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Majors’ Russia Exit Puts Spotlight On Mena Portfolios
...om its role at the onshore Wafra field located in the Saudi-Kuwaiti Partitioned Neutral Zone (PNZ), where it partners Kuwaiti state firm KGOC in a 50:50 JV. Last year represented the field’s first full year of production after being completely shut-in between late 2014 and February 2020 (MEES, 14 Ja...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Yemen’s Two-Month Truce Revives LNG Export Hopes
...vernment’s “demand for adjustment of revenue shares.” According to a 2018 report by Yemen’s ministry of planning, the country’s share of Balhaf’s gas sales reached $753.5mn in 2014 while Mr Pouyanné says that the “cash flow per year of Yemen for TotalEnergies” was “around $1bn” in 2015. With some 80% of Ye...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Saudi Arabia Pledges To Invest Oil Export Windfall In Economic Reforms
...P in the first quarter of the year growing at the fastest pace since 2011. Unsurprisingly, the surge has been driven by resurgent oil markets, as the fallout from Russia’s 24 February invasion of Ukraine has pushed oil prices above $100/B for the first time since 2014. The kingdom launched its Vi...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Shell Egypt Slump Opens The Door For Chevron
...ft Shell-predecessor BG unable to meet its export commitments from the 7.2mn t/y ELNG export terminal which adjoins the WDDM processing facilities at Idku (MEES, 7 February 2014). Even the addition of UK major BP’s West Nile Delta (WND) project from 2017 wasn’t enough to reboot LNG exports. This pr...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Adnoc-CNPC JV Awards EPC Contract For Offshore Block Development
...rku Island.” Adnoc Upstream Executive Director Yaser Saeed Almazrouei says “we are very pleased to commence the full field development of the Belbazem Offshore Block, together with our strategic partner CNPC.” AL YASAT’S GROWTH Al Yasat was established in 2014 and has two co...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Russia’s Gazprom Seeks North Africa Expansion
...sin known as ‘Area 64’ (see map). ALGERIA PLANS In neighboring Algeria, Gazprom says it plans to make a decision in 2021 on the “commercial attractiveness” of its 2010 Rhourde Sayah (RSH) and 2014 Rhourde Sayah North (RSHN) discoveries on the El Assel license (236b). The two fields ar...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Sonatrach Adds Equinor And Sinopec To MoU List
...vestment push (MEES, 7 February 2020). Equinor is also involved in exploration activities in Algeria at the country’s Timissit license on the border with Libya. The block, which is said to have both conventional and unconventional potential, was originally awarded in 2014 (MEES, 3 October 2014). Eq...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Iran Deepens Iraq Energy Role With 3GW Basra Power Plant
...to Iraq’s energy sector. The $2.5bn Rumaila IPP project was directly awarded to the Amman-based Iraqi conglomerate Shamara Holding Group (SHG) by the Ministry of Electricity in 2014 under Federal Iraq’s first Power Purchase Agreement (PPA). The PPA is for 15-17 years and Iraq’s Ministry of Fi...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Eni’s Zohr Boosts Egypt Gas Output To New Highs
...PLORATION Russian state firm Rosneft, 30% partner at Zohr (Eni 50%op, BP 10%, Mubadala 10%), revealed in its 2020 annual report, released last week that “the drilling of a prospecting well” on the Shorouk block which houses Zohr is planned by July next year. Part of the original block awarded to Eni in 2014...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Yemen Set For Output Boost Following Petsec Transaction
...gistered Octavia Energy Corporation listed by Companies House was dissolved in 2014. Nevertheless, Yung Holdings is listed as having Yemen operations. In 2016, Yung Holdings purchased Calvalley Petroleum (Cyprus) Ltd, which is the operator of Block 9 (50%) alongside Indonesia’s Medco Energi (25%) and Ho...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
India Oil Demand Hit By Covid As Saudi & Opec Import Share Falls To Record Low
...th Saudi Arabia’s market share falling to a record low 14.4%. Opec’s Q1 market share of 64.3% was also a record low, whilst the Mideast share of 56.2% was just fractionally higher than the record quarterly low set in 2014 (see chart). *In volume terms, the 595,000 b/d that India took from Sa...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Yemen Takes Delivery Of Saudi Products Shipments
...started in 2019 and is currently running at around 10,000 b/d (MEES, 15 January). A planned second phase 400MW expansion was awarded to India’s BHL for $436mn in 2011 with work beginning in 2014 (MEES, 9 August 2013). The project was financed by the Arab Fund for Economic and Social Development, the Sa...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Sonatrach: A Return To Libya?
...andon its exploration activities on the Libyan side of the Algeria-Libya border in 2014 due to a deteriorating security situation. It had made a number of promising discoveries close to existing infrastructure up until that point (MEES, 11 June 2012 & MEES, 22 February 2013). Sonatrach holds 50% of Ar...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Energy Investment: Oil And Gas Bear The Brunt Of Unprecedented Cuts
...vestment, the sharp drop-off in investment could have profound ramifications down the line. Since the crisis struck, IOCs have sought to emphasize that they are in much better shape to handle this downturn than the previous oil price fall in 2014. That fall led to significant belt-tightening and ef...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Saudi Arabia Looks To Expand Iraq Footprint
...ntract, does not make sense” – adding that the Saudi media could have possibly misinterpreted the comments made my Mr Allawi. Nonetheless, Akkas remains a major bone of contention. Iraq’s oil ministry continues to urge Kogas to return to the field, where the Koreans declared force majeure in 2014 as Is...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Oil Investment Collapse Risks Future Shortfall-IEA
...pes out the modest increases in spending since the 2016 nadir, it leaves expected 2020 spending at a mere 42% of 2014’s peak outlay. And this is in nominal terms – in real terms the fall is much larger. *Unlike the 2015-16 spending slump, when the effect of capex cuts was mitigated by falling up...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Mena Renewables Projects Tap Chinese Funding
...tensibly multilateral identity, the Silk Road Fund is intimately linked to President Xi Jinping’s flagship Belt & Road Initiative which is intended to promote Chinese investment, and with it influence, across a swathe of the planet, including the Gulf region. Founded in December 2014, Silk Road Fund cash co...
Volume: 62Issue: 21Published at Fri, 22 May 2020 -
Neutral Zone Set To Close Again
...It was a brief run, but having started producing in February for the first time since 2014 the Khafji field is once again being shut-in. Located in the Neutral Zone (PNZ) where output is split 50:50 between Saudi Arabia and Kuwait, an agreement reached in late 2019 saw output restart, with th...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Apache ‘Excited’ By Egypt Despite Output Plunge
...8). 1: EGYPT OIL OUTPUT FELL TO A 38-YEAR LOW OF 608,000 B/D FOR MARCH ('000 B/D) 2: APACHE GROSS EGYPT OUTPUT IS AT A 10-YEAR LOW BUT THE US FIRM HOPES A WELL-STOCKED INVENTORY WILL SEE A REBOUND 3: APACHE HIKES EGYPT CAPEX, BUT STILL JUST 40% OF 2014 LEVELS *IN...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...e Adoc concession which it entered in 2014 (MEES, 14 November 2014) as well as the Sarb/Umm Lulu stake. But though Sarb/Umm Lulu did provide a boost to Cepsa’s net output for 2019, underlying decline in the rest of its upstream portfolio – southeast Asia, Latin America, and above all Algeria – me...
Volume: 63Issue: 20Published at Fri, 15 May 2020