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DNO Balances Kurdistan Investment With Norway Exploration
...ccess stories have emerged from Iraqi Kurdistan in recent months. Kurdish private firm KAR (and by extension, the KRG) lost 280,000 b/d of output when Iraqi forces retook Kirkuk last October (MEES, 20 October 2017). Taq Taq field (operated by Anglo-Turkish firm Genel), which produced 130,000 b/d in 2Q 20...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018 -
Eni Cyprus Discovery: ‘Good-Good-Good, Or Just Good’?
...ck to Zohr 80km to the southeast (see map, MEES 16 February). Zohr, the Mediterranean’s largest ever gas find, started up in December 2017; current output is 400mn cfd. Phase-2, slated to raise output to 2.9bn cfd next year, is intentionally being developed with sufficient spare capacity to allow th...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Major Threat For Opec With Offshore Exploration Boom
...e years to come. This the same message that the IEA has been seeking to drive home since late 2015, as it warns that “the recent spectacular decline in upstream oil and gas investment” presages “major concerns about the prospects for the adequacy of supply” (MEES, 21 July 2017). Based on ex...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Sabic Profits Boost From Rising Oil Prices As Horizons Expand With Clariant Buy
...tlook for 2018, after “an increase in oil prices reflected positively on petrochemical prices” in 2017. However, the company will look to cut operating costs by 5-7% in 2018, “somewhat similar to 2017,” he told reporters at the firm’s 2017 results presentation on 28 January. Sabic’s net profit wa...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Services Firms Are Looking Up In 2018: US The Key Driver, Mideast Solid
...2017 saw oilfield services firms shift their focus away from their Middle East operations to North America. Middle East resilience during the 2015-16 slump in upstream spending helped the top three global oilfield services firms Schlumberger, Halliburton and GE subsidiary Baker Hughes ke...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
IMF Hikes Growth F’cast
...lcome news,” IMF MD Christine Lagarde says. The IMF’s latest World Economic Outlook update, released 22 January, pegs global growth at 3.9% for both 2018 and 2019, each up 0.2 percentage points from the previous forecasts made in October, and a rise from growth of 3.2% for 2016 and 3.7% for 2017. Fo...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Kurdistan Oil On The Ropes But Still Standing
...AVERAGE PRICE KRG RECEIVES FROM TRADERS. SOURCE: MNR, DELOITTE, MEES. TRANSPARENCY DRIVE, TAKINGS DIVE The most eye-catching development was the 16 January release of Deloitte’s audit report of the KRG oil and gas sector. The report is for H1 2017: Deloitte says an audit of th...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Saudi Aramco IPO: New Year, New Promise Or More Headaches?
...Aramco continues preparations towards an IPO. But relatively minor ones. The key disclosures needed for the favored location of New York within the stipulated end-2018 timeframe are nowhere to be seen. With Aramco IPO planning ending 2017 on a muted note, the state energy giant has st...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Acwa Reaches Financial Close On Egyptian Solar
...ojects at Benban. This came after Egypt’s power Ministry gave in to international financiers’ insistence that disputes be subject to international arbitration (MEES, 16 June 2017). Subsequently the World Bank (IFC) joined the EBRD in supporting the Benban projects, taking combined backing to $1.1bn out of...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
KEC: Merger Cash Boost
...25. But fulfilling these plans requires investment way beyond KEC’s meagre $43mn Q3 2017 cash reserves. The firm’s key revenue stream comes from mature fields in Egypt which produced 15,200 b/d net for Q3 2017 (of a company total 28,300 b/d – the highest figure on record thanks to continued ramp-up...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Qatar Petroleum Presses Ahead With Shakeup
...nouncement (MEES, 8 December 2017). Qatari LNG exports equate to some 10.3bn cfd, while it also exports about 1.9bn cfd through the Dolphin pipeline (1.7bn cfd to UAE, 200mn cfd to Oman). Qatargas is therefore responsible for marketing around 86% of Qatar’s total gas exports. However, LNG volumes appear to...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Aramco: Can It Pull Off A 2018 IPO?
...ccessful IPO? The twists and turns in the course of preparations for the IPO of state-owned Saudi Aramco have kept investors on the edge of their seats. Cracks in the plans for the IPO have kept appearing and as 2017 draws to a close, the late-2018 deadline looks tighter than ever. The fi...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
KRG: IOCs Nervously Eye Calendar As Payment Wait Drags On
...r the next round. As MEES went to press the next batch of payments had yet to be received, elevating concerns over the KRG’s ability to maintain a regular schedule. In 2017, the KRG has actually improved its record of paying companies. The interval for 2017 payments averaged 31.7 days whereas fo...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
North Africa Focus For German $15bn Upstream Tie-Up
...tterOne, which is headed by Russian billionaire Mikhail Fridman. At the time Wintershall was also interested in acquiring DEA. DEA & WINTERSHALL: KEY MENA ASSETS *WINTERSHALL LIBYA OFFICIALLY HAS 100%, BUT GAZPROM HAS 49% OF WINTERSHALL LIBYA. 80,000 B/D IS CAPACITY FIGURE. 2017 OUTPUT HAS AV...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
GCC Debt Smashes All Records
...2017 has been a record year for GCC sovereign and corporate debt. Sustained low oil prices and budget deficits since 2015 have led to an ever-growing appetite for issuance. NOCs are now getting in on the act too. GCC sovereigns have raised a record $50.5bn in international bond issuance to...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
US Shale: Becoming A Major Game?
...tracted the lions’ share of their stretched 2017 exploration budgets and this is set to remain the case for years to come. The role of majors and large independents in the US shale sector is set to grow further due to a combination of push and pull factors. Factors pushing majors to the sector include pl...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
BP Can’t Stop Falling For Low Cost Mideast Output
...Low cost Mideast fields are of growing importance for BP. The expiry of Abu Dhabi’s Adma sees output dip, but growth in Oman & Kuwait means long-term the trend is up. BP net oil and gas output for Jan-Sep 2017 is up 10% year-on-year (excluding the firm’s 19.75% stake in Russian state gi...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Middle East Remains Important Segment In Services Firms’ Portfolio
...art of the year, Schlumberger proclaimed the industry had “reached bottom of the cycle” (MEES, 28 April) but profits so far in 2017 for services firms have been slow in appearing. Schlumberger and Halliburton posted profits of $580mn and $360mn respectively in Q3, but that is a far cry from the multi-bi...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Aramco IPO: China To The Rescue?
...ght months of 2017. A direct deal with China would help it to lock in future crude sales, thereby serving to bolster Aramco’s future growth. Indeed, Aramco has already been working hard to lay the foundations for catering to China’s future crude demands. Energy Minister Khalid al-Falih, who also ch...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Aramco IPO: Is 2018 Deadline Doomed?
...ction to ‘Recent Growth-Enhancing Structural Reforms’. Three key reforms essential to capital market development have been successfully implemented the IMF says: the launch of the Nomu secondary equity market in March 2017, the introduction of the T+2 settlement cycle for securities in April 2017 and th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017