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Syria Accelerates Its Upstream Ambitions
...banon unilaterally claimed its EEZ in a letter to the United Nations in 2011, but Syria – not a signatory to the United Nations Convention on the Law of the Sea (UNCLOS) – rejected this in 2014. Last month, Lebanon’s cabinet finally approved its maritime border with Cyprus, 18 years after Beirut and Ni...
Volume: 68Issue: 47Published at Fri, 21 Nov 2025 -
Oman’s Blocks 3&4: Output Rebound Hopes Recede
...%. Output is now at the lowest since Q4 2014 when production was just ramping up (see chart). At the start of 2023, Tethys’ annual output guidance was 30,000-33,000 b/d, a projection that was only just met by actual 1H production of 30,670 b/d (MEES, 21 July) but now looks beyond reach. Indeed, up...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Total’s Libya Expansion: Done & Dusted?
...sin which has been shut in since 2014 when an Islamic State attack severely damaged its surface infrastructure. The plan here was to start the field up in early 2023 at a rate of 25,000 b/d before boosting to 40,000 b/d (MEES, 10 December 2021). On 16 November, Total executives held a meeting with NO...
Volume: 65Issue: 46Published at Fri, 18 Nov 2022 -
Services Firms Eye Gulf Revenue Bonanza
...was desired.” MARGINS OVER REVENUE Having seen their revenues collapse with oil prices in 2014 and again in 2020, the ‘big three’ now claim to be much leaner operators. As such, though their collective revenues remain little more than half 2014 levels, all three have notched up healthy pr...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Gulf Offshore Drilling At 10-Year Low As Saudi, Abu Dhabi Stall On Contracts
...abia, also the lowest figure in almost 10 years (see chart). The UAE also had 10 rigs for October, the lowest since August 2014, whilst Qatar accounted for the remaining five. Recent earnings calls of offshore drilling firms add some color to the factors behind this slump in activity. They also su...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Petrofac Seeks $530mn From Bp/Equinor Algeria Gas Project As Finances Stretches By Continued Saudi Boycott
...four southern fields to “maintain production at 9 bcm/year [870mn cfd] … for years to come” (MEES, 19 February 2016). Recent output has been just a third of this level (see box). Petrofac fully remobilised in early 2014, but the firm has since issued “multiple Variation Order Requests (VoRs) re...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Saudi Aramco: The $1.7 Trillion Company
...arter of the $100bn that Crown Prince Muhammad bin Salman (MBS) has been eying since he first floated the idea of the IPO in 2016 (MEES, 8 January 2016). It also means that it’s going to be a close-run thing as to whether Aramco can overhaul the 2014 $25bn flotation of Chinese e-commerce giant Ali Baba as...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Not So Rapid: Aramco Malaysia Downstream JV Delayed
...e Refinery and Petrochemical Integrated Development (Rapid) project (MEES, 3 March 2017). The main construction contracts for PrefChem were awarded in 2014. PrefChem is being built close to Singapore at the southern tip of peninsular Malaysia. The refinery will have capacity to process 30...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
KRG Eyes Major Boost As Exxon/DNO Firm Up Baeshiqa Light Oil Find
...rrent holdings are DNO (32%op), ExxonMobil (32%), and Turkish state partner TEC (16%), while the KRG holds the remaining 20%. Based on earlier drilling, Exxon and TEC previously estimated oil-in-place at 580mn barrels, before operations were halted in 2014 amid the Islamic State’s offensive. DNO’s la...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Aramco Kicks Off Share Offering: But At What Price?
...ten repeated in recent months, the implied $2trillion overall figure, but also the desire for the flotation to be the largest ever IPO – surpassing the $25bn raised by the 2014 float of Chinese e-commerce giant Ali Baba. VOLUME VS VALUATION? Of course, the two aims are somewhat co...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Aramco Kickstarts IPO Process
...pact of Opec+ cuts is being felt on export volumes which are on track to fall to their lowest levels since 2014 (see chart). Turning to Q3, Aramco posted revenues of $70.2bn and profits of $21.1bn. Unsurprisingly, despite the annual decline, these numbers dwarfed those of the largest IOCs, with Ex...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Qatar Banks On North Field Leverage To Boost Aggressive Overseas Expansion
...ken in Argentina’s bid round earlier this year – three are operated by Exxon, two by Shell (MEES, 19 April). In the Americas, QP has also taken nine blocks in Brazil – in addition to one from 2014 – eight in Mexico, and two in Guyana. But it remains absent in the US upstream, arguably the world’s la...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Petroleum Puts Petchems Front & Center
...ed the 1.4mn t/y Al-Sejeel polymers and 1.5mn t/y Al-Karaana ethylene glycol projects amid the late 2014 collapse in crude prices. Despite the new project’s scale, it is still smaller than the combined scope of those two plants. However, new projects may be unveiled at a later date. Asked whether an...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Eni Grows North African Presence
...natrach CEO Abdelmoumen Ould Kaddour, Algeria has made a flurry of deals with IOCs in recent months although crippling red tape often means projects are subject to major delays. Firms are wary of this, resulting in underwhelming interest in the country’s most recent 2014 bid round which saw a meagre fo...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
GCC Debt Smashes All Records
...hrain with $3bn. Less than three years ago, Saudi Arabia, Kuwait and Oman had never issued debt in the international markets but the plunge in oil prices since the end of 2014 sent their budget deficits soaring. Indeed, while political relations have frayed throughout the course of the year, one fr...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
BP Can’t Stop Falling For Low Cost Mideast Output
...lds the Kirkuk field’s Avana and Baba domes with a combined 160,000 b/d capacity, and has asked BP to help develop the field (MEES, 3 November). BP signed a deal to study the field in November 2013 with a view to further development, but the 2014 advance of IS put this on ice. Mr Townshend says he ha...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
‘Iran Is A Risk…The US Is A Risk’ Total’s Pouyanné Speaks To MEES
...at people are exaggerating. Yes, we have seen a few rigs come back into the picture. But in the US today, you have 450 active oil rigs, it’s nothing compared to what we had in 2014, when it was around 1,400 [see chart, p20]. Yes, this is a potential dynamic, but I think it is not clear how many of th...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
KRG Sees Signs of Green Shoots In Its Troubled Oil Sector
...tural Resources Ashti Hawrami last month put the debt accrued to buyers in 2014-15 at $2.3bn, of which MEES estimates it has paid off around $200mn this year, meaning that this drain on finances is set to continue for years to come. KRG MAINTAINS EXPORT LEVELS DESPITE PRODUCTION WOES (‘00...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Streamlined Oxy Set to Bag UAE Gas Expansion Project
...5% to 8% in 2017.” Capex in the first nine months of 2016 was just $1.99bn, down more than 50% on the same period last year and barely a third of the first nine months of 2014. OCCIDENTAL PETROLEUM: MENA PRODUCTION *DOLPHIN PRODUCTION COMES FROM QATAR'S NORTH FIELD. **EXCLUDES iRAQ, BA...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
US Firms Pull Back From The World
...ise production in 2017 whilst further cutting capital spending (capex) which is already, at just over $5bn for Q3 2016, 50% down on 2014 levels. Chevron’s 2014 capex spend was $40.4bn, it was $33.8bn for 2015 and “we will likely end [2016] below $25bn in capital outlays, in fact potentially coming in cl...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016