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UAE’s Upper Zakum On Track For 1mn B/D
...cording to direct monthly submissions to the Opec Secretariat, the UAE has managed to boost overall output beyond 3mn b/d for the first time in July. Output rose to 3.06mn b/d last month from an average 2.794mn b/d in 2014, according to the Opec data. MEES estimates put output somewhat lower at 2.88mn b/d fo...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Petroceltic Touts Ain Tsila Progress Amid Shareholder Revolt
...rvices and that Petroceltic allegedly may have awarded contracts, such as the Front End Engineering Design (‘FEED’) contract, on a questionable basis.” The FEED contract went to Chicago Bridge and Iron in September 2014. Mr Stevenson was appointed in January 2013 and is considered key to keeping the pr...
Volume: 58Issue: 34Published at Fri, 21 Aug 2015 -
Egypt Receivables Hit $6.3bn, Up Almost $1bn From Start Of 2015
...ternational oil companies (IOCs) in late 2014: payouts that saw the receivables total fall by close to $3bn in the second half of the year, ending the year at just under $5.5bn. But dues have climbed sharply since, hitting $6.3bn at the end of June, up $861mn on six months earlier, according to MEES ca...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Japan’s Inpex Eyes Iran Return Post-Sanctions
...PORTS Japanese oil imports from Iran averaged 172,800 b/d in the first half of 2015, down 0.8% year-on-year according to latest figures from Japan’s Ministry of Energy, Trade and Industry (METI). This helped maintain Iran’s position as Japan’s sixth largest oil supplier over this period, as in 2014. Ja...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Decision Looming To Revive Israeli Upstream
...en ongoing since earlier this year but have intensified, following the appointment of Yuval Steinitz as Energy Minister on 21 May. Noble had halted operations in Israel and laid off staff in the first quarter of 2015 in protest, after Antitrust Authority Commissioner David Gilo ruled in December 2014 th...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Oman Oil Production Hits New Record; On Course For 2015 Target
...e number of active drilling rigs in the country has been at record levels of around 70 in recent months – though numbers dipped to 67 for July (see p7). Output averaged 943,000 b/d for 2014. Oman’s oil exports too are running at record levels, averaging 871,000 b/d in the first half of this ye...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Oman’s Orpic Evaluating Bids For Liwa Plastics, Eyes $4bn Finance Package
...ys Orpic chief executive Musab al-Mahruqi. Orpic announced the pre-qualified bidders in December 2014, and subsequently worked with the firms to form 19 bidding units (MEES, 19 February). CB&I is among the bidders for the EPC contract for the cracker, for which it has already been awarded the te...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
GCC Countries Keep Drilling At Record Levels As Us Rigcount Looks To Rebound
...6), with a record 71 active drilling rigs. The rigcount eased to 67 for July, though this remains well above the 2014 average of 59. US DRILLING SHOWS SIGNS OF RECOVERY AS GCC RIGCOUNT REMAINS AT RECORD LEVELS US OIL RIGCOUNT DOWN 60% FROM OCT ‘14 PEAK BUT CRUDE OUTPUT RESILIENT*...
Volume: 58Issue: 33Published at Fri, 14 Aug 2015 -
Iraq, KRG Boost Oil Exports But Both Still Short-Changed
...spite receiving hardly any payments for their crude oil production since May 2014, have maintained operations and have continued to invest to support Kurdistan’s crude oil export. Crude oil export is the principal revenue earner for the Kurdistan Region. But, it is also recognized that it is di...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
BP, Eni Tout Improved Egypt Economics
...es to foreign oil firms fell sharply with two bumper payouts at the end of 2014, all the indications are that they have edged back up since, though Oil Minister Sharif Isma’il this week told Reuters that Egypt planned to cut its debts to $2.9bn by the end of August from the current $3.5bn. Dues were $3....
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Ganope Block Awards
...EGYPT Ganope Block Awards Ganope, the Upper (southern) Egypt-focused arm of state firm EGPC on 3 August awarded five of the 10 blocks on offer in its 2014 bid round, “an excellent result while facing the challenges of the recent decline in crude oil prices,” Ganope says. Total co...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Saudi Arabia Explains Goals Of CO2 Project
...taining its goal of improving oil recovery rates from mature fields. As reported by MEES previously (MEES, 7 Feb 2014), the CO2 injection project was stepped up at the start of last year when Saudi Aramco began conducting an enhanced oil recovery project at ‘Uthmaniyah. RECOVERY BOOST Saudi Ar...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Iran Plans March Azar Start-Up
...me way off the 60,000 b/d end-2014 production target (MEES, 25 July 2014). Plateau production of 170,000 b/d is slated for 2017. Under increasingly harsh sanctions over the country’s controversial nuclear program, Iran has fallen behind its predominantly Gulf Arab neighbors in the development of it...
Volume: 58Issue: 32Published at Fri, 07 Aug 2015 -
Kuwait, Saudi Spat Over Neutral Zone Heats Up
...ould be borne by the Saudi government.” The Kuwaiti minister also argues that under the March 2014 order by the Saudi environmental authority to shut down Khafji, the joint operating company has five years to deal with gas emissions. The decision to halt operations with immediate effect was a vi...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Kuwait Awards $11.5Bn Contracts For 615,000 b/d Al-Zour Refinery
...yond early 2019” (MEES, 26 June). Once complete, the refinery will process heavy crude from the country’s new fields, KNPC Chief Muhammad Ghazi al-Mutairi said in 2014. The fuel oil produced at Al-Zour will be used at the country’s power plants, he added. While KNPC can now award contracts, the pr...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Iran Gets The Show On The Road For Contract Launch
...er since the IPC’s soft launch in Tehran in February 2014. The latest available information on the proposed terms were published by MEES last month (MEES, 19 June). Foreign oil companies have even been sending executives to the Iranian capital in recent weeks to learn more about the new te...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Nuclear Accord To Herald New Chapter In Iran Relations With Total
...e nuclear talks began in 2013, with the first coming in February 2014 (MEES, 7 February 2014). PETCHEM PROPOSALS Iran is also looking to extend its energy cooperation with France to the mid and downstream sectors, Mr Zanganeh said, as well as the manufacture of oil and gas equipment for do...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Lebanon: Political Intransigence Blocks Upstream Progress
...oved incapable of making important decisions on the country’s future. This includes a nomination for the post of President – a position that has been vacant since May 2014. In addition, two decrees crucial to opening up a potential bid round for acreage in the country’s offshore have failed to move fo...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Algeria’s Upstream Challenges In Four Graphs
...emingly written earlier) 2014 report says “the engineering, acquisitions, construction and preparation to have [BMS] operating will be completed in the first half of 2015, and first production is expected around July.” Again, production appears to have not yet begun. Cepsa has since 2011 been owned by Abu Dh...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Korea Cuts Buying Of Gulf LNG Despite Price Collapse
...th 2014. Outside of the MENA countries, Indonesia (No 3 overall) and Malaysia (No 4 ) are Korea’s key LNG suppliers (see table, p5). YEMEN LNG OUT Yemen was Korea’s fifth largest supplier for 2014 – and conversely Korean state firm Kogas the biggest customer of Total-led Yemen LNG. But first ha...
Volume: 58Issue: 30Published at Fri, 24 Jul 2015