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BP Seeks To Build On Historic Middle East Foundations In ‘Return To Upstream’ Strategy
...ream. BP returned to the remodeled concession in December 2016, after the original concession agreement expired in 2014, and the current agreement runs until end-2054. Return to Adco lifted BP’s net Abu Dhabi output to a record 257,000 b/d in 2017, but after the offshore Adma concession expired at the en...
Volume: 68Issue: 12Published at Fri, 21 Mar 2025 -
Saudi Power Revamp Progresses Apace Amid Record Electricity Demand
...8GW expansion to the 2.2GW PP12 plant, which is situated around 100km west of Riyadh. PP12 is a modern CCGT power plant running on gas feedstock, which started up in 2014 and is operated by SEC. In a 14 March announcement, Korea’s Doosan stated that SEC has awarded a consortium of it and China’s Se...
Volume: 68Issue: 12Published at Fri, 21 Mar 2025 -
Oman State Upstream Firm Targets 2025 Growth Via Acquisitions & Upgrades
...cond onshore block OQEP operates after Block 60. OQEP signed an exploration and production sharing agreement for Block 60 back in 2011. By 2014 it brought online the Abu Tabul tight gas field (MEES, 23 January 2015) where output averaged 20.1mn cfd for 1H 2024. This was followed by the discovery of the Bi...
Volume: 68Issue: 11Published at Fri, 14 Mar 2025 -
Libya’s Mega 2025 Bid Round 2025: 22 Blocks, 235,000 km2, 1.6bn boe
...ins on the back of increased drilling activity have renewed interest in the sector. Spain’s Repsol and Austria’s OMV, as well as Italy’s Eni, recently resumed drilling in Libya for the first time since 2014 (MEES, 1 November 2024), with the former two optimistic about further gains in 2025 (MEES, 28 Fe...
Volume: 68Issue: 11Published at Fri, 14 Mar 2025 -
Egypt Eyes Takers For Undeveloped Offshore Gas Finds
...05tcf. Notus is the third undeveloped gas discovery of Cluster 2, made in the Oligocene. Drilled in 2013 to a total depth of 7,200ms by UK firm BG (since taken over by Shell), gas in place is estimated at 1.22tcf by EUG. In 2014 BG filed a development plan for Notus but stated that moving forward wa...
Volume: 68Issue: 11Published at Fri, 14 Mar 2025 -
Egypt: Apache Eyes Gas Gains As Eni Output Slumps
...ES, 17 October 2014), Egypt returned to (joint) top billing in Apache’s Q4 results on 27 February. The US independent says it is “building a sustainable base, anchored by [the] Permian and Egypt.” Following a late-2024 agreement that brings “gas-focused investment to economic parity with oil,” by hi...
Volume: 68Issue: 10Published at Fri, 07 Mar 2025 -
Libya Upstream Enters ‘New Era’ With Launch Of Long-Awaited Bid Round
...aly’s Eni, recently resumed drilling in Libya for the first time since 2014 (MEES, 1 November 2024). ‘LIBYA IS BACK’ Ç In a televised event in Tripoli, acting NOC chief Massoud Suleiman launched the bid round, saying it marks the end of 17 years of “neglect” of Libya’s resources and “ye...
Volume: 68Issue: 10Published at Fri, 07 Mar 2025 -
Yemen’s Houthis Revive Threats to Saudi Arabia on Conflict’s Nine-Year Anniversary
...lks and captured the capital Sanaa (MEES, 19 December 2014). But now, nine years later, the battle-hardened Houthis are stronger than ever, having consolidated their positions in Yemen and secured more Iranian backing. As Saudi Arabia has sought to extricate itself from Yemen’s conflict and thaw re...
Volume: 67Issue: 13Published at Fri, 29 Mar 2024 -
Opec Revenues Fall By $160bn In 2023
...op, revenues were still the second highest on an annual basis since 2014. Last year saw the market stabilize following the disruption caused by Russia’s early-2022 invasion of Ukraine. Russian supply proved robust, US output boomed, and demand growth was historically strong at more than 2mn b/d. But su...
Volume: 67Issue: 13Published at Fri, 29 Mar 2024 -
China Crude Imports: Russia Well Ahead
...E was down 4% at 808,000 b/d for Jan-Feb for number five, whilst Oman was up 6% at 791,000 b/d for sixth spot. Further down the list of suppliers, volumes from Kuwait were down 34% at 307,000 b/d for the first two months of 2024, with February’s 165,000 b/d the lowest monthly figure since 2014. Th...
Volume: 67Issue: 12Published at Fri, 22 Mar 2024 -
Poland’s PGNiG To Resume Libya Exploration
...-well campaign were ultimately drilled, with the company announcing gas discoveries in both wells. But the company pulled out its staff and wrote off its entire to-date Libya exploration spend of $137mn as security deteriorated in early 2014 (MEES, 31 January 2014). PGNiG previously pledged to re...
Volume: 67Issue: 12Published at Fri, 22 Mar 2024 -
Libya Gas Exports At 13-Year Low
...BYA’S ANNUAL GAS EXPORTS TO ITALY: 2023’s VOLUMES WERE ALREADY A POST-REVOLUTION LOW (MN CFD) *ENI LOWERED ITS OFFICIAL CAPACITY FIGURE FROM 11BCM/T TO 8BCM/Y IN 2014. SOURCE: SNAM, ENI, MEES. 3: ENI'S MELLITAH* GAS OUTPUT IS SET TO FALL BUT WILL GET MID-DECADE BOOST FROM BOURI THEN ST...
Volume: 67Issue: 10Published at Fri, 08 Mar 2024 -
Saudi Oil Revenues Stabilize As USA Extends Lead As World’s Top Exporter
...cade. US shale has proven extremely resilient, with a breakeven price comfortably below $50/B, leaving Opec+ producers with the invidious choice of either cutting production or risking a renewed price war such as in 2014-16 when Brent prices dropped below $40/B. If US production growth does indeed sl...
Volume: 67Issue: 10Published at Fri, 08 Mar 2024 -
Qatar Sees Buoyant LNG Demand Outlook As It Sanctions Further Expansion
...oductive layers of the giant field extend towards the west.” The discovery follows a drilling campaign of more than 20 appraisal wells since 2014. “Most recently, QatarEnergy has focused its efforts and attention on determining how far west the North Field extends in order to evaluate the production po...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Wintershall Libya Assets In Limbo
...renaica Plateau. Though under force majeure since 2014, these are potentially valuable assets, with what was then RWE-Dea making a string of discoveries over the years to Libya’s 2011 revolution (MEES, 22 September 2008). Back in 2012, amid a lull to Libya’s post-revolutionary instability, RWE-Dea sa...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Kuwait’s Kufpec: 140,000 Boe/D 2026 Target
...pe of gains this year, output is unlikely to top 90,000 boe/d, never mind the official 107,000 boe/d target. Kufpec has a history of massively missing output targets (MEES, 25 April 2014). And, notwithstanding promising Asian discoveries off Indonesia and Malaysia (MEES, 22 September 2023), the on...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Iraq’s Akkas & Mansuriya Fields: Back On Offer
...railed by the rise of the Islamic State (IS)terrorist group (MEES, 25 October 2010). Both are located in areas that were either occupied or threatened by IS in 2014 (see map), and firms continue to cite security concerns at the sites. Nevertheless, Oil Minister Hayan Abdulghani says Akkas and Ma...
Volume: 66Issue: 13Published at Fri, 31 Mar 2023 -
Egypt’s Cheiron & Kufpec Eye 25,000 B/D Gulf Of Suez Boost
...erall production edged up from 2021’s multi decade low to 568,000 b/d for 2022 (MEES, 3 March), Gulf of Suez output fell again to just 122,000 b/d, the lowest in over a decade. If GNN ramps up as planned this could potentially raise Gulf of Suez output back to 2014 levels of 143,000 b/d. Cheiron op...
Volume: 66Issue: 13Published at Fri, 31 Mar 2023 -
Baghdad & Erbil Locked In Standoff As Oil Exports To Ceyhan Come To Complete Halt
...ound 500,000 b/d of crude oil from northern Iraq to its export terminal at Ceyhan following a long-awaited ruling by the Paris-based International Chamber of Commerce (ICC) on the case filed by Iraq in 2014 against Turkey for facilitating Iraqi Kurdistan’s independent oil exports. Turkey’s swift re...
Volume: 66Issue: 13Published at Fri, 31 Mar 2023 -
Libya’s Mabruk: ‘2023 Restart’
...Operator TotalEnergies says its Mabruk field in Libya’s Sirte Basin oil heartland “is expected to restart its production in 2023.” The field on blocks 70 and 87 has been shut in since December 2014 when it was overrun by Islamic State-affiliated militants with the surface facilities su...
Volume: 66Issue: 13Published at Fri, 31 Mar 2023