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Kuwait Targets Heavy Oil Reserves With Eye On Future
...88mn b/d, all of which was produced by KOC. The company claims capacity has risen to just over 3mn b/d and is targeting 3.15mn b/d by March 2017 – it previously aimed to hit this mark at the start of 2015. KOC reports its production capacity breakdown as: South and East Kuwait 1.7mn b/d, North Kuwait 78...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Iraq’s Unattractive Contracts Claim Fresh Victim As Shell Eyes The Exit
...ost. Current futures prices indicate that annual oil export revenue for 2017 is on track to surpass 2015 figures and rise above $60bn (see table p10). Of course these price and revenue gains are all contingent on the Opec deal holding - and working - and the next test of this is a planned 9 December me...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Basra Seeks Petrodollars
...vember, Basra Provincial Chairman Sabah al-Bazuni declared that the province had sued the Finance Ministry over the petrodollar payments, claiming that Baghdad owed it ID16trn ($13.5bn) over the past three years – this is more than 15% of the 2017 budget’s full projected spend of $80bn. The fight was al...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Leviathan Partners Line Up Funding But Still Short On Sales
...rm is negotiating a loan of around $400mn to help cover the rest of its share of development costs. The firms envisage taking a positive final investment decision on Leviathan by “end 2016/early 2017,” Noble says. “Six years of challenges [at Leviathan] are finally behind us… the dream is finally mo...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Total Aims To Become Mena’s Dominant IOC
...ying the groundwork for production gains in 2017. Total is increasingly focusing on this region: unlike its peers, which are increasingly focusing any spare cash on the US in general and Texas’ Permian basin in particular (MEES, 4 November). With global upstream investment having declined for two st...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Eni Touts Zohr As East Med Hub
...OM THE ORIGINALLY-IMPLIED 22.5 TCF. ^OFFICIAL START-UP END 2017. SOURCE: MEES, BASED ON ENI STATEMENTS & PRESENTATIONS. DRILLING EXPEDITED IN SEARCH FOR MORE ZOHR Eni is set to drill Block 9 in late 2017, Mr Barberis says. Eni drilled two previous wells here in early 2015. These fl...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
Israel: Noble Plots ‘Near-Term’ Leviathan Go-Ahead, But More Sales Needed
...US firm Noble Energy says that sanctioning of development of its 22 tcf 2010 Leviathan field offshore Israel is “on track for end 2016/early 2017.” The firm now says that it can sanction phase 1 of development based only on domestic sales, and a modest export deal to Jordan. But given th...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
East Med Bidding: Israel Launches Round, Cyprus Progress
...Israel’s highly anticipated bid round for 24 offshore blocks (MEES, 30 September) was finally launched on 15 November after almost five years of no new exploration rights being granted. The deadline for the submission of bids is 21 April 2017 while winners will be announced on 15 July. Po...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Libya’s Rising Output: Now For The Hard Part
...Libyan output is at a two-year high. IOCs are skeptical on a further hike. NOC chief Mustafa Sanalla says production is running at 600,000 b/d and that NOC retains its plan to raise this to 900,000 b/d by the end of the year and 1.1mn b/d in 2017. The 600,000 b/d figure, in line with ot...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Abu Dhabi Oil Shake-Up: Hold On To Your Hats
...all Mubarraz, Umm al-Anbar and Neewat al-Ghalan fields. It also expects first oil from Adoc’s Hail field in the first half of 2017, with full production set to double output. Adoc has 1.4mn barrels storage capacity on Mubarraz Island, which is connected via a 16km pipeline to a Single Point Mooring (SP...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Egypt Oil Output Collapses As Firms Cut Investment
...wn from a mid-2014 peak of €1.2bn. Egypt’s 25 tcf 2015 Zohr discovery is the jewel in the crown of Eni’s strategy of focusing on relatively-low cost large near-field tie-ins. This remains on target to start in December 2017, Mr Mondazzi says. Phase 1 output will reach 1bn cfd during 2018, pl...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Genel Reveals Extent Of Its Kurdistan Woes
...elds. These fields are essential to the KRG’s plans to export gas to neighboring Turkey. Plans to begin exports by 2017 had already slipped to 2018 last year, and 2019 looks increasingly probable. TAQ TAQ OUTPUT HALVED Genel confirmed that Q3 production at its Taq Taq field averaged 58,600 b/d an...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
In Search Of An Equilibrium Oil Price
...TURE OPEC OUTPUT REMAINS LEVEL WITH SEP’16 (33.40MN B/D, MEES EST.) SOURCE: IEA, MEES. MAJORS BULLISH, EVEN AT $50/B Having drastically cut costs from a record $25bn in 2013 to just $16-17bn this year, BP CEO Bob Dudley says that for 2017 at “just south of $55/B” the firm will not only be ab...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Iran Inks Petchems Deals With Shell, Sojitz; Tatneft Signs Up For EOR
...rms, with well-connected local firm Persia Oil and Gas (MEES, 7 October). At the signing of the NPC/Shell deal, deputy petroleum minister Amir Zamaninia said Iran aims to sign upstream deals worth $10bn by the end of the current Iranian year in March 2017. IRAN’S POST-SANCTIONS PRELIMINARY PE...
Volume: 59Issue: 41Published at Fri, 14 Oct 2016 -
Abu Dhabi Oil Shakeup Continues With Offshore Consolidation
...alan fields which produce around 20,000 b/d. Cosmo expects first oil from Adoc’s Hail field in the first half of 2017, with full production projected to be 20,000 b/d. Another 10,000 b/d is provided from the Total-operated Abu al-Bukhoosh field, and around 7,000 b/d from the Bunduq field. These are tr...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Iraq’s Falling Crude Burn Bolsters Exports
...Iraqi exports have remained largely static this year, but are set to increase in the fourth quarter as seasonal crude burn falls. With increased gas supplies freeing up more crude for export, Iraq’s 2017 export target looks eminently achievable. Iraq’s draft budget for 2017 envisions ex...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Abu Dhabi Ramps Up Offshore Drilling But Targets Remain Elusive
...19. But first oil has been gradually pushed back, initially into the second half of 2017 and now into early 2018. Individual aspects of the project continue to get delayed. UK firm Petrofac was awarded a $500mn EPC contract in 2013 for SARB package 3, to be completed by April 2016. But Petrofac’s 2015 re...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Egypt’s Gas Output: Has It Turned A Corner?
...derlying decline). The additions, which equate to 8% of current output, are good news for Cairo as it fights to overcome a gas deficit before its two key expansion projects, the BP-led 5 tcf West Nile Delta and Eni’s 25 tcf Zohr come online in late 2017. Annual Egyptian gas output peaked at 6.07bn cfd in...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Oman Maintains Upstream Spending Despite Revenue Collapse
...mains on track for completion in 2018, the company said at the presentation of its first half results last week. Petrofac’s other upstream projects in Oman – the Yibal Khuff integrated oil and gas facility (2020), and the Khazzan central progressing facility (2017) – also remain on schedule. But co...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Iran Eyes Three IPC Upstream Contracts By March 2017
...Iran is adopting a more realistic target for signing the first contracts under the Iran Petroleum Contact (IPC). It is aiming for two-to-three contracts to be signed by the end of the current Iranian year (20 March 2017) says Deputy Managing Director of the National Iranian Oil Company (NIOC) Gh...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016