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Egypt Touts $33bn Gas Investment, But Receivables Worry Remains
...e award of a tender for a third floating storage and regasification unit (FRSU), to be moored at the Red Sea port of Safaga in the first half of 2017. The ship’s capacity will be 750mn cfd to add to its two existing FSRUs totaling 1.3bn cfd. Both moored at Ain Sukhna, north of Safaga, these started op...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Eni Output Down In Q2 But On Course To Meet 2015 Levels
...ws (MEES, 5 August). For instance, on 24 May it declared force majeure on the Brass River crude stream following a pipeline attack. Speaking on the firm’s 29 July Q2 earnings call, CEO Claudio Descalzi attempted to paint a positive picture for investors, looking ahead to 2017 when the firm ex...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...oject is the Central Areas Field Complex in the Berkine Basin: operator Eni on 29 July reiterated that it “expects” the 44,000 b/d project to start-up in 2017. As for key current fields, latest figures for gross liquids output from the Anadarko-operated facilities in the Berkine Basin that process ou...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Iran Takes Major Step Towards New Contracts. But Will IOCs Bite?
...oduction of 4mn b/d in the first half of the current Iranian year – by end-September – bringing the timeline aggressively forward from March 2017. This is a level not-achieved since August 2008, and not with any semblance of regularity since 2006. Production in June was 3.49mn b/d, up from 2.89mn b/d at...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Gulf Keystone Deleverages, Eyes Output Boost
...mature in 2017 – reduced from more than $600mn to just $100mn, in exchange for equity. Existing shareholder’s equity would fall to 5% as a result, although they will be permitted to purchase $25mn worth of equity, bringing the total to 14.5%. This is at a price of $0.0109 per share (around £0....
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Zohr: Gas Upgrade
...entities interested,” with a sale “something that we could have by 2017” he says. Eni on 7 July awarded its subsidiary Saipem, a €1.5bn ($1.66bn) engineering, procurement, construction and installation contract for the giant field. Saipem will work on deepwater field development of Zohr’s si...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
QP Ousts Maersk At Key Qatari Oil Field Amid Sectoral Revamp
...tar announced on 28 June. Maersk’s current 25-year 100% operating production sharing contract (PSC) at al-Shaheen expires in July 2017. This will be replaced by a joint venture comprised of Total (30%) and state oil firm Qatar Petroleum (QP, 70%). Often seen as incidental to Qatar’s economy due to th...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Algeria: No Cash, Investment Slashed… Output To Soar. Come Again?
...nual report indicate that the company sees Algeria’s oil output rising to 75mn tons/year (1.62mn b/d using a 1 ton =7.86bl conversion factor for light Saharan Blend crude) in 2017 and 2018, before increasing further to 77mn tons (1.66mn b/d) in 2019 and 82mn tons (1.77mn b/d) in 2020. Algeria produced 1....
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Algeria Seeks Schedule Discipline For New Refineries, Hints At Outside Equity Need
...fineries to raise refining capacity from 651,000 b/d now to almost 1mn b/d. Mr Mekmouche says that if oil prices stay above $60/B from 2017 there is a “high probability” that Sonatrach will be able to finance all its projects “from its own resources.” But prices of around $30/B would leave pe...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Qalaa Looks To Trim Debts
...Cairo-based energy-focussed investment firm Qalaa Holdings – formerly Citadel Capital – plans to reduce its debt to E£4bn by the end of 2017, having already reduced its money owed from E£10bn in 2014 to E£6.5bn ($735mn) at present, according to MD Hisham al-Khazindar. Qalaa needs to slash it...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Algeria: New Energy Minister Faces Revenue Meltdown, Political Uncertainty
...NA economies. The IMF has the Algerian economy contracting by 3.9% in 2015, 3.4% in 2016 and 2.9% in 2017 – a cumulative contraction of almost 10%. Financial reserves remain high, at $143bn, though they fell at rapid pace from their 2013 peak of $192bn. They will likely deplete further this year. AL...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Bahrain Eyes Sitra Bids
...early October with a view to awarding the engineering, procurement and construction contract in the first half of 2017, according to Reuters. The news agency cited industry sources as estimating the cost of the project at about $5bn. The report lists consortia planning to submit bids as: Ja...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iran: Gas Plans Progress But Exports A Distant Prospect
...rector of Pars Oil and Gas Company (POGC) Ali Akbar Shabanpour said Phases 17 & 18 will come online in the second half of 2016. They are slated to produce 1.8bn cfd (18 bcm/year). State news agency Shana reported on 11 June that drilling at Phases 20 & 21 is complete and will be online by March 2017, br...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
KRG Struggles To Cope With Soaring Debt Payments
...tuation, whereby it has $575mn of bonds maturing in 2017. An 18 April coupon payment of $26.4mn was missed, despite the company having $69.5mn cash reserves on 12 April, the last date on which it reported the balance (MEES, 15 April). The company is in ongoing talks with stakeholders over restructuring its ba...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Egypt’s Med Gas Output Collapse: Can Even Zohr Make Up The Losses?
...TUAL OUTPUT TO 2015, PROJECTION FOR 2016, ESTIMATE FROM 2017. INCLUDES INCREMENTAL GAINS AT CURRENTLY-OPERATING PROJECTS BUT EXCLUDES ZOHR, WND. ^BASED ON COMPANY FORECASTS. THESE MAY PROVE OPTIMISTIC ESPECIALLY AS REGARDS THE RATE OF RAMP-UP. **CURRENTLY CONTRACTED CARGOES ONLY, FURTHER VOLUMES LIKELY TO...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Zohr Number-Crunching
...eld more riches. ZOHR PRODUCTION PROFILE INDICATES 22-23TCF RECOVERABLE RESOURCE *OFFICIAL START-UP (1BN CFD FROM 6 WELLS) SLATED FOR ‘END 2017,’ 14 ADDITIONAL WELLS ARE SLATED TO ADD 1.7BN CFD FROM 2019. PROFILE PRESUMES THAT THESE INCREMENTS TAKE TIME TO RAMP UP. SOURCE: MEES, BASED ON EN...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
KRG Scrabbles To Pay IOCs Amid Strain Of Prepayment Obligations
...scovery as well as Russian state firm Gazprom Neft’s takeover as operator from Canadian-listed partner Western Zagros. But increases beyond current 5,000 b/d output this year are off the cards, with the Sarqala-2 well set to be spudded in the first half of 2017. Western Zagros also confirms that Re...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Eni Advances Libya Gas Plans Amid Short-Term Cuts
...e second half of 2017 through to the second half of 2018,” it adds, noting that in light of the continued and chronic instability in Libya, “all offshore mobilizations will be undertaken from Malta” around 250km to the north. Eni’s gas output, both from Bahr Essalam and the Wafa field deep in th...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Abu Dhabi Shakes Up Adnoc Management
...ctor in his appointment. Adco is targeting production of 1.8mn b/d by 2018, pushed back from 2017, but with output largely stalled at 1.6mn b/d, it may miss this target. WILL HE TWEAK ADCO TERMS? One issue facing Mr Ghafli is whether to improve the terms on offer to IOCs looking to join the Ad...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
New Saudi Minister Faces Task Of Turning Vision Into Reality
...ise overall capacity (MEES, 26 February). The delayed expansion of the Khurais oil field – initially scheduled for 2017 – remains on course for finalization in 2018. Capacity here is slated to increase by 300,000 b/d to 1.3mn b/d. In the longer term, Mr Falih will play a key role in driving fo...
Volume: 59Issue: 19Published at Fri, 13 May 2016