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QatarEnergy Expands Offshore Egypt, Partners Shell
...nsiderable acreage nearby. QatarEnergy has moved swiftly to develop a strong presence in Egypt’s upstream as bilateral relations thawed after the end of the 2017-2021 Qatar embargo (MEES, 23 June 2017). Relations are now at their warmest since the 2013 ousting of President Mohamed Morsi. More recently, Eg...
Volume: 68Issue: 41Published at Fri, 10 Oct 2025 -
Adnoc Subsidiaries To Distribute $43bn In Dividends By 2030
...pital through the listing of subsidiaries. The firm made a splash in 2017 when it listed 10% of its retail fuel subsidiary Adnoc Distribution on the Abu Dhabi Securities Exchange (ADX). After the $851mn initial public offering, the energy giant went on to list stakes in five other firms: Adnoc Drilling (20...
Volume: 68Issue: 41Published at Fri, 10 Oct 2025 -
Sarsang Expansion Facility Starts Up
...r this year (see chart). The new facility will be the first significant new capacity addition since the Atrush field, where Shamaran is also present, came online in 2017. While the Genel-operated Sarta came online in late 2020, results have been disappointing (MEES, 13 May) and output averaged ju...
Volume: 65Issue: 43Published at Fri, 28 Oct 2022 -
Russia’s Tatneft Returns To Libya
...nister (see p18). Though exploration successes in Libya from the four international bid rounds held after 2004 were few and far between, Tatneft was among those to report modest finds (MEES, 28 July 2017). Tatneft holds eight exploration blocks in Libya spread across the Ghadames and Si...
Volume: 64Issue: 42Published at Fri, 22 Oct 2021 -
Sonatrach Breaks Ground On Turkey Petchems
...,500 b/d) of propane for use as feedstock until 2040. This is equivalent to around 10% of Algeria’s current LPG exports of 197,000 b/d according to data intelligence firm Kpler (see chart 1). The deal will also solidify Turkey as Algeria’s no. 1 LPG customer, a position it has held since 2017. Algerian ex...
Volume: 64Issue: 41Published at Fri, 15 Oct 2021 -
Dana Gas Sells Producing Egypt Assets To Texas-Based IPR
...lations with Sukuk holders (MEES, 18 August 2017) and had flagged up the sale of its Egypt assets as a preferred method of meeting the looming payment (MEES, 14 February). This suggests that Dana was hardly in a position to dictate terms in the latest sale, though a $90mn one-year loan with UAE lender Ma...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
QP & Total Make Second South Africa Discovery
...panding internationally… my ambition is for Qatar Petroleum to be seen as an International Oil Company and be talked about at the same level as ExxonMobil, Shell, ConocoPhillips, Total” (MEES, 8 December 2017). This ambition has led QP to partner with international majors at a host of overseas assets in...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
Sunny Hill: All Eggs Now In (Delayed) Algerian Basket
...hedule was for September 2022. Though project delays in Algeria are par for the course – the development of Ain Tsila to produce 3.5 bcm/y (340mn cfd) was originally slated for 2017 start-up (MEES, 21 July 2017) – Sunny Hill is particularly exposed to the risk given that it has now quit all of its other oi...
Volume: 63Issue: 42Published at Fri, 16 Oct 2020 -
The KRG’s $850mn Oil Arrears Problem
...vestor, but having just missed four months payments, the KRG doesn’t have much credibility. It’s a mess.” Erbil made a similar deal in 2017 with DNO and Genel (as well as the gas-focused Pearl Consortium) which saw the firms take the KRG’s 20% stake in Tawke along with monthly override payments. But, wi...
Volume: 63Issue: 41Published at Fri, 09 Oct 2020 -
Russia SWF Opens Saudi Office
...sit Russia in a landmark October 2017 visit which publicly demonstrated the warming relations (MEES, 6 October 2017). So far, the strengthening of ties has been primarily played out in the oil markets arena, with Russia and Saudi Arabia the key players in the Opec+ production agreement. The next st...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Aramco Releases Dividend Details In IPO Push
...w, it also significantly caps funds available for a potential dividend windfall during periods of high oil prices. Aramco also pays the government corporation tax at a rate of 50%. This was brought down from 85% in 2017. Senior government officials have flagged up the speed with which Aramco ha...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Services Firms: Mideast Growth Picks Up, But US Slows
...“more of a pause than a long-term structural issue.” The latest dip in US shale activity comes on the back of massive growth that saw the company’s North America revenues leap 37% to $9.2bn for the first nine months of 2018 (just shy of the 2017 annual total) as US crude output soared to top 11...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Upstream Costs: Can Services Firms Get Majors To Split The ‘Rent’?
...13 and $175bn in 2014, the five supermajors’ collective capex had fallen to just $97bn for 2017, with only a slight uptick planned for this year (MEES, 9 February). Key oilfield services firms have felt the heat. Collective profits for the biggest two, Schlumberger and Halliburton, collapsed fr...
Volume: 61Issue: 43Published at Fri, 26 Oct 2018 -
Qatar Petroleum To Replace Oxy At Key Offshore Field
...SPLACED Oxy had appeared outwardly confident that it would remain QP’s partner at the field. Oxy frequently cites Qatar as central to its portfolio. CEO Vicki Hollub told a May 2017 earnings call that Oxy had “confidence that we’d be able to extend that contract…we believe that with the success our teams ar...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Total Signs Up For Algeria Expansion
...laise affecting Algeria’s gas sector. Despite the start-up of a key Repsol-led field (2.9bcm/year Reggane North), sales gas volumes edged down to 94.5bcm for 2017 (MEES, 7 September). Delays elsewhere mean output may decline this year despite the February start-up of the 1.8bcm/y Timimoun field: first ga...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Qatar Drilling Tender Imminent
...ss as an export terminal. The timeline has slipped slightly as Mr Kaabi told MEES in December 2017 that “all the bids are in now and we are evaluating these. By the first or second quarter next year we will decide with our partners what we want to do” (MEES, 8 December 2017...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
DNO All In On Iraqi Kurdistan As Output Soars
...ne 2017 start up. With DNO riding high on production gains and higher oil prices, the company is also poised to begin drilling at Baeshiqa (DNO 32% op, ExxonMobil 32%, Turkish Energy Company 16%, KRG 20%). The firm finalized its acquisition of its 32% stake from ExxonMobil in April (MEES, 4 May). Th...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Saudi Solar Plans: Crashing Like Icarus?
...y). This in turn marked a scaling back of government atomic and renewables agency Kacare’s 2013 plan for 54GW of renewables capacity by 2030. The megaplan was also in stark contrast to Saudi renewables progress to date: total renewables capacity amounted to 92MW as of the end of 2017, according to Ab...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Middle East Remains Important Segment In Services Firms’ Portfolio
...art of the year, Schlumberger proclaimed the industry had “reached bottom of the cycle” (MEES, 28 April) but profits so far in 2017 for services firms have been slow in appearing. Schlumberger and Halliburton posted profits of $580mn and $360mn respectively in Q3, but that is a far cry from the multi-bi...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Aramco IPO: China To The Rescue?
...ght months of 2017. A direct deal with China would help it to lock in future crude sales, thereby serving to bolster Aramco’s future growth. Indeed, Aramco has already been working hard to lay the foundations for catering to China’s future crude demands. Energy Minister Khalid al-Falih, who also ch...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017