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Wintershall Eyes Future Opportunities In Libya Despite Onshore Production Shut-In
...edict.” Production had only restarted, at a reduced rate of about 30,000 b/d, in late February, following a two-month closure of the Zueitina terminal as the port itself was blockaded by protestors (MEES, 6 March). Prior to that the fields produced at around 35,000 b/d between 22 September and 21 December 2014...
Volume: 58Issue: 23Published at Fri, 05 Jun 2015 -
ENOC Moves Ahead With Offer To Absorb Dragon Oil
...later withdrew from the transaction. Petroceltic’s key production is in Egypt, while its key expansion project is in Algeria. Dragon said in its Annual Report for 2014 that it had ramped up its oil production to 92,000 b/d at the end of last year after a slow start to the year at its flagship Ch...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Companies Scale Back Libya Expectations
...rst quarter results statement on 28 April, although it has not decided to write down the value of the assets. The move was part of a $1.1bn impairment that also included the company’s producing assets in Yemen. Total’s production in Libya dropped to an average of 27,000 boe/d in 2014, its lowest level si...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Chinese State Firm Secures Abu Dhabi Field Contract
...ina National Petroleum Corp (CNPC), which is bidding for a stake in the new Adco concession, the largest producing asset in the Opec member state. The former Adco concession, in which Total, ExxonMobil, BP and Shell held 9.5% stakes, expired at the start of 2014 and the Abu Dhabi National Oil Company (Ad...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Gulfsands Cash Crunch
...vember 2014 ‘Strategic Cooperation Agreement’ with Vitol subsidiary Arawak Energy turned sour, with Arawak calling in the $10mn it fronted Gulfsands as part of the deal. “The Group is in discussions with Arawak over the repayment of the monies owing,” Gulfsands says. Interest accrues at 10%/year. Gu...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Dark Horse GS Energy Makes It To Adco Finish Line
...e 75-year concession in which Shell, Total, ExxonMobil and BP each had a 9.5% stake, expired in January 2014. It operates the integrated asset groups of Bab, Bu Hasa, South East (Sahil, Asab, Shah, Qusahwira, Mender) and the Northeast Bab (Al Dabb’iya, Rumaitha, Shanayel) cluster, accounting for ro...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Saudi Oil Leadership Changes Raise More Questions Than Answers
...oducers, he has said. He must, however, be concerned that a further recovery in oil prices, which are still far below the 2014 high of $115/B, will scupper his policy before it has had a chance to succeed. It’s a tricky balancing act for the minister, who has proven himself adept at managing the often st...
Volume: 58Issue: 19Published at Fri, 08 May 2015 -
Chevron ‘On Verge Of Quitting’ Neutral Zone
...port for 2014 that it may not be able to sustain production from Wafra at current levels. Failure to resolve the problems might force the company to wind down its operations, a senior Saudi source told MEES recently (MEES, 3 April). Chevron’s onshore fields in the Neutral Zone are the US company’s on...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Medco Gets Another 25 Years At Oman’s Karim Fields
...e back of more than 12 months of negotiations (MEES, 7 March 2014), and will kick in at the conclusion of the original agreement next year. Under the terms of the deal, Medco commits to investing $120mn/year for the first five years of the contract period (2016-2021). This could then rise to $13...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Middle East NOCs To The Rescue As Capex Cuts Hit Services Firms
...REGIONAL Middle East NOCs To The Rescue As Capex Cuts Hit Services Firms Oil services firms enjoyed record revenue in the second half of 2014 – a last hurrah after four years of $100/B-plus oil. But the collapse in prices late in the year has led to a revenue slump. Drilling activity in...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Saudi Petchems Earnings Fall Further As Oil Price Blight Continues
...clical” market. Petrochemicals companies listed on the Saudi stock exchange report combined earnings of SR4.37bn ($1.17bn) in the first quarter of 2015, down by 53.1% on the same period last year and 31.4% lower than for the fourth quarter of 2014. While dwindling earnings reflect continued damage fr...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Keystone Says KRG Investment Awaits Payment
...,000 b/d it hit in late 2014. ‘MODUS OPERANDI’ NEEDED “Our firm commitment is to move from 40,000 b/d to 70,000 b/d and ultimately to 100,000 b/d. [But] The only way to achieve this will be to find a modus operandi that will enable the Company to be paid for past and future oil sales on a regular ba...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Shell Boosts Egypt Exposure With $70bn BG Deal
...nisia. Egypt was long the field’s key area of operations. However the firm had a disastrous 2014 in Egypt – developments that led to a slump in its share price and in no small measure left the firm open to takeover. Egypt fell from being BG’s largest single producing country as recently as 2013, to nu...
Volume: 58Issue: 15Published at Fri, 10 Apr 2015 -
Majors’ 2014 Mena Output: Data Analysis
...10 2011 2012 2013 2014 Mideast Gulf* 478 567 548 545 381 of which: UA...
Volume: 58Issue: 15Published at Fri, 10 Apr 2015 -
Saudi Aramco Set For Shopping Spree With $10Bn Wallet
...dget in 2014 (MEES, 2 January). This share is likely to have risen due to stepped up security measures in response to political instability in the neighbourhood even before the intervention in Yemen. The government presented a deficit budget for 2015, the first since 2009, in anticipation of sh...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
TAQA Hit By Commodities Slump Despite Record Output
...UAE TAQA Hit By Commodities Slump Despite Record Output Abu Dhabi National Energy Company’s (TAQA’s) losses increased last year despite record output, because of a “structural change in commodity prices.” The company reported a net loss of Dh3.01bn ($820mn) for 2014, compared with Dh...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Motiva Ties Up US Refineries
...panese refineries, and 25% with ExxonMobil and Sinopec in a refinery at Fujian, China (MEES, 4 July 2014)....
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Gulfsands Struggles For Cash As Syria Return Recedes
...ing forward, the requirement for working capital funding is immediate and discussions with major shareholders are underway urgently to that effect,” Gulfsands says. … VITOL CALLS IN $11MN LOAN The firm thought that it had secured a financial lifeline through a November 2014 strategic pa...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
BP Stakes Out Key Role In Egypt’s Gas Renaissance – If The Price Is Right
...rchase of shale gas. The two firms will exploit shale reserves on the Western Desert’s Northeast Abu al-Gharadig block later this year, and will spend some $30-40mn to drill three wells into the Apollonia formation (MEES, 19 December 2014). Cairo aims to attract IOCs with the hope of increasing gas pr...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Egypt Production To Get Worse Before It Gets Better
...EGYPT Egypt Production To Get Worse Before It Gets Better Egypt’s gas output fell to a nine-year low of 4.73bn cfd for 2014, and even lower in January. Oil output is stalled at 670,000 b/d (see graph, above). Cairo is hopeful that an exploration boost will reverse this trend: that LNG im...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015