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Iraq Asks IOCs To Slash Spending As Export Revenues Halve
...sra Oil Company official told Reuters. In the short term, this will limit the dues Baghdad owes to Iraq’s foreign operators. But, as happened after the 2014 oil crash, it will also significantly hinder much-needed oil and gas investment. Especially if as in late-2014 and early-2015, the government st...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Algeria’s Sonatrach Halves Planned 2020 Spending
...ss cash to spend. This is truer this time around than the 2014 oil price crash when Algeria had a record $195bn in foreign reserves saved for a rainy day (MEES, 7 February). Algeria has been rapidly drawing this down as if recent years were as bad as things could get – by the end of 2019 reserves we...
Volume: 63Issue: 13Published at Fri, 27 Mar 2020 -
Egypt Eyes Long-Awaited Oil Output Hike As Apache Plans Capex Boost
...en immune to the decline. The company slashed Egypt capex in the wake of the late-2014 oil price collapse: by 2016 spending of $477mn was just 35% of the 2014 figure. And the 2019 spend was lower still at $465mn, though at least lower costs mean that Apache got more wells for its buck (75 vs 60 for 20...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Algeria’s Hassi Messaoud Gets Boost, More To Come
...ude output, which came in at 1.03mn b/d for 2019 and 1.01mn b/d in February (see p9). Like most projects in Algeria, the new compression and reinjection facilities have been dogged by delays. Awarded in June 2014 to Dubai-based Dodsal Engineering, the AD50bn ($635mn) project initially had a 36...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Gas Project Set To Hike Eni’s Algeria Output
...mpany has a chance of topping its Algeria output record of 109,000 boe/d set in 2014. For 2018, the latest available data, Eni’s net Algeria production was 85,000 boe/d. But this still might not be enough to prevent the Italian firm from losing its No.1 foreign producer crown to Total, though this is...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Heavy Oil Start Up Boosts Kuwait Upstream Sector
...en the onshore Wafra field was shut-in (MEES, 15 May 2015). That followed the shut-in of the offshore Khafji field in October 2014 (MEES, 24 October 2014). In the last year of full-production (2013), output from the PNZ averaged 460,000 b/d, with 250,000 b/d from the offshore and 210,000 b/d from th...
Volume: 63Issue: 09Published at Fri, 28 Feb 2020 -
Saudi Energy Minister Makes Gas Export Pledge
...tension for assisting Aramco design strategies to “produce and deliver significant volumes of gas from shale and tight gas reservoirs.” The initial contract award was made in 2014. Mr Nasser said last year that Aramco would advance the planned Jafurah processing plant in 2020, which will form the key pl...
Volume: 63Issue: 08Published at Fri, 21 Feb 2020 -
Saudi-Kuwait Neutral Zone Start-Up Approaches
...wait, and peaked at more than 500,000 b/d. However, output had slid below 500,000 b/d even before the first shut-ins in 2014 (MEES, 25 October 2019). In the last full year of output, 2013, the offshore section produced over 250,000 b/d, while the onshore portion added another 210,000 b/d, for a co...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Iraq Breaks From The Past In Fifth Bid Round
...mama formation (38-40° API) – a deeper structure key to Baghdad’s longer-term light oil aspirations. Reserves have been estimated much higher than Huwaiza at 7bn barrels of oil in place (MEES, 17 October 2014). If revenue-sharing terms are any indication of prospective value, these two oil plays we...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Oman: Blocks 3 & 4 Finish 2019 In Style
...w the partners were not overproducing. Official Omani figures showed the sultanate broadly compliant each month, implying falls elsewhere. The CCED-operated assets have performed strongly in recent years, nearly doubling from 25,000 b/d in 2014. They now account for a sizeable chunk of Oman’s 97...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Adnoc CEO Confident On 2020 Vision
...0,000 b/d of spare capacity, and if the Opec+ deal is extended to the end of the year at current levels, this could exit 2020 at 1mn b/d – a whopping 25% of total capacity. Opec’s leadership frequently bemoans the lack of industry investment since the 2014 oil-price downturn, warning that this could yet le...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
2019 Sees Middle East Drilling Records
...e key faller in the GCC was Kuwait where political holdups have stymied attempts to advance upstream projects (see p20 and MEES, 20 December 2019). Kuwait’s rig count fell by five to an average of 46 for 2019, with oil rigs falling to 34, the lowest since 2014 and gas rigs down to 11, a three-year lo...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Kuwait Parliament Debates Neutral Zone Deal
...ES, 21 July 2008) – offshore output halted in October 2014, with the onshore portion following suit in May 2015 (MEES, 15 May 2015). The most likely outcome is that SAC will relocate its offices to the town of Khafji around 40km down the coast in the Saudi half of the PNZ. This is where offshore vo...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Neutral Zone Set For 2020 Rebound After Saudi-Kuwait Agreement
...More than five years since the first shut-in at the Partitioned Neutral Zone (PNZ: MEES, 24 October 2014), Saudi Arabia and Kuwait have reached an agreement on resuming production. The partners have ambitious plans to boost output to over 500,000 b/d by end-2020. Kuwait Foreign Minister Sh...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Iraq Books Record Exports In 2019, Plans To Advance Jordan Pipeline In 2020
...,000 b/d year-on-year. 2019 was also notable for being the first full year since 2013 of ‘federal’ exports from northern Iraq via the KRG’s export pipeline to Ceyhan, Turkey. Pipeline damage and disputes allowed for inconsistent northern exports from 2014 to 2018. But the volumes, in line with the 2018 Ba...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Libya: Output At Seven-Year High; Can It Last?
...velopment in the country’s southwest (MEES, 20 September 2019), and started work in July. Russian firm Tatneft also returned to Libya in December to carry out seismic it was forced to abandon in 2014 (MEES, 13 December 2019). And perhaps most importantly, NOC received a major boost in December having re...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Jordan Adds Gas Output
...s flatlined since BP walked away in 2014 (MEES, 24 January 2014), with the two recent wells adding a much needed boost in production. Gas from the field is burned at the nearby 58MW Risha powerplant, which supplies power to far-eastern Jordan. The power plant only needs negligible volumes to op...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Russia’s Tatneft Back In Libya For Seismic
...ab Geophysical Exploration Services Company (AGESCO) to complete 200 km² of seismic in Area 82’s Block 4 which was suspended in 2014. Tatneft was awarded eight exploration blocks (Areas 69, 82 & 98) in Libya in 2005 and 2007 (MEES, 28 July 2017, see map, p2). It struck oil several times, but was fo...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Leviathan: The Giant Stirs
...sult of the firm massively scaling back its plans. LEVIATHAN GAS SALES DEALS *IMPLIED AVERAGE VOLUMES. **PARTNERS' ESTIMATE BASED ON QUANTITIES CONSUMED ^MEES ESTIMATES SCALED-BACK AMBITIONS The original Phase-1 development plan filed in October 2014 was already modest in sc...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Algerian Gas Exports Set For Quarter-Century Low
...e first nine months of 2019 is down 9% year on year: having received a boost from key field start-ups in 2016-18 production has fallen back to 2014 levels. And while the third quarter has historically seen output drops, 3Q 2019’s 18.89bcm (7.25bn cfd) was the lowest in years and down 5% year on ye...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019