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Iraq: Pakistan Firm Exits Block 8
...rms Japex and Itochu, undercutting them with a remuneration fee of $5.38/boe. However, the firm has since made little effort to develop the block amid security concerns following Islamic State’s 2014 offensive. Of the other blocks awarded in 2012, UEG’s Block 9 is now producing nearly 100,000 b/d (ME...
Volume: 67Issue: 38Published at Fri, 20 Sep 2024 -
Adnoc’s Giant Onshore Concession Central To Future Bond Issues
...24 as a result of the CFP, and are set to easily break 2014’s record of 1.14mn b/d according to Kpler data. Exports this year peaked at 1.54mn b/d in April but have since eased off slightly averaging 1.31mn b/d for August (see chart 2). ADNOC ONSHORE RESERVES In preparation for th...
Volume: 67Issue: 37Published at Fri, 13 Sep 2024 -
BP Back At Iraq’s Kirkuk
...der the auspices of a 2013 MoU which was disrupted by Islamic State’s 2014 takeover of much of northern Iraq, with the major restarting work in 2018. BP says the scope of the new MoU encompasses rehabilitation of existing facilities, construction of new facilities including gas expansion projects, an...
Volume: 67Issue: 31Published at Fri, 02 Aug 2024 -
Oman Posts Record Gas Output For 1H 2024
...om 2023’s record 5.0bn cfd. Production has been on a sharp upwards trajectory over the past decade, rising from 3.5bn cfd in 2014 thanks to the commercialization of sizeable unconventional gas deposits. Total gas availability is higher still at 5.4bn cfd, a figure that includes approximately 20...
Volume: 67Issue: 30Published at Fri, 26 Jul 2024 -
Algeria Adds Power Capacity
...rea had previously indicated 2025 completion for the project (MEES, 7 January 2021). When awarded in 2014 the target for completion was 2017....
Volume: 67Issue: 28Published at Fri, 12 Jul 2024 -
Egypt Gas Woes Continue As Output Slumps At BP’s Raven
...ases, output peaked at 2bn cfd in 2008 but had halved by 2014, with output now just 300mn cfd. Shell is moving ahead with Phase-10 and Phase-11 of the project but here any additional output will be offset by decline and the project may struggle to make it past the end of this decade. At Zohr th...
Volume: 67Issue: 28Published at Fri, 12 Jul 2024 -
Opec Keeps Output Steady In June
...jors’ relationship with the Nigerian authorities. As IOCs continue to exit from onshore and shallow blocks, NNPC has declared ‘a state of emergency’ in the industry, pleading for more collaboration to bring output to 2mn b/d – something that hasn’t been achieved since 2014. VENEZUELA EYES 90...
Volume: 67Issue: 27Published at Fri, 05 Jul 2024 -
Egypt’s New Petroleum & Electricity Ministers Face Mounting In-Tray Challenges
...thority and the Shipbuilding Company in Ismailia and Port Said. He has also served in several leadership roles, including as Chairman of the Cairo Airport Company (2013-2014), the Holding Company for Airports and Air Navigation (2014-2016), and the Cairo Glass Manufacturing Company (since 2016). EC...
Volume: 67Issue: 27Published at Fri, 05 Jul 2024 -
Algeria-Spain Spat Leaves 1.26GW Power Plant In Limbo
...lguera,” adding that it is now seeking “a definitive solution for all parties.” The project was originally awarded back in 2014 at a price tag of $719mn (MEES, 7 March 2014), with civil works completed by end-2016 (MEES, 15 September 2017). Satellite imagery indicates that substantial work has taken pl...
Volume: 67Issue: 26Published at Fri, 28 Jun 2024 -
Cairo Advances Subsidy Cuts But Will They Outpace Inflation?
...nth, as the government announced the new bread prices, PM Moustafa Madbouly said that the Electricity Ministry was developing a plan to completely phase out electricity subsidies over the coming four years, the latest in a series of extensions since the initial plan was set out in 2014 (MEES, 24 Oc...
Volume: 67Issue: 26Published at Fri, 28 Jun 2024 -
Iraq Looks To Transform Export Options With $5bn South-North Pipeline Reboot
...e first phase of the planned Iraq-Jordan Export Pipeline project, alongside a second phase 800,000 b/d pipeline from Haditha to Jordan’s Red Sea port of Aqaba (MEES, 14 September 2012). That project was derailed by the Islamic State’s takeover of large swathes of Iraq in 2014, including most of An...
Volume: 67Issue: 25Published at Fri, 21 Jun 2024 -
Chevron Inches Towards Shale-Focused Algeria Entry
...at with Chevron, was the site of Algeria’s first trial shale well back in 2014. Whilst the initial well produced “excellent reserves,” shale plans were abandoned in the face of subsequent protests (MEES, 23 January 2015). Sonatrach’s MoU with Exxon also references “study[ing] the existing op...
Volume: 67Issue: 25Published at Fri, 21 Jun 2024 -
Powering The UAE’s Northern Emirates
...ectricity which was equivalent to around 50% of consumption, but this slumped to just 399GWh in 2014 before eventually ceasing during 2021 (see chart 1). At the same time, electricity consumption in the northern emirates has been rising sharply since the Covid-19 pandemic. Having largely plateaued at ar...
Volume: 67Issue: 25Published at Fri, 21 Jun 2024 -
Libya: SLB’s Quit Threat Could Send Output Gains Into Reverse
...talEnergies of France. This was for a three-year contract to deploy an “express” early production facility (EPF) at the Sirte Basin’s Mabruk field which has been shut-in since surface facilities were badly damaged by Islamic State-affiliated militants in December 2014 (MEES, 6 March 2015). SLB says the Ma...
Volume: 67Issue: 24Published at Fri, 14 Jun 2024 -
Aramco Supplies US With Carbon-Offset Crude
...ble). The emissions were derived from a baseline assessment of operations between October 2022 and September 2023. The process was independently verified by London-headquartered LRQA. Aramco says that the offsetting is in accordance with PAS 2060:2014, which states that offsets compensate for gr...
Volume: 67Issue: 22Published at Fri, 31 May 2024 -
Iran Mourns Raisi & Abdollahian As Succession Speculation Mounts
...preme Leader, only the second in the Islamic Republic’s history after its founder Ayatollah Ruhollah Khomeini (1979-89) is rumored to be ill. He was treated for cancer in 2014. In recent years, he has grown weary of what he and others see as Western plans for regime change, increasingly throwing his we...
Volume: 67Issue: 21Published at Fri, 24 May 2024 -
Iraq: China’s Jereh Inks Mansuriya Contract
...e firm’s exit amidst the Islamic State’s rise in 2014. A subsequent award to Sinopec in 2021 also failed over similar disagreements. The contract comes as Chinese firms are further expanding their footprint in the country (see p2). ...
Volume: 67Issue: 21Published at Fri, 24 May 2024 -
Iraq Bidding: Chinese Firms Dominate
...gion’s rebounding oil output (see p5). In the upstream, it operates the Kurdish-controlled Khurmala dome portion of the giant Kirkuk oilfield and between 2014 and 2017 it controversially operated the field’s Avana Dome, and the nearby Bai Hasan field after Kurdish forces moved in claiming to secure th...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Kuwait’s Emir Suspends Parliament;Can He Quell Tumultuous Divisions?
...ss a crucial debt law since 2017 due to opposition by MPs, these onerous spending commitments saw Kuwait rack up some $108bn in cumulative deficits over 2014-2022 (see chart 2). A 2024-2027 government program published earlier this year envisages a further surging of deficits to a colossal total of KD...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Iraq Approves Mansuriya Gas Award
...riod. Mansuriya was originally awarded in 2011 to a consortium led by Turkey’s TPAO. Development was halted following attacks by the Islamic State across the province in 2014. Disagreement on commercial terms subsequently pushed Baghdad to take over the field in 2018 (MEES, 3 August 2018). Chinese state fi...
Volume: 67Issue: 18Published at Fri, 03 May 2024