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$30Bn Halliburton-Baker Hughes Merger To Have Major MENA Implications
...lliburton and Baker Hughes 1-3Q 2014 revenues were $42bn, a figure that would see the combined firm rival Schlumberger as the global market leader. A deal of this magnitude will almost certainly attract the attention of anti-trust regulators in the United States, and it will also likely face regulatory hu...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Abu Dhabi Boosts Offshore Output As Umm Lulu Comes Online
...January 2015. ADMA-OPCO crude production (’000 B/D) 2014-2020 ADMA-OPCO Additions (‘000 B/D) State-owned ADNOC, which now has 100% ownership of ADCO, is more manager than decider. The final decision lies with the SPC, which is headed by UAE President Shaikh Khalifa bin Za...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
Keystone Bullish At Shaikan
...talling 4mn barrels of Shaikan crude has been sold to the international market since January 2014. Approximately 30% of Shaikan output is sold on the domestic market, which is providing steady revenues, it adds. GKP, which has not yet been paid for its international exports, is still negotiating with the KR...
Volume: 57Issue: 40Published at Fri, 03 Oct 2014 -
Kuwait Seeks IOC Help To Hit Production Targets
...rgets (Mn B/D) 2014 2020 Investment ($bn) Burgan 1.7 1.7 5 West Kuwait 0.5 0....
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Qatar Petroleum Looks To The Future After Board Shake Up
...-well program that was expected to be completed by the end of 2014. Mr Kaabi will also be tasked with addressing rising costs associated with field redevelopment. The estimated costs of redeveloping QP’s offshore Bul Hanine field doubled to $11bn, according to a QP announcement earlier this year. Th...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Oman Oil Secures $1.85Bn Loan Facility
...n a total of $2bn-plus in contracts related to key downstream projects. Need For Capital Markets Oman’s oil revenues for the first five months of 2014 fell 2.6% to OR4,335mn ($11,271mn), compared to a year earlier, while gas revenues fell 1.9% to OR594mn ($1,544mn). Despite this, Oman re...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
Dragon Oil’s 1H14 Output Falters As Ambitions Soar
...fshore Cheleken contract in Turkmenistan, in which it holds a 100% stake, stood at 73,440 b/d for the six months to 30 June 2014, slightly down on the corresponding period last year (see table). June production rose to 76,100 b/d, but these numbers may be slightly misleading: in June 2013 for ex...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Oman Oil Names Former Oxy Executive As New CEO
...ins OOC with more than two decades of experience in the oil and gas sector, having previously worked for US independent Occidental (Oxy) and Oman’s Ministry of Oil and Gas. He served as President and General Manager of Oxy Oman between 2009 and 2014, before being promoted to Senior Vice President for Bu...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Service Firms Continue Middle East Growth Despite Iraq Unrest
...gistic bottlenecks” as it looks to tighten security, although Mr McCollum adds that the company’s operations in southern Iraq and Kurdistan which are “far from the fighting” have not been affected. Halliburton expects the Middle East to be the company’s strongest regional market for 2014 as a whole, “de...
Volume: 57Issue: 30Published at Fri, 25 Jul 2014 -
Mubadala In Somalia Deal
...mpany says that processing of the data will continue until late 2014. Under the terms of the agreement signed with the Somali government last year, Soma’s seismic surveys grants it the right to bid for production sharing agreements to explore Somalia’s offshore area for oil and gas. Given the vo...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Genel Optimism As KRG Output Soars
...vanced across northern Iraq (see graph). The firm says neither its output nor exports are threatened. Gross production from Taq Taq rose to 113,000 b/d of oil equivalent in June and averaged 92,000 boe/d in the first half of 2014. Gross production from Tawke was 116,000 boe/d in June and average fi...
Volume: 57Issue: 27Published at Fri, 04 Jul 2014 -
Petrofac: Iraq OK, Tunisia Out
...ria (ISIS)-spearheaded blitz. Petrofac says that it expects its Iraqi operations to represent less than 5% of its revenue in 2014. Meanwhile, the company says that its operations at the Chergui gas field in Tunisia, where it has a 45% stake in the producing asset, experienced a “temporary di...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Doubts Persist Over Algeria’s Bid Round
...mpanies as well,” said Mr Probert at a Society of Petroleum Engineers event held in London this week. Algeria : Blocks On Offer In 2014 Bid Round Bidding Delay The schedule for the bid round has been pushed back by a month, Algeria’s Ministry for Energy and Mines announced on 1 June. Bi...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Energy Subsidies Soar To Hit $24bn
...nance Minister Hani Dimian, when he unveiled some details of the 2014-15 budget last month (MEES, 30 May). Soaring subsidies highlight the need to lower the budget deficit in 2014-15 which is projected to fall to 12% of GDP from 14% in 2013-14. The energy subsidies in the new 2014-15 budget are also pr...
Volume: 57Issue: 23Published at Fri, 06 Jun 2014 -
Egypt To Slash Petroleum Subsidies As Part Of New Budget
...recent months been hit by severe power cuts, ultimately caused by a shortage of fuel and a lack of sufficient funds to import products from the international market. Reviewing the 2014-15 draft budget, Finance Minister Hani Qadri Dimian said that it projects total expenditure at E£807bn ($11...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Total Sells 30% Of Morocco Retail Operation To Saudi Zahid Group
...sablanca exchange, which has seen a slowdown in the number of flotations since a flurry of activity in the 1990s and has been downgraded to a frontier market status rather than an emerging market. The Total Maroc offering will be the first in 2014 and the second since 2012, Reuters says. Beyond Mo...
Volume: 57Issue: 20Published at Fri, 16 May 2014 -
Hamad Bin Jasim Returns With $1.6bn Heritage Oil Takeover
...oblems, Heritage gives a broad estimate of 14,500–18,000 b/d for its overall net 2014 production. This includes small volumes in Russia, where the firm has a 95% interest in the Western Siberian Zapadno Chumpasskoye license, its only other producing asset. This produced about 600 b/d in 2013. The firm’s 20...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
Saudi Drilling Boost For Services Firms
...source base.” Schlumberger expects strong activity in northern Iraq to continue throughout 2014. Mr Kibsgaard expects full-year Iraqi revenue level with 2013. Going into 2014, Schlumberger viewed the Middle East, as a “major growth driver” (MEES, 31 January), a prediction more than borne out in the fi...
Volume: 57Issue: 17Published at Fri, 25 Apr 2014 -
Chevron Taps MENA For Output Boost
...d appraisal in 2014 with the focus on Iraqi Kurdistan, Morocco and Australia. The US major’s overall production has edged lower in each of the last three years, dipping below 2.6mn boe/d for 2013. This is less than 2% of total global output, Christopher Bradley, UAE Country Chairman for the fi...
Volume: 57Issue: 16Published at Fri, 18 Apr 2014 -
Total Reorganizes E&P Operations, Merges Mideast And North Africa
...r 607,000 boe/d in 2013 out of the group’s worldwide output of 2.299mn boe/d. The figure includes Total’s equity share of production from Abu Dhabi’s onshore ADCO, in which it held a 9.5% stake. The company expects lower production in 2014 due to the loss of equity production from ADCO, or some 14...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014