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Egypt’s Gas Output: Has It Turned A Corner?
...2009 and remained thereabouts until mid-2012. Since then new fields have been unable to offset the country’s declining aging acreage. The rate of decline peaked at almost 100mn cfd per month in 2014: though it has since fallen, September’s output figure, if sustained, would mark the first year-on-ye...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Middle East NOCs Keep Spending Despite Global Upstream Capex Squeeze
...Global upstream spending is set for a cumulative 2014-17 fall of near 50%. But Mideast NOCs are benefiting from the downturn to lower drilling costs and renegotiate development contracts. Upstream oil and gas capital spending (capex) fell by a whopping 25% last year, to just $583bn, from $77...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Oman Maintains Upstream Spending Despite Revenue Collapse
...rst half of the year was 99.6% of the same period last year, when annual expenditure was only marginally down on 2014’s record OR5.19bn ($13.5bn at a fixed OR1=$2.597). In fact, state capital expenditure (capex) in the first half of the year is up 13% year-on-year against 2015 at $1.53bn, though op...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Iraq: Major Challenges Remain For New Oil Minister Despite Kirkuk Breakthrough
...ficials advocating Kirkuk oil be trucked to Iran in the interim, but the new agreement renders this already unlikely outcome even more so. As for whether a new revenue sharing agreement along the lines of the defunct December 2014 terms can be realized, there remains a considerable gap between their po...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Egypt Touts $33bn Gas Investment, But Receivables Worry Remains
...00 STANDARD LEGACY PRICE 2.65 *PAID TO IOCS FOR EGYPT PRODUCTION **$2.96/'000FT³ FOR 2014 ($2.65 WITH UPWARDS ADJUSTMENT FOR LIQUIDS CONTENT). CASH CRUNCH Mr Molla says that Egypt’s dues for foreign firms active in the co...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
UAE Moors 2nd FSRU As It Looks To Take Advantage Of Cheap LNG
...duce the imperative to bring fields online. Spot LNG prices in East Asia fell from around $14/mn BTU in the first half of 2014 to around $5.5/mn BTU currently, as more liquefaction capacity has come onstream (MEES, 17 June), and demand growth has faltered. Prices were recently bolstered partly by above av...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...atoil, BG and Total respectively. All were handed back to Sonatrach during 2014 and 2015 after a failure to agree terms. Sonatrach indicated that it intended to press on with all three projects by including them in its 2015-19 development plan (MEES, 29 May 2015). Though its latest five-year plan se...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Egypt Puts New Acreage On Offer
...rapped Ukrainian state firm Naftogaz are among those active. The closing date is 30 November and Ganope will be hoping to mirror the success of its previous 2014 bid round with five of the 10 blocks awarded last August (MEES, 7 August 2015). Of those five blocks, last week, the Egyptian Oil Ministry fi...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Oman’s Million Barrel First Half Can’t Prevent Revenue Decline
...lf of 2016 totaled $5.74bn, down from $9.04bn in the same period last year, and from $15.14bn in the first half of 2014 when Omani oil averaged $105/B. Although the average price of DME Oman has slipped by around $2/B in July from June’s $46.62/B, there is typically a lag before this is felt in th...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Iraq: Record Products Imports Eat Into Crude Export Earnings
...maximize the proportion of their crude output refined domestically in order to maximize revenue, Iraq saw a mere 8% of its crude output refined domestically in April and May, the lowest figure on record. Refinery output nosedived in June 2014 when Islamic State (IS) captured the 310,000 b/d Ba...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Iran Takes Major Step Towards New Contracts. But Will IOCs Bite?
...11, but its lack of activity caused Iran to hook it from the field in 2014 with production at 50,000 b/d, well shy of the planned 320,000 b/d. IRAN POST-SANCTIONS UPSTREAM AGREEMENTS WITH FOREIGN FIRMS TOTAL CRACKS ON Total is at the forefront of IOCs in line for an IPC. It ma...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
KRG Crude Revenues Set To Edge Higher For 2016
...ivate Kurdish firm Kar. Kar operates the Khurmala dome of the Kirkuk field, and has also operated the Avana Dome and nearby Bai Hassan field following the KRG’s seizure of contested territory from so-called Islamic State in 2014. Kar President Baz Karim said in December the firm plans to increase co...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Egypt: Oil Drilling Uptick On Higher Prices, Output To Follow?
...Independents in Egypt have rapidly responded to rising oil prices. Egypt’s oil output has fallen by 35,000 b/d since peaking at 700,000 b/d in mid-2015. The output record came on the back of sustained high drilling levels – with the country’s oil rig count at around 40 during the whole of 2014...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
QP Ousts Maersk At Key Qatari Oil Field Amid Sectoral Revamp
...lieve oil prices have now bottomed out, but where’s the light at the end of the tunnel for tumbling LNG prices? Prices for Qatari LNG to its largest buyer, Japan, have fallen from $16.79/mn BTU in 2014, to $10.65/mn BTU last year and in May were just $5.55/mn BTU. The preponderance of new supplies se...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Algeria: No Cash, Investment Slashed… Output To Soar. Come Again?
...e most recent bid round in 2014. A follow-up round has been repeatedly delayed: probably best to save the country’s blushes given that there is no sign of improved terms. And the potential for the country to invest its own cash has dried up with the collapse in oil and gas prices: hydrocarbon ex...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Oman Races Ahead Of Production Target, Diversifies Export Markets
...om oilfield services firm Baker Hughes show the number of active oil rigs averaged 58 for the first five months of 2016, up from 53 in the same period last year and 48 for January-May 2014. The government this month raised $2.5bn from its first international bond issue since 1997 (MEES, 17 June) an...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Qalaa Looks To Trim Debts
...Cairo-based energy-focussed investment firm Qalaa Holdings – formerly Citadel Capital – plans to reduce its debt to E£4bn by the end of 2017, having already reduced its money owed from E£10bn in 2014 to E£6.5bn ($735mn) at present, according to MD Hisham al-Khazindar. Qalaa needs to slash it...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Algeria: New Energy Minister Faces Revenue Meltdown, Political Uncertainty
...m/year of gas output over 2014-20, hitting 93 bcm/year by the latter date (MEES, 5 June 2015); it now forecasts just 85 bcm by 2021 – by far the biggest downgrade of any country in the latest report (see p4). And rising domestic demand means export volumes are set to continue their recent co...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Will The ‘Golden Age Of Gas’ Ever Arrive?
...mestically. Total forecast growth of 16bcm over the five year period is markedly lower than last year’s forecast of 23 bcm over 2014-20 and compares with an official Saudi target of hitting 12.2bn cfd (126 bcm) by 2021 (MEES, 1 April). Saudi Arabia is officially targeting a boost of the share of gas in it...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bahrain: New Minister Challenged By Oxy/Mubadala Withdrawal
...0,942 b/d of Arab Medium crude in 2015. Bahrain gave up its territorial claim to the area surrounding the field in the 1950s in return for half of the field’s output. Meanwhile, imports from Saudi Arabia averaged 216,000 b/d last year, up from 208,000 b/d in 2014. These are through an ageing 230,000 b/d pi...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016