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Chevron Looks To Farm Down KRG, Morocco Interests
...completed 2D seismic work in 2014 and plans to started 3D seismic work in 2015. Chevron is targeting a 500,000 b/d-plus rise in production to 3.1mn barrels per day of oil equivalent (boe/d) by 2017 – an ambitious target given that output has been trending downwards in recent years (see gr...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Iraqi Oil Exports Rise To Nearly 3Mn B/D As KRG Deal Holds
...rther development of Zubair such as the long process of approving large contracts are resolved. Samsung Engineering said in March last year that it had been awarded an $840mn contract for the Zubair degassing facilities. In its annual report for 2014, Eni, which has a 41.6% stake in the TSC, sa...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Egypt: Apache Oil Output Rises As Gas Shortages Intensify
...r fracture stimulation,” the firm says. As a result of the boost from these discoveries Apache says that its gross Egyptian oil output will rise this year from 2014’s 199,300 b/d – 29% of Egypt’s overall 690,000 b/d production—though its gas output will fall. On a net basis the firm’s oil output is...
Volume: 58Issue: 14Published at Fri, 03 Apr 2015 -
Adco Trail Goes Cold Amid Stand-Off With BP, Shell
...% from $26.4bn in 2014 to $23-24bn and reduce its exploration budget by 30%. It saw the Adco concession as an opportunity that was worth the entry cost. It made a commercial offer commensurate with the benefit of locking in long term supplies in one of the most stable countries in the Middle East. It...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Egypt Lays More Foundations For Gas Output Growth
...ount secured in other recent deals (see table), Dea’s latest gas price represents a substantial hike on the $2.50/mn BTU it currently receives for Disouq gas. Output started up in September 2013, and hit current levels in August 2014 (MEES, 29 August 2014). State gas firm, EGAS began renegotiating re...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
EGYPT KEY TO KUWAIT ENERGY’S FORTUNES
...st Ras Qattara permit in the Western Desert in which KEC holds a 49.5% working interest and is operated by Chilean state firm ENAP. Fourth quarter production at East Ras Qattara reached around 25,000 b/d, with four new development wells brought on during the course of 2014. The two wells brought on du...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Iraqi Oil Output Plunges As Pressures Mount
...tra oil has been sold and we are only giving it back to the contractors who had bought it,” Mr Hawrami explained. The dispute over exports intensified in 2014 when the KRG began exporting its crude without federal approval. Mr Hawrami says that even if he accepted Baghdad’s argument that the KRG is...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Libya: Competing Power Bases Threaten To Tear NOC Apart
...e interest of the state and the Libyan people,” it said, and it reserved the right to hold those in breach as “criminally liable.” It is the third warning issued by NOC in Tripoli against illegal oil trades, the most recent being on 27 November 2014 (MEES, 28 November 2014). UNOFFICIAL TR...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
New Israeli Government Tasked To Revive Israel’s Offshore Activities
...lek on 18 March firmed up an earlier LOI which will see 5 bcm of gas delivered to private Egyptian firm Dolphinus over three years, via the unused East Mediterranean Gas (EMG) pipeline (MEES, 24 October, 2014). The partners estimate the deal “could amount to $1.2bn, based on the buyer consuming th...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Kurdish Oil Output Edges Up But Cash Still Tight
...expects the book equity ratio to fall below 0.4% when it announces its 2014 financial results in April, as a result of the impairment of the Akri Bijeel asset in the Kurdistan region. GKP would be required to buy back the notes should the BER remain below 0.4% for 60 days after the results are re...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
ENOC In First Step Towards Possible Dragon Takeover
...ne last year and the knock-on effect on company valuations. Dragon’s main producing asset is the Cheleken concession in Turkmenistan, where the company reported a 6.8% increase in average gross production to 78,790 b/d in 2014, with 14 wells completed. The company said in its annual report fo...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Iran Beats The Odds With 20% Gas Output Hike
...tal output, in the current Iranian year (21 March 2014 – 20 March 2015). Incremental output from phases 15, 16, 17 and 18 – four of the 13 South Pars phases under development (beyond phase 12) – and phase 1 of the offshore 45.8 tcf Kish gas field nearby, make up the remainder of the in...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
KRG Keeps The Faith With Baghdad But Cash Still Short
...cember agreement that broke the deadlock which in 2014 deprived both sides of much needed cash, the KRG agreed to drop its earlier objections and allow SOMO to market 250,000 b/d of its oil in return for 17% of federal sovereign expenses, plus an additional $1bn contribution to salaries of Kurdish Pe...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Kuwait To Invite IOCs To Bid On Expansion Projects
...impact on Chevron’s operations while a separate disagreement over how to proceed with the offshore Dorra gas field, part of which is also claimed by Iran (MEES, 4 July 2014), has frozen efforts by both countries to boost their gas production. The Neutral Zone is split 50:50 between Kuwait and Sa...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Aramco Completes Red Sea Drilling, Touts Discoveries
...SAUDI ARABIA Aramco Completes Red Sea Drilling, Touts Discoveries Saudi Aramco discovered eight new oil and gas fields and produced a record volume of gas in 2014, CEO Khalid al-Falih says. Mr Falih, speaking to Reuters earlier this month, gave no further details nor did he say wh...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
A Tale Of Two Libyas As Jihadists Step Up Oil Field Attacks
...quest of NOC after coastal export facilities were blockaded. Production resumed from As Sarah on 22 September 2014, at a rate of about 35,000 b/d, but the field has been shut in since 21 December, when NOC again declared force majeure due to fighting near the export ports and renewed blockades. As Sa...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Oxy Angling For Adco Stake In Gulf Divestment U-Turn
...ould Shell and BP bow out. OCCIDENTAL PETROLEUM: MENA PRODUCTION (NET) 2014 2013 ‘000 b/d mn cfd ‘000 boe/d ‘00...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Oman May Cut Oil Investment If Oil Prices Remain Subdued
...1.52bn ($4bn) in 2015, from OR1.39bn ($3.6bn) in 2014. Oman is targeting crude and condensate output of at least 965,000 b/d in 2015 – eclipsing earlier plans to maintain production at between 950,000 b/d and 960,000 b/d through 2018 (MEES, 23 January) – and a much-needed boost in gas output to meet gr...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Muscat Ponders Sukuk Issue
...se. Among the six GCC member states, Oman and Bahrain are the most vulnerable to weak oil prices, given their relatively feeble financial reserves accumulated during the years of plenty, and their low reserves-to-production ratios (MEES, 12 December 2014). Oman currently holds $19bn in its two so...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Oman’s OPWP Seeks Salalah IWP Advisor, Progressing Other Projects
...pects the plant to begin commercial operation in early 2019. OPWP is Oman’s main buyer of electricity and water. The state utility expects peak water demand in Dhofar governorate’s main towns of Salalah, Taqa and Mirbat to rise from 82,000 cmd in 2014 to 132,000 cmd in 2020. However, the existing Sa...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015