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Total Talks Crackers On Both Sides Of Gulf
...09, having signed the shareholders agreement that officially cemented their relationship in June 2008. Construction of the refinery took place during 2010-13. Satorp shipped its first products cargo in September 2013 and reached full operational capacity in mid-2014 (MEES, 15 August 2014). ...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Doha’s Diplomatic Dispute – The Financial Impact
...nctions came into effect - and the stock market shrank by about $11bn in value the following day, the largest drop since 2010. It went on to post its worst weekly performance since 2014. International ratings agency S&P Global Ratings wasted little time in responding to the move. On 7 June, it lo...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Egypt Seeks Virtuous Output Circle: Reserves Up, Dues Down, More Output
...e official receivables total at just $2.3bn, down from $3.4bn at end-March, $3.5bn at end-2016 and a high of $6.3bn in 2014. These official figures are substantially lower than MEES estimates based on company filings ($4.35bn at end-Q1), although however you look at it the trend is clearly down. Th...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Morocco’s Samir: Rescue Bid
...rch 2014 before processing halted in August 2015....
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Total And Sonatrach Bury Hatchet As Algiers Pushes Partnerships Agenda
...natrach… it’s business,” Mr Pouyanné said last year. Sonatrach retaliated by launching a counter-claim at the same court that Total had not honored its contractual commitments regarding the 4 bcm/y (390mn cfd) Ahnet tight gas concession, also in Algeria’s Saharan southwest, from which it pulled out in 2014...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
BP Poised For Strong Year In Mena
...15 2015 2014 Oil (‘000 B/D) Abu Dhabi 101 5 96 97...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Egypt Receivables: A Glass Half Full Or Half Empty?
...2015 2014 2013 2012 3Q16 Company k b/d mn cf...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Petrofac Becomes Yet More Dominant In Kuwait
...d-2020. GC-32 will “have the capacity to produce around 120,000 b/d of oil per day together with associated water, gas and condensate” according to Petrofac. The initial Feed contract was completed in December 2014 by Amec Foster Wheeler, but Kuwait delayed putting the key EPC contract to tender. Ac...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Hungary’s Mol - Mena Profile: No More Chasing Barrels
...Hungarian integrated oil firm Mol has had to reshape its upstream operations in light of the 2014 oil price crash. Upstream Executive Vice-President Dr Berislav Gaso tells MEES how it has slashed production costs and that despite setbacks, Mol still sees the Middle East as important. Hu...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Majors In The Middle East: 2016, A Year Of Consolidation
...on. TOTAL: GULF OUTPUT TO RISE Total’s pursuit of low cost barrels has seen it increase its presence in the Gulf states in recent years. Regional output fell in 2014 when Abu Dhabi was reshaping its onshore Adco concession, but got back on track in 2015 when Total became the first legacy partner to...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Wood Group In $2.7bn Takeover Of Amec Foster Wheeler
...stribution of derivative products, as well as in mining, clean energy and the environment and infrastructure markets. Recent Mena contract wins include a mixture of upstream, refining and petrochemicals projects. The company was formed in 2014 by Amec’s acquisition of US firm Foster Wheeler at a time when “si...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
IOCs Continue To Play It Safe In Libya
...arter of 2014 with output of around 700,000 b/d. But state-owned National Oil Corporation (NOC) is yet to persuade some of its major international partners that its bullish oil and gas production targets for 2017 will be achieved. NOC is targeting production of 1.25mn b/d by the end of the year and pl...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Saudi Aramco IPO Plans Progressing But Key Challenges Lie Ahead
...$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). NEW YORK, RIYADH &… Key to the IPO’s success will be the location of the listing, and there have be...
Volume: 60Issue: 08Published at Fri, 24 Feb 2017 -
Majors Look To Permian For 2017 Rebound
...oductivity Report, released 13 February. Much-touted efficiency gains are not chimeric. Unlike other US shale regions, and the country’s overall output, Permian oil production continued to rise, albeit more slowly, throughout the 2015-16 ‘lean years.’ The latest rig count is less than half the November 2014...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Saudi Petchem Profits Up 8% In 2016, But Sabic Under Pressure
...SR22.95bn ($6.12bn) for 2016, an increase of 8% from 2015’s SR21.25bn ($5.67bn). Nevertheless, their combined net profits were still 33% lower than for 2014, when high crude oil prices supported linked petrochemicals prices until their late-year crash (see table 1 & chart). Likewise, while th...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Sabic Buys Out Shell From Sadaf JV For $820mn
...andoned the plan after the results of a feasibility study “were not encouraging” (MEES, 31 October 2014). They had been considering adding polyol and styrene monomer propylene oxide (SMPO) units to the complex. Shell says the deal marks an early termination of a joint venture agreement that was due to ex...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Gemsa Up For Circle As Egypt Minnow Shakeout Continues
...sets assumed for zero payment by activist investor Worldview Capital (MEES, 8 April 2016). Like Circle, Petroceltic was partly undone by a reserves-backed lending facility: the collapse in oil prices from the second half of 2014 left a loan (from HSBC in the case of Petroceltic) worth more than the re...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Iran Greenlights 29 Firms For Upstream Tenders
...0,000 b/d under a third phase. The Chinese incumbents have an advantage due to their knowledge of the fields, but both have previously been warned by Iran that they risked losing them due to poor performance – and CNPC was booted out of South Azadegan in 2014. Even when Oil Minister Bijan Zanganeh said in...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
BP Back in Business With Abu Dhabi Deal
...1,000 b/d. Both Japan and South Korea have a presence at Adco, while Chinese firms have more overseas experience than those from numbers two and three – Thailand and India. BP FINANCES RENEWED SPENDING SPREE When Total signed up to the renewed Adco concession, which expired in 2014, it paid a $2....
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Should I Stay Or Should I Go? Majors In The KRG
...at exploration is continuing, but progress has been minimal to date. However, the KRG lists Pirmam as “under appraisal” and it carried out drilling at the site in 2014. GAZPROM NEFT • Russia’s Gazprom Neft is the largest IOC to have a producing asset in the KRG. It took over from Ca...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016