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Egypt: Key West Nile Delta Project Set For Start-Up
...r field (see box) and the rapid ramp-up in output at Eni/BP’s Nooros in the shallow waters of the Nile Delta to 875mn cfd within six months of July 2016 start up, should boost Egyptian gas production over 5bn cfd by Q3 for the first time since January 2014. February output was 4.41bn cfd (MEES, 24 Ma...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Algeria Keeps Oil Spending Flat, Extends Exploration Search Offshore
...wnstream are added in, the total spending program comes out at about $75bn. Sonatrach’s headline figure for its 2016-20 five-year plan was $73bn, but for 2015-19 it was $90bn and for 2014-18 it was $100bn (MEES, 17 February). Sonatrach upstream VP Salah Meknouche made the most of what was essentially a sp...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Ta-Ta Taq Taq: Demise of Key Kurdish Field Weighs On KRG Exports
...15 2014 Tawke 110.0 2.7 107.3 135.2 91 Taq Ta...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Kuwait Refinery Shuts, New Capacity Delayed, Crude Exports To Rise
...na Abdullah EPC contract it is undertaking with Samsung Engineering and CB&I (MEES, 14 February 2014) will not be complete until the very end of 2018. Both the CFP and Al-Zour projects were held back for many years by disputes between government and parliament. The award of construction contracts ca...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Rosatom Starts Work On New Iran Nuclear Plant, Cementing Russia’s Mena Presence
...Construction at Bushehr began just before Iran’s president visited Moscow where he signed several deals including one for Russian nuclear fuel. Russian state nuclear firm Rosatom has begun building its second reactor at Bushehr on Iran’s Gulf coast under a 2014 agreement. Both parties ap...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Libyan Oil Output Gains Go Into Reverse Amid Growing Instability
...rce. The Third Force wrested control of the Sharara oil fields from Tebu and Zintani members of the local Petroleum Facilities Guard in November 2014. There were reports in March that the Third Force had withdrawn from the region, but an LNA spokesman said in late March that negotiations over control of...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
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 -
East Med Deepwater Exploration: In Search Of ‘More Zohr’
...mpatriot Edison. A detailed map in Eni’s latest annual report also shows the field itself rubbing up against the Edison block, whilst other maps – including ones produced by Eni – have shown the field actually crossing the line. Although Edison was awarded North Port Fouad in September 2014, the same ye...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Aramco IPO Valuation: The Devil Is In The Detail
...lman, who is the key driver behind the much-vaunted Vision 2030 economic diversification plan, has estimated Aramco’s value at $2 trillion. This means its IPO would raise around $100bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014. Fu...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Iran LNG Plans Hamstrung By Domestic Demand, Lack Of Foreign Cash
...located 32bcm to reinjection in 2014. Of course in 2014 (and 2011, 2012 and 2015) demand for sanctions-hit Iran’s crude was low enough that Iran could afford to slash reinjection and still have enough oil to meet demand. The corollary is that last year as post-sanctions Iran sought to ramp up crude output to...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Rosneft: Russia Mixes Business With Politics In Mena Expansion
...rdish oil since 2014 to $3bn, implying Rosneft has coughed up around $1bn. There are indications that Rosneft is using this as leverage over the cash-strapped government. Reuters reports that Rosneft is after light crude for its German refineries, which dovetails with Rosneft’s statements. Two days af...
Volume: 60Issue: 12Published at Fri, 24 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 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...ting of ‘AA’ in March 2014 it took until April 2016, over 18months after oil prices started to fall, for this to be reversed. FITCH SAUDI SOVEREIGN RATING HISTORY LONG-TERM ISSUER DEFAULT RATING. SOURCE: FITCH, MEES....
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Libya Oil Gains Go Into Reverse
...C officials, way below 300,000 b/d capacity but the highest level since Q4 2014. It was initially cut by 35,000 b/d due to concerns over limited storage capacity and the events unfolding at the Es Sider terminal before production halted completely on 9 March. Waha was offline between December 2014 an...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Production Curbs Help Market Inch Towards Balance
...uld constitute the market once again being balanced. But there is a consensus that the buildup of global crude stocks to record highs since 2014 means a simple reversion to production equaling or outweighing demand isn’t going to cut it. Stocks are going to have to be worked down, but by how much? Mo...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
US Ramp-Up Lays Down The Gauntlet To Opec
...16 – just nine months ago. That said the latest rig count remains little more than half the November 2014 peak of 565 – an indication that there remain substantial numbers of idled rigs (albeit typically older and less efficient ones) and thus that whilst evidence is growing of nascent Permian cost in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Baghdad Close To Winning War In Mosul; Can It Win The Peace?
...rruption and lack of development of areas outside of Baghdad helped to facilitate the emergence of IS in 2014 (or more accurately its re-emergence from the embers of Al-Qa’ida in Iraq). Iraq’s leaders have a challenging set of circumstances if they are to prevent the same mistakes from being repeated. MO...
Volume: 60Issue: 11Published at Fri, 17 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 -
Kuwait Cuts Its Borrowing Needs With Debut $8bn Bond
...venue will likely prove substantially higher and thus the deficit will likely come in lower, albeit still around $20bn. Even with the latest bond issue, this still leaves a $12bn hole to fill. Kuwait in 2014-15 posted its first budget deficit of KD2.72bn ($8.9bn) following the collapse in oil prices in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017