- Sort by:
- Score
- Published ▼
-
Oil Services Firms: Mideast The Relative Bright Spot Amid North America Carnage
...05, 32.8%) for the first time. And whilst Baker Hughes has since 2017 not split oilfield services revenue by region (aside from ‘North America’ and ‘International’), the Middle East with Asia has almost certainly overtaken North America’s share here too given that the International share rose to a re...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Israel’s Delek Drilling Eyes $2.5bn Leviathan RBL Facility
...ble and Delek have struggled to overcome geopolitical headwinds to fulfill the field’s full potential. It took seven years from 2010 discovery before FID was finally taken in 2017. And this was for a greatly scaled back 12bcm/y (1.2bn cfd) development, little more than a third of planned 3.2bn cfd ou...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
Tethys Oil Expands In Oman With Extra Southern Block
...opted a similar strategy with blocks 49 and 56. Tethys acquired a 100% interest EPSA for Block 49 as part of Oman’s 2017 bid round, launching a 3D seismic campaign a year later (MEES, 14 December 2018). Per its Q1 report, Tethys says there have been no changes to 2020 plans to commence drilling – the 4,...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Israel Gas Market: Competition Heats Up, Litigation Abounds
...21 to sell the remainder of its current 22% stake (MEES, 30 June 2017). At Leviathan they have 39.66% and 45.34% respectively (see charts). This gives Noble, and especially Delek, a strong incentive to favor sales of gas from Leviathan over Tamar. Noble and Delek collectively have 47% of Tamar, ri...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Energean Retains East Med Focus In Cut-Price, Cut-Scope Edison Deal
...9bcm/y Reggane, which started up in December 2017 (MEES, 22 December 2017), and Norwegian North Sea discoveries – were ones for the future, Abu Qir is in steep decline. Abu Qir output (100% Edison) was 45,500 boe/d (225mn cfd gas and 5,500 b/d condensate) for 2019. This is well down from 270mn cfd in 2017...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Key Saudi Gas Plant Fully Operational
...duces the impact of Opec production cuts on gas output. Overall, Saudi Aramco has brought more than 5bn cfd of non-associated gas processing capacity online since 2016. As well as the 2.5bn cfd Fadhili plant, the 75mn cfd Midyan plant was commissioned in 2017, while the 2.5bn cfd Wasit plant came on...
Volume: 63Issue: 25Published at Fri, 19 Jun 2020 -
Qatar Signs Record-Breaking Deal For LNG Tankers
...ney to be able to do that,” Mr Kaabi told MEES in 2017 (MEES, 8 December 2017). This week’s agreements were with Korea’s Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries (HHI), and Samsung Heavy Industries (SHI). QP says the three “will reserve a major portion of their LNG sh...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Eni Offshore Egypt: Two Steps Forward, One Step Back
...gust has been exacerbated by the effect of Covid-19. March saw just 3.00bn cfd burnt in power generation, a three-year low. Overall Egyptian gas demand remained flat quarter-on-quarter at 5.65bn cfd but down 8% on Q3 2019’s peak 6.17bn cfd (see chart 3). Up until 2017, the majority of Eni’s Egypt ga...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...thout petchems). Refining profits more than halved to €124mn as per barrel margins at the firm’s two refineries – 250,000 b/d San Roque in Cadiz and 220,000 b/d Huelva – fell from $7.5/B in 2017 to $4.3/B in 2019. As with other oil companies, IOCs, NOCs, upstream-focused and integrated alike, this ye...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Delek Asset Fire Sale
...nglomerate, Delek has sought since 2017 to “become a leading E&P pure play.” The firm’s “core” upstream assets are 55% of Delek Drilling which in turn is US operator Noble’s key partner at both of Israel’s key gas developments, Leviathan (45.34%) and Tamar (22% – see p3) and 100% of UK North Sea producer It...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Fujairah Storage Hub Set For Industry Boost
...erational. The largest of which is Vitol’s 82,000 b/d refinery, located close to Uniper’s 67,000 b/d topping plant. The Uniper facility began commercial operations in 2017 and consists of two identical units. Uniper says the plant has “the capacity to produce about 3.6mtpa of marine fuels with sulphur co...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Services Firms Eye Mena Resilience Amid US Shale Collapse: Is This Realistic?
...quentially. Schlumberger is the most regionally diversified of the three firms. Q1 was the second straight quarter that ‘Mideast & Asia’ revenue has been ahead of that for North America – the first occasion this has been the case since 1H 2017 (see chart). The Mideast & Asia share of overall Schlumberger re...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Israel Orders Noble & Delek To Play Fair
...ecial purpose vehicle set-up to sell off those interests, which itself has 16.75% (MEES, 30 June 2017). By delaying the sale of its stakes it has managed to retain its veto rights and ensure Leviathan, where it will keep 45.34%, has been hitherto able to usurp Tamar in gas sales negotiations. Karish is...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Low-Cost Middle East Reserves Aid IOCs In Price Slump
...ayed there since, with Total overtaking Exxon’s output in 2017. As such, while Exxon’s expansion focus has been on the US onshore, it shouldn’t be forgotten that it is still the Mena region’s second largest oil producer. TOTAL: MOST MENA BARRELS, LOWEST PRODUCTION COSTS Total is the Mena re...
Volume: 63Issue: 16Published at Fri, 17 Apr 2020 -
Firms In The KRG: How Low Can They Go?
...e return to regular, reliable payments in 2017, the slew of small firms focused on the region – including Norway’s DNO, London-listed firms Genel and Gulf Keystone; and Canada’s Oryx, Western Zagros and Shamaran – put together a strong run of form. Excluding the 2017 loss of 280,000 b/d Avana Dome an...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Gulf Capex In the Crosshairs As Majors Eye Spending Cuts
...nounced it was cutting further to just $2.7-2.9bn for 2020, a whopping 47% midpoint reduction from its original $5.2-5.4bn plan. Oxy has since 2017 reversed a previous pullback from Mena, acquiring a swathe of exploration acreage across Oman as well as Abu Dhabi’s Onshore-3 block (MEES, 6 March). Fo...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Dark Days Ahead For KRG Oil Sector
...re reached in 2017 (MEES, 1 September 2017). As with then, if low prices persist the KRG faces having to decide between making IOC payments and covering its own expenses (like salaries). If prices stay low, the KRG’s ambitious near-medium term plans to increase output may prove unsuccessful. Pr...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Occidental’s Mideast Gas Output Booms
...oup. Amec Foster Wheeler in 2016-17 carried out the Feed study for the previous phase of Shah expansion (MEES, 15 September 2017) Oxy’s 24.5% stake in the Dolphin consortium which delivers Qatari gas via pipeline to the UAE and Oman netted it a three-year high 161mn cfd last year, including a re...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Repsol Mena Pullback
...ggane development in Algeria’s remote southwest was one of Repsol’s key development projects for 15 years between initial 2002 drilling and eventual start-up in late 2017 (MEES, 22 December 2017). And for this, Algeria’s tight financial terms meant the project netted Repsol just 8,200 boe/d (around 46mn cf...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Shell Egypt: Mixed Signals
...ssible sale of its Egypt portfolio. WDDM: DEEP SLUMP, MODEST REBOUND WDDM output bottomed out at 151mn cfd in 2017 following years of under-investment, increasing to 223mn cfd in 2018, although still a far cry from the roughly 800mn cfd it was producing at the start of last decade. The fields ar...
Volume: 63Issue: 08Published at Fri, 21 Feb 2020