- Sort by:
- Score
- Published ▼
-
Libya: Companies Have Only Bad News, Apart From Eni
...rm Marathon epitomized the attitude of foreign operators with acreage in the Sirte basin in eastern Libya in its fourth quarter earnings report. Marathon’s production has been shut-in since December 2014 due to the declaration of force majeure on the Ras Lanuf and Es Sider export terminals and the de...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Egypt Taps Expat Savings
...sidence, as will the capital at maturity. Though one-year certificate holders can only redeem their capital at maturity, the three-year certificate can be redeemed after six months and the five-year certificate after one year. Remittances from overseas Egyptians were $19bn for fiscal 2014-15 – a key so...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
SEC Seeks $3.3bn More Funding, Bringing Total To $73bn
...kuk Sadara project 2.0 2014: January SEC Sukuk Capital projects 1.2 2014: March SEC Finance Mi...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Dana Gas Profits Boosted By Arbitration Settlement
...UAE-listed Dana Gas recorded a 15% rise in net profits for 2015 despite tumbling oil prices causing revenues to fall by 39% from $683mn to $417mn. But the profit rise, to $144mn from $125mn for 2014, was attributable to a one-off arbitration settlement. The firm is still mired in a legal wr...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Dana Looks To Egypt Uptick In 2016
...wnward curve associated with field decline. This was partially reversed when Balsam field production and well completions were brought onstream in Q4 2015.” For the year, Dana posted 2015 Egyptian output of 33,900 barrels of oil equivalent per day (boe/d) compared to 39,000 boe/d in 2014. Around 80% of...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Oxy Sees Yemen Exit Looming, Continues To Streamline MENA Operations
...perience in Yemen.” Given the exodus of firms from Yemen since 2014 following the outbreak of conflict between Houthi rebels and the Saudi-backed government, this looks highly optimistic, unless it sells to a state-owned company. Oxy is less optimistic that its efforts to pull out of the similarly-co...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
DEA Appoints New Egypt Chief
...dwitz was previously managing director of DEA’s Suez Oil Company (SUCO) JV with Egypt’s state oil firm EGPC from 2006 to 2008. Between 2008 and 2014 he headed DEA’s Libya operations before a brief stint in Turkmenistan and the UK. The firm’s most recent success story is the 200mn cfd Disouq field in th...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Oilfield Services Firms Face More Cuts: Middle East Activity Remains Resilient
...hlumberger, the world’s largest oilfield service firm, saw its overall profit more than halve, falling by 60% to $2.14bn in 2015 from $5.35bn in 2014. The fourth quarter of 2015 saw the firm post a loss of $989mn after managing to remain in the black throughout the rest of the year. Speaking on the firm’s 22 Ja...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Energy Reverses Production Decline With Iraqi Start-up
...versed two consecutive months of falling overall output for the firm, which remains well down on Q4 2014 production of 26,780 b/d. Block 9 is located in Iraq’s oil heartland of Basra. KEC spudded the Faihaa-2 Well at the block on 3 January and estimates that gross output will rise above 5,000 b/d in mi...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Kuwait Strikes Overly Optimistic Stance On PNZ
.... The 300,000 b/d offshore Khafji field has been closed since October 2014. Kuwait has lost around 250,000 b/d of output from the PNZ and has been unable to compensate for reduced output. It produced 2.88mn b/d in September 2014, but just 2.75mn b/d in December. While renewed PNZ production wo...
Volume: 59Issue: 04Published at Fri, 29 Jan 2016 -
Genel Highlights Kurdistan’s Declining Crude Production
...e becoming increasingly evident. Hardest hit is the Genel-operated Taq Taq. Genel figures show that production averaged 116,000 b/d in 2015, but has fallen back to 83,000 b/d in January so far, a 28% fall that pushes it below 2014 output figures. At the DNO-operated Tawke, in which Genel ha...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
Saudi Petchem Profits Hit By Crude Slump; Feedstock Price Hikes Add To Stress
...34.25bn for 2014. The total value of the 14 companies, measured in terms of market capitalization, fell by 20.5% between end-2014 and end-2015. The decline follows the slide in crude oil prices since mid-2014. Global benchmark crudes are currently trading at around 75% below their mid-2014 le...
Volume: 59Issue: 03Published at Fri, 22 Jan 2016 -
KRG Falling Oil Revenue Exacerbates Economic Crisis
...vering the backlog in the salaries, and pay international oil companies (IOCs). There are currently no indications that a resumption of the December 2014 agreement is imminent. Indeed, in the KRG Ministry of Natural Resources Monthly Export report for December 2015, the section detailing de...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Gulf Keystone Cash Position Slowly Improves on KRG Payments
...mn gross, with Gulf Keystone receiving net payments of $12mn. The previous payment had been received on 2 December. In the interim period, the company’s cash balance increased slightly from $54.6mn to $58.4mn. This is considerably down on the firm’s position at the end of 2014. Its cash re...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
NOCs To Drive Gulf 2016 Output Gains Despite Further Belt Tightening
...aching its target of 980,000 b/d average liquids production in 2015: January-November output averaged 978,000 b/d. Output averaged 943,000 b/d for 2014. With state-led Petroleum Development Oman (PDO) announcing plans in April to reach a sustainable production plateau of 600,000 b/d by 2019, up from 2014...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
China, UAE Deepen Strategic Oil Partnership
...fectively been in control of the country since his brother President Khalifa bin Zayid suffered a stroke in January 2014. This highlights the likelihood that the underlying rationales are as much political as economic. The announcement is the second such large tie-in between Emirati and Chinese firms in...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Oman Starts Qualification For Three New Desalination Plants
...line in 2017-19 and will take Oman’s desalination capacity under development to 970,000 m3/d. OPWP expects Oman’s peak water demand to rise from 934,000 m3/d in 2014 to 1.34mn m3/d in 2020. Oman’s current desalination capacity is 740,000 m3/d. OPWP has awarded Singapore’s Hyflux and local firm Mo...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Shell Egypt Output At 15-Year High Ahead Of BG Takeover
...e Western Desert’s Northeast Abu al-Gharadig block located within Bapetco’s main license area (MEES, 19 December 2014). The gas price agreed with both firms is $5.45/mn BTU, but Shell is now believed to be asking for more. State firm EGAS pays a maximum of $5.88mn BTU for gas output but has so far on...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Iraq Reform Efforts Sputter, Budget Battle Heats Up
...thorities will implement a fiscal consolidation that will contain public expenditure in line with available revenue and financing” with the aim of “reduc[ing] the non-oil primary deficit by 4% of non-oil GDP between 2014 and 2016.” It took a couple of days for this to fully hit the Iraqi media, wi...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
BG Deal Brings Cyprus, Israel Gas A Step Closer To Egypt
...lit evenly between its Delek Drilling and Avner Oil subsidiaries). And BG is already involved here: Noble and Delek in June 2014 signed a letter of intent with BG to supply Idku with 105 bcm of Leviathan gas over 15 years. Noble says it is in discussions with Cyprus to reassess the original de...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015