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New Kuwaiti Oil Minister Faces Critical Year; Will He Last Longer?
...ES, 4 August), requiring a further 422,000 b/d. KPI signed an MoU with Indonesia for a 160,000 b/d refinery in 2010, and with China’s Sinopec for a 300,000 b/d project in 2014 (MEES, 13 June 2014), but both projects have stalled. KPI has spoken of potential projects in India and Philippines. KUWAIT GA...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Qatar Petroleum Targets Transformation, Embargo Or No Embargo
...rth Dome gas field (MEES, 7 April) – Mr Kaabi’s moniker was earned for his role in the moratorium on development of the field enacted in 2005 (MEES, 19 September 2014). He then in July, less than a month into the embargo, unveiled a plan to double the size of the planned expansion, boosting Qa...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Qatar Revives Plan For New Petchems Capacity
...The revelation by QP chief executive Saad Sherida al-Kaabi of plans for a new “world scale” petrochemicals project in Qatar (see p14) represents an about-turn after the company ditched plans for a major polyolefins project in 3Q 2014 and a large ethylene glycol project in early 2015. Mr Ka...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Israel Gas: Will Relaxing Regulations Spur Development?
...sues are hardly a new thing for Israel’s gas industry. The writing has been on the wall since 2014 when Australian LNG experts Woodside pulled out of a $2bn deal to take a 25% stake in Leviathan citing regulatory uncertainty (MEES, 23 May 2014). Israel’s offshore was subsequently closed for bu...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Energean: Karish, Tanin Go-Ahead Imminent
...th an IPO also under consideration, according to a 13 November Reuters article. US firm Noble operates Israel’s only producing gas field, Tamar, as well as the under-development Leviathan field. Noble and partner Delek were forced to sell off Karish and Tanin as part of a 2014 anti-trust ru...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Iraq: Contract Revamp To Be Revealed This Month
...the Opec meeting in Vienna this week. Iraq has been looking to move away from its rigid techinal service contracts (TSCs) since oil prices crashed in late 2014. Under these, per-barrel remuneration to IOCs stays fixed irrespective of price, placing a high burden on the government in a low oil pr...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Egypt: Gulf Of Suez Oil Output At 40-Year Low On Back Of Lower Prices, Capex
...sues related to defective pumps.) Fellow Canadian firm SDX Energy (formerly known as Sea Dragon) has meanwhile cut capex from $18.0mn in 2014 (when it only had Egyptian assets) to just $5.7mn for the first nine months of this year – and the latter includes Morocco where it acquired the assets of ba...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Payment Problems
...early 2012 and remained at $6.3bn as recently as September 2014. Though EGPC made substantial inroads after this, by then collapsing oil prices had come in as a sucker punch. Though payment delays also affected larger firms such as Eni, BP and Shell, smaller Egyptian-focused firms were much le...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Omani Economy Looking Up Despite S&P Downgrade
...ude prices have taken a toll on Oman’s government coffers. Nominal GDP fell from OR31.5bn ($81.8bn) in 2014 to just OR25.5bn ($66.3bn) last year. But things have started looking up in recent months, with higher oil prices and BP starting up its key Khazzan gas project in September. Ne...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Reality Sets In As KRG Imagines Life With Less Oil
...ongside other disputed territories which had been held by the KRG since 2014. Crucially, Kirkuk oil fields provided the KRG with around 280,000 b/d of its 610,000 b/d crude production. Kirkuk volumes also represented around 50% of the KRG’s 560,000 b/d crude exports on which government coffers de...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Mauritania Gas: Torturous Timeframe, Exploration Optimism Despite Drilling Flop
...plorer until 2014, is now close to leaving. The company then had ten Mauritania exploration blocks and operated seven, but slashed its exploration budget in response to the late-2014 oil price crash (MEES, 13 February 2015). Its number of blocks will now fall to just two, with Tullow relinquishing Bl...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Algeria: In Amenas Hits Record Production As In Salah Output Halves
...arter results nor the earnings call that followed made any mention of the firm’s Algeria acreage, while the only mention in the firm’s quarterly IFRS report for Q2 was of a $524mn write-off against its share in the Bourarhat licence area in the Illizi basin dating back to Q4 2014. AIN TSILA DUE BY MI...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iraq’s Giant Rumaila Field: BP-Baghdad Talks Loom Large
...ateau Target (PPT) for West Qurna-2 – down from 1.2mn b/d to 800,000 b/d suggests Baghdad could be amenable to such an offer. BP’s Rumaila PPT is set at 2.1mn b/d, downgraded already from 2.85mn b/d (MEES, 5 September 2014). BP is far from alone in being well off the pace, as Iraq called on IOCs to cu...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Libya Oil Output Boosted By Sirte Basin Rebound
...oss output of 122,000 boe/d, comprising 116,000 b/d of crude and 40mn cfd of gas – levels that were last seen (if only briefly) in late 2014. These and the latest figures suggest that Waha is not far behind NOC targets set at the beginning of the year, which envisaged Waha output hitting 130,000 b/d in...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Medco Announces $180mn Impairment On Libya’s Area 47
...early 2013, and in March that year said that first production would be delayed by two years to 2016. Three wells were drilled in 2014, all yielding discoveries. The government approved the declaration of commerciality of three more structures on Area 47–B, C and J in September 2014. This added 2P re...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Iraq Continues IOC Investment Hunt, But Commitments Remain Out of Reach
...f the loss of the 310,000 b/d Baiji refinery which was badly damaged by the Islamic State in June 2014. Some capacity is being restored, and the government aims to bring on Baiji’s 70,000 b/d Salahuddin-1 unit in the near future (MEES, 29 September). Capacity gains are required given that do...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Algeria Plans New Hydrocarbons Law: Will Investors Bite?
...fficult to reach resources, including shale gas (MEES, 11 January 2013). But in 2014 the fourth licensing round brought renewed embarrassment. Sonatrach received just five bids for the 31 concessions on offer, awarding four contracts. The stark lack of interest sparked admissions from senior government of...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Kufpec Hit From Bongkot Sale Collapse Overshadows LNG Start-Up
...ploratory drilling in 2008, initially with a 7% share that was expanded to 13.4%, when Kufpec purchased Shell’s 6.4% share for $1.14bn in 2014 (MEES, 25 April 2014). Operator Chevron maintains 64.14%; Woodside has 13%, Japan’s Jera 8% and Kyushu Electric 1.46%. Chevron also holds an 80.2% interest in th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Egypt Gas Output Set To Hit 5-Year High By Year-End
...ll in the North El Mahala Onshore (Nemo) block, one of its top seven global high-impact exportation wells for 2017-18 where “500mn boe+” is targeted. The block is situated in the onshore Nile Delta next to the North El Salhiya block of UAE-firm Dana Gas’ block, awarded in October 2014, where dr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Libya Gives Up On Output Target Amid $126bn Losses But Hopeful On Exploration
...ES, 6 October). Mr Haftar’s victory in Benghazi has paved the way for the re-opening of the town’s port and airport. A fuel tanker docked at Benghazi port on 9 October for the first time since 2014, when it was shut in due to fighting between militias loosely affiliated to rival administrations in Tr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017