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Mauritania Gas: Torturous Timeframe, Exploration Optimism Despite Drilling Flop
...plorer until 2014, is now close to leaving. The company then had ten Mauritania exploration blocks and operated seven, but slashed its exploration budget in response to the late-2014 oil price crash (MEES, 13 February 2015). Its number of blocks will now fall to just two, with Tullow relinquishing Bl...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Abu Dhabi Completes 1.6GW Gas-Fired Plant
...d Construction and Hyundai Engineering, and Italy’s Ansaldo Energia (MEES, 11 July 2014). DASH FROM GAS The additional 1.24GW of combined cycle gas turbine (CCGT) capacity will add up to 170mn cfd of fuel to Adwea’s gas requirement. The project is the last large gas-fired power plant in Abu Dh...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Algeria: In Amenas Hits Record Production As In Salah Output Halves
...arter results nor the earnings call that followed made any mention of the firm’s Algeria acreage, while the only mention in the firm’s quarterly IFRS report for Q2 was of a $524mn write-off against its share in the Bourarhat licence area in the Illizi basin dating back to Q4 2014. AIN TSILA DUE BY MI...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iraq’s Giant Rumaila Field: BP-Baghdad Talks Loom Large
...ateau Target (PPT) for West Qurna-2 – down from 1.2mn b/d to 800,000 b/d suggests Baghdad could be amenable to such an offer. BP’s Rumaila PPT is set at 2.1mn b/d, downgraded already from 2.85mn b/d (MEES, 5 September 2014). BP is far from alone in being well off the pace, as Iraq called on IOCs to cu...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iraq Boosts Export Capacity, Eyes Alternative Routes
...peline. The Iraqi section of Baghdad’s 1.6mn b/d Kirkuk-Ceyhan pipeline was damaged by IS in 2014 and requires extensive work to become operational (MEES, 13 October). As a result, Iraq is eyeing up alternative routes to offer improved flexibility and alternative outlets when adverse weather closes Ba...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iraq Export Revenues Soar
...Baghdad has received a much-needed boost from the rebound in Brent to over $60/B. The Iraqi government took in $5.45bn in crude export revenues in October, the highest level since October 2014, when oil prices were only just beginning their slump from $100/B. Revenues crashed with the pr...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Saudi Petchems Gets Oil Price Boost; Sabic Chief Warns On Cheap Feedstock Addiction
...ported a bumper third quarter, with combined net profits of SR8.81bn ($2.35bn), up 61% on Q2 to record their highest collective quarterly profit since Q3 2014 (see table). At that time crude oil prices were just beginning their plunge from all-time highs, with Arab Light crude selling for more than $10...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Kuwaiti Government Resigns As Political Dysfunction Grows
...16 1Q17 2Q16 2016 vs 15 2015 2014 2013 Ex...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Libya Oil Output Boosted By Sirte Basin Rebound
...oss output of 122,000 boe/d, comprising 116,000 b/d of crude and 40mn cfd of gas – levels that were last seen (if only briefly) in late 2014. These and the latest figures suggest that Waha is not far behind NOC targets set at the beginning of the year, which envisaged Waha output hitting 130,000 b/d in...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Medco Announces $180mn Impairment On Libya’s Area 47
...early 2013, and in March that year said that first production would be delayed by two years to 2016. Three wells were drilled in 2014, all yielding discoveries. The government approved the declaration of commerciality of three more structures on Area 47–B, C and J in September 2014. This added 2P re...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Kuwait Urges Gulf Unity as Qatar Exports Rise Despite Embargo
...August to 739,000 b/d it was still the second highest figure on record. Exports of key products are booming, with naphtha exports on track to average 150,000 b/d (see chart 3). This enabled Qatar to realize $1.2bn from products sales in Q3, the highest revenue figure since Q3 2014. CRUDE RE...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Oman Eyes Crude, Condensate Revenue Boost As Refinery Undergoes Maintenance
...gure since April 2014. Absent further production cuts, Mina al-Fahal’s closure could propel exports back towards 850,000 b/d this month for the first time since January. Unlike other participants to the output cuts, Oman has been diligent in ensuring that the axe also falls on exports (MEES, 6 Oc...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Divergent Saudi-Emirati Aims Further Complicate Yemen Conflict
...yadh. The alliance seized Yemen’s capital San’a in September 2014. Saudi Arabia’s strategy has been to divide the Houthis and Mr Salih’s General People’s Congress (GPC) and return President ‘Abd Rabbu Mansur Hadi to power; he has largely been in exile in Riyadh since 2015, returning only sp...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Middle East Remains Important Segment In Services Firms’ Portfolio
...rth America operations and Q3 saw its share of overall revenue hit 58.1%, posting revenue of $3.16bn. Middle East and Asia revenue rose to $1.03bn from $1bn in the previous quarter, but its share dropped from 20.2% to 18.9%, the lowest since the fourth quarter of 2014. The Middle East remains Ha...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Iraq Continues IOC Investment Hunt, But Commitments Remain Out of Reach
...f the loss of the 310,000 b/d Baiji refinery which was badly damaged by the Islamic State in June 2014. Some capacity is being restored, and the government aims to bring on Baiji’s 70,000 b/d Salahuddin-1 unit in the near future (MEES, 29 September). Capacity gains are required given that do...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Algeria Plans New Hydrocarbons Law: Will Investors Bite?
...fficult to reach resources, including shale gas (MEES, 11 January 2013). But in 2014 the fourth licensing round brought renewed embarrassment. Sonatrach received just five bids for the 31 concessions on offer, awarding four contracts. The stark lack of interest sparked admissions from senior government of...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Asian LNG Buying Up 13% In 2017, Chinese Imports Soar 44%
...the largest since spot prices crashed with those of oil in Q3 2014 (the price of term cargoes did fall sharply but not until the first half of 2015 given the oil price linkage in long-term LNG contracts comes with a delay of around six months). WINTER REBOUND Though, long term, prices are se...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Newly Streamlined Adnoc Targets EOR Expertise For Offshore Fields
...NTED The 2014 renewal of Abu Dhabi’s 1.6mn b/d onshore Adco concession was seen as a blueprint for the looming Adma renewal. While Abu Dhabi won’t want to replicate the lengthy process of securing foreign partners, which was only completed in December 2016 (MEES, 23 December), elements are set to be re...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Aramco Targets 12GW Powergen Capacity By 2020, Seeks Supply License
...mpressors and turbines used in Aramco petroleum and petrochemicals facilities. The company last week announced a plan to manufacture gas turbines at the site under a long-term supply agreement with Aramco signed in 2014. While US conglomerate General Electric does not manufacture turbines or generators in...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Saudi ‘Demonstrates Leadership’ by Keeping Crude Exports Low
...most three years ago (MEES, 22 December 2014). Supplies to the closely-watched US market are at 30-year lows and Saudi Arabia has confirmed there will be no easing up in November. In a first statement of its kind the Saudi energy ministry said on 9 October that the kingdom will export 7.15mn b/d in No...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017