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Iran Readies Upstream Opening In Anticipation Of Nuclear Deal
...to shut-in production. Raising gas production has also been high on the ministry’s to-do list, particularly since the current minister came back into the oil ministry fold. Iran has targeted a doubling of domestic gas output from around 165 bcm/year in early 2014, to 330 bcm/year by 2017 – fu...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Japan’s Inpex Adds Onshore Abu Dhabi Stake To UAE Portfolio
...curing a share in the 40-year license, Inpex joins France’s Total as the second foreign oil company to be awarded a stake in the restructured Adco concession, where output is set to rise to 1.8mn b/d by 2017. It also pipped its South Korean rivals to the post, though both GS Energy and Korea National Oil Co...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Eni Ramps Up Western Desert Output As Cairo Looks To Cut Through Red Tape
...st year, BP agreed to expedite development of WND with first gas by 2017, in return for a further hike in gas price beyond the $4.1/mn BTU that BP and its partner Dea (formerly RWE-Dea) originally secured (MEES, 15 March). The latest deal specifies output starting at 450mn cfd in 2017, rising to 80...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
Petroceltic Upbeat On Ain Tsila As Sonatrach Calls For Cost Cuts
...ard of the Isarene Production Sharing Contract (PSC) dates back to April 2005. Last year, the target date for first gas slipped from a previous estimate of late 2017 to 2018 (MEES, 23 May 2014). At the time, the company estimated the costs of drilling operations at around $1.5 bn. Production start is no...
Volume: 58Issue: 18Published at Fri, 01 May 2015 -
UAE: South Koreans Hope To Expand Presence Through Adco
...oduction of 1.8mn b/d by 2017, when total capacity in the Opec member state is expected to rise to 3.5mn b/d though that deadline appears to have slipped slightly. There was a tacit understanding when Adnoc invited bids for the new concession that 5% stakes would be reserved for Asian companies from Japan, So...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
BP: Khazzan Unaffected By Oil Price Slump
...0 wells in total. BP says gas in place totals a massive 100 tcf. “2017 is when we plan to have first gas from the field, and that will ramp up to 1bn cfd,” Mr Townshend told reporters on the sidelines of the Middle East Petroleum and Gas Conference (MPGC) on 20 April. And while Mr Townshend ch...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Qatar Gears Up For Growing US Condensate Exports, And Middle East Competition
...ll capacity by 2017, with Qatar’s condensate output to settle below 800,000 b/d until further gas developments take place. The consultancy expects export volumes to rise to 600,000 b/d through 2017 thanks to Barzan, while the second splitter at Ras Laffan begins to test-run. However, exports would fa...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Sudan’s Oil Plans Set To Fall Victim To Reality
...rthcoming. 300,000 B/D BY 2017? NO CHANCE Starved of investment and technology for more than a decade, the Sudanese oil sector has been crying out for greater foreign involvement for years now. But with sanctions set to remain in place for some years yet – given the current Sudanese ad...
Volume: 58Issue: 15Published at Fri, 10 Apr 2015 -
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 -
Adco Trail Goes Cold Amid Stand-Off With BP, Shell
...pected to rise to at least 180,000 b/d from 2017, when Adco’s total production reaches a long-standing target of 1.8mn b/d. Total’s head of Middle East and North Africa operations, Stephane Michel, told MEES in February that the length of the concession and the improved per-barrel fee, reported to ha...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Libya: Competing Power Bases Threaten To Tear NOC Apart
...ve fallen behind schedule. In Eni’s 2015-18 strategy presentation, published on 13 March, it said that it planned to commission Phase-2 development of the 800mn cfd Bahr Essalam field in the second half of 2017. This has slipped by almost two years. In early 2013, with front-end engineering and de...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Kurdish Oil Output Edges Up But Cash Still Tight
....04mn, which would keep the company afloat but leaves it exposed should holders of $250mn in notes refuse to agree to a proposed change to the terms of the 13% bonds maturing in 2017. DEBTS STILL HIGH The company asked holders of the notes last week to agree to changes to the Trust Deed because it...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Iran Beats The Odds With 20% Gas Output Hike
...veloping Iran’s gas sector, and almost doubling the country’s output from around 165 bcm/year twelve months ago to 330 bcm/y by 2017. The plan, unveiled last year, has earmarked $21bn for new gas processing capacity, $34bn for upgrading domestic pipeline infrastructure, $3.5bn to extend the di...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
KRG Keeps The Faith With Baghdad But Cash Still Short
...a $250mn bond issue due to mature in 2017 to agree to certain amendments to the notes, as it anticipates a fall in the Book Equity Ratio as a result of the planned impairment charge for Akri Bijeel, which it no longer considers a core asset. The UK-listed company remains in negotiation with a number of...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
A Tale Of Two Libyas As Jihadists Step Up Oil Field Attacks
...ntract on the project. The two fields were expected to add 180,000-200,000 b/d by 2017 (MEES, 9 November 2012). According to ConocoPhillips, its 2015 drilling program in Libya “remains uncertain as a result of the ongoing civil unrest.” The company completed four appraisal wells in 2014, it says, bu...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Oxy Angling For Adco Stake In Gulf Divestment U-Turn
...mediately, increasing to 180,000 b/d from 2017, when the 1.8mn b/d target is attained. All the legacy partners lost bookable reserves and production of roughly 150,000 b/d, which has been reflected in their 2014 results. Adnoc sweetened the terms on offer for the new concession, raising the per barrel pa...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Oman May Cut Oil Investment If Oil Prices Remain Subdued
...owing domestic demand, until the planned 2017 start-up of the BP-operated 1bn cfd Khazzan tight gas project in Block 61. Both of these targets require a heavy reliance on key producer Petroleum Development Oman (PDO: Oman 60%, Shell 34%, Total 4%, Partex 2%), which delivered close to 70% of the su...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Oman’s OPWP Seeks Salalah IWP Advisor, Progressing Other Projects
...ant at Sohar, which both lie on the northern Gulf of Oman coast. Earlier OPWP signed a build-own-operate agreement with a consortium led by Singapore’s Hyflux for a 200,000 cmd IWP to be built at Qurayyat, east of Muscat on the Gulf of Oman coast. Commercial operation is scheduled to begin by May 2017...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Iraq Adds Southern Storage Capacity In Bid To Ease Export Bottlenecks
...10. But midstream capacity has not kept pace with the upstream increments, which prompted the oil ministry to lower its expectations of plateau production from the main six producing fields in the south. Initially targeted to rise above 13mn b/d by 2017, the oil ministry has renegotiated the co...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Algeria: Mixed Shale Signals Highlight Deeper Economic, Political Disarray
...illed with production scheduled to begin in summer 2017. The Reggane Nord project covers several gas fields: Reggane, Azrafil Sud-Est, Kahlouche, Kahlouche Sud, Tiouliline and Sali. At In Salah Sud, BP expects production to start this year, with initial output of 500mn cfd. The project is designed to...
Volume: 58Issue: 08Published at Fri, 20 Feb 2015