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WesternZagros Eyes Windfall From KRG Output Gains
...oduction. Shortly after WesternZagros confirmed the Crest offer, it announced that it has raised its 2017 revenue expectations up 40% on the back of increased Sarqala output. That said, WesternZagros exited Q1 with $22.5mn cash, down from $24.7mn at end-2016, according to results released 26 May. The Q1 re...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
KRG: Dno Presses Accelerator At Tawke Field
...OTS CAPEX INCREASE IN 2017 ($MN) SOURCE: DNO, MEES. IMPROVED PAYMENT REGULARITY Payment regularity has now improved, with the past three monthly payments being made in the first two weeks of the month (see table). Payments are currently made with a two-month delay, though Erbil’s si...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Taq Taq Sinks Below 20,000 B/D
...ril production of just 18,000 b/d on 4 May, adding that Q1 production averaged just under 25,000 b/d. It remains on track to produce 15-20,000 b/d over the course of 2017 (MEES, 31 March). Genel’s short-term finances are now dependent on its 25% stake in DNO’s Tawke. ...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Abu Dhabi’s IPIC Bags $1.2bn From Malaysian Fund Settlement
...nuary this year and outlined its new organizational structure of four investment platforms in February (MEES, 24 February). The new company’s CEO Khaldun Khalifa al-Mubarak – legacy CEO of Mubadala – says he expects to begin operations in May 2017. The company’s portfolio of corporate assets wa...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Total And Sonatrach Bury Hatchet As Algiers Pushes Partnerships Agenda
...Algeria’s plans to open up a new gas province in the southwest of the country, is now scheduled for mid-2018, the Total spokesperson says. This latest date marks a further delay on the previous estimate of 2017 (never mind the most recent official Algerian date of 2016 – MEES, 17 February). Mi...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
BP Poised For Strong Year In Mena
...BP had a mixed 2016 in Mena with liquids output edging up while high natural decline rates at its Egyptian gas assets saw overall gas output fall. But with key startups set for the second half of the year and BP’s return to Abu Dhabi’s onshore, 2017 is set to be a major year. Recent years ha...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Egypt Receivables: A Glass Half Full Or Half Empty?
...ll of $396mn (47%) from the end-2015 figure of €771mn ($837mn), with the total down almost $500mn over two years (see table). “The residual amount outstanding at the reporting date has been further reduced by a payment dated January 2017 amounting to $240mn (€228mn).” BP, is more coy; its latest an...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
BP Egypt Output: Only Good News?
...nual report released 6 April, also flags up the Nooros field on the Abu Madi West block split with Eni (75%, BP 25%) in the shallow offshore Nile Delta as a key 2016 success. Output here hit plateau levels of 875mn cfd gas and 7,000 b/d condensate in January 2017, less than 18 months after discovery, BP...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Hungary’s Mol - Mena Profile: No More Chasing Barrels
...ins’ made so far have come from squeezing engineering and oil field service firms – these firms at least view this as unsustainable (MEES, 3 February). Mol feels the majority of its cuts are sustainable, however, and will help propel the firm to a similarly successful 2017. “We started to take a lo...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Majors In The Middle East: 2016, A Year Of Consolidation
...Oil Majors consolidated their positions in the Middle East in 2016, with preliminary results indicating a slight fall in liquids production against 2015. But while output flatlined, key contracts were signed that will see sizeable gains in 2017 and beyond. The combined Middle East liquids sh...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
KRG’s 30,000 B/D Atrush Field: Start-Up Imminent
...G production, but for helping offset Taq Taq’s continued decline. Though Atrush output may be close to that of Taq Taq by the end of 2017 for the year as a whole output is likely to average around 15,000 b/d. The KRG has failed to provide information on overall output since November, but MEES es...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
IOCs Continue To Play It Safe In Libya
...arter of 2014 with output of around 700,000 b/d. But state-owned National Oil Corporation (NOC) is yet to persuade some of its major international partners that its bullish oil and gas production targets for 2017 will be achieved. NOC is targeting production of 1.25mn b/d by the end of the year and pl...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Saudi Aramco IPO Plans Progressing But Key Challenges Lie Ahead
...7bn) in 2017 in order to spur economic growth following 2016’s sluggish 1.2% rise in real GDP. The government is looking to narrow the budget deficit to SR198bn ($53bn) in 2017 (MEES, 6 January). “Saudi Arabia will need to make sure the fiscal regime does not discourage investment in the IPO. Back in...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Mubadala Restructured
...irate’s “most significant investment companies into one global investment power house,” and will provide “commercial opportunities across more strategic sectors all over the world.” The new company’s CEO Khaldun Khalifa al-Mubarak – legacy CEO of Mubadala – says he expects to begin operations in May 2017. ...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Majors Look To Permian For 2017 Rebound
...Majors are looking to keep capex tight in 2017. They hope that by focusing extra cash on the US Permian they will be able to boost output nonetheless. With cost inflation already gathering pace they will struggle to pull this off. The five supermajors plan collective capex spending of ju...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Total Sees Expansion ‘Opportunities,’ But Not In Shale
...Total is setting aside $2bn for potential acquisitions in 2017. But these won’t be in the Permian. Building on a theme he explored in a recent MEES interview (MEES, 25 November 2016), Total CEO Patrick Pouyanné told his firm’s 9 February Q4 earnings call “US shale is too expensive for me...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
NOC Charm Offensive To Encourage Resumption Of Investment
...vestment in the country. According to NOC projections shared by chairman Mustafa Sanalla at London’s Chatham House in late January, the state firm is targeting oil production of 1.25mn b/d by the end of 2017 (see chart 1). If NOC meets its objectives, Libya will average just short of 800,000 b/d in Fe...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
OMV Expands in Libya With Purchase Of Oxy Zueitina Stake
...175,000 b/d from the field in the near future. OMV also has a share in production from the small Shatira field (Block NC163, Area 106) which has capacity of about 1,100 b/d. OMV expects its Libya production to reach an average 10,000 b/d in 2017, said the 2 February statement. “Subject to on...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Services Firms See Light At End Of Tunnel, In US At Least
...lliburton lost $53mn while Baker Hughes lost $14mn. But Mideast resilience is last year’s news. For 2017 the firms’ focus is back on the US, and the Permian shale formation in particular (see p8). US REBOUND TO BOOST PROFITS… Schlumberger says it expects an increase in upstream and E&P activity th...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Kufpec Shells Out In Thai Expansion
...ere first oil is expected in the second quarter of 2017, and 9.4% in the Sleipner West producing field. Kufpec says the new Norwegian assets add 46mn boe of net reserves with 9,000 boe/d of production backdated to 2016 and with production expected to rise to 13,000 b/d once Gina Krog comes on...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017