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Algeria’s 1mn B/D Challenge
...present a substantial decrease on previous programs. But if spent right, this need not be a bad thing (MEES, 15 January 2021). Surging oil prices will provide some comfort – Brent hit $90/B for the first time since 2014 last week – but it is important this doesn’t spark a return to wasteful spending pr...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Neutral Zone Exports Jump To Highest Level Since 2020 Output Restart
...erated by Khafji Joint Operations (KJO) which is a 50:50 venture between Kuwait’s state owned KGOC and Saudi Arabia’s state owned AGOC. KJO halted operations in late 2014 (MEES, 24 October 2014) before restarting in February 2020. Meanwhile the onshore operations are conducted by the 50:50 Wafra Joint Op...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Israel Upstream To Continue Growing In 2022 Despite Minister’s ‘Green’ Pledge
...lek consortium were the two bidders but the award is currently awaiting arbitration (MEES, 15 January). Energean argues that Chevron and Delek were excluded from bidding for blocks in Israel’s bid rounds following a 2014 antitrust ruling (MEES, 2 January 2015). KEY EAST MED OFFSHORE FIELDS & IN...
Volume: 64Issue: 51/52Published at Fri, 24 Dec 2021 -
KRG Repayment Obligations Offset Oil Revenue Gains
...l prices first crashed in late 2014 the KRG has sold billions of dollars of oil in prepayment deals to secure up-front cash. It has also accrued debts to IOCs in its oil sector by failing to pay on time, and it sold a 60% stake in its key crude oil export pipeline to Russia’s Rosneft and must now pa...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
Chevron Eying Egypt Collaborations, Exxon Expands In Cyprus
...rth Africa. Woodside previously had Libya and Mauritania assets, and back in 2014 was in talks to take a 25% stake in Israel’s Leviathan (MEES, 23 May 2014). Egypt last year listed Woodside as being among international firms to have expressed an interest in West Med acreage (MEES, 17 January 2020), so it...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Libya: Total/Conoco Waha Deal Confusion Highlights Control Vacuum
...oject and the restart of the Dahra-Bahi field (MEES, 6 November 2020). Beyond Waha, Total wants to restart its Mabruk field which saw its surface facilities trashed by Islamic State in 2014. Mr Pouyanné says the target here is to restore output to 40,000 b/d. A Total source told MEES that this was cu...
Volume: 64Issue: 47Published at Fri, 26 Nov 2021 -
Iraq Lowers Rumaila Output Target
...Iraq appears to have significantly reduced the production plateau target (PPT) of its largest field, Rumaila, from 2.1mn b/d to 1.7mn b/d. This is another marked reduction, after operator BP negotiated a downwards revision from 2.85mn b/d to 2.1mn b/d back in 2014 (MEES, 5 September 2014). Ca...
Volume: 64Issue: 47Published at Fri, 26 Nov 2021 -
Iraq Oil Export Revenues Hit Three Year High
...s soaring oil prices. The average price of Iraqi crude exports surged to $79.38/B for October, the highest figure since October 2014. With oil prices staying high in early November and Iraqi output set to rise further as Opec+ production cuts ease further (see p8), Baghdad can look forward to si...
Volume: 64Issue: 44Published at Fri, 05 Nov 2021 -
Kuwait Sets Out Plan To Reverse Capacity Losses
...e long-overdue facility is one of a trio of identical plants which were originally intended to boost North Kuwait conventional output up to 1mn b/d (MEES, 11 July 2014). Instead, North Kuwait capacity last year was just 563,000 b/d. Looking ahead, Mr Hashem says that a central plank of KOC’s pu...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
Egypt Gas Market Tightens As Fuel Oil Burn Returns
...oothly since an extended 2019 shutdown for repairs, and before that chronic 2014-16 gas shortages (MEES, 17 May 2019), it is worth noting that Q2’s 268,000 tons of methanol output was well down on the average of around 300,000 tons for the preceding three quarters. Whilst the firm’s most recent results in...
Volume: 64Issue: 42Published at Fri, 22 Oct 2021 -
Kuwait Oil Company Capacity Slumps To 12-Year Low
...pacity dropped to 1.391mn b/d, down by 97,000 b/d from 2019-20’s 1.488mn b/d for a cumulative loss of 320,000 b/d over the past five years (see chart 3). BP was brought in during 2014 (MEES, 14 November 2014) under a technical service agreement – later upgraded to an enhanced technical service agreement (ET...
Volume: 64Issue: 42Published at Fri, 22 Oct 2021 -
Iraq Picks Up The Pace On Exploration; Can It Snag Chevron?
...6tcf of 5.6tcf gas in place is estimated to be recoverable. Akkas was originally awarded to Korean state firm Kogas (100%) in 2010, with the firm targeting 400mn cfd for a remuneration fee of $5.50/boe (MEES, 25 October 2010). Kogas declared force majeure on the field in 2014 as Islamic State ov...
Volume: 64Issue: 41Published at Fri, 15 Oct 2021 -
Algeria’s Sonatrach Greenlights Key Gas Project
...tput will be far lower than the headline 5bcm/y figure. Sonatrach last published a production figure for Alrar way back in 2014 when output was 5.5bcm. UK engineering firm Petrofac is currently carrying out an EPC contract for Tinhert Phase 1, which sees another group of Illizi basin fields tied ba...
Volume: 64Issue: 41Published at Fri, 15 Oct 2021 -
Kuwait Starts Up Key Northern Oil Facility
...thering center in the north of the emirate. GC-31 is one of three gathering centers for which contracts worth $2.3bn were awarded in 2014 (MEES, 11 July 2014). All were initially slated to come online in late 2017, but were delayed. The first two, GC-29 and GC-30 were brought online in 2018, but GC-31’s co...
Volume: 64Issue: 38Published at Fri, 24 Sep 2021 -
Apache Eyes 2H Western Desert Gains, More For 2022
...ypt, up from a Q2 average of six and just five – the lowest in well over a decade – for the preceding three quarters. But activity and spending remains low by any sort of historical perspective: the average 2014 rig count was 27 (see chart 2). Q2 saw 13 drilled and completed wells up from just six in...
Volume: 64Issue: 32Published at Fri, 13 Aug 2021 -
Algeria: Key Oil Fields At 20-Year Low
...eld operated by Spain’s Cepsa. From a peak of 470,000 b/d in 2007 and 384,000 b/d for 2014, the first full year of El Merk output, production has been in near continuous decline since, falling to just 220,000 b/d for 2020 and 175,000 b/d for the first half of 2021, according to MEES number-crunching ba...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Egypt’s Mature Onshore Sees Signs Of Output Growth
...s been on an almost continuous downward trend since upstream investment collapsed in 2015 following a halving of oil prices in late 2014 (see chart 1). Cuts to upstream budgets in 1H 2020 delivered a further kick in the teeth (MEES, 31 July 2021) But some smaller producers are beginning to boost in...
Volume: 64Issue: 30Published at Fri, 30 Jul 2021 -
Egypt Gas Output Slumps On Zohr Outages
...bruary’s record low (MEES, 9 April). Sustained falls in oil output have come as firms slashed spending following 2014’s oil price slump and then again last year (MEES, 12 February). Key Western Desert producer Apache says it hopes to raise investment in the second half of this year, with output growth to...
Volume: 64Issue: 28Published at Fri, 16 Jul 2021 -
QP, Exxon Ramp Up Barzan Gas Output
...tended to start up in the first half of 2014 (MEES, 12 October 2012), but a litany of delays pushed this back by a full six years. ExxonMobil only confirmed earlier this year that the $10.3bn project had finally started up in 2020 (MEES, 2 April). QP has now fleshed out the details somewhat in the pr...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Iraq’s Minister Of Oil Parliament Questioning Session Underscores Energy Sector Challenges
...re “close to accuracy” – and added that the ministry had “observations” on Kogas’ performance. Kogas declared force majeure on the field in 2014 as Islamic State overran the area, but after the area was retaken Baghdad became frustrated with the Korean firm’s continued security concerns and sought to br...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021