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Occidental Eyes Sale Of All Mideast Assets
...en more geopolitical weight in the negotiations. For 20 years until 2011 Ray Irani was Oxy’s CEO and Chairman and total shareholder return increased more than 20-fold. In the Middle East, his relationship-building skills with rulers and powerful oil figures secured Oxy many concessions. But th...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Wintershall Qatar Gas Plans
...ploring Qatar. By end-2013/early 2014, Chinese state firm CNOOC and French major Total are expected to drill their first well in exploration Block BC. In Qatar, Total in May 2011 took a 25% stake in exploration Block BC (MEES, 26 April). A potential export option is Abu Dhabi-based Dolphin En...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
UAE’s Dana Gas Looks To Move On From Sukuk Troubles
...llapse (see graph and MEES, 6 February 2012). Drilling and production have since rebounded somewhat. For 1Q13 Dana’s Egyptian output was 33,000 barrels of oil equivalent/day (boe/d), up 3% on the previous quarter, but still well down on 2011. The firm’s overall production also rose 3% to 61,000 bo...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Saudi Aramco: 2012 Production Rises, Capacity Steady
... SAUDI ARABIA Saudi Aramco: 2012 Production Rises, Capacity Steady Saudi Aramco’s 2012 Annual Report, released on 27 May, shows crude production hitting a record 9.51mn b/d, up over 440,000 b/d on 2011’s previous record. Gas output of 10.7bn cfd, up 9% on 2011, is al...
Volume: 56Issue: 22Published at Fri, 31 May 2013 -
International Expansion Leaves Turkish Firms Vulnerable To Political Instability
...e main testing ground for this Turkish corporate charge into energy. But Iraq (and the KRG in particular) is also the key area of investment concern for Turkey. Iraq has since 2011 been Turkey’s second biggest export destination, but other significant trade relationships are also with politically fr...
Volume: 56Issue: 21Published at Fri, 24 May 2013 -
Kufpec Targets 96,500 BOE/D By End-2013
...erall production has already risen to 80,000 boe/d from around 72,000 boe/d for both 2011 and 2012 (MEES, 12 April). The key boost has come from the Qadirpur gas field in Pakistan and from the expansion of the company’s Chinese output with the recent purchase of BP’s 34.3% stake in the Yacheng offshore ga...
Volume: 56Issue: 20Published at Fri, 17 May 2013 -
North African Oil Investors Head For The Exits
...vestment. But both BG and Hess’ exit plans pre-date the In Amenas slaughter, MEES understands. Prior to In Amenas, Algiers had been planning to hold a new upstream bidding round this year, its first since March 2011. If this goes ahead, the round will be a key litmus test of whether the country ha...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Poland’s Kulczyk Buys Winstar
...t). The company also has exploration acreage in Syria (Block 9, under force majeure), Romania and Brunei. The addition of 11.2mn boe reserves (2P) from the Winstar acquisition more than doubles the Polish firm’s existing reserves. Although Tunisian output remained relatively steady in 2011 de...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Total Sees Multi-Billion Dollar Solar Opportunity
...cently the world’s largest producer of solar panels, Suntech Holdings, filed for bankruptcy in March. BP withdrew from solar in late 2011. Shell, while it still has solar interests through associate firm Showa Shell (including a joint venture with Saudi Aramco to make solar cells in Saudi Arabia, an...
Volume: 56Issue: 19Published at Fri, 10 May 2013 -
Analysis: Aramco’s Overseas Refining And Product Marketing Strategy
...rminals and over 1,600 service stations, and is also a major exporter in the Asia Pacific regional market. S-Oil completed its Onsan Refinery expansion project in 2011, boosting refinery capacity from 580,000 to 670,000 b/d. Its petrochemical output is 1.7mn tons/year of paraxylene and 280,000 t/y of be...
Volume: 56Issue: 18Published at Fri, 03 May 2013 -
Total Sees Partnerships, Technology, Exploration Driving Growth
...gionally and globally, in a bid to drive production from 2.3mn boe/d in 2012 to its targeted 3mn boe/d by 2017. The group’s expected Middle East production of around 550,000 boe/d this year is slightly down on 2011’s 570,000 boe/d. Privately officials concede that the region’s operating environment is cu...
Volume: 56Issue: 17Published at Fri, 26 Apr 2013 -
Qatar Tiptoes Into North American Upstream
...ture look for joint shale gas projects in the US and, potentially, LNG projects in North America. In the past, it has taken QPI some time to act on MOUs. QPI and Centrica originally signed an MOU in 2011 and only this week together purchased acreage in Canada. Joint Interest Mr Jaidah sa...
Volume: 56Issue: 16Published at Fri, 19 Apr 2013 -
Mubadala Petroleum Profit Slips
... UAE Mubadala Petroleum Profit Slips The profit of Abu Dhabi’s state-owned Mubadala Petroleum slipped to $798mn (Dh2.93bn) in 2012 from $1.25bn (Dh4.59bn) in 2011. This was, in part, due to lower hydrocarbons revenue – which slipped to $1.76bn (Dh6.46bn) in 20...
Volume: 56Issue: 16Published at Fri, 19 Apr 2013 -
Kufpec Looks to Asia-Pacific To Boost Output
...fpec official tells MEES. More details will be available after the decision is made. Kufpec met its 2010 production target of 80,000 barrels of oil equivalent per day (boe/d), but has since witnessed declines. While the company produced just 72,000 boe/d in 2011 and MEES estimates that it pr...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
‘New Eni’ Reduces North African Exposure
...versification' Having recently sold much of its downstream and services business, Eni will increase the share of its capital expenditure (capex) devoted to the upstream from 48% in 2011 and 54% for 2012 to 61% by 2016. However the North Africa share of the upstream total will fall from 23% for 2012 to 17% for 20...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Moody’s: Petronas To Benefit Most From Sudan’s Oil Restart
...dan to a restart of Southern oil exports through the north, ending a near 14-month shutdown caused by a disagreement over oil transit fees (MEES, 15 March). Crude production in the two Sudans accounted for about 7% of Petronas’ total output in 2011, Mr Wong said, whereas it accounted for less than 4% of...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Independents To Drive Oman’s 2013 Output Boost
...is year. But the MOG has for the first time admitted there is a very real possibility US firm Occidental (Oxy) will not be able to hit its initial target of 150,000 b/d from the Mukhaizna heavy oil field it operates in Block 53. Oxy originally planned to reach the target in 2011 (MEES, 15 No...
Volume: 56Issue: 10Published at Fri, 08 Mar 2013 -
OMV On Course For 350,000 Boe/D By 2016
...intenance activities in New Zealand (see chart below). Libyan Revival Total OMV daily production of oil, NGLs and gas was 5% above its 2011 level, primarily due to the increased volume from Libya which appeared to more than compensate for lower volumes in both Romania and New Zealand. “The bi...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Calvalley Downgrades Yemen Reserves
...e continuing deferment of projects planned at the block. “Drilling activity was restricted by security and local issues,” Calvalley said, referring to the insurgent-related violence that has plagued Yemen since the outbreak of protests against former president ‘Ali ‘Abd Allah Salih in early 2011...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Majors Caught In Gulf Investment Dilemma
...5,000 b/d Halfaya project, in which it has an 18.75% stake. The oil majors’ relatively recent engagement with the KRG – Exxon only signed for its six blocks in October 2011 – mean they are yet to make any commercial discoveries. KRG oil investments come with a very large health warning – the re...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013