Gas field and Impact says that 3D seismic data acquired in 2017 in...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Mauritania: Total Wildcat
...cember 2017), and Shell with two blocks last year (MEES, 27 July 2018) also see Mauritania as a key part of their international exploration portfolio. As for the Pacific Santa Ana, following the completion of Total’s C-18 well, it will plug and abandon former production wells at the Chinguetti field un...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Aramco 1H 2019 Results: More Numbers, But Opacity Remains
...lling to divulge comes as the company prepares for an initial public offering (IPO), now tentatively slated for 2021. This week’s earnings release and accompanying first-ever analysts’ call follows April’s release of comparable numbers for 2018 and 2017 in the prospectus for a $12bn debut international bo...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Total Sees Algeria Revenue Fueling Mozambique LNG Plans
...quired via last year’s Maersk takeover (MEES, 25 August 2017). So the Anadarko deal triples its output from the acreage to just shy of 100,000 b/d. Not surprisingly, Mr Pouyanné says the company “anticipate[s] some efficiency gains” in Algeria as a result of the deal. Total’s overall Algeria output also in...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Aramco’s Zombie IPO Laid To Rest, But Sabic Deal Intrigues
...bic, it will allow Aramco to acquire an important asset that it can borrow against. SAUDI ARABIA LEADS IN 2017 AS GCC INTERNATIONAL BOND ISSUANCE SMASHED RECORD ($BN) *TO 20 APRIL. SOURCE: MEES. BONDS TO THE RESCUE OR JUST A BAND-AID? Indeed, with the IPO on hold, all signs po...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
DNO Chief: ‘Kurdistan Is Back, And So Is DNO’
...en a pipeline outage saw quarterly output temporarily fall to 92,000 b/d (MEES, 11 March 2016). Production fell from 109,400 b/d in 1Q to 102,500 b/d in 2Q due to substantial declines at Tawke. From 2Q 2017 to 2Q this year output from the field has fallen almost 20,000 b/d—so far enough to offset ga...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Genel To Expedite Bina Bawi Oil Development
...nistry of natural resources by end-2018. Genel’s financials are looking up this year. Despite net production down 5,000 b/d compared with 1H 2017, revenues jumped from $87.1mn to $161.1mn thanks to regularized payments from Erbil and higher oil prices. In presenting the firm’s first half results on 7 Au...
Volume: 61Issue: 32Published at Fri, 10 Aug 2018 -
Israel: Record Gas Output
...ntract, but this includes 350mn cfd for supply to Egypt which has yet to be firmed up (MEES, 10 November 2017). Noble CEO David Stover tells the 3 August call that “we’re making excellent progress on commercial agreements to deliver our gas from Tamar and Leviathan into Egypt.” Mr Stover later makes cl...
Volume: 61Issue: 32Published at Fri, 10 Aug 2018 -
Libya: Companies Crave Elusive Stability
...,000 b/d for 1H 2017. However the firm is clearly not banking on these gains continuing. “Production in Libya is forecasted to be at a similar level to that of 2017,” the firm said on 2 August. Average 2017 output was 25,000 b/d. Repsol also continues to insert the caveat that its 2018 global output fo...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Oman Taps Abu Dhabi For Wind Farm Cash
...scat government are overstretched, leading it to raise $10.55bn of funding from the international finance market already this year (see p12), the Abu Dhabi Fund for Development (ADFD) is already lined up to back the $200mn wind project. Raeco originally aimed to have the wind farm online in 2017. Ho...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Dana Gas: Profits Up, Litigation Up, Zora Write-Down Looms
...UAE firm Dana Gas this week reported a rise in profits and revenue for the first half of 2017 based on sharply higher oil prices, and lower capex, compared to the same period last year. But litigation is beginning to rival gas and oil production as Dana’s main line of business, with ho...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
TransGlobe: Exploration Write-Dow, Cargo Delay
...ded 2,500-2,700 b/d of Canadian output in January – its only non-Egypt production. The firm now plans 2017 capex of $41.5mn (Egypt $35.4mn), towards the lower end of earlier guidance. TransGlobe priority for the second half of 2017 is to firm up the production potential of the Boraq discovery on th...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Mini Egypt Bid Round As GPC Expands
...nancial year (to 30 June 2017), of which around 47,000 b/d is oil and around 22mn cfd gas. A 4 August oil minstry press release says output has since risen further, to a record 57,000 boe/d. For 2017-18 as a whole GPC plans output of 53,000 b/d crude and 30mn cfd of gas, an implied total of around 59,000 bo...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
SK Inks Tabriz Refinery Deal As Korean Investment Hits $19bn
...re need of upgrade and modernization.” The upgrade is intended to reduce Tabriz’s fuel oil output to 2% of total production. One of the aims of Iran’s refinery upgrade program is to reduce the need for gasoline imports, which averaged 49,000 b/d in 2016 and 64,000 b/d in the first four months of 2017...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Gulf NOCs Target IPOs, Other Routes To Foreign Funding
...ke place on the Abu Dhabi Stock Exchange by the end of 2017. Adnoc has not publicly stated the size of the stake that will be sold but Bloomberg on 11 July reported that Adnoc may seek a valuation as high as $14bn, with proceeds from the share sales potentially pulling in as much as $3bn for Abu Dh...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Dana Gas Eyes Further Egyptian Production Gains
...unterclaim will be held by the court in early September. A further hearing for the level of damages will take place. A date has yet to be confirmed, but Mr Allman-Ward expects it to be in 4Q16 or Q1 of 2017. The English High Court last year ordered the KRG to pay $100mn of this, and Mr Allman-Ward told th...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Iran Oil Contracts Move One Step Nearer
...eenlights the IPC swiftly, there is a strong likelihood that no contracts will be finalized under it until 2017. The scale of investment needed for projects in Iran means that a lengthy evaluation process would be required before a bid would be submitted, and Iran has yet to finalize which fields will be of...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
KRG Scrabbles For Cash In Bid To Head Off Investment Hiatus
...neuver is rapidly diminishing. The firm has a $250mn bond due in 2017 and raised a further $40.7mn from a share placing in March this year. The positive side of the ledger is much more flimsy with the firm’s cash reserves halving from $127mn to $64mn over the three months to end-June. First half lo...
Volume: 58Issue: 35Published at Fri, 28 Aug 2015