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Libya Oil Output Boosted By Sirte Basin Rebound
...oss output of 122,000 boe/d, comprising 116,000 b/d of crude and 40mn cfd of gas – levels that were last seen (if only briefly) in late 2014. These and the latest figures suggest that Waha is not far behind NOC targets set at the beginning of the year, which envisaged Waha output hitting 130,000 b/d in...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Medco Announces $180mn Impairment On Libya’s Area 47
...early 2013, and in March that year said that first production would be delayed by two years to 2016. Three wells were drilled in 2014, all yielding discoveries. The government approved the declaration of commerciality of three more structures on Area 47–B, C and J in September 2014. This added 2P re...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Kuwait Urges Gulf Unity as Qatar Exports Rise Despite Embargo
...August to 739,000 b/d it was still the second highest figure on record. Exports of key products are booming, with naphtha exports on track to average 150,000 b/d (see chart 3). This enabled Qatar to realize $1.2bn from products sales in Q3, the highest revenue figure since Q3 2014. CRUDE RE...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Oman Eyes Crude, Condensate Revenue Boost As Refinery Undergoes Maintenance
...gure since April 2014. Absent further production cuts, Mina al-Fahal’s closure could propel exports back towards 850,000 b/d this month for the first time since January. Unlike other participants to the output cuts, Oman has been diligent in ensuring that the axe also falls on exports (MEES, 6 Oc...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Divergent Saudi-Emirati Aims Further Complicate Yemen Conflict
...yadh. The alliance seized Yemen’s capital San’a in September 2014. Saudi Arabia’s strategy has been to divide the Houthis and Mr Salih’s General People’s Congress (GPC) and return President ‘Abd Rabbu Mansur Hadi to power; he has largely been in exile in Riyadh since 2015, returning only sp...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Middle East Remains Important Segment In Services Firms’ Portfolio
...rth America operations and Q3 saw its share of overall revenue hit 58.1%, posting revenue of $3.16bn. Middle East and Asia revenue rose to $1.03bn from $1bn in the previous quarter, but its share dropped from 20.2% to 18.9%, the lowest since the fourth quarter of 2014. The Middle East remains Ha...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Iraq Continues IOC Investment Hunt, But Commitments Remain Out of Reach
...f the loss of the 310,000 b/d Baiji refinery which was badly damaged by the Islamic State in June 2014. Some capacity is being restored, and the government aims to bring on Baiji’s 70,000 b/d Salahuddin-1 unit in the near future (MEES, 29 September). Capacity gains are required given that do...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Algeria Plans New Hydrocarbons Law: Will Investors Bite?
...fficult to reach resources, including shale gas (MEES, 11 January 2013). But in 2014 the fourth licensing round brought renewed embarrassment. Sonatrach received just five bids for the 31 concessions on offer, awarding four contracts. The stark lack of interest sparked admissions from senior government of...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Asian LNG Buying Up 13% In 2017, Chinese Imports Soar 44%
...the largest since spot prices crashed with those of oil in Q3 2014 (the price of term cargoes did fall sharply but not until the first half of 2015 given the oil price linkage in long-term LNG contracts comes with a delay of around six months). WINTER REBOUND Though, long term, prices are se...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Newly Streamlined Adnoc Targets EOR Expertise For Offshore Fields
...NTED The 2014 renewal of Abu Dhabi’s 1.6mn b/d onshore Adco concession was seen as a blueprint for the looming Adma renewal. While Abu Dhabi won’t want to replicate the lengthy process of securing foreign partners, which was only completed in December 2016 (MEES, 23 December), elements are set to be re...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Aramco Targets 12GW Powergen Capacity By 2020, Seeks Supply License
...mpressors and turbines used in Aramco petroleum and petrochemicals facilities. The company last week announced a plan to manufacture gas turbines at the site under a long-term supply agreement with Aramco signed in 2014. While US conglomerate General Electric does not manufacture turbines or generators in...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Saudi ‘Demonstrates Leadership’ by Keeping Crude Exports Low
...most three years ago (MEES, 22 December 2014). Supplies to the closely-watched US market are at 30-year lows and Saudi Arabia has confirmed there will be no easing up in November. In a first statement of its kind the Saudi energy ministry said on 9 October that the kingdom will export 7.15mn b/d in No...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Does Opec Have A Strategy For ‘Lower For Ever’?
...rket share based strategy chimes with that enunciated by former Saudi Oil Minister Ali Naimi in late 2014 (MEES, 22 December 2014) but now abandoned. This requires a price low enough to drive competitors out of the market. But the strategy of foregoing short-term revenue for long-term gain was ab...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Iraq’s Kirkuk Deployment Reshapes KRG’s Oil Sector
...rkuk in the process. Iraq capitalized on the Kurdish gamble, reclaiming areas seized by the KRG in 2014 with stunning decisiveness, and indeed pushing further into KRG territory. The KRG is now diminished territorially, politically and economically. It may yet recover, but it looks set to be a long and to...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Kufpec Hit From Bongkot Sale Collapse Overshadows LNG Start-Up
...ploratory drilling in 2008, initially with a 7% share that was expanded to 13.4%, when Kufpec purchased Shell’s 6.4% share for $1.14bn in 2014 (MEES, 25 April 2014). Operator Chevron maintains 64.14%; Woodside has 13%, Japan’s Jera 8% and Kyushu Electric 1.46%. Chevron also holds an 80.2% interest in th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Egypt Gas Output Set To Hit 5-Year High By Year-End
...ll in the North El Mahala Onshore (Nemo) block, one of its top seven global high-impact exportation wells for 2017-18 where “500mn boe+” is targeted. The block is situated in the onshore Nile Delta next to the North El Salhiya block of UAE-firm Dana Gas’ block, awarded in October 2014, where dr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Libya Gives Up On Output Target Amid $126bn Losses But Hopeful On Exploration
...ES, 6 October). Mr Haftar’s victory in Benghazi has paved the way for the re-opening of the town’s port and airport. A fuel tanker docked at Benghazi port on 9 October for the first time since 2014, when it was shut in due to fighting between militias loosely affiliated to rival administrations in Tr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Mideast Drilling Stays Firm, Recovery Elsewhere Will Have To Wait
...illing at near-record levels in 2017, in stark contrast to the global trend of upstream underinvestment. The rig count for GCC countries was a collective 288 in September, just 17 off the all-time high of 305 set last October, and up 26% since the start of 2014 despite low oil prices and stretched bu...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
KRG: Russian Oil Firms Ensure Kremlin’s Tacit Support
...-open the Kirkuk-Ceyhan crude pipeline, out of action since IS overran large swathes of northern Iraq in 2014. The announcement looks to be bravado aimed at showcasing Iraq’s efforts to enforce sovereignty over Kurdistan: a daunting array of political and economic obstacles make it unlikely to be re...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Algeria Reverses 2017 Austerity In Free-Spending 2018 Budget
...15 2014 2013 REVENUE (AD BN) 6,497 +15.3 +10.4 +36...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017