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Israel: Leviathan Plan Approved But Sales Still Needed
...port it to. Israel’s Zemach committee put a 540 bcm cap on the gas reserved for the domestic market and not on what it exports (MEES, 5 December 2014). So whether Leviathan produces 500 bcm, as the government estimates, or 620 bcm according to the partners, will not make a huge difference as it was no...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Aramco Sees Gas As Central To Economic Transformation
...ace within its latest Annual Review. Aramco sees gas as an essential “feedstock for diversified industries” and therefore at the heart of Vision 2030. Saudi Arabia has steadily increased the amount of raw gas processed in recent years, from 11mn cfd in 2013, to 11.3mn cfd in 2014 and 11.6mn cfd la...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
GE Backs Saudi Vision 2030 In $3bn Investment Program With SAIIC
...vestments Company (SAIIC) – established in 2014 by Saudi Arabia’s Public Investment Fund (PIF, 50%), Saudi Aramco (25%) and petchems firm Sabic (25%) to advance industrialization in Saudi Arabia – has signed a memorandum of understanding with US industrial giant General Electric to develop and localize in...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Saudi Gas Expansion Plans Progress With Tender Award
...oduce 1.7bn cfd sales gas. Wasit was initially planned to come online in 2014, but high sulfur levels at Hasbah and the Arabiyah field led to this slipping to 2016. Saipem’s firsthand experience of dealing with these issues had appeared to leave it well positioned, but it could have lost out on co...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
KRG Exports Rise With Boost From New Fields, But Takings Fall
...make a $26mn coupon payment last month. Kurdish firm KAR aims to increase production by 50,000 b/d in 2016 from its Khurmala Dome field, as well as from Kirkuk’s Avana Dome and nearby Bai Hassan field both of which the KRG (and Kar) controversially took over in 2014 (MEES, 25 March). Piped ex...
Volume: 59Issue: 19Published at Fri, 13 May 2016 -
Apache Lauds ‘Reliable’ Egypt In Low Price World
...l and gas output given the current combination of low prices and stretched capex. Apache’s key recent output gains have come from the Ptah and Berenice fields in Egypt’s far northwest – only discovered in late 2014, output has ramped up to 26,000-30,000 b/d plateau volumes from 13 wells from ea...
Volume: 59Issue: 19Published at Fri, 13 May 2016 -
Tamar Gas Gives Noble East Med Boost
...rkey, and progress here is slow. The field itself is 130km from shore in 1,700ms water depth. The original development plan, filed in December 2014, envisaged a 16.5 bcm/year (1.6bn cfd) floating production storage and offloading (FPSO) vessel to be tied-back to shore – exactly where was left un...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Service Firms Merger No Go
...November of 2014, to a low of just over $26 in February of this year, while the global rig count has gone to a 17-year low and you all know what has happened in North America, where each week we've seem to hit new historical lows,” he says. On 29 April the US rig count fell to just 420, as up...
Volume: 59Issue: 18Published at Fri, 06 May 2016 -
Services Firms: Get Mideast Tonic As Revenue Whacked
...all three firms continues to rise. Revenues for the three largest quoted services firms took another pounding in the first quarter of 2016. Schlumberger, Halliburton and Baker Hughes’ revenues were just $6.52bn, $4.20bn and $2.67bn respectively; a mere 52%, 48% and 40% respectively of peak Q4 2014...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Eni: Unlikely Libya Boost Returns North Africa To Center Stage
...0,000 b/d in 2014. This, and concerns over payments, led partner Occidental (23.44%) to announce its intention to sell its stake in November 2015. Eni’s 19,000 b/d output gain in Iraq in 2015 was outpaced by a 21,000 b/d boost in Iran where the company receives oil in lieu of payment for pre-2011 in...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Corporate Profile: OMV Looks To Iran To Re-Boot MENA Portfolio
...s) out to 2020 despite taking a further ax to exploration spending. 2015 spending of €607mn on exploration was already down by 12% on 2014’s record €693mn. OMV plans a 26% cut to €450mn this year with a further 33% cut to €300mn for 2017 (and this figure maintained for 2018). Overall capex fell from €3....
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Petroceltic: Worldview Or Bust
...bsidiary Dragon Oil tried to buy the firm for $800mn (MEES, 10 October 2014). It was downhill from there. Worldview, which has steadily built a stake since 2011, in January 2015 lambasted Petroceltic CEO Brian O’Cathain's board for “failures… including the failed offer by Dragon Oil (MEES, 16 January 20...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Oman Output Set To Keep Edging Up
...come a frequent buyer. EXPORT REVENUE SINKS Tumbling oil prices mean that revenues fell by more than 40% last year according to the National Centre for Statistics and Information (NCSI). Oil and gas sales generated OR13.4bn ($34.7bn) in 2014, but just OR7.8bn ($20.15bn) last year. Non-oil revenue fe...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Eni Follows BP, Chevron, QP In Looking To Strike Big On Morocco’s ‘Atlantic Margin’
...ock’s prospects may be substantive. Australian LNG-focused Woodside took a 25% stake last year – the firm’s sole interest in the MENA region alongside a 100% share in the Rabat Ultra Deep ‘reconnaissance permit’ yet further offshore (MEES, 28 November 2014). Stakes are now Eni 40% operator, Woodside 25...
Volume: 59Issue: 13Published at Fri, 01 Apr 2016 -
Total: Adco Boosts Oil Output But Gas Lower On Yemen conflict
...s net UAE output rising from 115,000 b/d in 2014 to 274,000 b/d in 2015. This 159,000 b/d increment equates to 78% of the firm’s overall output gains. Even more indicative of the importance of Adco is that for 2014 – between the end-2013 expiry of the previous concession and Total taking the renewed st...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Majors Have Another Year To Forget In The Middle East
...oduction for ExxonMobil in 2014, overtaking the Middle East. The gap widened further last year (see graph 4). Production growth from the UAE’s offshore Upper Zakum field led incremental overall regional growth of 18,000 b/d, to 398,000 b/d, well down on 2013’s 545,000 b/d. However, both the US and Middle Ea...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Shell’s Plans For BG Egypt Still Uncertain As Unconventional Gas Start-Up Nears
...iro about further developing the field. Under an initial deal finalized in December 2014, Shell and Apache were to receive $5.45/mn BTU for gas produced from unconventional formations (MEES, 19 December 2014). However, though this is a substantial hike on the long-standard $2.65/mn BTU that Egypt pa...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Shell Mideast Output Gets Oman, Iraq Boost
...Shell’s key Mideast interest is its 34% stake in state-led Petroleum Development Oman (PDO). Here its net production rose from 205,000 b/d in 2014 to 215,000 b/d last year, implying a rise from 603,000 b/d to 632,000 b/d in overall PDO output. PDO is by far the largest producer in Oman wi...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Apache Turns To Egypt For Bargain Barrels Amid Capex Cuts
...are of Apache’s overall capex is set to soar to 23% this year from 16.1% in 2015 and 10.3% in 2014. This marks a sharp reversal for a firm which in recent years had shifted its focus to US shale at the expense of Egypt: the country’s share of Apache capex halved between 2009 and 2014. This came as th...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
‘Low Cost’ Zohr Moves To Center Stage As Eni Slashes Upstream Spend
...allenging, with production temporarily falling below 300,000 b/d in 2014. This, and concerns over payments, led partner Occidental (23.44%) to announce its intention to sell its stake in November 2015. Eni’s plans to defer spending here mesh with the wishes of Baghdad, which is also looking to cut its sh...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016