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Shell Plans To Double Egypt Output By 2030
...om 50-70ms and was drilled a total of three times by BP between 1999 and 2014. The field could hold up to 1.4tcf, but BP still walked away in 2019 (MEES, 5 April 2019). Its proximity to Shell’s now depleted Rosetta field should provide a relatively cost-effective tie-back option for development. Th...
Volume: 69Issue: 06Published at Fri, 06 Feb 2026 -
Chevron’s Neutral Zone Operations Return To Growth
...uck around in the PNZ despite a rocky recent history there. Kuwait was unhappy that it wasn’t consulted when Saudi Arabia renewed the operating agreement with SAC for 30 years in 2009. Grievances over management of the PNZ came to a head in 2014/15 when the offshore and onshore portions were shut-in, on...
Volume: 69Issue: 06Published at Fri, 06 Feb 2026 -
Oman Launches 2025 Bid Round With Three Onshore Blocks
...set in 2012 and 2014 but failed to sign anyone up (MEES, 8 August 2014). One previous exploration well “failed to reach the target” according to the ministry, but “active hydrocarbon seepage found in the block” supports the likelihood of a “working petroleum system.” The ministry also claims it is su...
Volume: 68Issue: 06Published at Fri, 07 Feb 2025 -
Majors Outspend Capex Targets Amid Record Profits
...y of $100/B. But they were higher over the years to 2014. The big change since then has been that capital spending remains restrained. The five firms’ total 2022 outlay of $95.6bn was less than half 2013’s $195.5bn, meaning much plumper margins (see chart). All five firms, nevertheless, su...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Tethys Eyes Modest 2022 Rebound As EOG Walks From Block 49
...pex to $91mn for 2022, up from $35.2mn for 2021. Not just is this significantly above last year’s pandemic-hit capex figure, but it is significantly higher than in 2014 before the initial oil price downturn (see chart 2). The capex will be front-loaded. This investment surge is being funded by la...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Libya’s Noc Eyes Algeria Border Fields Potential
...natrach on 10 February signed an MoU in Tripoli that “aims to resume Sonatrach’s activities in Libya in order to fulfill its contractual obligations and begin to develop the discovered fields.” Sonatrach was forced to abandon its exploration activities on the Libyan side of the Algeria-Libya border in 2014...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Shell & Petronas At Odds Over Egypt Expansion
...indled from 1.2bn cfd in 2012 to around 500mn cfd now. The WDDM slump is the result of a combination of high underlying decline rates, underperforming wells and slashed investment amid soaring receivables in the years following Egypt’s 2011 revolution (MEES, 7 February, 2014). Shell in early 2018 dr...
Volume: 64Issue: 07Published at Fri, 19 Feb 2021 -
Services Firms Diversify Away From Volatile Us Shale
...ia’ share of revenue rose to a record 36.3%, above that of North America (just 24.0% for 2020) for the first time in four years (see charts). Mideast & Asia 2020 revenue was 72% of the 2014 peak: North America revenue is down two-thirds and overall revenue down 50% over the same period. Ha...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Repsol Mena Pullback
...rector Didier Lluch said in 2014 (MEES, 20 March 2015). Development of Algeria’s supposed 800tcf of shale gas reserves has again moved up the agenda in the country’s latest ‘Energy Action Plan’ (MEES, 14 February). Debating plans for years on end without actually doing much is an Algerian specialty: the ge...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
KRG: Repsol Exits Kurdamir
...maining 20%. Repsol inherited the Kurdamir license in 2014 when it bought out Canadian shale-focused firm Talisman Energy for some $13bn, along with the neighboring Topkhana (Repsol 80%, KRG 20%; MEES, 19 December 2014). Initially bullish development plans faded away and the firm has rarely mentioned th...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Upstream Investment: Is ‘More For Less’ The New Normal?
...euillac] and his team.” Whilst Total’s capex fell by 35% between 2014’s $26bn and the planned $16-17bn figure for 2019, gains in purchasing power have largely made up for this. “$1 of capex this year, is not [equivalent to] $1 that we spent five years ago… With $1 of capex [today] I can make 30-40% mo...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Qatar Seizes Golden Opportunity For US Cooperation
...C) contract for the project, with work to start this quarter. Chiyoda and McDermott previously carried out FEED work under a 2014 contract. Chiyoda has also been heavily involved in the ongoing development of Qatar’s LNG sector. Work includes the construction of three liquefaction trains of ap...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Major Threat For Opec With Offshore Exploration Boom
...hlumberger CEO Paal Kibsgaard told his 19 January earnings call. LONG TERM: DEEPWATER FOCUS Mexico’s latest bid round last week was by far the most successful since the country opened up its upstream to international investment in 2014. Total investment commitments were $93bn with 19 of 29 de...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Sabic Profits Boost From Rising Oil Prices As Horizons Expand With Clariant Buy
...s SR18.40bn ($4.9bn) for 2017, up 4.5% on SR17.61bn ($4.7bn) for 2016. This was the first annual net profits upswing since the crude oil price collapse of 2014 undermined the petrochemicals sector, whose products prices are index-linked to crude. Mr Binyan attributes last year’s increase in net pr...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Saudi Aramco IPO Plans Progressing But Key Challenges Lie Ahead
...$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). NEW YORK, RIYADH &… Key to the IPO’s success will be the location of the listing, and there have be...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Majors Look To Permian For 2017 Rebound
...oductivity Report, released 13 February. Much-touted efficiency gains are not chimeric. Unlike other US shale regions, and the country’s overall output, Permian oil production continued to rise, albeit more slowly, throughout the 2015-16 ‘lean years.’ The latest rig count is less than half the November 2014...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
SEC Seeks $3.3bn More Funding, Bringing Total To $73bn
...kuk Sadara project 2.0 2014: January SEC Sukuk Capital projects 1.2 2014: March SEC Finance Mi...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Dana Gas Profits Boosted By Arbitration Settlement
...UAE-listed Dana Gas recorded a 15% rise in net profits for 2015 despite tumbling oil prices causing revenues to fall by 39% from $683mn to $417mn. But the profit rise, to $144mn from $125mn for 2014, was attributable to a one-off arbitration settlement. The firm is still mired in a legal wr...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Dana Looks To Egypt Uptick In 2016
...wnward curve associated with field decline. This was partially reversed when Balsam field production and well completions were brought onstream in Q4 2015.” For the year, Dana posted 2015 Egyptian output of 33,900 barrels of oil equivalent per day (boe/d) compared to 39,000 boe/d in 2014. Around 80% of...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Oxy Sees Yemen Exit Looming, Continues To Streamline MENA Operations
...perience in Yemen.” Given the exodus of firms from Yemen since 2014 following the outbreak of conflict between Houthi rebels and the Saudi-backed government, this looks highly optimistic, unless it sells to a state-owned company. Oxy is less optimistic that its efforts to pull out of the similarly-co...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016