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BG Lays Bare Egypt Woes But Improved Payments Offer IOCs Hope
...ypt] remains difficult,” BG says, with Egypt the company’s main “challenge” for 2014, according to CEO Chris Finlayson, who was speaking on the company’s 4 February post-results conference call. BG 2013 MENA Figures Production* 2012 20...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Egypt Heads For Gas Deficit
...tural gas will average at 5.4bn cfd for the July 2014-June 2015 fiscal year, less than a predicted consumption of 5.57bn cfd. In the absence of import infrastructure it is unclear where the additional gas would come from. This lack of import infrastructure means that, despite demand outstripping su...
Volume: 57Issue: 06Published at Fri, 07 Feb 2014 -
Iraq’s West Qurna-2: Start-Up By May, 400,000 b/d By Fall
...rrel West Qurna-2 is one of the world’s largest undeveloped structures. It will account for the largest slice of Iraq’s planned 2014 output additions. Lukoil has a 75% operator’s stake in the West Qurna-2 consortium, having taken over the 18.75% relinquished by Norway’s Statoil in mid-2012. Iraq’s st...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Iraq, KRG Narrow Differences In Oil Row But Final Accord Elusive
...ys. “Our suggestion was that the KRG can pay whatever they feel they need to pay the contractors from their share of the budget, which is about 17% in the 2014 budget. And the contracts that were signed by the ministry of oil in Iraq will be paid from the 83% of the budget. This seems to be very fair an...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Cash Needed For Provinces
...IRAQ Cash Needed For Provinces The Iraqi government will have to borrow ID9 trillion ($7.7bn) in 2014 to be able to pay oil producing governorates $5 for every barrel of oil produced or refined locally, and for every 5,300cu ft of gas produced, if the federal parliament ap...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
ExxonMobil Mum On Abu Dhabi Onshore Plans
...owth for Exxon in 2014. Shell, which also announced disappointing Q4 earnings as it plans to divest $15bn in assets over the next two years, also expects production losses amounting to 200,000boe/d in the first quarter, largely due to the loss of 155,000 b/d of production from the expired ADCO co...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Dubai Moves On Jalilah
...110km of pipeline. The fast-track project is scheduled for completion in the second half of 2014, the company said. Technip has already completed subsea projects for DPE at the South West Fateh and Falah fields, two of Dubai’s four producing oilfields. The four structures contain an estimated 4b...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014 -
Bid Round Puts Algeria’s New Hydrocarbon Law To The Test
...lumes by end-2013. Maersk says output was 84,000 b/d at end-2013, implying the third of the plant’s three trains had yet to start. Current production is from 53 wells, with a further 27 to be brought onstream with the third train, Sonatrach says. Algeria: Blocks On Offer In 2014 Bid Ro...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Gas The Priority For Iran’s New Oil Team
...mber of phases,” he explains, opting instead to focus on just one phase at a time, so as to get an incremental 1.8bn cfd boost in as short a time as possible. “This should begin to close the [gas] supply gap,” he says. In this Iranian year (March 2013-March 2014) the state has had to limit gas su...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Aramco Awards Bring Forward Shaybah 1Mn B/D Target To 2016
...crement Project is part of the ongoing Shaybah NGL Recovery Program mega-development – intended to process 4bn cfd of gas to produce 240,000 b/d of ethane (MEES, 4 June 2012). This includes nine other major contracts that are under way, to be completed by the end of 2014, Aramco says. While the Sh...
Volume: 57Issue: 03Published at Fri, 17 Jan 2014 -
Iraq Expects West Qurna-2 Start-Up By End-February
...d consortium, is one of two key Iraqi oil field projects that are expected to contribute to the bulk of expected additional production capacity in 2014. Meanwhile, the first phase of export capacity expansion work has been completed, raising southern export capacity to 3mn b/d from 2.7mn b/d pr...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Petroceltic Focuses On North Africa As Investment And Production are Set To Slump
...EGYPT Petroceltic Focuses On North Africa As Investment And Production are Set To Slump Irish independent Petroceltic is anticipating lower production and investment volumes in 2014, as it seeks to move forward on a key Algerian gas project and focuses its spending on Eg...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Morocco Urges Caution On Exploration
...ve further wells on the permit during 2014. These will be identified with the aid of recently completed 3D seismic, Gulfsands says. Drilling is currently underway on minnow Longreach’s Sidi Mokhtar permit. “The exploration process is long, expensive and high risk… it often requires very many we...
Volume: 57Issue: 02Published at Fri, 10 Jan 2014 -
Iraq Achieves 2013 Oil Output Target But Exports Still Constrained
...13). Deal Or No Deal? Iraq has factored in 400,000 b/d of Kurdish exports in the 2014 budget, which is calculated on the basis of total exports of 3.4mn b/d. However, achieving that target is contingent on the settlement of past dues that Erbil says were promised by Baghdad but not fully im...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Iran: Winter Months To Bring Some Relief To Sunken Crude Export Figures
...ports until at least the end of the 2013-14 financial year in March 2014, and still be in a position to win another waiver extension from the US. Between April and November 2013, India shipped in 171,000 b/d of Iranian crude, official trade statistics show. But this is still some way off the 22...
Volume: 57Issue: 01Published at Fri, 03 Jan 2014 -
Kurdish Oil Enters Turkey But No Exports Yet
...oducts. Current production is estimated at 240,000 b/d but is set to rise further as Gulf Keystone ramps up output from the giant Shaikan field, which is due to hit 40,000 b/d in early 2014. Keystone Wins Court Case Prospects for the UK independent to continue its operations in Iraqi Kurdistan ha...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Lebanon LNG Imports A Distant Prospect Amid Bidding Confusion
...viewing bids; caretaker Minister of Energy and Water Gebran Bassil says he expects to sign contracts in the third or fourth quarter of 2014. It remains unclear, however, just how Lebanon intends to implement its ambitious LNG import plans. Infrastructure And Political Obstacles The Energy Mi...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Bid Round Confusion
...banon’s Petroleum Administration board tells MEES that precisely nothing will happen on 10 January. Yet the issue is mired in confusion: IOCs are unsure what to make of continued pronouncements by Mr Basil that 10 January 2014 is the final deadline for companies to submit their bids. The deadline, li...
Volume: 56Issue: 51/52Published at Fri, 20 Dec 2013 -
Libya: Another False Dawn?
...pede oil production, analysts believe. In a report released on 9 December, investment bank Morgan Stanley predicts average Libyan production of 800,000 b/d for 2014, half pre-revolution output. The bank’s base case scenario “assumes blockades of the eastern terminals remain in place for some time and in...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013 -
KRG: Oryx Hits Big In KRG, Plans Wasit Development
...e discovery will be established as commercial, he added. Toronto-listed Oryx is conducting further analysis of the ZEG-1 well and intends to drill an appraisal well at Zey Gawra in 2014, as part of a multi-well appraisal and development drilling program in the Hawler license area, which is ad...
Volume: 56Issue: 50Published at Fri, 13 Dec 2013