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Delek & Mubadala Complete ‘Historic’ Tamar Deal
...nin and were found to be operating as monopoly by a late 2014 antitrust ruling (MEES, 2 January 2015). They remain the key partners at Leviathan with 45.34% and 39.66% respectively, whilst Chevron remains operator at Tamar with a 25% stake. “This step of the transfer of rights and the exit of De...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Russia’s Tatneft Returns To Libya
...’, as well as three onshore blocks in the Ghadames Basin known as ‘Area 64’. Another potential returnee is Polish state oil firm PGNiG which was forced to cut short an exploration program on its Area 113 concession in 2014 and had appeared to be on the cusp of exiting the country co...
Volume: 64Issue: 42Published at Fri, 22 Oct 2021 -
Adnoc Adopts Targeted Approach In Search For Unconventional Partner
...rategy.” This strategy has seen Adnoc radically shakeup its foreign partnerships in recent years. On the upstream side the expiry and renewal of long-term concessions over 2014-2018, coupled with the launch of exploration bid rounds, enabled Adnoc to bring in a range of new foreign partners based primarily on...
Volume: 64Issue: 37Published at Fri, 17 Sep 2021 -
Mubadala Completes Israel Entry With Tamar Buy-In
...tting record output of 1.014bn cfd in the same year. But output from Tamar has fallen since, a trend that Mubadala will be looking to reverse. Output for Q2 this year fell to just 660mn cfd, the lowest quarter since Q1 2014, as Leviathan undercut Tamar’s price in sales to state utility IEC. Th...
Volume: 64Issue: 35Published at Fri, 03 Sep 2021 -
Eni Sees Egypt Receivables Again Raise Their Head
...Egypt. Eni’s Egypt receivables peaked at €1.20bn ($1.64bn) in mid-2014 as overall dues owed by Egyptian state oil firm EGPC to IOCs hit a record $7.5bn (MEES, 8 August 2014). Of course, the key event to have happened to Eni in Egypt since 2014 was the August 2015 discovery of the giant Zohr ga...
Volume: 64Issue: 32Published at Fri, 13 Aug 2021 -
Oman Unveils 2021 Upstream Bid Round
...ospect, which had been slated for 2020, appears to have been dropped amid the Covid-19 pandemic. The relinquishment “after an unsuccessful exploration programme” marks Mol’s departure from Oman after having relinquished Block 43B in 2014 (MEES, 31 March 2017). BLOCK 23: OFFSHORE APPETITE? Th...
Volume: 64Issue: 29Published at Fri, 23 Jul 2021 -
QP, TotalEnergies Team Up Offshore Suriname
...gnificantly scale up its overseas production. The biggest contributor to QP’s overseas output is the firm’s 15% stake in Total Congo which it acquired back in late 2013 (MEES, 31 January 2014). MEES estimates that this provided QP with around 20,000 boe/d net in 2020, down slightly from 20,600 boe/d in 20...
Volume: 64Issue: 25Published at Fri, 25 Jun 2021 -
Iraq Confirms Negotiations With American-Saudi Consortium For Akkas
...s originally awarded to Korea’s Kogas (100%) in 2010’s third licensing round, with the firm targeting 400mn cfd for a remuneration fee of $5.50/boe (MEES, 25 October 2010). Kogas declared force majeure on the field in 2014 as Islamic State overran the area, but after the area was retaken, Baghdad be...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Western Zagros Gets Green Light To Develop Kurdistan’s ‘Crown Jewels’
...rdamir partners had for years been seeking to secure approval from the KRG’s Ministry of Natural Resources (MNR) for a Kurdamir FDP, but progress proved frustratingly slow as the regional government struggled to deal with a series of crises. First came the advance of the so-called Islamic State in 2014, fo...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Sonatrach Adds Equinor And Sinopec To MoU List
...vestment push (MEES, 7 February 2020). Equinor is also involved in exploration activities in Algeria at the country’s Timissit license on the border with Libya. The block, which is said to have both conventional and unconventional potential, was originally awarded in 2014 (MEES, 3 October 2014). Eq...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Yemen Set For Output Boost Following Petsec Transaction
...gistered Octavia Energy Corporation listed by Companies House was dissolved in 2014. Nevertheless, Yung Holdings is listed as having Yemen operations. In 2016, Yung Holdings purchased Calvalley Petroleum (Cyprus) Ltd, which is the operator of Block 9 (50%) alongside Indonesia’s Medco Energi (25%) and Ho...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Qatar Petroleum Moves To Take Full Ownership Of LNG Facilities
...ctor in recent years, especially following Mr Kaabi’s appointment as Managing Director and CEO in 2014 (MEES, 19 September 2014). The state firm has taken a firm stance with IOCs, opting to either tighten contractual terms or take over concessions entirely upon expiry. When Total’s PSA for the 25...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Long Delayed Barzan Gas Project Starts Up
...ExxonMobil confirmed in its recently released 2020 Annual Report that “The Barzan project started up in 2020.” Qatar's $10.3bn, 1.4bn cfd Barzan project (QP 93%, Exxon 7%) development has been a lengthy saga, with start-up ultimately coming six years after its initially planned 2014 date (ME...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Key Russian Investor Takes Over Syria Producer Gulfsands
...ate firm Sinochem holding the other half, the block has de facto been operated by Syrian state firm General Petroleum Corporation (GPC) since its restart in 2014. This restart came via a deal with the local Kurdish authorities who receive part of the revenues. Gulfsands does not receive royalties from on...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Shell & Petronas At Odds Over Egypt Expansion
...indled from 1.2bn cfd in 2012 to around 500mn cfd now. The WDDM slump is the result of a combination of high underlying decline rates, underperforming wells and slashed investment amid soaring receivables in the years following Egypt’s 2011 revolution (MEES, 7 February, 2014). Shell in early 2018 dr...
Volume: 64Issue: 07Published at Fri, 19 Feb 2021 -
Services Firms Diversify Away From Volatile Us Shale
...ia’ share of revenue rose to a record 36.3%, above that of North America (just 24.0% for 2020) for the first time in four years (see charts). Mideast & Asia 2020 revenue was 72% of the 2014 peak: North America revenue is down two-thirds and overall revenue down 50% over the same period. Ha...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021