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Mauritania: Total Wildcat
...cember 2017), and Shell with two blocks last year (MEES, 27 July 2018) also see Mauritania as a key part of their international exploration portfolio. As for the Pacific Santa Ana, following the completion of Total’s C-18 well, it will plug and abandon former production wells at the Chinguetti field un...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Aramco 1H 2019 Results: More Numbers, But Opacity Remains
...lling to divulge comes as the company prepares for an initial public offering (IPO), now tentatively slated for 2021. This week’s earnings release and accompanying first-ever analysts’ call follows April’s release of comparable numbers for 2018 and 2017 in the prospectus for a $12bn debut international bo...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Total Sees Algeria Revenue Fueling Mozambique LNG Plans
...quired via last year’s Maersk takeover (MEES, 25 August 2017). So the Anadarko deal triples its output from the acreage to just shy of 100,000 b/d. Not surprisingly, Mr Pouyanné says the company “anticipate[s] some efficiency gains” in Algeria as a result of the deal. Total’s overall Algeria output also in...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Egypt: Ain Sukhna Hub Plans Gather Pace
...pacity is rising to 7.2mn barrels (see p7). This also includes expansion at Sidi Kerir, where Aramco is to lease 222,000 m³ of gasoil storage. EGPC receives roughly 500,000 barrels per month of crude oil from Saudi Aramco, under a deal which began in late 2017, while it also receives varying rates of tr...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019 -
Israel Bid Round Flops
...cal firm Israel Opportunity. It is yet another disappointing turn-out for Israel, just 12 months after a previous bid round flopped (MEES, 24 November 2017). Hopes were raised that US major ExxonMobil, which has made recent forays into Egypt and Cyprus, would take part after it purchased a $50,000 da...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019 -
Iraq’s Tight Margins Take Toll On Foreign Majors
...Iraq gives some of the tightest margins of any Mena oil producer, and it shows. The largest majors operating in Iraq netted barely 250,000 b/d of crude in 2018 (see table). And that was down from around 350,000 b/d in 2017. This is largely due to Baghdad’s technical service contracts (TS...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
Energean Hits East Med Major League With Cut-Price Edison Purchase
...e in Egypt and Algeria. It operates the 270mn cfd Abu Qir field off Alexandria, and has 11.25% of the 280mn cfd Repsol-operated Reggane North development in southwest Algeria which started up in late 2017 (MEES, 22 December 2017). Both dwarf Energean’s current production of just 4,100 b/d, all fr...
Volume: 62Issue: 27Published at Fri, 05 Jul 2019 -
Chevron Phillips Wins Stake At Major Qatar Petchems Project
...troleum has launched its renewed petrochemicals push, announcing on 24 June that it will partner with US JV Chevron Phillips Chemical in constructing a 1.9mn t/y ethane cracker. This is a considerable expansion from the original project scope of 1.6mn t/y floated in 2017. The project also entails co...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Thailand’s PTTEP Expands In Gulf With Partex Purchase
...itically, Partex’s partnerships could act as a springboard for PTTEP to embark on further regional expansion. The acquisition will mark a grand return to the Gulf for PTTEP following a two-year hiatus. The firm exited Oman in 2017 having announced in August 2016 that it was selling its 1,600 b/d Block 44 to lo...
Volume: 62Issue: 25Published at Fri, 21 Jun 2019 -
Adnoc Targets Big Gains From Transformational Foreign Partnerships
...reamlining of subsidiaries in 2017 (MEES, 20 October 2017). Equally notable is the revolution underway in reshaping Adnoc’s partnerships with foreign oil firms. The number of such firms partnered with Adnoc in its upstream operations has soared from 12 in 2014 to 17 currently (see chart 1). Moreover, th...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
UAE Gas Production, Consumption Rise To Record Levels
...2018, despite imposing an embargo on its neighbor in June 2017 (MEES, 9 June 2017). Qatari stats show that the emirate exported $1.41bn worth of goods to the UAE in 2018, the bulk of which will have comprised gas supplies through the Dolphin consortium’s pipeline (Abu Dhabi state firm Mubadala 51...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Dubai’s Dragon Roars In To Egypt With BP Purchase
...timated $500mn for BP’s Gupco subsidiary, which manages the firm’s 12 concessions containing 45 fields in Egypt’s mature Gulf of Suez oil province. Output was 71,000 b/d for 2017-18, 11% of Egypt overall output, down from 72,500 b/d for 2016-17 and 78,000 b/d for 2011-12. Net output to BP is around 40...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Saudi Set To Secure US Shale Gas Foothold With LNG Deal
...cilities. If it were to install such facilities, then an FSRU would seem the most likely option, presumably on the Red Sea coast given that this is the most gas-deprived region (MEES, 19 April). Additional gas is certainly required, with Aramco projecting gas demand to grow from 9.1bn cfd in 2017 to 14.6bn cf...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Iraq’s Somo Pursuing Strategic Shift Toward Crude Trading
...ghdad HQ (see transcript, p6). Mr Alyasri assumed the post in September 2017, replacing Falah Al-Amri who initially envisaged the shakeup of Somo the year before (MEES, 15 September 2017). “Once taking over office, I immediately turned to the medium- and long-term plans, and the mechanisms that will ma...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
OMV, Repsol Bank On Libya To Hit Optimistic Output Targets
...llowing a series of attacks late last year, only restarting in early March (MEES, 8 March). The facilities again came under rocket fire on 29 April, whilst output was previously shut in due to rocket attacks last July (MEES, 3 August 2018), and before that for more than two years to early 2017. So on...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
IOCs Face Mixed Picture In The Mena Upstream
...ll. In the Middle East and North Africa (Mena) region, these contrasting strategies have had a profound impact on respective oil output for IOCs. Total overtook ExxonMobil to seize the crown as the region’s largest oil producer in 2017, and last year opened up a gap of nearly 150,000 b/d on its US ri...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Qatar Rolls Out Plans To Expand LNG Storage, Export Capacity
...nkers. Qatar has previously posited installing new LNG export berths beyond the LNG No.6 berth, and this remains the likeliest location for such facilities. With QP preparing to ramp up LNG exports from 2024 the firm is also greatly expanding its tanker fleet. CEO Saad al-Kaabi told MEES in 2017 that th...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Eni: $7bn For Iraq’s Zubair
...ly 270,000 b/d when Eni managed to renegotiate the field’s production plateau target (PPT) from 1.2mn b/d to 850,000 b/d in 2013 (MEES, 31 May 2013). Output hit 400,000 b/d in September 2016 following a production capacity increase to 660,000 b/d, encouraging Eni in early 2017 to set production ta...
Volume: 62Issue: 18Published at Fri, 03 May 2019 -
Drilling Firms Boost Mideast Operations
...ertook that of number two, Halliburton, but a 10% decline, “driven primarily by seasonality across most businesses”, saw it fall to $5.62bn and back into third place. SERVICES FIRMS 1Q19 REVENUE ($BN): REVENUES DIP QUARTER-ON-QUARTER BUT REMAIN FLAT YEAR-ON-YEAR *GE SUBSIDIARY SINCE JULY 2017...
Volume: 62Issue: 18Published at Fri, 03 May 2019 -
Algeria: Sonatrach Boss Falls Victim To Politics
...months over an alleged role in a corruption scandal involving the now-dissolved Brown & Root-Condor JV (KBR and Sonatrach) which he headed (MEES, 20 August 2007). He was brought back from the dead in 2017 and took over from Amine Mazouzi as CEO of Sonatrach (MEES, 21 April 2017), with Al...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019