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Egypt Gas Turns The Corner, But Can It Maintain Investment?
...rek El Molla was keen to highlight the success of Italian firm Eni and the UK’s BP which have together brought on 2.5bn cfd of gas over the last 19 months, 45% of current 5.5bn cfd gas output. “Between November 2013 and December 2017, the country signed 83 E&P agreements, with minimum investments of...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
India Makes Splash Offshore Abu Dhabi With First Post-Adma Contract
...on its expiry after 8 March (MEES, 17 November 2017). Current partners are Adnoc (60%), BP (14.66%), Total (13.34%) and Jodco, a subsidiary of Japan’s Inpex (12%). The award came during the visit of Indian Prime Minister Narendra Modi and marks India’s entry into the Abu Dhabi upstream. Indian st...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Abu Dhabi Gets Small Producer Boost
...ported 91,000 b/d of Qatar Marine in 2017, more than half the total, and 21,000 b/d of Mubarraz crude. Meanwhile, Adnoc said on 12 February that Al-Dhafra Petroleum will start production of around 20,000 b/d in 2019, ramping up to 20,000 b/d by 2020 and potentially “beyond 40,000 b/d barrels per day by...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Aramco, Total Firming Plan For Satorp Refining/ Petchems Integration
...State petroleum firm Saudi Aramco and France’s Total are firming up their plans for an expansion of their Satorp joint venture refinery and integration of the plant with a petrochemicals complex. Total chief executive Patrick Pouyanné told his firm’s 2017 earnings call on 8 February that th...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Iraq Seeks To Reboot Northern Oil Sector
...e Angolan state firm on 2 February officially agreed to return to northern Iraq where it has a 75% operating stake (NOC 25%) at the Qayara and Najma fields (see map). Current output is negligible. but at its peak Qayara produced 20,000 b/d (MEES, 27 January 2017). Sonangol was awarded 20-year te...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iraq Drilling Hits 3-Year High, Abu Dhabi Sets New Record
...rrying about any commitments to Opec to limit output (see p9). However, Iraq’s rig count remains at little more than half of the record 96 seen in the first half of 2014 before Islamic State overran large swathes of the country. The UAE is another country where Total, in its 2017 results and 2018 ou...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iran Eyes More West Karun Gains As Investment Concerns Deepen
...eds $200bn investment, of which 65-75% ($130-150bn) would be from international firms. But to date, the only post-sanctions deal remains June 2017’s $4.8bn agreement with France’s Total and China’s CNPC for Phase 11 of the South Pars gas field (MEES, 23 June 2017). At the time, the managing di...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Eni Discovery Doubles Cyprus Reserves; Is It Enough To Make It A Gas Producer?
...pth, it is a relatively modest 80km from the same company’s Egyptian 24tcf Zohr field, which entered production at the end of 2017 (MEES, 15 December 2017). Eni has regularly touted Zohr as a potential hub for East Med gas development. Eni’s Block 6 find, if confirmed, would be Cyprus’ second gas di...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Energean Makes Moves In Israel, Still No FID
...en it had reached 3bcm/y of gas sales from the field, which it did by the end of 2017. In December last year local investment group Ofer signed up for 2.6bcm/y of Karish gas, pushing total sales to 4.4bcm/y (see table) but again it baulked at announcing FID, delaying it a further three months (ME...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
KRG To Struggle For Minor 2018 Production Gains
...Reeling from the loss of 280,000 b/d production when Iraqi forces captured key Kirkuk fields in October 2017, the Kurdistan Regional Government (KRG) is unlikely to see sizeable production gains from fields under its control in 2018 threatening IOC payments and potentially fomenting further in...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Algeria State Oil Chief Strikes Conciliatory Tone
...tput,” said Mr Ould Kaddour. Two other significant deals were signed in the closing weeks of 2017. On 20 December Sonatrach signed a $500mn deal with its two partners on the 9bcm/y In Amenas gas field, the UK’s BP and Norway’s Statoil. The agreement, designed to extend commercial production to 2035, wi...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
GCC Dependence On LNG Imports Deepens
...Kuwait’s 5.4mn t/y (725mn cfd) Golar Igloo floating storage and regasification unit (FSRU) is currently moored offshore Dubai as it awaits routine maintenance during its scheduled downtime. It’s in need of a thorough checkup after being put through its most rigorous year-to-date in 2017, when it...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Oman Rounds Out 2017 With Solid Export Revenue Gains
...Despite a ninth straight budget deficit, 2017 was a decent year for Oman energy. Exports held steady, revenues ticked up, and products output broke records. Despite crude and condensate output falling 34,000 b/d in 2017, and exports dropping 75,000 b/d to 806,000 b/d, Oman’s upstream se...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Kuwait: Jurassic Gas To Bridge Supply Gap Until LNG Import Capacity Rises
...ar (see chart and MEES, 28 July 2017). KEY KUWAITI OIL INFRASTRUCTURE KUWAIT PRESSES AHEAD WITH MAJOR JURASSIC GAS EXPANSION PLANS (MN CFD) SOURCE: KOC, SPETCO, PETROCIL, MEES. SPARE PROCESSING CAPACITY The vast majority of Kuwaiti gas output is associated wi...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Oman Casts Its Net Wide In Bid To Maintain Output Capacity
...plenish its reserves. Oman finished 2017 with average annual output of 969,000 b/d, just under its 970,000 b/d Opec/non-Opec production agreement and down from 1mn b/d the year before. Exports dropped from 880,000 b/d in 2016 to 806,000 b/d, though higher oil prices mean hydrocarbon revenues rose by $2....
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Kuwait Completes Oman Refinery Buy-In, Start-Up Slips To ‘2023-24’
...C. KPC planning and finance director Wafaa al-Zaabi told reporters last week that “commercial operations should begin in 2023-24.” This is a major setback – until last year KPC was targeting end-2020 (MEES, 5 May 2017). “I think that by the middle of this year we will close the financing for the Du...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Iraq Rushes To Jumpstart Projects Ahead Of May Election
...cremental gains this year are set to come from the 200,000 b/d Halfaya field (CNPC 45% and operator, Petronas 22.5%, Total 22.5% and Iraqi state Maysan Oil Co. 10%) in Maysan province. Phase 3 to double output to 400,000 b/d by end-2018 was greenlit in April (MEES, 28 April 2017). Work is underway, with CN...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Iraq: Record Exports, But Contract Reform Hangs In The Balance
...2017 was a year of consolidation for Baghdad; federal exports averaged 3.31mn b/d, and revenues rose $15.7bn. But longer term, the oil ministry must address perennial contract issues to steer the industry in the right direction. Iraq exited 2017 on a high note with record federal crude ex...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Egypt: Focus On Red Sea
...fset broadband multiclient seismic” being shot by Schlumberger and Norwegian seismic experts TGS under a $750mn deal inked in July last year (MEES, 4 August 2017). As part of the agreement signed with state oil firm EGPC’s Upper (southern) Egypt focused arm Ganope, Schlumberger and TGS will have ex...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
KRG Prioritizes Investor Confidence Over Stability: Will It Lose Both?
...ERATED BY IRAQ’S NORTH OIL COMPANY SINCE 16 OCTOBER 2017. SOURCE: MNR, COMPANY STATEMENTS, MEES. …ONSIDE, FOR NOW The KRG’s prioritizing of foreign investors over internal stability has at least so far more or less managed to keep the IOCs onside. Realistically, if the region is to be a vi...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017