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TotalEnergies First Again With Qatar LNG Expansion Deal
...ont, TotalEnergies’ Mena push has been paying dividends. Since 2014, the firm has overtaken Eni, Shell and ExxonMobil as the largest oil producer among IOCs in the Mena region (see chart 1). TotalEnergies’ willingness to take on political risk stands in contrast to other majors, most of whom have been sl...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
QP, TotalEnergies Team Up Offshore Suriname
...gnificantly scale up its overseas production. The biggest contributor to QP’s overseas output is the firm’s 15% stake in Total Congo which it acquired back in late 2013 (MEES, 31 January 2014). MEES estimates that this provided QP with around 20,000 boe/d net in 2020, down slightly from 20,600 boe/d in 20...
Volume: 64Issue: 25Published at Fri, 25 Jun 2021 -
Iraq Confirms Negotiations With American-Saudi Consortium For Akkas
...s originally awarded to Korea’s Kogas (100%) in 2010’s third licensing round, with the firm targeting 400mn cfd for a remuneration fee of $5.50/boe (MEES, 25 October 2010). Kogas declared force majeure on the field in 2014 as Islamic State overran the area, but after the area was retaken, Baghdad be...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Western Zagros Gets Green Light To Develop Kurdistan’s ‘Crown Jewels’
...rdamir partners had for years been seeking to secure approval from the KRG’s Ministry of Natural Resources (MNR) for a Kurdamir FDP, but progress proved frustratingly slow as the regional government struggled to deal with a series of crises. First came the advance of the so-called Islamic State in 2014, fo...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Syria’s Block 26 Continues To Pump As UK’s Gulfsands Waits On Standby
...lfsands’ Block 26 was one of Syria’s most promising oil assets when the war erupted in 2011, forcing the UK minnow (and every other western firm) to declare force majeure and halt operations. The firm still retains 50% of the block, with Chinese state firm Sinochem holding the other half. But since 2014 wh...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Chevron Phillips Wins Stake At Major Qatar Petchems Project
...a key pillar of Qatar’s efforts to diversify its revenue base away from oil and gas – although clearly the level of diversification is limited. The planned petrochemicals complex marks a considerable turnaround from 2014-15 when QP axed its two petrochemicals projects amid lower prices and a st...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Thailand’s PTTEP Expands In Gulf With Partex Purchase
...abi’s key onshore concession until January 2014 (MEES, 10 January 2014) – and brings it partnerships with international majors (see table). The key upstream asset is 2% of Oman’s state-led PDO which operates the Sultanate’s largest portfolio of fields, the 610,000 b/d Block 6 (12,200 b/d net). This is...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Adnoc Targets Big Gains From Transformational Foreign Partnerships
...reamlining of subsidiaries in 2017 (MEES, 20 October 2017). Equally notable is the revolution underway in reshaping Adnoc’s partnerships with foreign oil firms. The number of such firms partnered with Adnoc in its upstream operations has soared from 12 in 2014 to 17 currently (see chart 1). Moreover, th...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
UAE Gas Production, Consumption Rise To Record Levels
...2bcm, to 76.6bcm. Despite the improvement, this still resulted in a shortfall of 11.9bcm over the course of 2018. This was at least the lowest since 2014 and almost 1bcm down on the 2015 peak of 12.5bcm. The UAE has had a gas shortage since 2008, and as this deficit has grown it has increasingly tu...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Dubai’s Dragon Roars In To Egypt With BP Purchase
...r 2018, up on 2017’s 84,000 b/d: the firm aims to “maintain” output at “around 100,000 b/d” in the coming years. Enoc has released few figures since taking Dragon private in 2015, but an entitlement share in line with 2014’s 56% would net it 52,000 b/d from Cheleken for 2018. The firm’s only ot...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Algeria: Total, Repsol Recommit But More Investment Needed
...e Algerian upstream to be attractive to IOCs, it is probably about right – Algeria spectacularly failed to attract investors in its last bid round in mid-2014 when prices were $100/B (MEES, 3 October 2014) Just four of 31 blocks were awarded. Boughezoul, in the north of the country, went to Re...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Aramco Downstream Strategy: Plastic Fantastic As Sadara Park Ramps Up
...luria to realize the value of these processes.” Siluria is part-owned by Aramco after a $30mn 2014 investment by Saudi Aramco Energy Ventures (29 August 2014)....
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
ExxonMobil’s Rapidly-Expanding Mediterranean Presence
...erica, and shale in particular, the key focus of its spending since oil prices tanked in the second half of 2014, the same year that it opted against renewing its stake in the UAE’s Adco concession. The MENA share of its oil output has fallen from 25% in 2013 (545,000 b/d, all from Abu Dhabi and Iraq) to 37...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Egypt Inches Towards Paying Off Receivables Bill
...ll in late 2014 when it halved dues to $3.1bn on the back of borrowed cash (MEES, 5 December 2014). EGPC has pledged to pay off receivables by mid-2019. VICIOUS CIRCLE EGPC can point to the sums it is owed by other ministries as a reason it has fallen so far behind with payments. As of late 20...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Doha’s Diplomatic Dispute – The Financial Impact
...nctions came into effect - and the stock market shrank by about $11bn in value the following day, the largest drop since 2010. It went on to post its worst weekly performance since 2014. International ratings agency S&P Global Ratings wasted little time in responding to the move. On 7 June, it lo...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Egypt Seeks Virtuous Output Circle: Reserves Up, Dues Down, More Output
...e official receivables total at just $2.3bn, down from $3.4bn at end-March, $3.5bn at end-2016 and a high of $6.3bn in 2014. These official figures are substantially lower than MEES estimates based on company filings ($4.35bn at end-Q1), although however you look at it the trend is clearly down. Th...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Mideast Sovereign Wealth Funds Learn To Adapt To Low Oil Price World
...Some, but not all, Gulf SWFs are selling assets with lower prices. Others spot new opportunities, especially in Asia. Saudi Arabia's PIF, set to be the repository of the proceeds of the planned Aramco privatization, is already stepping up purchases. Sustained low oil prices since late 2014...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Israel: Leviathan Plan Approved But Sales Still Needed
...port it to. Israel’s Zemach committee put a 540 bcm cap on the gas reserved for the domestic market and not on what it exports (MEES, 5 December 2014). So whether Leviathan produces 500 bcm, as the government estimates, or 620 bcm according to the partners, will not make a huge difference as it was no...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Aramco Sees Gas As Central To Economic Transformation
...ace within its latest Annual Review. Aramco sees gas as an essential “feedstock for diversified industries” and therefore at the heart of Vision 2030. Saudi Arabia has steadily increased the amount of raw gas processed in recent years, from 11mn cfd in 2013, to 11.3mn cfd in 2014 and 11.6mn cfd la...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
QP To Downsize Foreign Staff In Reorganization Plan
...0,000 b/d for 2014, and to an average of 660,000 b/d for the first five months of 2015. Some large investment projects should help to stabilize oil production, such as the $4bn plans to update facilities and increase production at Bul Hanine from 40,000 b/d to 95,000 b/d by 2028 (MEES, 8 May). As for ga...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015