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Analysis: Oxy Mideast Pullback Spurred By Risk-Averse US Investors
...ansition of power from father to son and there is no threat to the country’s leadership. Minor protests in Oman in 2011 posed scant threat to the country’s leadership, as well. In the UAE, where the only perceptible repercussion of the “Arab Spring” has been an outpouring of foreign aid to ailing regional al...
Volume: 56Issue: 45Published at Fri, 08 Nov 2013 -
Legal And Operational Challenges Complicate RWE Dea Sale
...vourably to imported gas. Therefore I believe there is room for compromise,” said Mr Schlichter. Egypt’s energy sector has been suffering from tardy government decision making, a result of the political upheaval following the removal of Mubarrak in 2011 and the subsequent military coup against Pr...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Mubadala In Asia, Africa Push As Questions Mount Over Middle East Assets
...20. Oxy and Mubadala also partners at the Mukhaizna development in Oman’s Block 53. Mukhaizna has plateaued at about 120,000 b/d, and Oxy (operator) continues to struggle to maintain this level – despite a prior plan to plateau production at 150,000 b/d by 2011 (MEES, 8 March). Some of Mubadala’s pa...
Volume: 56Issue: 44Published at Fri, 01 Nov 2013 -
Uncertainty Reigns As Oxy Inches Closer To Asset Sell-Off
...GA). But the level of political risk in Bahrain is fairly low, despite repeated protests since 2011. Saudi Arabia and other regional countries have strongly supported the Bahraini monarchy, and the risk of chaotic political transition is negligible at this point. If Oxy were to sell its stake in...
Volume: 56Issue: 43Published at Fri, 25 Oct 2013 -
PDO To Invest $11bn Through 2022 To Maintain Crude Plateau
...s Mukhaizna heavy oil field in Block 53, a target it intended to achieve in 2011 (MEES, 15 November 2010). Oxy has since seen its costs soar from $2bn to about $9bn, as it has doubled the expected number of wells needed to inject steam into the reservoir. Oxy, which has a reputation for ru...
Volume: 56Issue: 42Published at Fri, 18 Oct 2013 -
Company Profile: Petroceltic Plots Big League Transformation
...ave the firm with around 38%; it will remain as operator), Italian power firm Enel bought 18.375% from Petroceltic in 2011, whilst state firm Sonatrach has 25%. With the aim of beefing up its ‘Ain Tsila team’ Petroceltic on 16 September appointed Ian Craig to chair Petroceltic’s Ain Tsila pr...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
Citadel Seeks More Capital
...ctor for managing to hold funding for the project together in the wake of Egypt’s 2011 Revolution as other investors pulled out (MEES, 6 February, 2012). In addition, the company’s key planned new investment is in Egyptian LNG import and re-gasification. But its bid to hire floating storage an...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
BG Takes Further Egypt Hit; BP Upbeat On Drilling Success
...scoveries for both 2011 and 2012 were on offshore east Nile Delta acreage that BP (50% and operator) shares with Eni (50%). On North El Burg, discoveries included the Satis deep Oligocene discovery (MEES, 31 October 2011), whilst on the neighboring Ras El Bar concession BP and Eni had ramped up production to...
Volume: 56Issue: 37Published at Fri, 13 Sep 2013 -
Egypt Draws Up IOC Payment Timetable As Debts Mount
...are of production are nothing new, but amounts owed have ballooned since Egypt’s 2011 revolution. Mr Isma’il acknowledged that the issue of arrears was a top priority for the government to ensure that IOCs would continue to invest in oil exploration and development. The minister di...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013 -
MEES Profile: Qatar’s Overseas Investment Strategy
...vestment In parallel with, but apart from, QP’s overseas purchases, QIA had been buying energy assets, starting in 2011 – with stakes in European utility firms Energias de Portugal and Spanish electricity supplier Iberdrola. In 2012, it bought 3% stakes in Total and Shell and remains in talks to boost its Sh...
Volume: 56Issue: 35Published at Fri, 30 Aug 2013 -
DNO Gets Q2 Tawke Tonic
...nnows such as the UAE’s New Age, to large independents like Marathon, Hess and Maersk to majors of the ilk of ExxonMobil, Chevron and Total. Despite the Q2 uptick, KRG and Baghdad’s oil dispute continues to keep production shut in at Tawke and other KRG oil investors. Not since early 2011, and th...
Volume: 56Issue: 34Published at Fri, 23 Aug 2013 -
SEC Head Resigns, Replacement To Come From Aramco
...ES, 9 August). He told a conference in 2011 that Aramco was looking to achieve generating efficiency as high as 75% (MEES, 23 May 2011), which compares with 61% for the most efficient CCGT technology today....
Volume: 56Issue: 34Published at Fri, 23 Aug 2013 -
UAE Firms Dana Gas, Dragon Oil and TAQA Face 1H13 Woes
...oducing areas of Egypt and the Kurdistan Regional Government (KRG) area of northern Iraq. Dana: Production Up, But Receivables Up More Dana production has edged up in both Egypt and the KRG since a post-Revolution payments crunch saw Egyptian output slide in the second half of 2011 and first ha...
Volume: 56Issue: 32Published at Fri, 09 Aug 2013 -
Germany’s RWE Faces Challenging Sale Of North African Assets
...rprisingly Libya’s 2011 civil war set back RWE’s plans: RWE had been exploring the two blocks since 2003 (spending $500m in the process) and development plans were already drawn up pre-revolution. The country’s continued instability will no doubt deter at least some potential purchasers. Exploration in Libya ha...
Volume: 56Issue: 31Published at Fri, 02 Aug 2013 -
Oman LNG Posts 10% Revenue Growth For 2012
...oducer revealed in its Annual Report, obtained by MEES in advance of its expected official release later this month. Revenue grew to $4.342bn in 2012, up almost 10% on 2011’s $3.963bn. Net income after tax was also up in 2012, growing by some 9.42% to hit $1.95bn. The rise in revenue wa...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Gulf Independents Upbeat On Egypt, Despite Unrest
...pear set to post record figures for the second quarter - Kuwait Energy’s focus on Egypt has not been without its problems. The company was owed $164mn by cash-strapped state firm Egyptian General Petroleum Corporation (EGPC) as of the end of 2012, up from $131mn at the end of 2011. The firm says it has st...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013 -
Analysis: Will New Amir Era Usher In QP Restructuring?
...cember 2011). In addition to a recent 2.5tcf Wintershall find in Block 4N, Qatar has two other sources of gas available without the moratorium being lifted: surplus gas from the 1.5bn cfd Barzan project; and a 500mn cfd cushion field beneath Dukhan oil field. The cushion field was taken out of pr...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
Korea’s KNOC In Line For ADCO Stake Despite Limited Experience
...12. Source: Company Annual Reports, media reports Defense Ties South Korea is also a growing defense partner of the UAE, having sent a contingent of troops to train UAE forces in 2011. South Korean firms have sold drone aircraft to the UAE, which is also in talks to buy South Korean-bu...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Petrofac Wins ADCO Contract
...s processing plant. In addition to allowing increased quantities of crude to be extracted, injecting CO₂ will allow currently-reinjected natural gas to be sent to the grid to ease the emirate’s annual summer gas shortage, which exceeds 2bn cfd (MEES, 2 May 2011). The Petrofac award comes as...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Qatar’s New Leadership: Impact On QP’s And QIA’s Strategies
...e p16). Shaikh Hamad also heads its subsidiary Qatar Holding. QIA’s energy buying spree started in 2011 – with stakes in European utility firms Energias de Portugal and Spanish electricity supplier Iberdrola. In 2012 it bought 3% stakes in Total and Shell, and MEES learns it is still in ta...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013