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Abu Dhabi’s Mubadala Cuts Energy Sector Exposure
...RMDOWN The other major transaction this week involved Mubadala’s fully owned upstream subsidiary, Mubadala Energy (formerly Mubadala Petroleum). Mubadala Energy was led by Mr Kaabi between 2014 and 2017, and he has since remained chairman of the firm. The firm boosted its net output to a record 500,000 bo...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
Total’s Libya Expansion: Done & Dusted?
...sin which has been shut in since 2014 when an Islamic State attack severely damaged its surface infrastructure. The plan here was to start the field up in early 2023 at a rate of 25,000 b/d before boosting to 40,000 b/d (MEES, 10 December 2021). On 16 November, Total executives held a meeting with NO...
Volume: 65Issue: 46Published at Fri, 18 Nov 2022 -
Services Firms Eye Gulf Revenue Bonanza
...was desired.” MARGINS OVER REVENUE Having seen their revenues collapse with oil prices in 2014 and again in 2020, the ‘big three’ now claim to be much leaner operators. As such, though their collective revenues remain little more than half 2014 levels, all three have notched up healthy pr...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Israel’s New Med: Leviathan Expansion ‘First Priority’
...sis this is a very viable option.” While FLNG is a relatively-new technology, increasing the risk of delays, Mr Abu says that the Leviathan partners are confident of the technology, having “started to analyze that in 2013, 2014.” This is a reference to talks the Leviathan partners held with Au...
Volume: 65Issue: 40Published at Fri, 07 Oct 2022 -
Shell’s Incoming CEO Set To Oversee Streamlined Mena Growth
...adership of CEO Ben van Beurden, who has been at the helm of the major since 2014. Rather than turning its back on the region, Shell has instead focused its efforts on a small number of core countries and is now turning its focus onto regional expansion. Incoming chief executive Wael Sawan takes over th...
Volume: 65Issue: 38Published at Fri, 23 Sep 2022 -
Lebanon Blocks 4 & 9: Qatar Energy To Replace Novatek?
...19 Glaucus discovery – and the recently-awarded Block 5 (MEES, 22 April). A recent diplomatic rapprochement with Egypt, with President Sisi this week visiting Qatar for the first time since taking office in 2014, also lays out the prospect of further investment in the region’s leading gas producer. Qa...
Volume: 65Issue: 37Published at Fri, 16 Sep 2022 -
Algeria’s Finances: Oil Revenue Windfall To The Rescue
...After years of low oil prices and dwindling state coffers Algeria is set for its best year since 2014 in terms of oil export revenues. Algeria’s state finances are on the up on the back of surging oil prices which have already resulted in a 75% increase in gross oil export revenues in...
Volume: 65Issue: 28Published at Fri, 15 Jul 2022 -
Shell Completes The Set For Qatar’s NFE Expansion
....2%. With prices soaring, Qatari export revenues are booming and the latest government figures show a $500mn jump in May to $12.44bn – the highest figure since March 2014’s $12.46bn (see chart). Revenues are fast closing in on that figure and on January 2014’s $12.58bn, which is the highest monthly fi...
Volume: 65Issue: 27Published at Fri, 08 Jul 2022 -
TotalEnergies First Again With Qatar LNG Expansion Deal
...ont, TotalEnergies’ Mena push has been paying dividends. Since 2014, the firm has overtaken Eni, Shell and ExxonMobil as the largest oil producer among IOCs in the Mena region (see chart 1). TotalEnergies’ willingness to take on political risk stands in contrast to other majors, most of whom have been sl...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
Majors’ Russia Exit Puts Spotlight On Mena Portfolios
...om its role at the onshore Wafra field located in the Saudi-Kuwaiti Partitioned Neutral Zone (PNZ), where it partners Kuwaiti state firm KGOC in a 50:50 JV. Last year represented the field’s first full year of production after being completely shut-in between late 2014 and February 2020 (MEES, 14 Ja...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Tethys Eyes Modest 2022 Rebound As EOG Walks From Block 49
...pex to $91mn for 2022, up from $35.2mn for 2021. Not just is this significantly above last year’s pandemic-hit capex figure, but it is significantly higher than in 2014 before the initial oil price downturn (see chart 2). The capex will be front-loaded. This investment surge is being funded by la...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Libya’s Noc Eyes Algeria Border Fields Potential
...natrach on 10 February signed an MoU in Tripoli that “aims to resume Sonatrach’s activities in Libya in order to fulfill its contractual obligations and begin to develop the discovered fields.” Sonatrach was forced to abandon its exploration activities on the Libyan side of the Algeria-Libya border in 2014...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Slimmed Down Services Firms Eye Bumper 2022 Profits
...l three are now comfortably in the black. *With increased demand for their services they are confident of further growth in margins, and profits, for 2022 and beyond; this is despite predictions that the overall market will remain “structurally smaller” than in their halcyon days to 2014...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Apache Looks To Egypt Growth Following Contract Modernization
...ases out to 20 years (see map). The deal marks the culmination of two years of negotiations which were precipitated when it became clear to Apache that the fall in oil prices – precipitously in 2H 2014 and modestly in 2019 – had rendered new investment, especially in the more mature, eastern po...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Apache’s PSC Terms: Why Modernize?
...oduction. Until 2014 “rising oil prices masked eroding underlying economics,” Apache says. But with oil prices slumping from 2H 2014, “leakage points” were exposed. “Many concessions were in backlog and not recovering their historical costs. Concessions with less attractive fiscal terms were di...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022