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Chazen Elaborates As Oxy’s Middle East Asset Sale Falls Apart
...ll, Mr Chazen said that he expected the asset sale to be finalized in the first quarter of 2014; however, this proved impossible, thrown off by the complications of the deal. In a nod to the earlier troubles in executing the deal, Mr Chazen said this week: “At their [the NOCs] suggestion, we’ll pr...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Dubai: $20Bn Debt Rollover
...owth in the UAE is expected to remain firm at 4.5% in 2014, according to the IMF (MEES, 7 February). Abu Dhabi, the richest among the seven emirates in the federation, has the financial resources and liquidity to bail out Dubai. Prior to the 2009 crisis, Dubai took out more than $100bn in lo...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
Hit By Subsidies At Home, ENOC Looks Abroad
...UAE Hit By Subsidies At Home, ENOC Looks Abroad Dubai refiner and retailer Emirates National Oil Company (ENOC) aims to boost operational efficiency and profitability in 2014, having “recorded positive performance, leveraging increased market demand” in 2013. The co...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
BP Slashes $700mn From Egypt Receivables
...mporary.” BP says is has secured an extension to September 2014 for its appraisal and exploitation agreement for the Bourarhat Sud block southwest of In Amenas. In an indication that the post-In Amenas security fallout is far from over, BP took the security-related decision to suspend activity at Bourarhat in...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
TAQA Buys More Indian Hydro, CEO Steps Down
...ctor Pension Investment Board has 39% and Indian private equity firm IDFC Alternatives 10%. The acquisition is expected to close in 2014, subject to regulatory and third party approvals. The Baspa Stage II and Karcham Wangtoo plants in the northern state of Himachal Pradesh have combined generating ca...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Mauritania Hopes To Open New Atlantic Frontier
...rldwide. Banda Advances Meanwhile a positive final investment decision on the Banda offshore gas to power project, the other key element of Mauritania’s hoped for hydrocarbons renaissance, “is expected by the second quarter of 2014,” Premier Oil said on 27 February. First production is slated for 20...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Oman Needs To Sell Assets Or Borrow
...OMAN Oman Needs To Sell Assets Or Borrow Oman may have to turn to selling its foreign assets, or borrowing on the international market, to sustain its government spending, should oil prices slide, an article in the January-February 2014 issue of the Central Bank of Oman’s (CB...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014 -
Kuwait Energy Has Breakout Year, Complicated Future
...close the year with yet another strong quarterly performance in revenue and production and look forward to continued operational success in 2014.” In Egypt, the star performer was the East Ras Qattara concession where gross output averaged 21,200 b/d for the second half of 2013 (KEC’s 49.5% st...
Volume: 57Issue: 07Published at Fri, 14 Feb 2014 -
ADCO: BP Expects No DecisionFor At Least A Year
...UAE ADCO: BP Expects No DecisionFor At Least A Year BP, like ExxonMobil, has written off 140,000 b/d of production from the loss of its onshore Abu Dhabi concession in 2014 and does not see a decision by the Abu Dhabi government on a renewed concession for at least a year if...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Dana Gas Sees Production But Also Receivables Rise in 2013
...low the company to continue with its recent string of production success in Egypt into 2014. Dana’s overall 2013 net profit fell by 5%, to $156mn, due to “an increase in royalty payments to the Egyptian government, a higher depreciation, depletion and amortization expense in Egypt as well as lower sa...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Oil Service Companies Eye Middle East For 2014 Growth
...REGIONAL Oil Service Companies Eye Middle East For 2014 Growth Service firms plan to carry through 2013 Middle East growth into 2014. Three of the largest international oil services companies recently reported 2013 results. Despite two of them being hit by disruptions in...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
DNO Grows In Tunisia
...cently as 2010, and gas output of around 280mn cfd also well down, Tunis is keen to maintain the momentum of an exploration drive. Muhammad Akrout, chief executive of state oil company Entreprise Tunisienne d’Activites Petrolieres (ETAP), told MEES last October that 15 wells would be drilled in 2014. An eq...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Kufpec Scales Up Ambitions With Shell LNG Buyout, RWE-Dea Bid
...ntracts totaling 4.2mn t/y – or roughly half of future liquefaction capacity. Still, it is unclear what terms Wheatstone could offer KPC unavailable to the Kuwaiti NOC on the open market. For its part, Shell is set for a $15bn divestment program in 2014 and 2015. Incoming CEO Ben van Beurden says Sh...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
QP Petchem Flotation
...ke place from 31 December 2013 to 21 January 2014. Qatar’s first IPO since 2010 is open to Qatari nationals only, and will comprise 27.725% of the company’s shares. (For political reasons Doha is keen to share its energy wealth among citizens.) QP said the shares are priced at QR10.2 ($2.80), in...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Sipchem-Sahara Merger MoU
...d continued negotiations with a view to signing a merger agreement in the first half of 2014. According to a joint statement “the proposed merger is expected to enhance the [combined] company’s leading position in the local and international petrochemical industry. The combined business is ex...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
Egypt’s Gas Crunch: Is A Quick Fix Possible?
...ne 2014. This fiscal burden has prevented it from paying oil and gas producers in full, and IOC receivables stood at over $6.4bn by the third quarter of this year – likely well over given that this figure excludes key producers such as Eni, Shell and Apache (see table, MEES, 15 November). Eg...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Services Firms Bullish On Saudi, Wary Of Iraq Security
...sts, each resulting from delays under Zubair early production facility construction project. This project was approximately 60% complete at the end of Q3 with an anticipated project completion date of Q3 2014.” “As the Zubair contract is accounted for on a percentage of completion basis all known an...
Volume: 56Issue: 47Published at Fri, 22 Nov 2013 -
Abu Dhabi Moves Towards Integration Of State Oil Firms
...actors, which will come online from 2017, and by tapping its sour gas reserves. The Shah gas project – a joint venture between ADNOC and US firm Occidental – will deliver 500mn cfd of usable gas once it comes online in 2014. A stake in a second sour gas project at the Bab oilfield was awarded to Shell ea...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
TAQA Turns A Profit
...the full commissioning of both units by early 2014." TAQA - Oil and Gas Output 3Q13 3Q12 North America Crude (‘000 b/d) 17 16...
Volume: 56Issue: 45Published at Fri, 08 Nov 2013 -
Majors Look To Cling On To ADCO Stakes
...bid by state-owned ADNOC, their 2% in ADCO translates into 36% of total production. Regardless of these percentages, the stakes are high and the Abu Dhabi authorities are keeping their legacy foreign oil operators on tenterhooks as they consider options ahead of contract expiry in January 2014...
Volume: 56Issue: 41Published at Fri, 11 Oct 2013