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BP Sets Sights On Expanded Libya Operations With New MoU
...riodically expressed a desire to exploit over the past decade (MEES, 30 May 2014). In 2014, NOC’s then-chairman Mustafa Sanalla spoke optimistically about Libya’s unconventional oil and gas potential. He said that “a lot of homework will be done to evaluate these resources,” but since then NOC has lacked the re...
Volume: 68Issue: 28Published at Fri, 11 Jul 2025 -
Israel’s Leviathan: FID For 1.4bn Cfd Expansion, But FLNG Plans Stall
...own) and its then partners at the Tamar field came close to an agreement with a Korean consortium to secure an FLNG for Tamar expansion. A year later a deal to sell 25% of Leviathan to Australia’s Woodside also fell through – the deal had targeted FLNG for the field’s development (MEES, 23 May 2014...
Volume: 66Issue: 27Published at Fri, 07 Jul 2023 -
Algeria’s Finances: Oil Revenue Windfall To The Rescue
...After years of low oil prices and dwindling state coffers Algeria is set for its best year since 2014 in terms of oil export revenues. Algeria’s state finances are on the up on the back of surging oil prices which have already resulted in a 75% increase in gross oil export revenues in...
Volume: 65Issue: 28Published at Fri, 15 Jul 2022 -
Shell Completes The Set For Qatar’s NFE Expansion
....2%. With prices soaring, Qatari export revenues are booming and the latest government figures show a $500mn jump in May to $12.44bn – the highest figure since March 2014’s $12.46bn (see chart). Revenues are fast closing in on that figure and on January 2014’s $12.58bn, which is the highest monthly fi...
Volume: 65Issue: 27Published at Fri, 08 Jul 2022 -
Oman Unveils 2021 Upstream Bid Round
...ospect, which had been slated for 2020, appears to have been dropped amid the Covid-19 pandemic. The relinquishment “after an unsuccessful exploration programme” marks Mol’s departure from Oman after having relinquished Block 43B in 2014 (MEES, 31 March 2017). BLOCK 23: OFFSHORE APPETITE? Th...
Volume: 64Issue: 29Published at Fri, 23 Jul 2021 -
Neutral Zone’s Wafra: Exports Restart
...spended since 2014 (MEES, 29 May 2015). Saudi Arabia and Kuwait have long had disagreements over PNZ-management, with Kuwait especially disgruntled that Chevron represents Saudi Arabia at Wafra. Despite their disagreements, Saudi Arabia and Kuwait reached an agreement to restart PNZ output in December 20...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Israel’s Delek Drilling Eyes $2.5bn Leviathan RBL Facility
...th which to meet fixed debt repayments. Exactly this pattern bankrupted Mena-focused Irish independents Circle Oil and Petroceltic in the wake of the halving of crude prices from $100/B-plus in the second half of 2014 (MEES, 19 June 2015). And it has near-bankrupted the Delek Group, which has be...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
Qatar Boosts Eni, Total Links With Kenya Entry
...isting work in Oman. QP works less with Total internationally, it has a 15% stake in Total Congo since 2014, while the pair made a discovery offshore South Africa in February (MEES, 8 February). More importantly, Total has a 30% stake in Qatar’s 300,000 b/d Al Shaheen field. CEO Saad al-Kaabi is ad...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Upstream Capex Edges Up But Recovery Remains US-Focused
...vestment 2018 report remains almost 40% down on the 2014 peak (see chart). But whether this presages output shortfalls in the years to come remains to be seen: certainly majors and IOCs claim that they are now getting more bang for their buck with their collective investment emphasis having shifted from mu...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Shell Enters Mauritania
...ock C-10 (50-2000ms water depth) surrounds several former discoveries: the Chinguetti oil field, long the country’s sole producer, saw output end in late 2017; the 1.5tcf Banda wet gas field had development plans shelved by then-operator Tullow after oil prices tanked in the second half of 2014 (MEES, 13...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Bahrain’s Troubled Banking Sector Set For Turbulent Times
...hrain’s banking and finance sector has faced a considerable slew of challenges – challenges that show no sign of abating. The government’s finances have been hit hard by the crash in oil prices since the end of 2014, forcing it to tap the bond markets in an effort to plug its budget deficit and le...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
China Puts Oil Center Stage Of Middle East Strategy
...rvices arm Sinopec International Petroleum Service Corp. The firm this month signed a $1.06bn five-year contract, extendable by one year, with another KPC subsidiary KOC. Sinopec’s service arm first entered Kuwait in 2008 and this latest deal effectively replaces a $1.15bn 2014 contract. The UAE wa...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Iran Aims For Total Reboot Of Oil And Gas Sector
...PC was then ejected in 2012 due to lack of progress (MEES, 2 July 2012). The Chinese firm appears to have been partially forgiven for this, and for similarly slow work at South Azadegan from where it was given the boot in 2014 (MEES, 9 May 2014). Oil Minister Bijan Zanganeh says the partners’ “in...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Total Talks Crackers On Both Sides Of Gulf
...09, having signed the shareholders agreement that officially cemented their relationship in June 2008. Construction of the refinery took place during 2010-13. Satorp shipped its first products cargo in September 2013 and reached full operational capacity in mid-2014 (MEES, 15 August 2014). ...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Oilfield Services Firms Forecast Upturn As Industry Looks To Overcome Crisis
...low levels (MEES, 8 July). Middle East resilience – and deep pockets – has seen the region’s share of each company’s revenue grow since the third quarter of 2014. Schlumberger’s Middle East share of revenue has risen to 33.6% in Q2 16 compared to 23.5% in Q3 14, while Halliburton’s has risen to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Apicorp And Bahri Plan $1.5bn Saudi VLCC Shipping Fund
...versified and investment-led economy. “This fund will not only reduce Saudi Arabia’s dependence on external crude carriers, but also its earnings will be reinvested in the local economy,” says Mr Mufadhi. BAHRI/ARAMCO DEAL Bahri took over Saudi Aramco’s Vela shipping unit in 2014, in an ag...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
GCC Bonds’ Bumper Year: 1H16 Surpasses All Previous Full-Year Historic Highs
...Saudi Arabia’s SAMA for whom net foreign reserves dropped from a peak of $732bn in August 2014 to $581bn at end-April 2016, where it remained in May (see p20). The kingdom’s budget deficit soared from around $14.4bn in 2014 to a record $98bn last year (MEES, 8 January), and it has budgeted fo...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Kuwaiti Oil IPOs: An Unlikely Prospect
...eld, after having previously secured a TSA to work on the field in November 2014 and in March announced a vague agreement “to study opportunities for joint investment” domestically and internationally (MEES, 1 April). Shell meanwhile has one ETSA to develop the heavy Ratqa field – which will de...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Abu Dhabi Streamlining Creates $135bn Energy Fund With Global Reach
...June). IPIC reports that it recorded a net loss of $2.6bn in 2015, down from a $1.5bn profit in 2014. Revenue fell around 30% to $35.8bn as low oil prices resulted in the devaluation of many of its oil and gas investments. Its upstream stakes give it working interest production of just over 20...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Libya Oil: A Write-Off?
...ayed a substantial part in a 49% reduction in profits for the second quarter, compared to the first quarter of the year, and a 64% drop compared to the same period of 2014. Underlying replacement cost profit for the quarter was $1.3bn, compared with $2.6bn for the previous quarter and $3.6bn for the se...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015