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Egypt’s Upstream Independents Feel The Pinch Of Local Dollar Shortages
...aros saw its receivables position rise 54% to end 2023 at $37.3mn. Pharos’ Egypt output comes from 45% stakes in the El Fayum and North Beni Suef (NBS) concessions south of Cairo operated by privately-held Texas-based IPR. Here output fell 21% to 3,070 b/d for 2023, less than half of 2017’s 7,...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
Saudi Investment Primes DME For Regional Expansion
...ainst the DME Oman contract, but DME has long targeted Iraq’s Somo (MEES, 15 September 2017) and Saudi Arabia’s financial backing may tempt it to make the switch from Platts Oman. The partners have sought to emphasize that “ensuring the integrity of the DME Oman contract” is of the utmost priority an...
Volume: 67Issue: 04Published at Fri, 26 Jan 2024 -
Kufpec Eyes Portfolio Optimization After Exiting Norway & China
...cord 107,000 boe/d set in 2019 (see chart). Kufpec had previously aimed to reach 200,000 boe/d by 2020, but ultimately fell well short of this goal (MEES, 8 September 2017). NORWAY CLOSURE Kufpec’s foray into Norway began in 2013 with the purchase of Norske AEDC, the Norwegian su...
Volume: 67Issue: 02Published at Fri, 12 Jan 2024 -
Adnoc Agrees Egypt Entry As UAE East Med Footprint Grows
...addition to the stalled NewMed deal. QATAR: CYPRUS & LEBANON FOCUS Abu Dhabi is not the only Gulf state to take a firm interest in the East Mediterranean. Qatar, through its state giant QatarEnergy has been in the East Med since entering Cyprus in 2017 alongside US major Ex...
Volume: 66Issue: 47Published at Fri, 24 Nov 2023 -
Saudi Aramco Completes Key Gas Expansion Project
...wiyah and Haradh gas compression projects, but both have suffered delays since contracts were awarded in 2017 (MEES, 15 December 2017). Aramco noted in its Q3 results on 7 November that “the Hawiyah Gas Plant expansion, part of the Haradh gas increment program, was successfully commissioned and br...
Volume: 66Issue: 45Published at Fri, 10 Nov 2023 -
Oman’s Blocks 3&4: Output Rebound Hopes Recede
...her operators the space to hike output. Oman’s upstream optimism received a boost in 2017 with the discovery of the Khazzan tight gas field in Block 61 (BP 40%op, OOC 30%, PTTEP 20%, Petronas 10%). Sparking a gas renaissance in the Sultanate, the completion of the Ghazeer development lifted ca...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Egypt Independent Cheiron Eyes Regional & Local Expansion
...CUS Cheiron’s local expansion beyond the Gulf of Suez legacy area started in 2017 with the purchase of a 50% (later increased to 80%) share in the Western Desert’s North Bahariya concession and the purchase of French firm Engie’s West El Burullus project in the shallow waters of the Mediterranean, no...
Volume: 66Issue: 38Published at Fri, 22 Sep 2023 -
Germany’s Covestro Confirms Adnoc Takeover Talks
...quisitions. In 2017 it launched an aggressive $109bn downstream investment strategy, within which it set a target of more than tripling petrochemicals capacity to 14.4mn t/y by 2025 (MEES, 1 December 2017). While Adnoc has not outlined any new target figure, it is clear that the firm is pushing to go far be...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Oman’s OQ In $1.4bn Upstream Sell-Off
...en highly active at Block 60 in recent years. Output increased by 12,000 b/d year-on-year to a record 61,000 b/d for 1H 2023. The gains were driven by the Bisat oil field which was first discovered in 2017 and now has production capacity of 60,000 b/d (MEES, 27 January). Conversely, gas was down from 35...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Eni Looks To Neptune For Algeria Boost; Can It Get Past Mercury?
...ance that average 2024 Touat output will fall well short of the 400mn cfd target plateau figure. Neptune’s core assets were acquired in the $3.9bn purchase of the upstream assets of Engie (formerly Gaz de France, GdF) in 2017 (MEES, 19 May 2017). As part of the deal Engie retained 30% of Touat (ve...
Volume: 66Issue: 26Published at Fri, 30 Jun 2023 -
Offshore Med & Nile Delta Blues Continue For Egypt Gas Output
...shore Nile Delta, is in even worse shape. Q1’s output of 510mn cfd marked a seven-year low, whilst losses of 3% versus Q4 marked the sixth consecutive quarter on quarter fall to leave output 62% below Q3 2017’s peak 1.36bn cfd (see chart 1). WHAT GOES UP… Back in 2017 the key Ni...
Volume: 66Issue: 21Published at Fri, 26 May 2023 -
QatarEnergy’s Overseas Strategy Enters Pivotal Phase
...risk, with the majority of exploration wells ultimately coming up short. But by picking up a large, diversified slate of assets across the globe in partnership with highly proficient firms, QatarEnergy has maximized its chances of picking winners. CEO Saad Sherida al-Kaabi told MEES in late 2017...
Volume: 66Issue: 16Published at Fri, 21 Apr 2023 -
Prospects For A Prolonged Ceasefire Rekindle Yemen Oil Sector Hopes
...lf neighbours to the north but still attracted IOC interest since the 1980s. Production peaked in 2002 at 457,000 b/d and exports were still in excess of 100,000 b/d up until 2014 (MEES, 15 September 2017). Current output is estimated to be no more than 10,000-15,000 b/d mainly coming from the Ma...
Volume: 66Issue: 15Published at Fri, 14 Apr 2023 -
Adnoc Partners With BPFor Transformative Israel Entry
...the new vertical. From May 2017 until January 2021 Mr Kaabi served as CEO of Mubadala’s Petroleum and Petrochemicals division, which through various subsidiaries including Mubadala Energy had established a global upstream energy presence. Shortly after Mr Kaabi moved to another role within Mu...
Volume: 66Issue: 13Published at Fri, 31 Mar 2023 -
IFAD Upper Zakum Contract Set For Q3 Launch
...gional producer still pricing its export grades against Platts Oman. Somo previously announced plans to make the switch to DME Oman back in 2017 (ahead of Aramco) but pulled back from making the move (MEES, 15 September 2017). An IFAD Upper Zakum contract may be a tempting benchmark for Somo to price ag...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
ARA PetroleumTargets 30,000 boe/d Oman Output
...troleum once it has been recommissioned (MEES, 24 February). BLOCK 44: NEW DRILLING CAMPAIGN ARA acquired Block 44 (100%) from Thai state firm PTTEP in August 2016 (MEES, 24 November 2017). It used to be ARA’s only gas producing asset, and primarily consists of numerous small non-as...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
Eni Cements Role As Algeria’s Key Foreign Partner With BP Purchase
...ENAS & IN SALAH GAS PROJECTS PRODUCED 540MN CFD EACH FOR 2022 WITH BOTH WELL DOWN ON 2017-18 LEVELS (MN CFD) ON A NET BASIS ENI (BP) AND FOREIGN PARTNER EQUINOR RECEIVE AND GAS FROM IN SALAH (BP/ENI 179MN CFD, EQUINOR 172MN CFD FOR 2022) AND LIQUIDS ONLY FROM IN AMENAS (15,700 B/D EACH FOR 20...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Adnoc Gas Poised For $50bn Valuation
...sted back in 2017 (MEES, 16 February 2018). Assuming that Adnoc achieves the high end of its valuation, this will be the second IPO carried out by the group to raise $2bn in less than a year. In May, the flotation of a 10% stake in the Borouge petrochemicals firm raised $2bn, becoming the largest IPO in...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
OMV’s Upstream Focus Drifts East
...only began producing there in the second half of 2018 when the Sarb & Umm Lulu concession began production. But the firm’s links to the UAE are deep and go back much further than this. Abu Dhabi state investor Mubadala took compatriot’s IPIC 24.9% stake in OMV after the two funds merged in 2017 – IP...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Cyprus Gas Ambitions: From Dreams To Reality In 2023?
...e border. And with Eni either operating or partnering TotalEnergies on the key blocks on the Cypriot side of the border, it was well placed to look for ‘more Zohr’ in Cyprus. Though the first such well, July 2017’s Onesiphoros on Block 11 (Total 50%op, Eni 50%), only discovered sub-commercial vo...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023