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Algeria: Sonatrach Re-Engages With IOCs In Race Against Upstream Decline
...llapse, production problems and multi-year project delays. But new Sonatrach CEO Amine Mazouzi and his team have injected something of a sense of urgency with a more pragmatic approach. Algeria’s most recent bidround in late 2014 flopped with only four of 31 blocks awarded amid unattractive fiscal and in...
Volume: 58Issue: 52Published at Wed, 23 Dec 2015 -
Can The KRG Keep Up Its Monthly Oil Payments?
...leased by the MNR on 1 December highlights the financial challenges facing the KRG. Oil export revenues averaged just $574mn/month for July-September, far below the $1bn monthly payments the KRG had been expecting to receive from the Iraqi federal government under a lapsed December 2014 agreement. Th...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Aramco Management Revamp
...ggaf is now Senior Vice President, Operations & Business Services. He had been acting service line head of operations and business services since 2014....
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Saudi, UAE, Oman Hit Drilling Records But US Rig Count Free-Fall Continues
...ta, languishing at just 737, less than half the September 2014 high of 1,931. US crude production has also declined, albeit more slowly. Latest EIA data indicate output of 9.17mn b/d for November, some 350,000 b/d down on April’s 9.53mn b/d peak, and almost exactly level with a year earlier (MEES, 4 De...
Volume: 58Issue: 50Published at Fri, 11 Dec 2015 -
Iran Launches New Contracts Ahead Of Opec Meet
...ximize recovery rates at fields (MEES, 13 November). The much-delayed launch of the IPC finally materialized on 28-29 November in Tehran. Initially planned to be launched in London in April 2014, the process has been inextricably linked to the nuclear negotiations with the P5+1, which were extended on...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
KRG: More Payments Needed To Unlock Investment
...4mn/month for July-September, far below the $1bn monthly payments the KRG had been expecting to receive from the Iraqi federal government under a December 2014 agreement. Federal payments peaked at $432mn in March. So far this year the KRG has received a total of $1.987bn from Baghdad for oil exports ac...
Volume: 58Issue: 49Published at Fri, 04 Dec 2015 -
Kuwait Seeks Silver Lining In Price Downturn
...oviders – in order to ensure that “when this recovery does happen, and it takes time but it will happen, that we are in a position to supply.” Indeed, Kuwait posted its first budget deficit since 1999-2000 for 2014-2015. The deficit was KD2.31bn ($8.0bn) for the year that ended in March 2015, whilst the bu...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Kufpec Charged With Bringing Technology Back Home
...rget, Kufpec has been expanding aggressively under the auspices of Shaikh Nawaf, following former CEO Nizar al-‘Adsani’s appointment as KPC chief in 2013. Although there was no production increase in 2014, Shaikh Nawaf attributes this to a focus on buying assets in the development stage. Some of Ku...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Libya: Could ‘Peace Deal’ Double Oil Output To 800,000 B/D?
...cent years, which culminated in an armed incursion into the Sharara field in November 2014. Unlike several fields in the Sirte basin, no major damage has been reported to field infrastructure at Sharara and El Feel. Field managers at Sharara said in December 2014 that the field was being kept ready to...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Repsol On Libya: Bad News Only
...erating income and €42mn off adjusted net income in the third quarter. The company operates the Sharara field, which has been shut in since November 2014 (see main story). The lack of exports from Libya cost the company $0.3bn year on year during the first nine months of the year, it said. Adjusted ne...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Looks Beyond Current Storms To Gas-Fueled Upland
...rrency reserve issue will be resolved within the next twelve months. Tourism, a pillar of Egypt’s economy, making up 12% of GDP in the 2014-15 financial year (ending 31 June), is also an important source of foreign reserves (MEES, 13 November). But with the 31 October downing of a Russian passenger pl...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Edison Hopes For More Zohr
...e south. Both are split 50:50 with Irish independent Petroceltic, with Edison operator, and abut the maritime border with Israel (see map above). North Port Fouad was awarded in EGAS’ 2014 bid round and North Thekah in 2013 bidding, while the firm snapped up the neighboring Northeast Hapy li...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Saudi Crude Output Up But Refiners Put Squeeze On Exports
...ile September’s 744,000 b/d feed to electricity generators is below the summer peak of 894,000 b/d – itself just short of an all-time record – it is still seasonally high, some 15% higher than 648,000 b/d for September 2014. Refinery crude intake reached a new record of 2.50mn b/d in October, with th...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Oxy Set To Quit Iraq’s Zubair After Payment Frustration
...,000 b/d for 2014 is 7.5% of its regional total of 173,000 b/d. The other assets Oxy would most likely be looking to offload are in Libya and Yemen, but the high levels of political risk – Libya’s Zueitina export terminal is again closed, while Oxy evacuated its staff from Yemen in January – mean that fi...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
KRG Exports: Have They Peaked?
...0 b/d) 2014 1Q15 2Q15 3Q15 15-Jul 15-Aug 15-Sep 15-Oct Exported to Ceyhan (Pipeline) 12...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Kuwait’s Equate Seeks $6bn For MEGlobal Buy
...tention to “reconfigure and reduce its equity base” in its Kuwaiti ventures, PIC said that part of Dow’s stakes in the joint ventures could be sold on the Kuwaiti stock exchange through an initial public offering (IPO) for Kuwaiti citizens (MEES, 21 November 2014). The company has not said since whether an...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Iran Signs Basra Gas Supply Deal
...eatly reduced crude export revenues, which MEES estimates are on track to total just $49bn this year – despite the hike in volumes – down 42% from 2014’s $84bn. NIGC chief Hamid Reza Araqi told Shana that the proposed pipeline will be supplied with gas from Iran’s IGAT-6 trunkline, which carries So...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Cash-Strapped Iraq Turns To IMF
...n-oil primary deficit by 4% of non-oil GDP between 2014 and 2016,” IMF mission chief Christian Josz says. The SMP includes measures to strengthen public financial management while countering money laundering and the financing of terrorism, as well as financial sector stability, Mr Josz says. The SM...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Adipec Delegates Push For Gas To Be ‘Part Of The Solution On Emissions’
...ter the completion of a pilot scheme, the UAE is forging ahead with plans to inject up to 800,000 tons/year of CO2 recovered from the Emirates Steel plant into Adnoc oil fields (MEES, 14 November 2014). The CEO of the Abu Dhabi Company for Onshore Operations (Adco), Mr ‘Abd al-Mun’im al-Kindi, told de...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
IEA Rolls Up Sleeves In Run-Up To Climate Conference
...bsidies were around $490bn in 2014, but would have been around $610bn without reforms enacted since 2009,” the IEA says. On the flip side, a prolonged period of lower oil prices could also discourage $800bn of energy efficiency investments between now and 2040. “In a world where the oil price is $50/B fo...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015