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Egypt Oil Recovery Slow To Arrive: Will 2023 Be The Year?
...sert. It’s not only Apache’s rig count that has risen, the Western Desert’s overall rig count averaged 74 for Q3, the highest since Q1 2015, whilst the national total of 115 was the highest since Q4 2014. 1: APACHE'S EGYPT SPENDING AND ACTIVITY IS AT A 7-YEAR HIGH.... *INCLUDES 1/3 SINOPEC ST...
Volume: 65Issue: 45Published at Fri, 11 Nov 2022 -
Algeria Prepares Oil & Gas Bid Round
...Algeria plans to launch its first oil and gas bid round since 2014 early next year as it seeks to kickstart foreign investment into its upstream sector. Algeria is preparing to launch an oil and gas bid round under its new oil law by the first quarter of 2023 as it seeks to reinvigorate it...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Egypt’s Western Desert Output Hit By Rig Delays As Gas Drilling Shunned
...the lag between handing over produced volumes to the state firm and EGPC paying for them. And though total receivables remain a far cry from the $6bn-plus figure that EGPC owed in 2013 and 2014, latest corporate filings show that dues are again edging higher – perhaps not surprisingly given Eg...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Libya’s NOC Moves To ‘Save’ Key Oil & Gas Project
...(MEES, 27 November 2020). The development has since 2014 been operated by the Nafusah Oil Operations consortium consisting of Medco (24.5%op), Libyan Investment Authority (LIA 24.5%) and NOC (51%). In a bid to “save the project”, Mr Bengdara has, according to Mr Sanalla, set up a committee to ne...
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Libya Oil Blockades: Back With A Vengeance
...ter the capital (MEES, 20 May). The division in the country, roughly split between eastern and western lines, is eerily looking like the period between 2014 and 2020 when parallel administrations in Tripoli and the east competed for power. That period was particularly tumultuous with oil pr...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
Oman LNG Bounces Back Following Maintenance Work
...ll below the peaks achieved in 2013 before hydrocarbon prices collapsed in the second half of 2014 (see chart). Oman LNG’s financial performance rebounded from 2020’s Covid-lows last year, and strong gains this year could push revenues well above 2018’s recent highs of $3.51bn. Topping 2014’s $4....
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
Tehran & Baku Agree To Double Gas Swap
...anian gas grid, near the Caspian Sea port of Neka (see map). In the past Iran had turned a profit from importing gas from Turkmenistan at a much lower price than it received from exports to Turkey (MEES, 3 October 2014). Another consideration beyond logistics, is that Iran’s own demand for gas – es...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Iraq Unveils Optimistic Production Capacity Targets
...e planned production targets (PPT) at key fields were being revised down. For instance Iraq’s biggest field – the 1.45mn b/d capacity Rumaila (BECL: BP 47.63%, CNPC 46.37%, Somo 5%) – has had its PPT revised down from 2.85mn b/d to 2.1mn b/d in 2014 and then down to just 1.7mn b/d last year (ME...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
ExxonMobil Quits Iraqi Kurdistan
...initially handed back the Betwata, East Arbat and Qara Hanjeer blocks (see table), due to a combination of geological and geopolitical issues. Qara Hanjeer in particular was located in a sensitive area in territory disputed with the federal government in Baghdad, and work had been held up over 2014...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
North Africa Gas Exports To Europe Fall Amid Russian Uncertainty
...th only limited upside possible. Algeria, Libya and Egypt’s combined 55.4bcm of exports last year – including volumes to Turkey and the UK – were the highest since at least 2014 (see chart 2). Simply keeping volumes at this level would be a massive achievement. ALGERIAN SUPPLIES TAPER OF...
Volume: 65Issue: 14Published at Fri, 08 Apr 2022 -
Basrah Gas Proposals Risk Undermining TotalEnergies Megadeal
...d Zubair fields which were awarded in Iraq’s first licensing round (LR1) in 2009 is now unattainable after their production plateau targets (PPT) were revised down in 2014 (MEES, 5 September 2014). As a result BGC wants to expand the scope of its operations beyond this trio of fields. But de...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022 -
Kuwait & Saudi To Develop Joint Offshore Dorra Gas Field
...oduction from the offshore portion was halted in 2014, and the onshore portion in 2015, due to disagreements between the two and only resumed in February 2020 (MEES, 28 February 2020). PNZ exports have since recovered to around 250,000 b/d according to data intelligence firm Kpler, well below the notional 50...
Volume: 65Issue: 12Published at Fri, 25 Mar 2022 -
Petronas To Exit Egypt: LNG & Upstream Stakes On The Block
...ar dispute between Cairo on one side and Shell (formerly BG) and Petronas on the other (MEES, 21 January 2014). Though Shell sought to calm the waters with a return to investment in 2018 (MEES, 23 March 2018), this remains a live issue. The major’s freshly-released 2021 annual report flags up as...
Volume: 65Issue: 10Published at Fri, 11 Mar 2022 -
Dana Petroleum Quits Key Egypt Assets
...it Bay, South October and South Wadi Dara – as well as 30% of the Eni-operated West Abu Gharadig in the Western Desert. The firm also retains 100% stakes in two Upper (southern) Egypt exploration concessions, West Dakhla-1 and -2, which it signed up for in December 2013 (MEES, 3 January 2014). PO...
Volume: 65Issue: 10Published at Fri, 11 Mar 2022 -
Egypt: Record 2021 Gas Output But Outlook Uncertain
...ices headed south in late 2014, with 2020 seeing further cuts to capex budgets. … NOW FOR THE REBOUND? However Cairo has now moved to stop the rot by updating production sharing contract (PSC) terms that, key producers argued, failed to incentivize investment in mature ac...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Iraqi Kurdistan Gas Pipeline Boost: Turkey Exports Next?
...reement, Kurdistan was to supply Turkey with an initial 4 bcm/year from 2017, rising to 10 bcm/y by 2020 with the option of increasing to 20 bcm/y (MEES, 17 January 2014). A 2017 agreement for Rosneft to construct a pipeline with up to 30 bcm/y capacity also came to naught. Progress since then has been es...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Iraq’s Crude Export Revenues Surge To 10-Year High
...aqi crude was selling at $105/B, while in January the figure was $83.25/B. This was the first month since October 2014 that Iraqi crude has retailed at more than $80/B. February has gotten off to a strong start with oil prices high, and Iraq will be looking to push export volumes up amid the easing Op...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Calvalley Shuts Yemen’s Block 9 Over Security Concerns
...p). Calvalley last year said output from Block 9 was averaging 6,700 b/d, a slight increase from 2013 pre-conflict output of 6,000 b/d (MEES, 7 February 2014). Having declaring force majeure in 2015 (MEES, 23 January 2015) the firm resumed operations in July 2019 and spent $35-45mn on rehabilitating ke...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Algeria’s 1mn B/D Challenge
...present a substantial decrease on previous programs. But if spent right, this need not be a bad thing (MEES, 15 January 2021). Surging oil prices will provide some comfort – Brent hit $90/B for the first time since 2014 last week – but it is important this doesn’t spark a return to wasteful spending pr...
Volume: 65Issue: 05Published at Fri, 04 Feb 2022 -
Neutral Zone Exports Jump To Highest Level Since 2020 Output Restart
...erated by Khafji Joint Operations (KJO) which is a 50:50 venture between Kuwait’s state owned KGOC and Saudi Arabia’s state owned AGOC. KJO halted operations in late 2014 (MEES, 24 October 2014) before restarting in February 2020. Meanwhile the onshore operations are conducted by the 50:50 Wafra Joint Op...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022