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Egypt Secures Funding For Further IOC Payments
...vember). Egypt first reduced a debt pile that had been growing steadily since the 2011 revolution with a $1.5bn tranche last December, and repaid a further $1.5bn in October. Throughout 2014, the government has also been able to promptly pay producers for current output, according to Petroleum Minister Sh...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Gulfsands, Vitol Subsidiary In MENA Tie-Up
...REGIONAL Gulfsands, Vitol Subsidiary In MENA Tie-Up UK minnow Gulfsands Petroleum looks to finally emerge from dormancy after sanctions halted its Syria operations, its only producing assets in late 2011. On 19 November, Gulfsands announced that it has entered into a strategic pa...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Egypt Secures Saudi Power Loans
...rning additional diesel and fuel oil in power plants to keep pace with rising peak electricity demand. The loans are the latest GCC move to stabilize in a country severely impacted by the Arab Spring of 2011. Saudi Arabia, Kuwait and the UAE provided $12bn of aid, including oil products, after the ou...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Abu Dhabi Boosts Offshore Output As Umm Lulu Comes Online
...f in 2011 was reinjected into oil fields for enhanced oil recovery purposes, the official UAE Yearbook covering 2013 says. One of the largest increments will come from Upper Zakum, which is being further developed the Zakum Development Company (ZADCO) at an estimated cost of over $10bn. ADNOC ho...
Volume: 57Issue: 42Published at Fri, 17 Oct 2014 -
MOL Confident Of Future In Kurdistan
...erations in Syria by Croatian INA, 49% owned by MOL, remain halted. INA pulled out of Syria along with other foreign operators after the European Union imposed sanctions against Damascus in the early days of the rebellion against the Bashar al-Asad regime in 2011. Mr Dodds says he is not sure what co...
Volume: 57Issue: 41Published at Fri, 10 Oct 2014 -
Kuwait Seeks IOC Help To Hit Production Targets
...servoir at Burgan. A pilot program completed in 2011 yielded an encouraging boost in pressure and reduced water cut; during the first phase of development, KOC will inject 660,000 b/d of water as part of its plan to maintain production capacity at Burgan. Water injection will rise to 1mn b/d by 2020. KO...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Indonesia’s Medco Returns To Tunisia As N American Firms Pull Back From MENA
...7.7mn sold Medco its Storm Ventures International subsidiary that holds the rights to the blocks. The deal once again gives Medco a foothold in Tunisia after it had relinquished its blocks in the country in 2011. Unlike other North African countries such as Libya and Algeria, Tunisia is not a major oi...
Volume: 57Issue: 35Published at Fri, 29 Aug 2014 -
Oman Oil Names Former Oxy Executive As New CEO
...$8mn from a senior official at Korea’s LG International some years ago, after the Korean firm won a total of $2bn-plus in contracts related to key downstream projects. The case came to light two years after the Omani leader Sultan Qaboos launched an anti-graft campaign in 2011, aimed at de...
Volume: 57Issue: 34Published at Fri, 22 Aug 2014 -
Gulfsands Struggling To Regroup More Than Two Years After Losing Syria Assets
...rce majeure at its Syria operations, Gulfsands’ only producing asset, in December 2011. Gulfsands’ working interest from its Syria operations totaled about 8,500 b/d in 2011, down from 10,300 b/d in 2010. In a corporate update issued at the end of June, Gulfsands suggests that it remains ho...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Egypt To Slash Petroleum Subsidies As Part Of New Budget
...too low however, and could threaten growth, Egyptian economists warn. Social Expenditure In Egyptian Budgets: 2011-2015 (E£ Mn) 2014-15* 2013-14** 2012-13 2011-12 Total So...
Volume: 57Issue: 22Published at Fri, 30 May 2014 -
Aramco Annual Review: Gas Record, Oil Down
...10 2011 2012 2013 ‘13vs’12 (%) RESERVES (re...
Volume: 57Issue: 20Published at Fri, 16 May 2014 -
QPI Makes Second Canada Move With UK’s Centrica
...int oil and gas projects in Canada in 2011. After the latest deal, QPI and Centrica’s interests in the Western Canadian Sedimentary Basin are fully aligned. In a statement, Nasir al-Jaidah, CEO of QPI, said: “We are pleased to have expanded our strategic alliance with our partner Centrica through this ac...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
SABIC Targets ‘Innovation And Ingenuity’
...ale cracker in the US (MEES, 12 April 2013). The report gives 2013 output for only two of SABIC’s business units: fertilizers 6.7mn tons and “metals” (steel production) 5.9mn tons. The most recent data for other units are for 2011 output: chemicals 44mn tons, polymers 11.3mn tons, innovative pl...
Volume: 57Issue: 19Published at Fri, 09 May 2014 -
Total Reorganizes E&P Operations, Merges Mideast And North Africa
...0,000 b/d. The company has submitted bids for either a 5% or 10% stake in a new concession, but no decision is expected from current operator ADNOC before early 2015. Total, which has targeted production growth of 3% between 2011 and 2015, assuming an average oil price of $100/B for benchmark grade Br...
Volume: 57Issue: 15Published at Fri, 11 Apr 2014 -
RWE-Dea Sold To Russian Investor Group
...ncessions in Libya, which remain undeveloped (see table). Dea’s regional portfolio would have meshed well with Wintershall’s Libyan assets, which yielded 100,000 b/d before the 2011 civil war plunged the country’s oil sector into disarray. Wintershall, a subsidiary of German chemicals company BASF, is al...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
MEES Analysis: Gulf NOCs Go Global; Refining Leads The way
...ternational downstream, but it does not have as robust an international downstream strategy as Saudi Arabia. Abu Dhabi-owned International Petroleum Investment Company (IPIC) has long held equity in Spain’s Cepsa, and completed a takeover of the company in 2011. Cepsa has about 660,000 b/d of refining ca...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Hit By Subsidies At Home, ENOC Looks Abroad
...ofitability,” says ENOC chief executive Said Khury. “However, as a responsible government entity, we focused on optimizing resource use and maximizing productivity through strategic initiatives, which enhanced our performance.” He says revenues grew by 50% from 2011 to 2013, while profits rose by 39%, without re...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Oman Oil Corruption: Ministry Blames Individuals, Not System
...e country’s key downstream projects – the 116,000 b/d Sohar refinery and polypropylene plant commissioned in 2006, and related aromatics plant commissioned in 2010. All are now operated by the sultanate’s state-refiner Oman Refineries and Petroleum Industries Company (ORPIC), established in 2011. Th...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Petrofac Bags $1.2Bn Oman Gas Deal
...12 BCM % 2011 2010 Industry 22.59 21.72 +0.87 4.0 20.17 19.64 Po...
Volume: 57Issue: 09Published at Fri, 28 Feb 2014 -
Oman Needs To Sell Assets Or Borrow
...e years since then. Last August the IMF also pointed out that Oman’s recent spending initiatives, including job creation in 2011-13, have increased expenditure by some 70%, and reduced the country’s ability to respond to shocks. “A sustained fall in oil prices could exhaust available buffers and ne...
Volume: 57Issue: 08Published at Fri, 21 Feb 2014