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Tunisia Upstream: Strikes Over, Decline Continues, Hope Delayed To 2019
...mand. Whilst output was slightly higher than the average figure for 2017 this was only ‘thanks’ to the massive series of strikes and sit-ins which crippled output last summer (MEES, 2 June 2017): output for 2017 as a whole, at 38,700 b/d was the lowest since 1966, Tunisia’s virgin year of oil pr...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Morocco Gas: Sound Plans
...s Maghreb-Europe line which connects Algeria with Spain via Morocco. Ownership of the Moroccan section is set to pass from Algeria to Morocco in 2021. Moroccan offtake from the route was 110mn cfd for 2017: the country’s sole gas imports, meeting 93% of consumption. This is the target market for Te...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Egypt Inches Towards Paying Off Receivables Bill
...ll in late 2014 when it halved dues to $3.1bn on the back of borrowed cash (MEES, 5 December 2014). EGPC has pledged to pay off receivables by mid-2019. VICIOUS CIRCLE EGPC can point to the sums it is owed by other ministries as a reason it has fallen so far behind with payments. As of late 2017...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Rosneft Discovery Adds To Growing Iraq Presence
...oject, however (MEES, 14 September 2012). Rosneft drilled its first exploration well, Salman-1, in February 2017 just months after the completion of its controversial acquisition of the block’s operator Bashneft. Rosneft’s 70% stake in Block 12 (MEES, 3 March 2017) was swiftly upgraded to 100% as an ag...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
Kuwait Energy: Could Stretched Finances Force Firm From Key Iraq Asset?
...d Iraq. These soared from $77mn at end-2016 to $125mn at end-2017; alongside the $69mn from Egypt lay $46mn from Iraq. KEC’s 2017 report released in April says $46mn trade receivables were settled from Iraq since December (MEES, 11 May). This came in the form of an 800,000-barrel crude cargo re...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
UK Firm Gulfsands Vies To Outlast Syria Sanctions
...erated several of the region’s fields under a 2014 understanding. GPC reportedly produced around 17,000 b/d through 2017 as well, but due to EU sanctions on the state firm, Gulfsands does not receive a cent of revenue from its crown jewel asset. That the block’s fields and infrastructure escaped the wr...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Total’s Libya Expansion: The Plot Thickens
...e 2011 Revolution. “Drilling operations and construction of the associated gas plant were completed in 2010. Final commissioning was halted in 2011 and again in 2013 due to civil unrest and subsequent declaration of Force Majeure. In 2017, teams conducted an assessment of the facilities to determine th...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Abu Dhabi Offshore: Dust Settled
...t out expansion in the Gulf as a key element of its expansion plan to 2025. The other key target country is Iran. The $1.5bn is a sizeable commitment for OMV, who already has a presence in Abu Dhabi through its interest in downstream JV Borouge (MEES, 17 November 2017). ZAKUM: INPEX ‘ASSET LE...
Volume: 61Issue: 18Published at Fri, 04 May 2018 -
Services Firms: Margins Remain Squeezed Despite Higher Oil Prices
...growth has slowed. Oilfield services firms Schlumberger, Halliburton, Baker Hughes (now a GE subsidiary) and Weatherford saw their revenues fall by a combined $1bn in 1Q 2018 versus 4Q 2017. Their CEOs remain cautious. Despite oil prices recently topping $70/B for the first time since 2014, th...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Post-Merger Mubadala: Lots Of Cash, But Does The Strategy Work?
...llow state investment vehicle IPIC (MEES, 24 February 2017). A planned merger with $127bn Abu Dhabi Investment Council will provide more firepower. The firm, chaired by Crown Prince Muhammad bin Zayid Al Nahyan has become an incubator for senior energy figures since its inception in 2002, with the UA...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Global Drilling Returns To 3-Year High In 2018, Mideast Activity Strong
...The rising tide of high oil prices is spurring upstream activity in the Middle East. The region’s rig count averaged 405 in 1Q 2018, just shy of the record 406 posted in 3Q 2017. Brent averaged $67.22/B in the first quarter, against $61.46/B in the final quarter of 2017. Interestingly, th...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Indian Oil Enters Oman
...ckdated to 1 January 2017, the transaction marks Indian Oil’s second splash in the region in less than two months after a consortium including Indian state firms ONGC Videsh and Bharat PetroResources paid a $600mn signing bonus for 10% in Abu Dhabi’s 360,000 b/d Lower Zakum concession in earlier this ye...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Qatar Seeks Greater Foreign Investment In Energy Sector State-Led Firms
...change’s (QSE) investor base and boost liquidity. QSE has taken a substantial hit from the political upheaval since Saudi Arabia, UAE and Bahrain broke off ties with Doha in June 2017. It lost more than 20% of its value between then and end-2017. It has recovered slightly to around 9,000 points, which is st...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Total Reasserts Position As Dominant IOC In Mena On Back Of Abu Dhabi Deal
...some 150,000 b/d less (MEES, 16 March). Abu Dhabi is the single largest source of oil in Total’s portfolio, so walking away from the Adma concession after its 8 March expiry would have been a major blow. At 278,000 b/d in 2017, Abu Dhabi provided 20% of Total’s total output, making it by far th...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Shell Nears Iraq Exit As Itochu Takes WQ-1 Stake
...ocessed a record 676mn cfd gas from three giant fields in 2017 (MEES, 16 March). ...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Shell Recommits To Egypt With Plans To Double Offshore Output
...rt of its takeover of the UK firm at the start of 2016 From 1.2bn cfd as recently as 2012, WDDM output fell to just 526mn cfd for the 2016-17 Egyptian financial year (to June 2017) and to 486mn cfd for the second half of 2017. Shell’s net Egypt gas output fell to just 335bn cfd for 2017, with the WD...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
DNO Quits Oman After Drilling Flop
...DNO is pulling out from its final Omani assets, located in the offshore Block 8 (DNO 50%, South Korea’s LG 50%), as it prepares to exit the Sultanate. The Norwegian firm confirmed in its 2017 Annual Report released 15 March that it has written down its Block 8 reserves to zero and “plans to re...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Total Expands In Libya With Marathon Waha Purchase
....33% partner ConocoPhillips 45,000 b/d each. Hess has 8.16% with Libya’s National Oil Corporation (NOC) the remainder. Though output was shut in for two years from late 2014, it has since rebounded strongly, averaging 210,000 b/d for the last quarter of 2017 and 120,000 b/d for the year as a whole, ne...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Noble East Med Plans Gather Pace
...% (%) TAMAR POSTS QUARTERLY RECORDS IN 2017 (MN CFD) SOURCE: NOBLE, DELEK. ROOM TO GROW Beyond the contracted volumes, Noble says it believes there is “substantial remaining opportunity in both the regional export market and within Israel.” Israel is prioritizing gas usage in po...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Mubadala US Petchems JV
...ganizations were merged under the Mubadala name in early 2017. Expansion of its already complex links with OMV forms a key part of Abu Dhabi’s petchems plans. State petroleum firm Adnoc and Borealis are partners in the 60:40 Borouge JV, operating three polyolefins plants with a combined capacity of 4....
Volume: 61Issue: 09Published at Fri, 02 Mar 2018