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NOCs To Drive Gulf 2016 Output Gains Despite Further Belt Tightening
...aching its target of 980,000 b/d average liquids production in 2015: January-November output averaged 978,000 b/d. Output averaged 943,000 b/d for 2014. With state-led Petroleum Development Oman (PDO) announcing plans in April to reach a sustainable production plateau of 600,000 b/d by 2019, up from 2014...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
China, UAE Deepen Strategic Oil Partnership
...fectively been in control of the country since his brother President Khalifa bin Zayid suffered a stroke in January 2014. This highlights the likelihood that the underlying rationales are as much political as economic. The announcement is the second such large tie-in between Emirati and Chinese firms in...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Oman Starts Qualification For Three New Desalination Plants
...line in 2017-19 and will take Oman’s desalination capacity under development to 970,000 m3/d. OPWP expects Oman’s peak water demand to rise from 934,000 m3/d in 2014 to 1.34mn m3/d in 2020. Oman’s current desalination capacity is 740,000 m3/d. OPWP has awarded Singapore’s Hyflux and local firm Mo...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Shell Egypt Output At 15-Year High Ahead Of BG Takeover
...e Western Desert’s Northeast Abu al-Gharadig block located within Bapetco’s main license area (MEES, 19 December 2014). The gas price agreed with both firms is $5.45/mn BTU, but Shell is now believed to be asking for more. State firm EGAS pays a maximum of $5.88mn BTU for gas output but has so far on...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Iraq Reform Efforts Sputter, Budget Battle Heats Up
...thorities will implement a fiscal consolidation that will contain public expenditure in line with available revenue and financing” with the aim of “reduc[ing] the non-oil primary deficit by 4% of non-oil GDP between 2014 and 2016.” It took a couple of days for this to fully hit the Iraqi media, wi...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
BG Deal Brings Cyprus, Israel Gas A Step Closer To Egypt
...lit evenly between its Delek Drilling and Avner Oil subsidiaries). And BG is already involved here: Noble and Delek in June 2014 signed a letter of intent with BG to supply Idku with 105 bcm of Leviathan gas over 15 years. Noble says it is in discussions with Cyprus to reassess the original de...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt: IOC Receivables Fall 5% In Q3, But Still Up On End-2014
...ES, 14 August). However dues are up by $500mn on the end of 2014. Egypt made a series of large payments late last year and at the time pledged to repay its debts to foreign oil and gas firms by the end of 2016. However amid slumping gas output, which slipped to a 10-year low of 4.2bn cfd in Q3 20...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Dana Gas Positive On UAE, Egypt, But Kurdish Receivables A Major Concern
...evious year’s 68,700 boe/d. Declining output from the company’s Nile Delta gas acreage is to blame: production in Egypt fell 21% from 40,500 boe/d in Q3 2014, to 32,144 boe/d, with the company blaming this on natural decline. Indeed Dana Gas share of production in Iraqi Kurdistan actually increased sl...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Apache Hits Egypt Output Record Despite Capex Cuts
...US independent Apache boosted its gross Egyptian output to 362,000 boe/d in Q3, the highest level in more than three years. Gains came despite swingeing capex cuts. Apache’s gross oil production hit 216,500 b/d in Q3, up 5% on Q2, with the boost coming from the firm’s late 2014 Ptah and Be...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Anadarko Bids For Apache, Steps Back
...13). Apache, together with Shell, is pioneering shale exploration in Egypt: the firms late last year finalized a deal with Egypt to drill the first horizontal wells into shale rock on the Western Desert’s Northeast Abu al-Gharadig Block (MEES, 19 December 2014). The gas price agreed with both firms is...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Sonatrach Names New VPs
...stream and downstream projects. Changes at the management level of Alnaft, the regulatory body responsible for overseeing tender procedures, are also under way, MEES understands. Only four blocks out of 31 were awarded in Algeria’s latest round in late 2014, with sources citing the usual lack of fi...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
EBRD New Energy Funds
...s first proposed last year, at a time when the World Bank had announced backing for Morocco’s 350MW Noor 2 and 3 concentrated solar projects ($519mn) and 100MW Tafilalt solar PV plant ($26mn), and Jordan’s 117MW Tafila wind farm ($221mn – MEES, 24 October 2014). The Khalladi wind farm is to be bu...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
BG’s Egypt Decline Expected To Continue As Shell Takeover Nears
...6 barrels of oil equivalent (boe) per day. This came despite a fall to 43,000 boe/d in Egyptian output. Although the firm does not give a quarterly gas/oil breakdown, for 2014 its Egyptian output was 95% gas from the West Delta Deep Marine (WDDM) and Rosetta fields. This split implies Egyptian gas ou...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Libya: Little Sign Of Optimism In Operators’ Q3 Results
...October). The company reported overall Q3 losses of $2.6bn, compared to profits of $1.2bn for the equivalent period of 2014, while revenues dropped from $3.6bn to $2.1bn. The US firm has 25% of the 60,000 b/d capacity Zueitina fields, as well as sizeable Libyan exploration acreage (see map, ME...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015 -
Occidental To Focus On ‘Core’ MENA Assets
...ross the Middle East in 2014 – including in the UAE and Oman (MEES, 6 March). The US mini-major will now look to raise approximately $600mn from the sale of acreage in the US Bakken formation’s Williston Basin, CEO Stephen Chazen says. This would make Oxy one of the largest operators to pull out of the Ba...
Volume: 58Issue: 44Published at Fri, 30 Oct 2015 -
Mideast Revenues Prop Up Oilfield Services Giants
...s seen its revenue drop every quarter since the turn of the year. But the Middle East, where investment by state oil firms has largely held up, has been one bright spot. The four firms overall saw the share of their revenue coming from the Middle East and Asia rise from around 20% in Q4 2014 to ar...
Volume: 58Issue: 43Published at Fri, 23 Oct 2015 -
Keystone Keeps Wolf From The Door With New KRG Payment
...rway’s DNO and its partners in the 150,000 b/d Tawke field, and London-listed Genel and its partners at 130,000 b/d Taq Taq (MEES, 11 September). Previous similar payments were in December 2014. GKP, under pressure from the KRG, from mid-September agreed to export all of its 40,000 b/d production via th...
Volume: 58Issue: 42Published at Fri, 16 Oct 2015 -
Oil Services Sector To Cut More Jobs Amid Oil Price Squeeze
...added he expects smaller firms to merge as a direct response to the “industry downturn”. Oil prices are down by more than 50% from their mid-2014 peak of around $110/B (for Brent), with the steepest fall taking place in the last two months of 2014. IOCs took some time to slash their capital sp...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Egypt: New Ganope Bid Round
...l production. On 3 August the firm awarded five of the 10 blocks on offer in its 2014 bid round with total commitments for $100mn to drill 16 wells. Three of the awarded blocks were for well-worked acreage in the southern Gulf of Suez, while Houston-based IPR took both Western Desert blocks (ME...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Egypt Partners Up With Kuwait Energy For First Foreign Exploration Venture
...mand turn the country into a net energy importer from an energy exporter (see p7). The deal leaves Egypt with a 10% stake in the license in southern Iraq. KEC, which operates Block 9 with 60%, reported its second discovery on the asset in December 2014, this time in the Yamama formation which te...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015