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Oman’s OQEP Eyes New Gas Discovery In Upstream Reshuffle
...40%, OQEP 30%, PTTEP 20%, Petronas 10%) home to the massive 1.5bn cfd Khazzan & Ghazeer tight gas development. In 2014 it acquired a 40% interest in the gas giant before divesting 10% to Malaysian state firm Petronas in 2018 (MEES, 26 October 2018). BOOSTING BLOCK 60 Despite its ga...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Eni & BP Set To Kick Off Libya Exploration Drilling Campaign
...relative stability (MEES, 4 June 2012), these never came to fruition. BP declared force majeure in 2014 and in 2015 wrote off the $598mn it had spent up till then on its sole Libya assets (MEES, 31 July 2015). However, Eni, unlike BP which has no production in the country, retained Libya as a co...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Aramco Ups LNG Stake
...e facility since 2014. Overall, Shell supplied 67mn tons of LNG to buyers in 2023, making it the largest IOC portfolio player. INCREASED LNG EXPOSURE The transaction further strengthens MidOcean and Aramco’s position in the global LNG market, says MidOcean, adding that it “will pr...
Volume: 67Issue: 38Published at Fri, 20 Sep 2024 -
Adnoc’s Giant Onshore Concession Central To Future Bond Issues
...24 as a result of the CFP, and are set to easily break 2014’s record of 1.14mn b/d according to Kpler data. Exports this year peaked at 1.54mn b/d in April but have since eased off slightly averaging 1.31mn b/d for August (see chart 2). ADNOC ONSHORE RESERVES In preparation for th...
Volume: 67Issue: 37Published at Fri, 13 Sep 2024 -
Eni Spuds Key Morocco Wildcat
...per Jurassic but that the find was insufficient to justify testing (MEES, 21 March 2014). However it is worth noting that the subsequent decisions by both Cairn and Galp to quit their acreage and walk away from Morocco in 2015 and 2016 respectively were driven more by the collapse in oil pr...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Algeria: Key Southwest Gas Field Start-Ups Boost Exports To 7-Year High
...d Reg Mouaded were originally to be developed by the UK’s BG (now Shell), and the Hassi Mouina license containing Hassi Tidjerane and Tinerkouk by Norway’s Equinor before the foreign firms walked away in 2013 and 2014 respectively having failed to agree commercial terms with Sonatrach (MEES, 29 May 20...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Libya Eyes 10,000 B/D 1H24 Output At North Hamada
...w a pipeline connection between Tahara and the parallel El Feel/Sharara to Zawiya/Mellitah trunk crude pipelines. Full development of the seven fields on Area 47’s Block 2 on which commerciality was declared in 2011 and 2014 is slated to produce 50,000-60,000 b/d liquids and 90mn cfd gas with ou...
Volume: 66Issue: 35Published at Fri, 01 Sep 2023 -
Egypt’s Western Desert Output Hit By Rig Delays As Gas Drilling Shunned
...the lag between handing over produced volumes to the state firm and EGPC paying for them. And though total receivables remain a far cry from the $6bn-plus figure that EGPC owed in 2013 and 2014, latest corporate filings show that dues are again edging higher – perhaps not surprisingly given Eg...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Libya’s NOC Moves To ‘Save’ Key Oil & Gas Project
...(MEES, 27 November 2020). The development has since 2014 been operated by the Nafusah Oil Operations consortium consisting of Medco (24.5%op), Libyan Investment Authority (LIA 24.5%) and NOC (51%). In a bid to “save the project”, Mr Bengdara has, according to Mr Sanalla, set up a committee to ne...
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Kuwait Starts Up Key Northern Oil Facility
...thering center in the north of the emirate. GC-31 is one of three gathering centers for which contracts worth $2.3bn were awarded in 2014 (MEES, 11 July 2014). All were initially slated to come online in late 2017, but were delayed. The first two, GC-29 and GC-30 were brought online in 2018, but GC-31’s co...
Volume: 64Issue: 38Published at Fri, 24 Sep 2021 -
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 -
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 -
Iraq: Soaring Domestic Oil Demand Will Test Next Government
...cords. Prior to the IS advances, Iraq’s products consumption averaged 521,000 b/d in the first half of 2014 before slumping to 429,000 b/d for 1H 2015 – a direct result of the IS occupation. Not just is Baghdad now having to supply more products to its populace than pre-IS, but it is having to do so wh...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Egypt Gas Output At Record High As Zohr Hits 2BN CFD
...NDENSATE OUTPUT (‘000 B/D): MED OUTPUT RETURNS TO EARLY 2014 LEVELS AFTER SLUMP SOURCE: EGPC, MEES....
Volume: 61Issue: 37Published at Fri, 14 Sep 2018