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Egypt Independent Cheiron Eyes Regional & Local Expansion
...CUS Cheiron’s local expansion beyond the Gulf of Suez legacy area started in 2017 with the purchase of a 50% (later increased to 80%) share in the Western Desert’s North Bahariya concession and the purchase of French firm Engie’s West El Burullus project in the shallow waters of the Mediterranean, no...
Volume: 66Issue: 38Published at Fri, 22 Sep 2023 -
Germany’s Covestro Confirms Adnoc Takeover Talks
...quisitions. In 2017 it launched an aggressive $109bn downstream investment strategy, within which it set a target of more than tripling petrochemicals capacity to 14.4mn t/y by 2025 (MEES, 1 December 2017). While Adnoc has not outlined any new target figure, it is clear that the firm is pushing to go far be...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Oman’s OQ In $1.4bn Upstream Sell-Off
...en highly active at Block 60 in recent years. Output increased by 12,000 b/d year-on-year to a record 61,000 b/d for 1H 2023. The gains were driven by the Bisat oil field which was first discovered in 2017 and now has production capacity of 60,000 b/d (MEES, 27 January). Conversely, gas was down from 35...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Shell’s Incoming CEO Set To Oversee Streamlined Mena Growth
...rely 300,000 b/d by 2017 before dropping sharply to just 252,000 b/d in 2018 as Shell exited its Iraq holdings in frustration over payment delays and slim margins (MEES, 23 March 2018). That left Shell with sizeable equity production from just Oman, Qatar and the Egypt holdings it acquired with its 20...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Adnoc Adopts Targeted Approach In Search For Unconventional Partner
...ake in the Upper Zakum offshore oil field, where the partners target 1mn b/d by 2024 (MEES, 17 November 2017). In 2019 the respective CEOs announced that they had discussed “substantial new conventional and unconventional exploration opportunities in Abu Dhabi.” DRILLING EXPANSION Un...
Volume: 64Issue: 37Published at Fri, 17 Sep 2021 -
Adnoc Drilling Hopes October IPO Will Lay Groundwork For Regional Expansion
...main unchanged. This will be the second IPO of an Adnoc subsidiary, following the 2017 partial listing of retail subsidiary Adnoc Distribution (MEES, 1 December 2017). With Adnoc advancing ambitious expansion plans on both the upstream and downstream front, the energy giant has sought new, of...
Volume: 64Issue: 36Published at Fri, 10 Sep 2021 -
EOG To Bring ‘Unconventional’ Know-How To Oman’s Upstream
...teral well. It says the Rhuddanian sand “is hydrocarbon bearing” in two of Block 36’s previously drilled wells – Al Hashman-1 and Burkanah-1. The Canadian firm flagged up further cause for optimism based on an analogous “discovery in a nearby block made in late 2017 and currently under development.” Th...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Aramco Joins IOCs In Green Research Drive
...eir aggregated upstream operations from a 2017 baseline of 23 kg CO₂e/boe to 20-21 kg CO₂e/boe by 2025. Aramco’s carbon intensity is already just 10.4 kg CO₂e/boe. Given the current industry trajectory, it is not difficult to envision a scenario a few years from now whereby producers with the lo...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Conoco Enters Morocco
...stomary 25%) at the massive 10,000km² Tanfit exploration permit. Shell previously held the acreage as a reconnaissance permit (Issouka), converting to a full exploration permit at the end of 2017 whilst bringing in Repsol which previously had neighboring reconnaissance acreage. Moving to Morocco’s of...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Oman: Record Condi Output
...ve to further ease crude production elsewhere to maintain Oman’s compliance with its 970,000 b/d Opec+ oil production commitment. Oman’s condensate output only averaged 86,000 b/d in 2017 but has been driven up by the sultanate’s rebirth as a major natural gas producer (MEES,28 June). Prior to Ra...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Chinese Takeover For Cash-Strapped Kuwait Energy
...l of the firm’s 62,300 boe/d net production in 2017 (primarily gas). The firm also closed its $192mn purchase of OMV’s Pakistan assets in June this year adding a further 42mn cfd and 550 b/d to its net production. KEC’s portfolio consists of 10 assets. Four producing oil blocks in Egypt account fo...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Abu Dhabi Plots $3bn Windfall From Cepsa IPO: What’s For Sale?
...r the 52.94% it did not already own, including French major Total’s then 48.83% stake. IPIC first bought into Cepsa in 1988. Fellow state energy-focussed investment firm Mubadala assumed the stake in January 2017 (MEES, 8 July 2016). In a 17 September document detailing the IPO plan Mubadala ch...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Qatar Secures New Long Term LNG Sales Deal With China
...nth. Chinese LNG demand is surging as the government has implemented an extensive program to switch domestic heating from coal to gas. LNG imports soared 46% year-on-year in 2017 as a result (MEES, 2 March) and volumes have continued to soar since. Eight months in to 2018 and China has imported 32.6mn to...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Tamar Downtime Is Wake-Up Call for Israel
...neration fuel mix for 2017, with coal 37-38% and renewables the remaining 2-3%. In the absence of Tamar gas, Israel had to switch in diesel and fuel oil (see chart). In case of a longer outage it also has the option of importing LNG via a receiving buoy offshore the northern port city of Hadera. It is st...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Rosneft Plans Key Gas Pipeline To Unlock Kurdish Exports to Turkey
...creasingly competitive Turkish market. Turkey imported 45.4bcm of gas in 2016, of which number one supplier Russia provided 24.5bcm (54%). Imports are on course to soar to 55bcm in 2017, with Russian supplies growing to 29bcm, though Russia’s market share (53%) is broadly steady (see chart). The ca...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
KRG Receives Chevron Boost
...200 b/d at its Shewashan field over 2017. But while it completed a 10,000 b/d early production facility and a fourth well last quarter, output languishes at around 1,100 b/d due to water-cut problems....
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Algerian Oil Bolstered By Berkine Basin Prospects
...sponsible for the only new-field crude production scheduled for 2017 (MEES, 3 February), but it is taking longer than expected to ramp up. Production start-up was completed at the end of 2016, with development activities to be completed “during 2017,” according to Eni’s 2016 Factbook, published in April (ME...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Petronas Quits Algeria As Cepsa Expands
...Whilst foreign investors in Algeria’s upstream include an unlikely assortment of Asian NOCs, one firm heading for the exits is Malaysia’s Petronas. Petronas has decided to divest its oil and gas assets in Algeria, it said in the press release accompanying its H1 2017 results, published on 25...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Kufpec Splashes The Cash in Norway But 2020 Target Remains Distant
...kes some retrospective accounting gymnastics for Kufpec to include Bongkot in its 2016 output figure. The Thai purchase was announced in January 2017 (MEES, 3 February) but has yet to complete – Kufpec’s recently-released 2016 Annual Report says the acquisition is expected to be completed by end-2017. No...
Volume: 60Issue: 36Published at Fri, 08 Sep 2017 -
IOCs Stall KRG Investment On Renewed Payment Concerns
...invest $71mn at Shaikan over 2016 and 2017 ($35.5mn/year) to maintain production at 40,000 b/d, rising to $88mn to increase this to 55,000 b/d. Some $13mn of the additional spend would be for a third production facility. Investment is therefore $3.4mn below the level needed to maintain output an...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016