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Aramco: Can It Pull Off A 2018 IPO?
...ccessful IPO? The twists and turns in the course of preparations for the IPO of state-owned Saudi Aramco have kept investors on the edge of their seats. Cracks in the plans for the IPO have kept appearing and as 2017 draws to a close, the late-2018 deadline looks tighter than ever. The fi...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
KRG: IOCs Nervously Eye Calendar As Payment Wait Drags On
...r the next round. As MEES went to press the next batch of payments had yet to be received, elevating concerns over the KRG’s ability to maintain a regular schedule. In 2017, the KRG has actually improved its record of paying companies. The interval for 2017 payments averaged 31.7 days whereas fo...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
North Africa Focus For German $15bn Upstream Tie-Up
...tterOne, which is headed by Russian billionaire Mikhail Fridman. At the time Wintershall was also interested in acquiring DEA. DEA & WINTERSHALL: KEY MENA ASSETS *WINTERSHALL LIBYA OFFICIALLY HAS 100%, BUT GAZPROM HAS 49% OF WINTERSHALL LIBYA. 80,000 B/D IS CAPACITY FIGURE. 2017 OUTPUT HAS AV...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
GCC Debt Smashes All Records
...2017 has been a record year for GCC sovereign and corporate debt. Sustained low oil prices and budget deficits since 2015 have led to an ever-growing appetite for issuance. NOCs are now getting in on the act too. GCC sovereigns have raised a record $50.5bn in international bond issuance to...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
US Shale: Becoming A Major Game?
...tracted the lions’ share of their stretched 2017 exploration budgets and this is set to remain the case for years to come. The role of majors and large independents in the US shale sector is set to grow further due to a combination of push and pull factors. Factors pushing majors to the sector include pl...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
BP Can’t Stop Falling For Low Cost Mideast Output
...Low cost Mideast fields are of growing importance for BP. The expiry of Abu Dhabi’s Adma sees output dip, but growth in Oman & Kuwait means long-term the trend is up. BP net oil and gas output for Jan-Sep 2017 is up 10% year-on-year (excluding the firm’s 19.75% stake in Russian state gi...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Middle East Remains Important Segment In Services Firms’ Portfolio
...art of the year, Schlumberger proclaimed the industry had “reached bottom of the cycle” (MEES, 28 April) but profits so far in 2017 for services firms have been slow in appearing. Schlumberger and Halliburton posted profits of $580mn and $360mn respectively in Q3, but that is a far cry from the multi-bi...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Aramco IPO: China To The Rescue?
...ght months of 2017. A direct deal with China would help it to lock in future crude sales, thereby serving to bolster Aramco’s future growth. Indeed, Aramco has already been working hard to lay the foundations for catering to China’s future crude demands. Energy Minister Khalid al-Falih, who also ch...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Aramco IPO: Is 2018 Deadline Doomed?
...ction to ‘Recent Growth-Enhancing Structural Reforms’. Three key reforms essential to capital market development have been successfully implemented the IMF says: the launch of the Nomu secondary equity market in March 2017, the introduction of the T+2 settlement cycle for securities in April 2017 and th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Saudi King Salman’s Historic Russian Visit: Will It See Trade Leap?
...OM A LOW BASE Russia’s Industry Minister, Denis Manturov, said on 4 October that bilateral trade in the first half of 2017 had increased 30% year-on-year. However, certainly before this year, bilateral trade had been falling: 2016’s $7.4bn was well down on the previous year’s $12.4bn. The key ex...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Tamar Downtime Is Wake-Up Call for Israel
...neration fuel mix for 2017, with coal 37-38% and renewables the remaining 2-3%. In the absence of Tamar gas, Israel had to switch in diesel and fuel oil (see chart). In case of a longer outage it also has the option of importing LNG via a receiving buoy offshore the northern port city of Hadera. It is st...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Rosneft Plans Key Gas Pipeline To Unlock Kurdish Exports to Turkey
...creasingly competitive Turkish market. Turkey imported 45.4bcm of gas in 2016, of which number one supplier Russia provided 24.5bcm (54%). Imports are on course to soar to 55bcm in 2017, with Russian supplies growing to 29bcm, though Russia’s market share (53%) is broadly steady (see chart). The ca...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
KRG Receives Chevron Boost
...200 b/d at its Shewashan field over 2017. But while it completed a 10,000 b/d early production facility and a fourth well last quarter, output languishes at around 1,100 b/d due to water-cut problems....
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Algerian Oil Bolstered By Berkine Basin Prospects
...sponsible for the only new-field crude production scheduled for 2017 (MEES, 3 February), but it is taking longer than expected to ramp up. Production start-up was completed at the end of 2016, with development activities to be completed “during 2017,” according to Eni’s 2016 Factbook, published in April (ME...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Petronas Quits Algeria As Cepsa Expands
...Whilst foreign investors in Algeria’s upstream include an unlikely assortment of Asian NOCs, one firm heading for the exits is Malaysia’s Petronas. Petronas has decided to divest its oil and gas assets in Algeria, it said in the press release accompanying its H1 2017 results, published on 25...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Kufpec Splashes The Cash in Norway But 2020 Target Remains Distant
...kes some retrospective accounting gymnastics for Kufpec to include Bongkot in its 2016 output figure. The Thai purchase was announced in January 2017 (MEES, 3 February) but has yet to complete – Kufpec’s recently-released 2016 Annual Report says the acquisition is expected to be completed by end-2017. No...
Volume: 60Issue: 36Published at Fri, 08 Sep 2017 -
Oman Taps Abu Dhabi For Wind Farm Cash
...scat government are overstretched, leading it to raise $10.55bn of funding from the international finance market already this year (see p12), the Abu Dhabi Fund for Development (ADFD) is already lined up to back the $200mn wind project. Raeco originally aimed to have the wind farm online in 2017. Ho...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Dana Gas: Profits Up, Litigation Up, Zora Write-Down Looms
...UAE firm Dana Gas this week reported a rise in profits and revenue for the first half of 2017 based on sharply higher oil prices, and lower capex, compared to the same period last year. But litigation is beginning to rival gas and oil production as Dana’s main line of business, with ho...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
TransGlobe: Exploration Write-Dow, Cargo Delay
...ded 2,500-2,700 b/d of Canadian output in January – its only non-Egypt production. The firm now plans 2017 capex of $41.5mn (Egypt $35.4mn), towards the lower end of earlier guidance. TransGlobe priority for the second half of 2017 is to firm up the production potential of the Boraq discovery on th...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Mini Egypt Bid Round As GPC Expands
...nancial year (to 30 June 2017), of which around 47,000 b/d is oil and around 22mn cfd gas. A 4 August oil minstry press release says output has since risen further, to a record 57,000 boe/d. For 2017-18 as a whole GPC plans output of 53,000 b/d crude and 30mn cfd of gas, an implied total of around 59,000 bo...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017