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UAE’s Wait To Tap Into Expanded Capacity Goes On
...r its flagship Murban crude export grade. The last time that Murban averaged more than that was 2014’s $99.45/B, when production of 2.78mn b/d was 270,000 b/d less than last year’s figure. With Murban prices set to drop to around $83/B this year, a sharp fall in revenue is inevitable for 2023. ME...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Iran Plans Major Gas Storage Expansion To Face Winter Shortages
...orasan Razavi. The latter province borders Turkmenistan and Afghanistan (see map). Fully commissioned in 2014, the two facilities receive gas via pipeline from processing plants in summer, when demand is relatively low, injecting volumes into their reservoirs. Gas is then withdrawn in winter and sent vi...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Libya Exploration Picks Up Steam As NOC Reiterates Ambitions
...13). Only two wells, of what had originally been planned as an 11-well campaign, were ultimately drilled. But though both saw “gas discoveries … in Devonian horizons,” the firm pulled out its staff and wrote off its entire to-date Libya exploration spend of $137mn as security deteriorated in early 2014...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Kuwait & Saudi Target Dorra Gas Start-Up By 2029
...ich all volumes would be piped onshore for processing is in line with the plan previously-favored by Saudi Arabia. Under these plans all gas was to be piped onshore to Ras al-Khafji, with Kuwait’s share then piped up the coast to its facilities (MEES, 4 July 2014). Failure to agree on a development pl...
Volume: 66Issue: 41Published at Fri, 13 Oct 2023 -
Shell Discovery Offers Hope As Egypt Gas Output Slide Continues
...August) has yet to result in a substantial output hike. The region’s output was flat month on month at 285,000 b/d for August despite rig count figures showing that drilling in the Western Desert is at the highest level since December 2014 (see chart 2). In addition to Apache, which says its ou...
Volume: 66Issue: 41Published at Fri, 13 Oct 2023 -
Eni Spuds Key Morocco Wildcat
...per Jurassic but that the find was insufficient to justify testing (MEES, 21 March 2014). However it is worth noting that the subsequent decisions by both Cairn and Galp to quit their acreage and walk away from Morocco in 2015 and 2016 respectively were driven more by the collapse in oil pr...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Algeria: Key Southwest Gas Field Start-Ups Boost Exports To 7-Year High
...d Reg Mouaded were originally to be developed by the UK’s BG (now Shell), and the Hassi Mouina license containing Hassi Tidjerane and Tinerkouk by Norway’s Equinor before the foreign firms walked away in 2013 and 2014 respectively having failed to agree commercial terms with Sonatrach (MEES, 29 May 20...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Libya Eyes 10,000 B/D 1H24 Output At North Hamada
...w a pipeline connection between Tahara and the parallel El Feel/Sharara to Zawiya/Mellitah trunk crude pipelines. Full development of the seven fields on Area 47’s Block 2 on which commerciality was declared in 2011 and 2014 is slated to produce 50,000-60,000 b/d liquids and 90mn cfd gas with ou...
Volume: 66Issue: 35Published at Fri, 01 Sep 2023 -
Egypt Oil Output Gains Pick Up Pace But Gas Woes Continue
...e rest of the year that will come online,” he says. The Western Desert’s total rig count averaged 79 for Q2 this year, the highest since Q4 2014. Egypt remains a key region for Apache, with ‘Apache Egypt’ capex (including a 1/3 stake held by China’s Sinopec) rising 8% quarter-on-quarter to $20...
Volume: 66Issue: 32Published at Fri, 11 Aug 2023 -
Libya Exploration Looking Up As Eni & BP Lift Force Majeure
...11. It again planned to kick off drilling in 2012 before instability picked up (MEES, 4 June 2012). BP declared force majeure in 2014, and in 2015 wrote off the $598mn it had spent up till then on “exploration and other costs in Libya” (MEES, 31 July 2015). Eni in 2018 agreed to take over as op...
Volume: 66Issue: 31Published at Fri, 04 Aug 2023 -
Iraq: Another New Gas-Focused Bid Round – Can It Attract Major Interest?
...curity in western Iraq is still a concern despite the threat from Islamic State having been much diminished in recent years. In 2014, Anbar fell to the group with little to no resistance from government forces and whether Baghdad wants to admit it or not, this will be a major consideration for IOCs po...
Volume: 66Issue: 25Published at Fri, 23 Jun 2023 -
Gulf Rig Count Surges As Services Firms Eye More To Come
...WN ON 2014-2019 LEVELS 3: ABU DHABI’S RIG-COUNT HIT A 3-YR HIGH 56 FOR APRIL WITH THE 42 ONSHORE RIGS WITHIN FIVE OF 2019’S RECORD 4: QATAR HAS BEEN STEPPING UP GAS DRILLING AS NORTH FIELD EXPANSION WORK GATHERS PACE SOURCE: BAKER HUGHES. 5: KUWAIT’S RI...
Volume: 66Issue: 19Published at Fri, 12 May 2023 -
Libya’s Oil Revenues Hit By Soaring Products Import Bill
...22’s products import bill of $4.4bn was also a record, topping 2014’s $3.5bn, with 2023 on track to hit $4bn. Prevailing volumes and prices imply gross crude and condensate export earnings of $7.74bn for Q1, some $2.4bn above the official NOC/LCB figure of $5.3bn. The former figure equates to gross ea...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Egypt’s Liquidity Crisis Sends IOC Receivables Bill Soaring Towards $3bn
...yptian independent EKH also grew in 2023, rising 38% year on year to $46.5mn, the highest end year total since 2014. The firm produces around 50mn cfd from the Tao and Kamose shallow-water fields north of the Sinai peninsula. While these amounts are nowhere near those owed by the big three, they re...
Volume: 66Issue: 16Published at Fri, 21 Apr 2023 -
Iraq’s Akkas & Mansuriya Fields: Back On Offer
...railed by the rise of the Islamic State (IS)terrorist group (MEES, 25 October 2010). Both are located in areas that were either occupied or threatened by IS in 2014 (see map), and firms continue to cite security concerns at the sites. Nevertheless, Oil Minister Hayan Abdulghani says Akkas and Ma...
Volume: 66Issue: 13Published at Fri, 31 Mar 2023 -
Egypt’s Cheiron & Kufpec Eye 25,000 B/D Gulf Of Suez Boost
...erall production edged up from 2021’s multi decade low to 568,000 b/d for 2022 (MEES, 3 March), Gulf of Suez output fell again to just 122,000 b/d, the lowest in over a decade. If GNN ramps up as planned this could potentially raise Gulf of Suez output back to 2014 levels of 143,000 b/d. Cheiron op...
Volume: 66Issue: 13Published at Fri, 31 Mar 2023 -
Baghdad’s New Contract Model: Can It Reverse IOC Exodus?
...rdistan, where Production Sharing Contracts (PSCs) were on offer, despite Baghdad threatening to blacklist any firms which signed deals with the KRG (MEES, 12 September 2014). Lack of interest in new acreage was just the beginning. Things soon deteriorated further, with IOCs beginning to exit the co...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
Chariot Advances Morocco Gas Development Plan
...her nearby leads on the Lixus permit could take reserves to 6tcf. Spain’s Repsol discovered Anchois back in 2009, before declaring it uneconomic and relinquishing the acreage in 2014. Repsol’s discovery formed part of a surge of exploration interest in Morocco’s ‘Atlantic Margin’ that petered ou...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
Egypt Oil Output Turns A Corner With Apache Drilling At 8-Year High
...evated levels. Apache says it plans to maintain a 17-rig program for 2023 for the highest annual figure since 2014 and up three from the average 2022 figure of 14 (see chart 4). As for capex, Apache reveals in its latest annual filing that it is committed to spend at least $1.8bn in Egypt between Ja...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Mena’s No.1 Producer Total Doubles Down On UAE Presence
...dn’t warrant a namecheck. 1: TOTALENERGIES' NET ABU DHABI LIQUIDS OUTPUT ('000 B/D) *2014 VOLUMES DROPPED DUE TO EXPIRY OF ADNOC ONSHORE (ADCO) CONCESSION. SOURCE: TOTALENERGIES, MEES. 2: CEPSA'S NET SARB & UMM LULU* PRODUCTION ('000 B/D) *BASED ON OMV'S EQUIVALENT 20% ST...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023