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Analysis: Will New Amir Era Usher In QP Restructuring?
...ost production capacity – unless the wells give poor results during the production maintenance program. Maersk will determine the goals of the FFDP and take the final investment decision (FID) after it gets approval from QP before mid-2014. Its PSA expires in 2017. US independent Occidental Pe...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Firm Oil Prices And Capital Inflows Boost UAE Growth, Says IMF
...bai’s GREs increased their debt over the last year to an estimated $93bn, up from $84bn in March 2012, of which about $60bn falls due between 2013 and 2017. This included GREs which are operating on a commercial basis and borrow on their own credit strength. It further points out that while GR...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
KRG Drops Turkish Six-Block Bombshell; Disputed Areas Included
...the currently contracted 2017, Shell sees around 600,000 b/d by that date as both more realistic and better as regards reservoir management, informed sources say. Final plateaus would only be reached after significant testing of the impact of water injection on the Majnoon reservoir probably after 20...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Shale Plant Go-Ahead
...man. The 500mw plant will start generating electricity for local consumption in 2017 and is expected to reduce Jordan’s expenditure on oil products imports for power generation by more than JD350mn ($490mn) a year, Enefit says. The plant will burn crushed oil shale in twin circulating fl...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Abu Dhabi Delays Target
...fectively acknowledgment that a long-standing 3.5mn b/d production goal – set in the last decade – has been pushed back even further, to 2020. The target, originally 2015, is now officially 2017, although MEES already reported last year that it was unlikely to be achieved before 2019 (MEES, 21 De...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Korea’s KNOC In Line For ADCO Stake Despite Limited Experience
...increase production at the offshore Upper Zakum field from 500,000 b/d to 750,000 b/d. South Korean engineering firms will play a major role in Abu Dhabi’s plans to lift overall oil production to 3.5mn b/d, a target that has slipped to 2020 from 2017. South Korean engineering firms have be...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Analysis: Changes Ahead For Gulf LNG Importers And Producers
...stream and entering the Asia-Pacific market – a whopping 61.8mn t/y under construction is due onstream by 2017, although slippage is likely – and the possibility of mainland Europe switching to a gas pricing model indexed to (currently far lower) US domestic ‘Henry Hub’ prices and/or the UK’s National Ba...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013 -
Mideast Refining Capacity Edges Up, Runs Fall
...st ambitious expansion plan – three 400,000 b/d capacity refineries, due onstream in 2013, 2014 and 2016. The UAE is building a 417,000 b/d plant which is due onstream in 2014, while Algeria’s Sonatrach has announced a plan to build four 100,000 b/d capacity refineries for 2017 start-up. Also Oman is lo...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013 -
KPI Vietnam Refinery OK’d
...nture, with KPI holding 35.1%, PetroVietnam 25.1% and Mitsui 4.7%. Following the FID and cofinancing agreement, construction is expected to begin in July 2013. Construction is slated to be completed in 2016 and commercial operations are scheduled to begin in 2017. The refinery will be built in th...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013 -
Kuwait Ponders Long-Term Power Fuel Supply Options: MEES Analysis
...art-up at 60,000 b/d in 2017, and ramping up to 270,000 b/d by 2030. Another project included in the 4mn b/d target is the 500,000 b/d Wafra field development (Kuwait’s share is 250,000 b/d) in the Neutral Zone, which Kuwait shares 50:50 with Saudi Arabia. But the Chevron-led project has sl...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013 -
SEC In Talks With ACWA After Rabigh-2 Fuel Switch
...ter the project’s economics. It could also threaten the schedule – SEC had brought forward the completion date to 2016, but when it chose the ACWA-led consortium as first-ranked bidder, the planned completion date was put back to 2017 (MEES, 18 January). SEC awarded the 1.8gw capacity Ra...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013 -
Qatar’s New Leadership: Impact On QP’s And QIA’s Strategies
...velopment program and take the final investment decision (FID) after it gets approval from QP before mid-2014. Another factor is Maersk’s production sharing agreement expiring in 2017. It is in negotiations with QP, which is offering it tougher terms under a joint venture deal to continue Maersk’s op...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013 -
Iraq: Shell Steps On The Gas With Basra Project
...ird quarter of 2017, but few realistically expect this to be in place until 2018 at the earliest (MEES, 29 March). Given that most operators of Basra projects believe reaching plateau targets with responsible reservoir management is unachievable without the CSSP, it is surprising more of them have not fo...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
BP, Oman Pen 1Bn cfd Khazzan Tight Gas Deal
....” As well as the 1bn cfd of gas, the project is expected to produce 20,000 b/d of condensate. Project start-up though has slipped to the second half of 2017 at the earliest. BP has said it hopes to reach a final investment decision (FID) and declaration of commerciality before the end of th...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Satorp Refinery Unlikely To Stem Saudi Product Imports
...location of production independent of Saudi Aramco. Significant product imports are likely to end with the start-up of a key new Red Sea refinery: the 400,000 b/d Yanbu’ Aramco Sinopec Refining Company (Yasref) plant. The IEA recently said Yasref will likely start up in 2017-18 (MEES, 17 May). Ot...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
OPEC Output Edges Up In May
...oduction plateau from the previously agreed target of 12mn b/d by 2017 to 9mn b/d by 2018. And while talks continue on new lower plateau targets with ExxonMobil and BP on the 1.8mn b/d West Qurna-1 and 2.85mn b/d Rumaila field developments, negotiations with Shell over a new plateau target for the 1....
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
UAE’s Dana Gas Looks To Move On From Sukuk Troubles
...ior to the new maturity date of 31 October 2017 (MEES, 21 December 2012). The company eased its debt worries during the first quarter by selling about half of its 3% stake in Hungary’s MOL for $135mn. This left the company with a cash balance of $342m at the end of the quarter. Dana says it is...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Iraqi Infrastructure Crunch Begins To Bite
...cision is still some months off, the government appears to be leaning towards the 9.3mn b/d target to be achieved in phases by 2020, Mr Ghadhban said. The oil ministry, which has conducted its own study, looks to be still committed to reaching plateau by contractual 2017, albeit at a reduced 9.5mn b/d le...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
Oman Anticipates More LNG Exports On Back Of BP Upstream Output
...oject starts ramping up end-2016/early 2017, Nick Wilson writes. In its 2011 annual report published in May, OLNG says although its exports by volume declined 2%, its revenue rose 26.47% compared to the year before from $3.13bn to $3.96bn due to a 31% rise in prices. OLNG’s sales are in Asia-Pa...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012 -
IMF Says Kuwait’s 2012 Economic Outlook Positive Despite Political Instability
...nsultation in May, the IMF sounded an alarm bell when it noted “that government expenditure will exhaust all oil revenues by 2017” and warned that fiscal consolidation is needed in the medium term if current trends continue (MEES, 21 May). But economists played down this scenario because Kuwait has adequate re...
Volume: 55Issue: 26Published at Mon, 25 Jun 2012