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Majors’ Russia Exit Puts Spotlight On Mena Portfolios
...dergone four straight years of falls, with production down by almost a quarter on 2011’s 4.26mn cfd. Further decline is on the cards for this year with Exxon also losing its 10% stake in Qatargas-1, although this will be partially offset through full operations at Qatar’s 1.4bn cfd Barzan gas project wh...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Eni Offshore Egypt: Two Steps Forward, One Step Back
...ars ago having peaked at 2.05bn cfd, almost 35% of Egypt’s gas output in 2011. But the two firms got a boost to their overall regional output with the 2017 start-up of the 1bn cfd Nooros field in the Abu Madi West concession (Eni 75%, BP 25%). But it was Zohr, which started up at the end of 2017, pr...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...coming 100% owner in 2011 when it bought out remaining partner Total. IPIC was merged into Mubadala in 2016 (MEES, 8 July). Following an abortive attempt at a Cepsa IPO (MEES, 21 September 2018) Mubadala last year sold 37% to the Carlyle Group (MEES, 12 April 2019). In January Mubadala sold an additional 1....
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
IOCs Face Mixed Picture In The Mena Upstream
...reseeable future. On the gas side of the equation, Total’s regional bets have not fared so well. Output edged up in 2018 to 810mn cfd thanks to the start-up of Algeria’s Timimoun project (see chart 2), but is well down on 2011’s peak of 1.46mn b/d. Wars in Syria and Yemen took their toll on Total’s po...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
UK Firm Gulfsands Vies To Outlast Syria Sanctions
...Dozens of foreign firms operated in Syria before 2011 sanctions. Most aren’t planning to return any time soon. But the existence of London-HQ’d Gulfsands depends on it. On 23 April, Gulfsands Petroleum finalized its decision to delist from London’s Alternative Investment Market (AIM) co...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Total’s Libya Expansion: The Plot Thickens
...the Libyan Revolution in early 2011 three projects were under appraisal which would double capacity to 600,000 b/d: development of the North Gialo field and the NC-98 concession would add 120,000 b/d and 80,000 b/d in crude output respectively. A Conoco 2010 analysts’ presentation, meanwhile, says th...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Neptune Goes Galactic With $5bn Engie Deal
...ey submitted a development plan in 2009 but nothing appears to have happened since, save Australia’s Woodside selling its 45% stake to the Libyan Investment Authority in 2011, with Engie taking over as operator the same year. Engie has several exploration concessions in the region, including in...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Siemens Rolls Out First ‘Made In Ksa’ Gas Turbine
...Jazan on the Red Sea coast in the kingdom’s remote southwestern region. The turbine was built at the Siemens Dammam Energy Hub, which is the kingdom’s first gas turbine manufacturing plant and “the largest in the Middle East.” The plant was built under a 2011 agreement with Aramco and el...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
ENOC Moves Ahead With Offer To Absorb Dragon Oil
...though the UAE raised gasoline prices twice in recent years, it deferred a third price in the wake of the Arab revolutions of 2011, fearful of a backlash. Federal law requires that Enoc and its subsidiary Emirates Petroleum Products Company (Eppco) sell gasoline at the government mandated price. In 2011, th...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Companies Scale Back Libya Expectations
...nce 2011 (MEES 24 April). The impairments “mainly related to the deteriorating security situation this quarter,” said Total’s chief financial officer, Patrick de la Chevardiere, in a conference call on 28 April. “We have fully impaired our onshore fields in Libya, which is most of the charge, as we...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Egypt To Slash Petroleum Subsidies As Part Of New Budget
...too low however, and could threaten growth, Egyptian economists warn. Social Expenditure In Egyptian Budgets: 2011-2015 (E£ Mn) 2014-15* 2013-14** 2012-13 2011-12 Total So...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Aramco Annual Review: Gas Record, Oil Down
...10 2011 2012 2013 ‘13vs’12 (%) RESERVES (re...
Volume: 57Issue: 20Published at Fri, 16 May 2014 -
QPI Makes Second Canada Move With UK’s Centrica
...int oil and gas projects in Canada in 2011. After the latest deal, QPI and Centrica’s interests in the Western Canadian Sedimentary Basin are fully aligned. In a statement, Nasir al-Jaidah, CEO of QPI, said: “We are pleased to have expanded our strategic alliance with our partner Centrica through this ac...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
SABIC Targets ‘Innovation And Ingenuity’
...ale cracker in the US (MEES, 12 April 2013). The report gives 2013 output for only two of SABIC’s business units: fertilizers 6.7mn tons and “metals” (steel production) 5.9mn tons. The most recent data for other units are for 2011 output: chemicals 44mn tons, polymers 11.3mn tons, innovative pl...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
Saudi Aramco: 2012 Production Rises, Capacity Steady
... SAUDI ARABIA Saudi Aramco: 2012 Production Rises, Capacity Steady Saudi Aramco’s 2012 Annual Report, released on 27 May, shows crude production hitting a record 9.51mn b/d, up over 440,000 b/d on 2011’s previous record. Gas output of 10.7bn cfd, up 9% on 2011, is al...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
International Expansion Leaves Turkish Firms Vulnerable To Political Instability
...e main testing ground for this Turkish corporate charge into energy. But Iraq (and the KRG in particular) is also the key area of investment concern for Turkey. Iraq has since 2011 been Turkey’s second biggest export destination, but other significant trade relationships are also with politically fr...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Kufpec Targets 96,500 BOE/D By End-2013
...erall production has already risen to 80,000 boe/d from around 72,000 boe/d for both 2011 and 2012 (MEES, 12 April). The key boost has come from the Qadirpur gas field in Pakistan and from the expansion of the company’s Chinese output with the recent purchase of BP’s 34.3% stake in the Yacheng offshore ga...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
North African Oil Investors Head For The Exits
...vestment. But both BG and Hess’ exit plans pre-date the In Amenas slaughter, MEES understands. Prior to In Amenas, Algiers had been planning to hold a new upstream bidding round this year, its first since March 2011. If this goes ahead, the round will be a key litmus test of whether the country ha...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Poland’s Kulczyk Buys Winstar
...t). The company also has exploration acreage in Syria (Block 9, under force majeure), Romania and Brunei. The addition of 11.2mn boe reserves (2P) from the Winstar acquisition more than doubles the Polish firm’s existing reserves. Although Tunisian output remained relatively steady in 2011 de...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Total Sees Multi-Billion Dollar Solar Opportunity
...cently the world’s largest producer of solar panels, Suntech Holdings, filed for bankruptcy in March. BP withdrew from solar in late 2011. Shell, while it still has solar interests through associate firm Showa Shell (including a joint venture with Saudi Aramco to make solar cells in Saudi Arabia, an...
Volume: 56Issue: 19Published at Fri, 10 May 2013