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Dea Looks To Expand With $10Bn War Chest
...st year amid deteriorating EU-Russia relations, despite the fact that neither Mr Fridman nor other L1 partners were on a list of sanctioned individuals (MEES, 29 August 2014). Mr Fridman plans to use L1 as an investment vehicle in the energy and telecommunication sectors. His Alpha Group was BP’s Ru...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
BP Still Owed $2.3Bn In Egypt
...an the 14% average fall in international oil companies’ (IOCs) Egyptian receivables during 2014 (see table). Total IOC dues, at $5.44bn, are down by almost $900mn from $6.3bn a year earlier, and a peak of over $8bn in mid-2014. Egypt itself gives a lower figure of $3.1bn for total receivables (on...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Gulf Keystone ‘For Sale’ Amid Kurdish Cash-Flow Woes
...s no guarantee that any offers would be received or any transaction concluded. LOAN REPAYMENT DUE Perhaps critical to the timing of the ‘for sale’ announcement is that the first tranche of repayment of a $250mn loan secured in April 2014 is due in April this year. The financing is intended to...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Atlantic Drilling
...MAURITANIA/MOROCCO Atlantic Drilling US firm Kosmos is pressing on with plans to spend $300mn drilling four 2014 wells deepwater Morocco and Mauritania. CEO Andy Inglis, speaking on the firm’s 23 February results conference call, says that drilling of the Al Khayr prospect (1bn boe 2P...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt Eyes Listing State Firms, Seeks Outside Investment
...ptember 2014). Echem is currently building 460,000 t/y ethylene, 400,000 t/y polyethylene and 300,000 t/y styrene plants at Alexandria and a 1.35mn t/y polyolefins complex at Ain Sukhna. ...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Oman: Musandam IPP Bids Sought
...velop 90MW of renewables capacity by 2020. Raeco recently awarded UAE renewables firm Masdar a contract to build Oman’s first wind farm. This will comprise around 20 wind turbines with 50MW capacity to be built at Harweel in the southernmost Dhofar governorate for start-up in 2017 (MEES, 17 October 2014...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015 -
Abu Dhabi Plays High Stakes Oil Game
...urces say the numbers being touted are in the right ballpark. WILL MAJORS, NOCs STUMP UP THE CASH? Abu Dhabi is holding out for the big bucks in the knowledge that what it is offering is unique in the industry. The new concession, which replaces a 70-year license that expired in January 2014, of...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Mauritania Exploration: One Step Forward, Two Steps Back
...llow has shares in ten blocks offshore Mauritania, seven of which it operates. But it now plans no further exploration drilling for the foreseeable future. Development of its 1.5 tcf Banda prospect has been shelved, and it is selling a stake in another block. Tullow’s 2014 results on 11 February we...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Total Still Leads The Pack On UAE’s Adco Concession
...ell, like BP and ExxonMobil, have reported lower production in 2014, due to the loss of their 9.5% stake in the lapsed Adco concession. ADCO HIT Shell’s overall production averaged 3.1mn barrels of oil equivalent per day (boe/d) in 2014, down 100,000 boe/d on the year, partly due to the expiry of...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Total Snags Stake In New UAE Onshore Concession
...t timelines have lagged largely because of a shortage of offshore rigs. The former 75-year concession, in which Total, Shell, BP and ExxonMobil each had a 9.5% stake, expired in January 2014. All four were among nine foreign oil companies qualified to bid for a new concession. ExxonMobil, loath to...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Occidental Gets Boost From UAE’s Shah Sour Gas Startup
...rst, and then economics, foiled its plans to sell off part or all of its stakes in Oman and the UAE. “The success of our 2014 capital program should result in Occidental attaining production growth of 6-10% for the full 2015 year, with the Al-Hosn gas joint venture project expected to average 50...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Service Firms Retrench Despite Record Mideast Takings
...urth quarter of 2014. This was mainly “driven by record revenue in Saudi Arabia and Bahrain and robust activity in Kuwait and the UAE,” the firm says. The region accounts for just under a quarter of Schlumberger’s overall revenue. Drilling in Saudi Arabia hit all-time record levels in 2014, with a mo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Qatar Shelves $6.5bn Al-Karaana Project, QP Rethinking Ethane Usage
...10 Q-Chem II HDPE 350 2010 Linear α-Olefins 345 Total 2014 15...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Oman Puts Oil Assets On The Block Amid Budget Squeeze
...0,000 t/y of HDPE, 215,000 t/y of polypropylene and 40,000 t/y of MTBE. Orpic’s expansion of Sohar is already under way following the award of a $2.1bn engineering, procurement and construction contract (MEES, 6 June 2014). Orpic is also building a 93,000 b/d products pipeline network linking the re...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Oman Adding Musandam Gas-Fired Capacity
...veloping Musandam. MPC will deliver electricity to Oman’s Rural Areas Electrical Company (Raeco) under a 15-year power purchase agreement. MPC was established in 2014 by Oman Oil and Korea’s LG. It will burn gas supplied by Oman Oil’s adjacent Musandam Gas Processing Plant. Raeco oversees a total 29...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Cairo Begins To Restore Faith In Its Oil And Gas Sector
...yptian pounds. It says $3.1bn remains outstanding, down from $4.9bn in October 2014 when it made a previous $1.5bn payments tranche, and $6.4bn prior to this. MEES calculations based on figures provided by the companies themselves give figures around $1bn higher than this: around $7.4bn at the end of 3Q...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Israel: Leviathan Development Set For Further Delays Following Anti-Trust U-Turn
...fshore Israel, to keep hold of both the giant 22 tcf Leviathan field and the 10 tcf Tamar field. Anti-trust Commissioner David Gilo labelled the firms, which operate all of Israel’s major offshore discoveries (see table), a cartel. This reverses a March 2014 ruling stating Noble and Delek could keep ho...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Repsol To Boost Algeria, KRG Presence With Talisman Purchase
...0,000-290,000 barrels of oil equivalent per day (boe/d) production in 2014 sourced from its North American operations. The deal will see Repsol pay $8 per share in cash, an eye-watering 103% premium to Talisman’s 5 December share price, the day before press reports indicated that a deal was imminent. The de...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Oman Looks To Total’s Offshore Expertise For Output Boost
...uld Total take a decision on whether or not to drill. Work on Phase 1 began in February 2014, after the government issued the award, MEES understands. Further Seismic The renewed push towards the sultanate’s offshore comes on the back of a discovery by Masirah Oil on Block 50 – the first of...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Egypt Secures Funding For Further IOC Payments
...vember). Egypt first reduced a debt pile that had been growing steadily since the 2011 revolution with a $1.5bn tranche last December, and repaid a further $1.5bn in October. Throughout 2014, the government has also been able to promptly pay producers for current output, according to Petroleum Minister Sh...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014