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Morocco Gas Development: Don’t Hold Your Breath
...rgets. Repsol relinquished the acreage in early 2014 with ‘Anchois-1’ the only one of four wells drilled to find gas. Of course the global market for virgin offshore development projects is considerably more bearish now than in 2013, when oil prices were $100/B-plus. But that isn’t stopping Chariot, wh...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Conoco Enters Morocco
...fshore ‘Atlantic margin’, the hotspot for exploration earlier this decade, Repsol also has the deepwater Gharb Offshore South block, which lies further offshore from the Tangier Larache permit (now Chariot’s Lixus), which Repsol relinquished in 2014. Italy’s Eni previously partnered Chariot at the Ra...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Neutral Zone’s Wafra: Exports Restart
...spended since 2014 (MEES, 29 May 2015). Saudi Arabia and Kuwait have long had disagreements over PNZ-management, with Kuwait especially disgruntled that Chevron represents Saudi Arabia at Wafra. Despite their disagreements, Saudi Arabia and Kuwait reached an agreement to restart PNZ output in December 20...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Israel’s Delek Drilling Eyes $2.5bn Leviathan RBL Facility
...th which to meet fixed debt repayments. Exactly this pattern bankrupted Mena-focused Irish independents Circle Oil and Petroceltic in the wake of the halving of crude prices from $100/B-plus in the second half of 2014 (MEES, 19 June 2015). And it has near-bankrupted the Delek Group, which has be...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
Syria’s Block 26 Continues To Pump As UK’s Gulfsands Waits On Standby
...lfsands’ Block 26 was one of Syria’s most promising oil assets when the war erupted in 2011, forcing the UK minnow (and every other western firm) to declare force majeure and halt operations. The firm still retains 50% of the block, with Chinese state firm Sinochem holding the other half. But since 2014 wh...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...e Adoc concession which it entered in 2014 (MEES, 14 November 2014) as well as the Sarb/Umm Lulu stake. But though Sarb/Umm Lulu did provide a boost to Cepsa’s net output for 2019, underlying decline in the rest of its upstream portfolio – southeast Asia, Latin America, and above all Algeria – me...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Services Firms Eye Mena Resilience Amid US Shale Collapse: Is This Realistic?
...venue resilience? They are evidently hoping for a repeat of the previous 2015-16 capex downturn (after oil prices collapsed in late 2014) when Mideast NOCs kept spending counter-cyclically whilst IOCs, in particular those focused on US shale, slashed their outlay (MEES, 29 April 2016). Indeed, lower co...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Israel Orders Noble & Delek To Play Fair
...osshairs. In 2014 Noble and Delek were ruled to be operating as a cartel in Israel. An eventual compromise deal saw them forced to sell Karish and Tanin to Energean (MEES, 19 August 2018), whilst Delek must quit Tamar by the end of next year. It has a direct 22% and also a 23% stake in Tamar Petroleum, a sp...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Low-Cost Middle East Reserves Aid IOCs In Price Slump
...wn since the previous oil price slump began in 2014. Production costs for all six peaked in 2014, with the exception of BP, where the peak was slightly earlier in 2013. BP and Total have had the most success in bringing down per barrel costs, which last year were nearly 50% lower than their peak. Ch...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Firms In The KRG: How Low Can They Go?
...cluding Total, Exxon and Chevron, as well as Rosneft and Gazprom – work in Iraqi Kurdistan, the biggest producers (Kurdish firm Kar aside) are a collection of small-to-medium sized foreign independents whose fates are largely tied to revenues derived from Kurdish oil. And for that reason, the 2014-17 in...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Repsol Mena Pullback
...rector Didier Lluch said in 2014 (MEES, 20 March 2015). Development of Algeria’s supposed 800tcf of shale gas reserves has again moved up the agenda in the country’s latest ‘Energy Action Plan’ (MEES, 14 February). Debating plans for years on end without actually doing much is an Algerian specialty: the ge...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
KRG: Repsol Exits Kurdamir
...maining 20%. Repsol inherited the Kurdamir license in 2014 when it bought out Canadian shale-focused firm Talisman Energy for some $13bn, along with the neighboring Topkhana (Repsol 80%, KRG 20%; MEES, 19 December 2014). Initially bullish development plans faded away and the firm has rarely mentioned th...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Oilfield Services Firms Boosted By Rising Middle East Revenues
...Oil services firms continue to feel the squeeze from low oil prices. Despite concerns over regional upheaval, they are looking to Middle East gas as a key source of revenue going forwards. Industry investment has remained at a low ebb ever since oil prices collapsed in the second half of 2014...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Saudi Aramco: The $1.7 Trillion Company
...arter of the $100bn that Crown Prince Muhammad bin Salman (MBS) has been eying since he first floated the idea of the IPO in 2016 (MEES, 8 January 2016). It also means that it’s going to be a close-run thing as to whether Aramco can overhaul the 2014 $25bn flotation of Chinese e-commerce giant Ali Baba as...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Not So Rapid: Aramco Malaysia Downstream JV Delayed
...e Refinery and Petrochemical Integrated Development (Rapid) project (MEES, 3 March 2017). The main construction contracts for PrefChem were awarded in 2014. PrefChem is being built close to Singapore at the southern tip of peninsular Malaysia. The refinery will have capacity to process 30...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
KRG Eyes Major Boost As Exxon/DNO Firm Up Baeshiqa Light Oil Find
...rrent holdings are DNO (32%op), ExxonMobil (32%), and Turkish state partner TEC (16%), while the KRG holds the remaining 20%. Based on earlier drilling, Exxon and TEC previously estimated oil-in-place at 580mn barrels, before operations were halted in 2014 amid the Islamic State’s offensive. DNO’s la...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Aramco Kicks Off Share Offering: But At What Price?
...ten repeated in recent months, the implied $2trillion overall figure, but also the desire for the flotation to be the largest ever IPO – surpassing the $25bn raised by the 2014 float of Chinese e-commerce giant Ali Baba. VOLUME VS VALUATION? Of course, the two aims are somewhat co...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Aramco Kickstarts IPO Process
...pact of Opec+ cuts is being felt on export volumes which are on track to fall to their lowest levels since 2014 (see chart). Turning to Q3, Aramco posted revenues of $70.2bn and profits of $21.1bn. Unsurprisingly, despite the annual decline, these numbers dwarfed those of the largest IOCs, with Ex...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Qatar Banks On North Field Leverage To Boost Aggressive Overseas Expansion
...ken in Argentina’s bid round earlier this year – three are operated by Exxon, two by Shell (MEES, 19 April). In the Americas, QP has also taken nine blocks in Brazil – in addition to one from 2014 – eight in Mexico, and two in Guyana. But it remains absent in the US upstream, arguably the world’s la...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Petroleum Puts Petchems Front & Center
...ed the 1.4mn t/y Al-Sejeel polymers and 1.5mn t/y Al-Karaana ethylene glycol projects amid the late 2014 collapse in crude prices. Despite the new project’s scale, it is still smaller than the combined scope of those two plants. However, new projects may be unveiled at a later date. Asked whether an...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019