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Egypt: IOC Receivables Fall 5% In Q3, But Still Up On End-2014
...ES, 14 August). However dues are up by $500mn on the end of 2014. Egypt made a series of large payments late last year and at the time pledged to repay its debts to foreign oil and gas firms by the end of 2016. However amid slumping gas output, which slipped to a 10-year low of 4.2bn cfd in Q3 20...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Dana Gas Positive On UAE, Egypt, But Kurdish Receivables A Major Concern
...evious year’s 68,700 boe/d. Declining output from the company’s Nile Delta gas acreage is to blame: production in Egypt fell 21% from 40,500 boe/d in Q3 2014, to 32,144 boe/d, with the company blaming this on natural decline. Indeed Dana Gas share of production in Iraqi Kurdistan actually increased sl...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Apache Hits Egypt Output Record Despite Capex Cuts
...US independent Apache boosted its gross Egyptian output to 362,000 boe/d in Q3, the highest level in more than three years. Gains came despite swingeing capex cuts. Apache’s gross oil production hit 216,500 b/d in Q3, up 5% on Q2, with the boost coming from the firm’s late 2014 Ptah and Be...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Anadarko Bids For Apache, Steps Back
...13). Apache, together with Shell, is pioneering shale exploration in Egypt: the firms late last year finalized a deal with Egypt to drill the first horizontal wells into shale rock on the Western Desert’s Northeast Abu al-Gharadig Block (MEES, 19 December 2014). The gas price agreed with both firms is...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Sonatrach Names New VPs
...stream and downstream projects. Changes at the management level of Alnaft, the regulatory body responsible for overseeing tender procedures, are also under way, MEES understands. Only four blocks out of 31 were awarded in Algeria’s latest round in late 2014, with sources citing the usual lack of fi...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
EBRD New Energy Funds
...s first proposed last year, at a time when the World Bank had announced backing for Morocco’s 350MW Noor 2 and 3 concentrated solar projects ($519mn) and 100MW Tafilalt solar PV plant ($26mn), and Jordan’s 117MW Tafila wind farm ($221mn – MEES, 24 October 2014). The Khalladi wind farm is to be bu...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
BG’s Egypt Decline Expected To Continue As Shell Takeover Nears
...6 barrels of oil equivalent (boe) per day. This came despite a fall to 43,000 boe/d in Egyptian output. Although the firm does not give a quarterly gas/oil breakdown, for 2014 its Egyptian output was 95% gas from the West Delta Deep Marine (WDDM) and Rosetta fields. This split implies Egyptian gas ou...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Libya: Little Sign Of Optimism In Operators’ Q3 Results
...October). The company reported overall Q3 losses of $2.6bn, compared to profits of $1.2bn for the equivalent period of 2014, while revenues dropped from $3.6bn to $2.1bn. The US firm has 25% of the 60,000 b/d capacity Zueitina fields, as well as sizeable Libyan exploration acreage (see map, ME...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Occidental To Focus On ‘Core’ MENA Assets
...ross the Middle East in 2014 – including in the UAE and Oman (MEES, 6 March). The US mini-major will now look to raise approximately $600mn from the sale of acreage in the US Bakken formation’s Williston Basin, CEO Stephen Chazen says. This would make Oxy one of the largest operators to pull out of the Ba...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Mideast Revenues Prop Up Oilfield Services Giants
...s seen its revenue drop every quarter since the turn of the year. But the Middle East, where investment by state oil firms has largely held up, has been one bright spot. The four firms overall saw the share of their revenue coming from the Middle East and Asia rise from around 20% in Q4 2014 to ar...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Keystone Keeps Wolf From The Door With New KRG Payment
...rway’s DNO and its partners in the 150,000 b/d Tawke field, and London-listed Genel and its partners at 130,000 b/d Taq Taq (MEES, 11 September). Previous similar payments were in December 2014. GKP, under pressure from the KRG, from mid-September agreed to export all of its 40,000 b/d production via th...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Oil Services Sector To Cut More Jobs Amid Oil Price Squeeze
...added he expects smaller firms to merge as a direct response to the “industry downturn”. Oil prices are down by more than 50% from their mid-2014 peak of around $110/B (for Brent), with the steepest fall taking place in the last two months of 2014. IOCs took some time to slash their capital sp...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Egypt: New Ganope Bid Round
...l production. On 3 August the firm awarded five of the 10 blocks on offer in its 2014 bid round with total commitments for $100mn to drill 16 wells. Three of the awarded blocks were for well-worked acreage in the southern Gulf of Suez, while Houston-based IPR took both Western Desert blocks (ME...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Egypt Partners Up With Kuwait Energy For First Foreign Exploration Venture
...mand turn the country into a net energy importer from an energy exporter (see p7). The deal leaves Egypt with a 10% stake in the license in southern Iraq. KEC, which operates Block 9 with 60%, reported its second discovery on the asset in December 2014, this time in the Yamama formation which te...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Sabic Links Up With 40 Firms In Tech Initiative
...llows on from Sabic’s development of a global network of technology and innovation centers. In 2014, Sabic opened a similar center in South Korea focusing on electronics, electrical and lighting technologies. Sabic says it has oriented its business around seven core market segments: transportation, ag...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Total Turns The Screw On Spending In New Strategy For $60/B Oil
...ile seeking sustainable operations in a market where it predicts a recovery to $60/B medium term. “Strong discipline on organic capex” is the company’s mantra as it targets a reduction in capital expenditure to $23-24bn in 2015 from a peak of $28bn in 2013 and $26/B in 2014. For 2016 Total will cu...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Kuwait Energy: Egypt Output Hits Record, Yemen Collapses
...at, despite the increase in output over the same period, KEC saw revenue fall by 27% from Q2 2014 to $46.7bn for the second quarter this year. However, revenue was up a touch on Q1’s $44.9mn figure. Kuwait Energy Production (‘000 B/D, Working Interest Basis)...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Aramco And Lanxess Bond For Elastomers JV
...dara and Petro Rabigh-2 will be 295,000 tons/year of elastomers (MEES, 17 October 2014). Aramco recently secured a $10bn standby credit facility from international and local banks to create a ‘war chest’ that would enable it to acquire strategic businesses. For Lanxess the deal provides a we...
Volume: 58Issue: 39Published at Fri, 25 Sep 2015 -
Aramco Makes Nasser Permanent Chief, Holds To Integration Strategy
...amco’s oil and gas reserves are at an all-time high. Eight new fields discovered in 2014 increased the kingdom’s total oil and condensate reserves by 900mn barrels to 261.1bn barrels and its gas reserves by 5.6 tcf to 294 tcf (MEES, 13 March 2014). In many ways Mr Nasser inherits a company whose ou...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015 -
Aramco Lines Up Fadhili Gas Plant Deals
...amco’s 2014 annual report says that “in its early phase, the Fadhili gas plant will process 2.5bn cfd from onshore and offshore fields and is on track to come on-stream by 2019.” The company adds that drilling of wells to supply the plant began in 2014, while the final project proposal was issued earlier th...
Volume: 58Issue: 38Published at Fri, 18 Sep 2015