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Sunny Hill Quits Egypt
...bstantially worse with the 2H 2014 oil price crash. The firm effectively went bust and was taken over by its key bondholder Worldview Capital in early 2016 (MEES, 8 April 2016). Worldview subsequently adopted one of the toughest stances on EGPC receivables of all IOCs in the country. It halted all but es...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Egypt Takes Oil Target In-House As Production Plumbs 40-Year Low
...gust). Indeed, for many, investment has never recovered from the oil price slump in the second half of 2014. For other key global oil provinces, not least the Middle East, the late-2014 oil price slump came on the back of years of plenty. But firms in Egypt had by early 2014 already endured three years of...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Oman Taps Debt Market To Cover Low Oil Revenues
...vid-19 pandemic and oil price crash came as the country was already on the brink of economic crisis. Unlike its fellow GCC oil producers, the sultanate’s more modest oil production has failed to cover its increasingly bloated public sector – particularly after the 2014 price crash (MEES, 26 July 20...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Iraq Plans Qayara Refinery Expansion
...veiled plans for multiple greenfield refineries, but the only one to progress is a 140,000 b/d project at Karbala awarded to a Korean consortium led by Hyundai E&C under a $6bn contract in 2014 (MEES, 21 February 2014). The delayed project now targets 2022-startup, though even this looks optimistic. Th...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Morocco Gas Development: Don’t Hold Your Breath
...rgets. Repsol relinquished the acreage in early 2014 with ‘Anchois-1’ the only one of four wells drilled to find gas. Of course the global market for virgin offshore development projects is considerably more bearish now than in 2013, when oil prices were $100/B-plus. But that isn’t stopping Chariot, wh...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Conoco Enters Morocco
...fshore ‘Atlantic margin’, the hotspot for exploration earlier this decade, Repsol also has the deepwater Gharb Offshore South block, which lies further offshore from the Tangier Larache permit (now Chariot’s Lixus), which Repsol relinquished in 2014. Italy’s Eni previously partnered Chariot at the Ra...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Riyadh’s SWCC Privatization: Desalination And Powergen Assets On The Block
...1 Ras al-Khair RO 2014 311 308 Ras al-Khair 2015 74...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Aramco: Impressive Output Rebound, But Effects Will Linger
...mn b/d (not including the Neutral Zone whose production, shut in since 2014, is shared with Kuwait), so a claimed 11mn b/d figure implies that 1mn b/d is still shut in. And the 12mn b/d figure has never been tested. Many observers, including MEES, are skeptical that the country could produce at this level fo...
Volume: 62Issue: 39Published at Fri, 27 Sep 2019 -
Northern Iraq Secures Vital Infrastructure Upgrades
...an to rehabilitate the Baiji-1 and Baiji-2 powerplants is also central to Baghdad’s broader initiative to restore services to the areas hardest hit by the Islamic State (IS) insurgency that wracked the country between 2014 and 2018. Baiji lies in Salahuddin Province and supplies power to the north, in...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Morocco: Minnow Bags Deepwater Block
...-1 well drilled by US firm Kosmos and partner BP in April 2014 (MEES, 18 May 2014). The two firms, key partners off Mauritania and Senegal to the south, gave up on what was then the Foum Assaka block in 2016 with BP quitting Morocco to boot. Kosmos at the time said FA-1 “failed to find hy...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Saudi OKs Desal Sell-Off Plans
...ant, with 2.4GW power generating capacity and desalination capacity of 1.25mn m3/d. This came online in 2014 at a cost of $6.1bn (MEES, 13 February 2015). Estimating the value of SWCC is complicated by the fact that much of the company’s infrastructure is in need of a capital injection: 20% of its ca...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Israel-Egypt Gas Deal: More Problems?
...at the two key Leviathan partners are looking for another potential Egyptian offtaker for their gas. Given that Egypt’s moves to gas market liberalization are in their infancy (MEES, 5 April) the obvious counterpart would be EGAS. Dolphinus was formed in 2014 by Egyptian entrepreneurs Alaa Arafa, Kh...
Volume: 62Issue: 37Published at Fri, 13 Sep 2019 -
Russia’s Stroytransgaz Bags Iraq E&P Deal
...-year contract this week to explore and produce oil and gas in western Iraq’s Block 17, a ministry statement confirms. The deal requires approval from the ministerial council, and given American sanctions on the firm due to its involvement in Russia’s 2014 annexation of Crimea, it could spark fierce US op...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Iraq Sets New Oil Output Record As Jordan Exports Start
...lamic State (IS) insurgency in 2014-16, whilst Baghdad has also tested the upper limits of its export infrastructure. Since peaking at a whopping 3.63mn b/d in December (MEES, 4 January), Iraqi southern exports have averaged 3.43mn b/d throughout the first eight months of this year – less than 30...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Algeria’s Gas Projects: Playing Catch-Up
...ntracts worth a combined AD53bn ($440mn) to local firms Cosider and ENGTP late last year to develop six fields around the periphery of the 4.4bcm/y-capacity Gassi Touil development, which came online in 2014. Cosider’s AD21bn contract will see it drill 25 wells and send raw gas output of 7mn m³/day (ar...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Abu Dhabi Field Startup Paves Way For New Crude Grade Launch
...me since 2014. The Joint Ministerial Monitoring Committee (JMMC) of the Opec+ agreement met in Algiers on 23 September and opted against increasing production limits. But apart from marginalized Iran, any UAE production increases are unlikely to prompt complaints. Umm Lulu output had been ex...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Iraq’s 200,000 b/d Halfaya Boost: Is There An Outlet?
...July 2014 from 535,000 b/d to 400,000 b/d alongside similar adjustments to Iraq’s other major foreign-operated fields (MEES, 5 September 2014). Once Halfaya production hits full capacity – likely by early 2019 – it will become the first of Iraq’s main foreign-operated fields to do so, although it...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Qayara Production Resumes
...eld was captured in 2014 and subsequently operated by IS (MEES, 17 October 2014). It suffered extensive damage to its wells and infrastructure as IS retreated following Iraq’s operations to retake the area in August 2016. Given the extent of the damage and the fact that Qayara previously peaked at 20...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
LNG Prices At Four-Year High Amid Soaring Demand
...port record of 88.45mn tons set in 2014 will ever be surpassed. Japan’s record years for LNG imports came in the wake of the 2011 Fukushima nuclear disaster. The continued, albeit extremely gradual, restart of the country’s nuclear fleet combined with overall stagnant-to-falling Japanese energy de...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Libya Drilling: Schlumberger Boost
...eld, where Phase-2 output started up in July (MEES, 6 July). LIBYA: NUMBER OF ACTIVE ONSHORE RIGS HITS 7 IN AUGUST-HIGHEST SINCE 2014 SOURCE: BAKER HUGHES....
Volume: 61Issue: 39Published at Fri, 28 Sep 2018