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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 -
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 -
ARA PetroleumTargets 30,000 boe/d Oman Output
...aller firms such as CCED, Medco and Tethys. One player which often escapes the limelight is Omani independent E&P firm ARA Petroleum which operates three assets in the country. ARA was founded in 2014 by parent company Al Zubair, formally known as Muscat Trading Company. The firm specializes in “un...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
Key Russian Investor Takes Over Syria Producer Gulfsands
...ate firm Sinochem holding the other half, the block has de facto been operated by Syrian state firm General Petroleum Corporation (GPC) since its restart in 2014. This restart came via a deal with the local Kurdish authorities who receive part of the revenues. Gulfsands does not receive royalties from on...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
US Shale: Major Growth Planned, Indies Crimp Spending
...ird fewer rigs (six versus nine) in the oil-focused Midland and Delaware basins. Already for Q4 2018, Apache, with 98,600 b/d oil output, topped 2014’s previous high but with just a fifth of the 42 rigs the company was running in late-2014 (see chart). But whilst output per rig is up massively, th...
Volume: 62Issue: 11Published at Fri, 15 Mar 2019 -
Egypt Oil Output To Fall As Key Producer Apache Slashes Investment
...stain… cashflow” rather than raise output. With fewer rigs and lower capex, Apache plans to drill 40% fewer wells in Egypt this year. For 2019 it plans 70 wells, 30 exploration and 40 development, down from 115 for 2018. This in turn is well down on the 2014 peak of 220. Of 2018 wells, 45 were ex...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Gaza Gas: Still Under Water
...t alone any revenue from any additional gas sales (MEES, 30 May 2014). But today, amidst a seemingly endless security crisis, development at Gaza Marine is a political risk that trumps a crack at a relatively modest upside. GAZA MARINE FIELD, SURROUNDING GAS INFRASTRUCTURE TALKS WI...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Shell Recommits To Egypt With Plans To Double Offshore Output
...ute domestic gas shortage, Cairo in 2013 begun diverting increased volumes of WDDM output to the domestic market. This left next to no gas for BG to export. BG declared force majeure on LNG sales in early 2014, writing off over $1bn in revenue for 2013 (MEES, 31 January 2013). It exported just one LNG ca...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Total Expands In Libya With Marathon Waha Purchase
....33% partner ConocoPhillips 45,000 b/d each. Hess has 8.16% with Libya’s National Oil Corporation (NOC) the remainder. Though output was shut in for two years from late 2014, it has since rebounded strongly, averaging 210,000 b/d for the last quarter of 2017 and 120,000 b/d for the year as a whole, ne...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Noble East Med Plans Gather Pace
...d on target for late-2019 start-up, the company says. The sanctioning of the deal in February last year was a “major milestone” for the company after Israel’s upstream remained in stasis for over two years from late 2014 awaiting the result of an antitrust case (MEES, 2 January 2015). The fi...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Petrofac Becomes Yet More Dominant In Kuwait
...d-2020. GC-32 will “have the capacity to produce around 120,000 b/d of oil per day together with associated water, gas and condensate” according to Petrofac. The initial Feed contract was completed in December 2014 by Amec Foster Wheeler, but Kuwait delayed putting the key EPC contract to tender. Ac...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Hungary’s Mol - Mena Profile: No More Chasing Barrels
...Hungarian integrated oil firm Mol has had to reshape its upstream operations in light of the 2014 oil price crash. Upstream Executive Vice-President Dr Berislav Gaso tells MEES how it has slashed production costs and that despite setbacks, Mol still sees the Middle East as important. Hu...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Majors In The Middle East: 2016, A Year Of Consolidation
...on. TOTAL: GULF OUTPUT TO RISE Total’s pursuit of low cost barrels has seen it increase its presence in the Gulf states in recent years. Regional output fell in 2014 when Abu Dhabi was reshaping its onshore Adco concession, but got back on track in 2015 when Total became the first legacy partner to...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Wood Group In $2.7bn Takeover Of Amec Foster Wheeler
...stribution of derivative products, as well as in mining, clean energy and the environment and infrastructure markets. Recent Mena contract wins include a mixture of upstream, refining and petrochemicals projects. The company was formed in 2014 by Amec’s acquisition of US firm Foster Wheeler at a time when “si...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
IOCs Continue To Play It Safe In Libya
...arter of 2014 with output of around 700,000 b/d. But state-owned National Oil Corporation (NOC) is yet to persuade some of its major international partners that its bullish oil and gas production targets for 2017 will be achieved. NOC is targeting production of 1.25mn b/d by the end of the year and pl...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Total: Adco Boosts Oil Output But Gas Lower On Yemen conflict
...s net UAE output rising from 115,000 b/d in 2014 to 274,000 b/d in 2015. This 159,000 b/d increment equates to 78% of the firm’s overall output gains. Even more indicative of the importance of Adco is that for 2014 – between the end-2013 expiry of the previous concession and Total taking the renewed st...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Majors Have Another Year To Forget In The Middle East
...oduction for ExxonMobil in 2014, overtaking the Middle East. The gap widened further last year (see graph 4). Production growth from the UAE’s offshore Upper Zakum field led incremental overall regional growth of 18,000 b/d, to 398,000 b/d, well down on 2013’s 545,000 b/d. However, both the US and Middle Ea...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Shell’s Plans For BG Egypt Still Uncertain As Unconventional Gas Start-Up Nears
...iro about further developing the field. Under an initial deal finalized in December 2014, Shell and Apache were to receive $5.45/mn BTU for gas produced from unconventional formations (MEES, 19 December 2014). However, though this is a substantial hike on the long-standard $2.65/mn BTU that Egypt pa...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Shell Mideast Output Gets Oman, Iraq Boost
...Shell’s key Mideast interest is its 34% stake in state-led Petroleum Development Oman (PDO). Here its net production rose from 205,000 b/d in 2014 to 215,000 b/d last year, implying a rise from 603,000 b/d to 632,000 b/d in overall PDO output. PDO is by far the largest producer in Oman wi...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Apache Turns To Egypt For Bargain Barrels Amid Capex Cuts
...are of Apache’s overall capex is set to soar to 23% this year from 16.1% in 2015 and 10.3% in 2014. This marks a sharp reversal for a firm which in recent years had shifted its focus to US shale at the expense of Egypt: the country’s share of Apache capex halved between 2009 and 2014. This came as th...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016