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Egypt: ONS Hits 80mn Cfd
...erated by France’s Perenco. Production started in 2009 and peaked at 180mn cfd the following year before slumping. It continued to do so after EKH bought the asset in 2014, falling to just 25mn cfd for 1Q 2018. The turnaround came after EKH persuaded Cairo in July 2018 to pay a higher gas price ($5....
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Adnoc Gas Strategy Surges Forward
...s strategy aimed at achieving self-sufficiency for the UAE by 2030 (MEES, 9 November 2018) there are already clear signs of progress. The UAE’s net gas imports fell to 11.9bcm (1.15bn cfd) for 2018, the lowest since 2014, as output climbed faster than demand. Adnoc’s stated project targets are ea...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Oman Offshore Ambitions Creep Forward
...rway’s DNO and Korea’s LG International allowed the contract to expire in January (MEES, 4 January). OOCEP subsidiary Musandam Oil and Gas Company has since taken over. The two Bukha fields, within Oman’s only offshore producing license, produced a modest 15,700 barrels of oil equivalent per day in 2014...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Aramco Kicks Off Share Offering: But At What Price?
...ten repeated in recent months, the implied $2trillion overall figure, but also the desire for the flotation to be the largest ever IPO – surpassing the $25bn raised by the 2014 float of Chinese e-commerce giant Ali Baba. VOLUME VS VALUATION? Of course, the two aims are somewhat co...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
IEA Extends Opec’s Market Share Purgatory
...urces of production, including tight oil.” This indeed describes Opec’s 2014-15 ‘market share’ policy as driven by former Saudi oil minister Ali Naimi (MEES, 19 December 2014). Such a policy ostensibly looks an attractive long-term option for the likes of Saudi Arabia and the UAE. However, it wo...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Iran Ups Geopolitical Stakes With Nuclear Advances
...at is expected to take six years. The Bushehr-2 plant will be built by Russia’s Rosatom, under a 2014 agreement between Moscow and Iran for the construction of four new 1GW plants at Bushehr. Rosatom completed the Bushehr-1 reactor in 2011, generating electricity from fuel rods supplied by Ru...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
SEC Switches Privatization Plan From Sell-Off To IPPs
...abian Bemco for Qurrayah (MEES, 10 January 2014); and Acwa and Korea’s Samsung for Rabigh-2 (MEES, 6 December 2013). Of the 2019 projects, 10MW Layla Al-Aflaj solar, built with government institutes Kacst and Taqnia, started up in January. The 1.5GW Al-Fadhili cogeneration plant, built with state pe...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Aramco Kickstarts IPO Process
...pact of Opec+ cuts is being felt on export volumes which are on track to fall to their lowest levels since 2014 (see chart). Turning to Q3, Aramco posted revenues of $70.2bn and profits of $21.1bn. Unsurprisingly, despite the annual decline, these numbers dwarfed those of the largest IOCs, with Ex...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Egypt May Ax Coal Plans On Back Of Major Gas, Solar Expansion
...eliminary agreement. The latter is among projects earlier reported as likely to be postponed, along with gas-fired expansions at Damanhour and Mahmoudia (MEES, 16 August). Though final awards were only made last year they are the culmination of a now-outdated strategy set out in 2014 and 2015 as dw...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Algeria’s Renewables Plans Struggle To Advance
...en much better since, with a number of plants coming online. Although it has taken some time, of the big eight CCGT projects awarded in 2012 and 2014, at least two have started up (see map & table). The 1.016GW Ain Arnat CCGT plant in the northeastern Setif province first started up in open-cycle mo...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Saudi Arabia Expects Large Budget Deficits Until 2022
...With Saudi Arabia planning to run budget deficits until 2022, the kingdom’s own figures point to a cumulative deficit since 2014 of more than $450bn. Efforts to kick-start private sector development are essential if the government is to succeed in its critical efforts to reduce the economic de...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Israel Offshore Awards: Small Firms, Smaller Commitments
...rt of the former Daniel West block. Two wells were drilled by Calgary headquartered GeoGlobal in 2012, one on each of Myra and Sara, but both came up dry (MEES, 5 December 2014). Ratio, then partnering Energean, initially attempted to farm-in to Myra and Sara in 2014 in a deal ultimately rebuffed by Is...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Banks On North Field Leverage To Boost Aggressive Overseas Expansion
...ken in Argentina’s bid round earlier this year – three are operated by Exxon, two by Shell (MEES, 19 April). In the Americas, QP has also taken nine blocks in Brazil – in addition to one from 2014 – eight in Mexico, and two in Guyana. But it remains absent in the US upstream, arguably the world’s la...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Petroleum Puts Petchems Front & Center
...ed the 1.4mn t/y Al-Sejeel polymers and 1.5mn t/y Al-Karaana ethylene glycol projects amid the late 2014 collapse in crude prices. Despite the new project’s scale, it is still smaller than the combined scope of those two plants. However, new projects may be unveiled at a later date. Asked whether an...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Jordan: Gas Oversupply Threatens Key Startups
...rsue an FSRU at Aqaba (MEES, 21 June 2013) accompanied by an LNG purchase agreement with Shell (MEES, 10 July 2015), establish a slew of new powerplants via independent power producer (IPP) agreements (MEES, 1 August 2014) and focus on long-term domestic alternatives via renewables and oil shale (MEES, 14...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
China LNG Imports (Mn Tons): Qatar Volumes And Share Fall In 9m 2019 With Australia Pulling Away As Top Supplier
...PPLIER WITH 9M19 VOLUMES UP 29% Y-O-Y, THOUGH Q3 SAW THE FIRST QUARTERLY DIP SINCE 2017 QATAR, NUMBER ONE TO 2014, RISKS LOSING EVEN SECOND SPOT. 9M VOLUMES OF 5.7MN T ARE DOWN 13%, WITH MALAYSIA (1.87MN T) AHEAD IN Q3...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Five Years On From Khafji Shut-In, Is The Neutral Zone Poised For Restart?
...wait Partitioned Neutral Zone (PNZ) burst to the surface with the shut-in of the offshore Khafji field in October 2014 (MEES, 24 October 2014). And in just six months’ time, it will be half a decade since the 500,000 b/d capacity PNZ last produced a drop of oil (MEES, 15 May 2015). There is growing op...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Shell Shifts Egypt Focus To ‘Integrated Gas’
...e start the firm would – like fellow majors BP and Eni, the other key players off Egypt – have taken more of a long-term view rather than downing tools in response to payment delays. Indeed, whilst BG (and subsequently Shell) blamed EGPC for the collapse in output and the halting from 2014 of LNG ex...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Yemen: Second State Firm Restarts Production
...ar that production had once again started at its Block 9 which produced 6,000 b/d before the security situation deteriorated in 2014 (MEES, 17 May). But of all these, Safer’s return, reported by Reuters, could prove to be the most consequential yet. For one thing, Block 18 is amongst the most vi...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Qatar Petroleum Finalizes Idd al-Sharghi Takeover
...nce Saad al-Kaabi took over as CEO in 2014 (MEES, 14 September 2014). Under his leadership, the role of IOCs at Qatar’s oil fields has been greatly reduced, either through tighter terms or with QP taking over entirely. This week saw QP finalize its takeover of two fields, replacing US firm Occidental (Ox...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019