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MENA Attractions: Libya Kicks Off Big Year For The Region’s Upstream
...censing round since 2014, with TotalEnergies and Eni both taking assets (MEES, 20 June 2025). The first licensing round under the new oil law was a success, and Algeria plans to launch a new bid round each year over the next five years. “With our geographic position, we are confident that Algeria will be...
Volume: 69Issue: 05Published at Fri, 30 Jan 2026 -
Kufpec Eyes Portfolio Optimization After Exiting Norway & China
...ina, after picking up assets there a decade ago as part of its ambitious plans to become a mid-sized “international National Oil Company” (MEES, 25 April 2014). While some assets acquired at the time have succeeded, many have flopped, and Kufpec now appears intent on debloating its portfolio starting wi...
Volume: 67Issue: 02Published at Fri, 12 Jan 2024 -
Oil Services Firms See Mideast Driving Growth, For 2023 And Beyond
...iven by massive capacity expansion programs in the UAE (see p2), Saudi Arabia and Qatar. “We are poised to certainly have record revenue in Middle East during this cycle, and eclipse the previous 2014 peak [of $11.9bn] by a margin,” SLB CEO Olivier Le Peuch told his firm’s 20 January earnings call. Al...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Oman/Japan LNG Deals
...an’s energy ministry signed an MoU with Japanese state energy body Jogmec to deepen energy sector cooperation. The MoU adds “collaboration towards commercial and technical issues relating to clean energy” to a previous oil and gas-focused 2014 MoU. In expanding the scope of cooperation, Jogmec notes th...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
Slimmed Down Services Firms Eye Bumper 2022 Profits
...l three are now comfortably in the black. *With increased demand for their services they are confident of further growth in margins, and profits, for 2022 and beyond; this is despite predictions that the overall market will remain “structurally smaller” than in their halcyon days to 2014...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Apache Looks To Egypt Growth Following Contract Modernization
...ases out to 20 years (see map). The deal marks the culmination of two years of negotiations which were precipitated when it became clear to Apache that the fall in oil prices – precipitously in 2H 2014 and modestly in 2019 – had rendered new investment, especially in the more mature, eastern po...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Apache’s PSC Terms: Why Modernize?
...oduction. Until 2014 “rising oil prices masked eroding underlying economics,” Apache says. But with oil prices slumping from 2H 2014, “leakage points” were exposed. “Many concessions were in backlog and not recovering their historical costs. Concessions with less attractive fiscal terms were di...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Oilfield Services Firms Boosted By Rising Middle East Revenues
...Oil services firms continue to feel the squeeze from low oil prices. Despite concerns over regional upheaval, they are looking to Middle East gas as a key source of revenue going forwards. Industry investment has remained at a low ebb ever since oil prices collapsed in the second half of 2014...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Saudi Kicks Off 2019 Fundraising With $7.5bn Bond Issue
...test bond issue will partially cover 2019’s projected deficit of $35bn. According to the Saudi Finance Ministry, debt in 2019 will rise by $31.5bn to $180.8bn (21.7% of GDP), implying that considerably more debt would be raised this year. Following the collapse in oil prices in 2014, the kingdom be...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Services Firms Are Looking Up In 2018: US The Key Driver, Mideast Solid
...lliburton both posted an increase in revenue in 2017 bolstered by increased activity in North America. Schlumberger saw revenue increase from $27.81bn in 2016 to $30.44bn in 2017 although that is still some way shy of 2014’s record $48.58bn. Schlumberger was the only firm of the three that managed to po...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
BP Back On At Kirkuk
...vember 2013), but northern Iraq exploded with violence soon thereafter. Kurdish forces took the Kirkuk oil fields in June 2014 when Iraqi fighters retreated ahead of Islamic State (IS). Kurdish forces held off IS and began production from the fields about 280,000 b/d from the Kirkuk field’s Avana Dome an...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Qatar Petroleum Presses Ahead With Shakeup
...7bn thanks to the startup of the 146,000 b/d Ras Laffan 2 condensate splitter. If it wasn’t for technical problems forcing a temporary shutdown at Ras Laffan 1 in April, the revenue gains would have been higher. November’s $630mn products’ revenue was the highest since July 2014. IOCS IN QATAR’S CR...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Saudi Petchem Profits Up 8% In 2016, But Sabic Under Pressure
...SR22.95bn ($6.12bn) for 2016, an increase of 8% from 2015’s SR21.25bn ($5.67bn). Nevertheless, their combined net profits were still 33% lower than for 2014, when high crude oil prices supported linked petrochemicals prices until their late-year crash (see table 1 & chart). Likewise, while th...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Sabic Buys Out Shell From Sadaf JV For $820mn
...andoned the plan after the results of a feasibility study “were not encouraging” (MEES, 31 October 2014). They had been considering adding polyol and styrene monomer propylene oxide (SMPO) units to the complex. Shell says the deal marks an early termination of a joint venture agreement that was due to ex...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Gemsa Up For Circle As Egypt Minnow Shakeout Continues
...sets assumed for zero payment by activist investor Worldview Capital (MEES, 8 April 2016). Like Circle, Petroceltic was partly undone by a reserves-backed lending facility: the collapse in oil prices from the second half of 2014 left a loan (from HSBC in the case of Petroceltic) worth more than the re...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Iran Greenlights 29 Firms For Upstream Tenders
...0,000 b/d under a third phase. The Chinese incumbents have an advantage due to their knowledge of the fields, but both have previously been warned by Iran that they risked losing them due to poor performance – and CNPC was booted out of South Azadegan in 2014. Even when Oil Minister Bijan Zanganeh said in...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Oilfield Services Firms Face More Cuts: Middle East Activity Remains Resilient
...hlumberger, the world’s largest oilfield service firm, saw its overall profit more than halve, falling by 60% to $2.14bn in 2015 from $5.35bn in 2014. The fourth quarter of 2015 saw the firm post a loss of $989mn after managing to remain in the black throughout the rest of the year. Speaking on the firm’s 22 Ja...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Energy Reverses Production Decline With Iraqi Start-up
...versed two consecutive months of falling overall output for the firm, which remains well down on Q4 2014 production of 26,780 b/d. Block 9 is located in Iraq’s oil heartland of Basra. KEC spudded the Faihaa-2 Well at the block on 3 January and estimates that gross output will rise above 5,000 b/d in mi...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Strikes Overly Optimistic Stance On PNZ
.... The 300,000 b/d offshore Khafji field has been closed since October 2014. Kuwait has lost around 250,000 b/d of output from the PNZ and has been unable to compensate for reduced output. It produced 2.88mn b/d in September 2014, but just 2.75mn b/d in December. While renewed PNZ production wo...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Genel Highlights Kurdistan’s Declining Crude Production
...e becoming increasingly evident. Hardest hit is the Genel-operated Taq Taq. Genel figures show that production averaged 116,000 b/d in 2015, but has fallen back to 83,000 b/d in January so far, a 28% fall that pushes it below 2014 output figures. At the DNO-operated Tawke, in which Genel ha...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016