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BP Back in Business With Abu Dhabi Deal
...d-2017. Production gains from the onshore concession are an essential part of Abu Dhabi’s plans to increase capacity from 3.1mn b/d to 3.5mn b/d in 2017. The remainder is to come from the two offshore concessions, Adma and Zadco which are currently being merged (MEES, 11 November). While 3.5mn b/d looks ou...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Iran Looking Ahead To A Big 2017 In Its Oil And Gas Sector
...Iran can look back at a successful 2016 in its oil and gas sector, with production soaring. But 2017 looks to be bigger still as it aims to finalize contracts with IOCs. The bulk of international sanctions targeting Iran were lifted in January and the country’s crude output has soared by...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Should I Stay Or Should I Go? Majors In The KRG
...nada’s Western Zagros as operator of the Garmian block in southwestern Kurdistan in May. Both partners have 40%. • Production comes from the Sarqala field, which is producing around 5,500 b/d of light oil from one well. Spudding of a second well has been pushed back from H1 2017 to Q3 2017, bu...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Eni Cuts Zohr Stake: BP First Taker, Rosneft Next?
...gned with BP, the UK firm has an option to buy a further 5% stake under the same terms “before the end of 2017,” ie Zohr’s planned start-up date. BP is Eni’s habitual partner in the Egyptian Mediterranean. The firms have a 50:50 split of the three key offshore Mediterranean blocks – El Temsah, Ras El...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Schlumberger Joins List Of Firms Knocking On Iran’s Door
...ll comply with laws governing operations in Iran, there is a significant risk – although this is a factor that oil firms are used to dealing with – that President Elect Donald Trump will change US law on sanctions when he enters the White House in January 2017. Mr Trump has publicly condemned the li...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
‘Iran Is A Risk…The US Is A Risk’ Total’s Pouyanné Speaks To MEES
...oduction, 9% last year, more than 4% this year, more than 4% next year. We have a huge portfolio of projects. The strategy for me is that in a commodity business with volatility you need to invest when the price is low because the costs are lower too. But you need cash to do that. From 2017 we will again sa...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
KRG Sees Signs of Green Shoots In Its Troubled Oil Sector
...oduction gains in 2017. But huge problems remain, not least that debt payments for earlier oil prepayments are crimping revenues to such an extent that oil revenues remain below the public sector wage bill. Refining runs have been slashed in a bid to maximize export revenues in order to make payments to IO...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Streamlined Oxy Set to Bag UAE Gas Expansion Project
...5% to 8% in 2017.” Capex in the first nine months of 2016 was just $1.99bn, down more than 50% on the same period last year and barely a third of the first nine months of 2014. OCCIDENTAL PETROLEUM: MENA PRODUCTION *DOLPHIN PRODUCTION COMES FROM QATAR'S NORTH FIELD. **EXCLUDES iRAQ, BA...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
US Firms Pull Back From The World
...ise production in 2017 whilst further cutting capital spending (capex) which is already, at just over $5bn for Q3 2016, 50% down on 2014 levels. Chevron’s 2014 capex spend was $40.4bn, it was $33.8bn for 2015 and “we will likely end [2016] below $25bn in capital outlays, in fact potentially coming in cl...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Green Shoots Begin To Emerge As Oilfield Service Firms See Signs Of Revival
...bsgaard highlighted the IEA revising global oil demand upwards for 2017, and Opec’s plans to implement a production ceiling below current output levels at next month’s meeting, as indicators that oil prices could see “upward movements.” But tempering the optimism he says that “visibility remains li...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Iran Opens Pre-Qualification For Upstream Tenders
...adegan field will be the first to be offered. NIOC Managing Director Ali Kardor announced on 17 October that a tender for the 42bn barrel field, currently producing around 60,000 b/d, is planned for next month, before pre-qualification concludes. The winner is expected to be announced in early 2017...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Shell Restarts LNG Exports From Gas-Strapped & Cash-Strapped Egypt
...port tender is to be launched before the end of the year, with the bulk to be delivered in 2017 and 2018. Cairo’s desire for relaxed payment terms has meant that most of its import cargoes have come from traders at a premium to prevailing market rates for mid-to-long term deals from suppliers. Eg...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
IOCs Stall KRG Investment On Renewed Payment Concerns
...invest $71mn at Shaikan over 2016 and 2017 ($35.5mn/year) to maintain production at 40,000 b/d, rising to $88mn to increase this to 55,000 b/d. Some $13mn of the additional spend would be for a third production facility. Investment is therefore $3.4mn below the level needed to maintain output an...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
LIA Litigation
...re than $200mn. The claims are “without merit,” says Goldman. The High Court ruled in late July that LIA’s lawsuit against SocGen will be delayed from January 2017 to April after lawyers representing the bank petitioned for more time to complete preparatory work on the case. They cited the on...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Dana Gas Eyes Further Egyptian Production Gains
...unterclaim will be held by the court in early September. A further hearing for the level of damages will take place. A date has yet to be confirmed, but Mr Allman-Ward expects it to be in 4Q16 or Q1 of 2017. The English High Court last year ordered the KRG to pay $100mn of this, and Mr Allman-Ward told th...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Iran Oil Contracts Move One Step Nearer
...eenlights the IPC swiftly, there is a strong likelihood that no contracts will be finalized under it until 2017. The scale of investment needed for projects in Iran means that a lengthy evaluation process would be required before a bid would be submitted, and Iran has yet to finalize which fields will be of...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Oilfield Services Firms Forecast Upturn As Industry Looks To Overcome Crisis
...day. The prices will have to get there soon or the supply challenges will be even greater.” Halliburton forecasts its US and Canada markets picking up the quickest, with a “continued modest uptick in the US rig count during the second half of the year and becoming more meaningful as we go into 2017...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Apicorp And Bahri Plan $1.5bn Saudi VLCC Shipping Fund
...at “with a current fleet of 36 VLCCs and 10 newbuild orders scheduled for delivery in 2017-18, the 15 crude carriers proposed for acquisition under this fund will propel Bahri into becoming the largest operator of VLCCs in the world.” Last year Bahri awarded Korea’s Hyundai Samho Heavy Industries a co...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Acwa Gets $1.8bn Power Refinance Deal
...33.” Acwa is also involved in the 2.1GW Rabigh 2 IPP project, with partners Samsung of Korea and Dubai-based Mena Infrastructure Fund. Rabigh 2 is owned 50% by the Acwa-led ground and 50% by SEC. The gas-fired plant is scheduled for completion in 2017. SEC is owned 74% by the Saudi government, 7% by...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
GCC Bonds’ Bumper Year: 1H16 Surpasses All Previous Full-Year Historic Highs
...pay or refinance bonds worth $94bn in 2016 and 2017. But the current Brent futures curve has oil remaining below $54/B over the next 24 months. The accumulation of debt has led to comparisons with the region's rapid credit expansion in the mid-2000s and subsequent crunch in 2009. “The concern is...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016