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Morocco Looking To Boost Gas Output
...lfsands last November entered into a strategic partnership with Arawak “to jointly acquire projects in the MENA region,” which Gulfsands would operate with 30%, while Arawak would hold a 70% stake and will provide financing (MEES, 28 November, 2014). Through this, Gulfsands could pursue “projects that mi...
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Bapco, Aramco Invite Sitra Pipeline Proposals
...finery currently processes around 45,000 b/d of crude from Bahrain’s Awali field and crude arriving via a 230,000 b/d capacity 54km pipeline from Dhahran in Saudi Arabia to Sitra. Bapco aims to complete the new pipeline well ahead of commissioning of the refinery expansion (MEES, 24 October 2014)....
Volume: 58Issue: 06Published at Fri, 06 Feb 2015 -
Accusations Fly Over South Sudan Oil Field Attack
...rrent oil output was left unaffected, as the fields in Pariang – along with the remaining fields in Unity state – have been offline since coming under sustained attack by rebel forces in December 2013 (MEES, 3 January 2014). Operating consortia Greater Pioneer Operating Company (GPOC - Blocks 1 and 4) an...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Oman Bid Round Results By End-February
...ltanate. Both Blocks 18 and 59 were offered as part of an earlier round in November 2012 without attracting any serious interest. But following some recent discoveries in nearby acreage, the MOG decided to rebid them once again in July 2014, but to no avail. “Offshore there isn’t much promise. We di...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Is Morocco’s Offshore Boom Over Before It Began?
...penditure plans. Pricey frontier exploration is typically the first thing to go, given that at current oil prices even a big deepwater discovery could prove uneconomic to develop. 2014 DRILLING 2014 was billed as a key year for the country’s hopes of becoming a major oil and gas player, however of th...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Iraq Pledges Higher Oil Exports Despite Market Pressure
...l prices, virtually the country’s only source of revenues. With the economy burdened by excessive spending in 2014, when the government operated without a budget, and given the more than $60/B slide in oil prices since June last year, the Iraqi minister has his work cut out. In addition to tr...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Iraq, Shell Sign For $11Bn Nebras
...bsequently to 7mn t/y. Baghdad’s later Integrated National Energy Strategy envisages 15.6mn t/y by 2030. However, Nebras faces major hurdles besides Iraq’s perilous security situation: BGC’s work is behind schedule (MEES, 10 December 2014); and tumbling oil prices are undermining investment. Shell an...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Oman Targeting Record Oil Output In 2015
...tput from 2014, which at 943,000 b/d was already at a 13-year high. Oman has since mid-2013 been talking up its potential to boost domestic oil production to 1mn b/d, having achieved year-on-year increases in output every year since 2007 (see graph), primarily driven by majority state-owned Pe...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Oman’s Abu Tabul Gas Starts Up
...salination and petrochemicals sectors. Project operator, state-owned Oman Oil Company Exploration and Production (OOCEP), officially inaugurated the field late last week, though production has been running since November 2014. Output, currently at 27mn cfd of gas and 2,500 b/d of condensate, is expected to...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Decision on UAE Onshore Concession Imminent
...l prices continued to decline in the wake of OPEC’s November 2014 decision to maintain its 30mn b/d output target unchanged. ADCO STILL ATTRACTIVE AT $45/B? It remains to be seen, however, whether the commercial terms will now be acceptable to the multinational oil companies under pressure to...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Afren Slashes Kurdish Reserves, Shares Tumble
...oss proven reserves of 190mn barrels and revising mean contingent reserves down to just 250mn barrels from a previous estimate of 1.243bn barrels. The revision is due to the reprocessing in 2014 of 3D seismic shot in 2012. This shows the reservoirs had not performed according to previous ex...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Petroceltic Pares Capex On Lower Prices
...diterranean finds. But there is little cash to kick-off exploration on the two deepwater blocks Petroceltic was awarded in partnership with Italy’s Edison in December 2013 (North Thekah) and September 2014 (North Port Fouad – MEES, 3 October 2014). “The company’s 2015 exploration programme will be re...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Egypt Receivables Down 40%, But $5.4bn Still Owed – MEES Analysis
...anwhile, capex cuts in response to lower oil prices may stymie Cairo’s attempts to boost output. Egyptian state-owned firm EGPC made $2.1bn-worth of payments to international oil companies (IOCs) in the dying days of 2014, reducing the total monies owed to $3.1bn according to its calculations (MEES, 2 Ja...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Iraq December Oil Exports Hit Record But At What Price?
...sh-strapped Iraqi government from enjoying the full benefit of its export surge. Including Kurdish production, total Iraqi oil output for December rose to 3.72mn b/d, the highest level since 1979, according to MEES estimates. For 2014 as a whole, output of 3.32mn b/d is also close to record hi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
KRG Gas: Payments Dispute Stymies Progress
...ergy agreed a sales price for the Miran gas field. The Chemchemal gas field was awarded to Dana Gas and Crescent Petroleum in 2007. But the project is on hold pending resolution of a dispute over contractual terms and ongoing arbitration proceedings (MEES, 31 October 2014). The London Court of In...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Iraqi Kurdistan: Oil Output Up And Rising
...hieved the Company’s record daily production and crude oil export sales rates from the Shaikan field. 2014 was not without its challenges for the Kurdistan Region and we are proud of what has been achieved against this backdrop, in particular a nearly 300% increase in Shaikan production and export sales si...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
KRG Expects 2014 Refinery Deliveries To Top 108,000 BOE/D
...IRAQ KRG Expects 2014 Refinery Deliveries To Top 108,000 BOE/D Iraq’s Kurdistan Regional Government (KRG) expects total deliveries of oil and gas produced within the region to “main” refineries within Iraqi Kurdistan to average just over 108,000 boe/d for 2014 (almost all of this is oi...
Volume: 58Issue: 02Published at Fri, 09 Jan 2015 -
Iraqi Provinces Demand Payment Hike After KRG Deal
...nister Hoshyar Zebari recently told MEES that the payment was being postponed due to the projected deficit as a result of lower oil prices and the cost of fighting Islamic State (IS) militants (MEES, 12 December 2014). Oil exports account for nearly all of Iraq’s revenues, with monthly takings falling fr...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Baghdad Looks To Press On With Jordan Pipeline
...aqi consortium has been formed and asked to submit a preliminary technical proposal for the 2.25mn b/d pipeline that will tie Basra oil fields to Jordan’s Red Sea port of Aqaba. (MEES, 21 November 2014). The companies, led by Chinese state firm CNPC, one of the biggest investors in southern Iraq, is ca...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015 -
Subsidies Should Go As Oil Price Falls: IEA Chief Tells Arab Ministers
...ould take advantage of lower crude oil prices now to phase out costly energy subsidies or miss a golden opportunity to stop burning their oil and gas for power generation, she said. Oil prices have sunk to a five year low since peaking at $115/B for Brent futures in mid-June 2014. This makes the im...
Volume: 58Issue: 01Published at Fri, 02 Jan 2015