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Major Threat For Opec With Offshore Exploration Boom
...hlumberger CEO Paal Kibsgaard told his 19 January earnings call. LONG TERM: DEEPWATER FOCUS Mexico’s latest bid round last week was by far the most successful since the country opened up its upstream to international investment in 2014. Total investment commitments were $93bn with 19 of 29 de...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Sabic Profits Boost From Rising Oil Prices As Horizons Expand With Clariant Buy
...s SR18.40bn ($4.9bn) for 2017, up 4.5% on SR17.61bn ($4.7bn) for 2016. This was the first annual net profits upswing since the crude oil price collapse of 2014 undermined the petrochemicals sector, whose products prices are index-linked to crude. Mr Binyan attributes last year’s increase in net pr...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Services Firms Are Looking Up In 2018: US The Key Driver, Mideast Solid
...lliburton both posted an increase in revenue in 2017 bolstered by increased activity in North America. Schlumberger saw revenue increase from $27.81bn in 2016 to $30.44bn in 2017 although that is still some way shy of 2014’s record $48.58bn. Schlumberger was the only firm of the three that managed to po...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
BP Back On At Kirkuk
...vember 2013), but northern Iraq exploded with violence soon thereafter. Kurdish forces took the Kirkuk oil fields in June 2014 when Iraqi fighters retreated ahead of Islamic State (IS). Kurdish forces held off IS and began production from the fields about 280,000 b/d from the Kirkuk field’s Avana Dome an...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Qatar Petroleum Presses Ahead With Shakeup
...7bn thanks to the startup of the 146,000 b/d Ras Laffan 2 condensate splitter. If it wasn’t for technical problems forcing a temporary shutdown at Ras Laffan 1 in April, the revenue gains would have been higher. November’s $630mn products’ revenue was the highest since July 2014. IOCS IN QATAR’S CR...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
KRG: IOCs Nervously Eye Calendar As Payment Wait Drags On
...16 2015 2014 Tawke 110.0 +2.7 107.3 135.2 91...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Building On Resilience: QP Chief Talks Embargo & LNG Plans With MEES
...troleum’s operations. How have you mitigated the impact? A: When I was appointed as CEO three and a half years ago [MEES, 19 September 2014], I had a different vision for QP. We had to focus on our core businesses, and so I made sure that we consolidated our subsidiaries to become fully aligned. As you sa...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
North Africa Focus For German $15bn Upstream Tie-Up
...mes from the 110mn cfd Disouq field in the Nile Delta (DEA 100%). Output here was supposed to reach 200mn cfd but lack of investment has meant the German firm has been unable to arrest the field’s decline from 2014’s peak of 140mn cfd. The next regional addition for either company will likely come fr...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
GCC Debt Smashes All Records
...hrain with $3bn. Less than three years ago, Saudi Arabia, Kuwait and Oman had never issued debt in the international markets but the plunge in oil prices since the end of 2014 sent their budget deficits soaring. Indeed, while political relations have frayed throughout the course of the year, one fr...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
BP Can’t Stop Falling For Low Cost Mideast Output
...lds the Kirkuk field’s Avana and Baba domes with a combined 160,000 b/d capacity, and has asked BP to help develop the field (MEES, 3 November). BP signed a deal to study the field in November 2013 with a view to further development, but the 2014 advance of IS put this on ice. Mr Townshend says he ha...
Volume: 60Issue: 46Published at Fri, 17 Nov 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 -
Rosneft Plans Key Gas Pipeline To Unlock Kurdish Exports to Turkey
...xt two years? Previous plans have stalled. Under a 2013 Gas Sales Agreement the KRG agreed to export 4bcm/y to Turkey by this year, rising to 10bcm/y by 2020, and eventually up to 20bcm/y (MEES, 11 April 2014). Development of key gas fields has slipped due to a number of reasons, chief among them pa...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Algerian Oil Bolstered By Berkine Basin Prospects
...sh to get oil out of the ground. Prices have fallen dramatically since 2014, and since the beginning of the year Opec members and other oil producers have been subject to production cuts. Algeria’s state energy company Sonatrach says it has implemented its mandated reduction of 50,000 b/d. But there ar...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Petronas Quits Algeria As Cepsa Expands
...praised in 2005, but it was not until a deep well found Triassic oil that the field showed commercial potential. Petronas had looked to expand in Algeria via its participation in the country’s flopped 2014 bidding round. Negotiations were held “in light of the fiscal incentives provided by the go...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Kufpec Splashes The Cash in Norway But 2020 Target Remains Distant
...fpec’s net production edged up just 3,800 boe/d year-on-year in 2016 to 70,800 boe/d, still below 2014 levels (see chart). PRE-DATED PURCHASES Add in the Thai purchase, and the 2016 gains will be more substantial, taking Kufpec’s overall output above 100,000 boe/d for the first time. But it ta...
Volume: 60Issue: 36Published at Fri, 08 Sep 2017 -
Oman Taps Abu Dhabi For Wind Farm Cash
...wever, its earlier estimate that the development work would take 24 months suggests that start-up is unlikely before the second half of 2019 (MEES, 17 October 2014). Masdar’s partners in building the wind farm will be US conglomerate General Electric (GE) and Spanish engineering contractor TSK. GE wi...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Dana Gas: Profits Up, Litigation Up, Zora Write-Down Looms
...o levels. Dana added $100mn to its debt pile to fund development of Zora (MEES, 12 September 2014); at start-up less than 18 months ago it said output would ramp up to 40mn cfd (MEES, 3 March 2016). Output is set to dwindle further. The firm has looked into the economics of a well intervention pr...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
TransGlobe: Exploration Write-Dow, Cargo Delay
...ed foreign firms $2.3bn at end-June, down from $3.4bn at end-2016 and a 2014 peak of over $6bn. As with Dana Gas, TransGlobe says gaining the direct ability to market its output in 2015 has been key to getting receivables down. And on the surface this has been a remarkable success. From a peak of...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Gulf NOCs Target IPOs, Other Routes To Foreign Funding
...n Salman (MbS) has estimated Aramco’s value at $2-3 trillion, implying that a 5% listing could raise $100-150bn, dwarfing the $25bn secured by Chinese internet retailer Alibaba in the world’s largest IPO in 2014 (MEES, 11 November 2016). And it would appear that Aramco’s bold IPO plans have en...
Volume: 60Issue: 31Published at Fri, 04 Aug 2017 -
Iran Aims For Total Reboot Of Oil And Gas Sector
...PC was then ejected in 2012 due to lack of progress (MEES, 2 July 2012). The Chinese firm appears to have been partially forgiven for this, and for similarly slow work at South Azadegan from where it was given the boot in 2014 (MEES, 9 May 2014). Oil Minister Bijan Zanganeh says the partners’ “in...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017