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Egypt: Key Eni Wildcat
...pears to have bumped drilling of a fourth development well at the Atoll field from 1Q 2020: the Maersk Discoverer is currently in place. ‘Phase-1’ Atoll output began in December 2017 with the latest well slated to hike production from 300 to 400mn cfd (MEES, 30 August). Following Atoll, the rig will mo...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Algeria Blocks Total-Oxy-Anadarko Deal
...adarko Africa’ price tag, save for a clear indication that Mozambique accounted for the lion’s share. Total had already acquired 12.25% of the blocks in question (404a and 208) when it bought Maersk’s upstream assets in 2017 (MEES, 27 August 2017). The deal to take Occidental’s operating stakes of 24...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Not So Rapid: Aramco Malaysia Downstream JV Delayed
...ds. Aramco’s 9 November IPO prospectus says the PrefChem ARDS fire “has delayed the expected commissioning of the facility from the end of 2019 until the second half of 2020.” Aramco paid Petronas $7bn to buy into the PrefChem refinery and integrated petchems project in 2017, when it was called th...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
KRG Eyes Major Boost As Exxon/DNO Firm Up Baeshiqa Light Oil Find
...praisal drilling on the Baeshiqa license it had issued “a notice of discovery” for “light oil and sour gas” to the KRG. Located in territory disputed by Baghdad and the KRG, DNO agreed in 2017 to take half of ExxonMobil’s 64% stake in Baeshiqa and obtain operatorship (MEES, 8 September 2017). The cu...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Aramco Kicks Off Share Offering: But At What Price?
...came Crown Prince in June 2017 consolidating his position as the kingdom’s de facto day to day ruler (MEES, 23 June 2017). The desire for a high implied valuation seems to have been a key factor behind both the delay to any sort of IPO and the kicking of an international listing into the long gr...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Abu Dhabi’s Mubadala Puts Gas At Center Of Petroleum Strategy
...rst came the merger with fellow state-investor IPIC in 2017 (MEES, 24 February 2017), and after a period of consolidation last year saw a slew of major investments (MEES, 20 April 2018). The state investment vehicle’s consolidated energy portfolio sits in the Petroleum and Petrochemicals platform, wh...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
MEES Interview: Musabbeh al-Kaabi, CEO of Mubadala Petroleum & Petrochemicals
...Q: Mubadala has accelerated energy sector investments over the past 18 months. What benefits have you realized from the increase in scale in your portfolio following the merger with IPIC in 2017? A: Our investment business is now well-established and we are very pleased with the progress si...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Qatar Banks On North Field Leverage To Boost Aggressive Overseas Expansion
...rld’s dominant LNG supplier is set to strengthen further (see p9). Despite its recent acquisition spree, QP has a long road ahead of it to achieve its international aspirations. Still, Mr Kaabi has long-term aspirations, telling MEES in 2017 that “Qatar Petroleum; in 10 years from now you will not re...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Faces Up To LNG Market Changes
...erging LNG market in which Qatar is the dominant player. State firm Petrobangla has two 3.75mn t/y floating storage and regasification units (FSRU), and a 2.5mn t/y supply deal was signed with Qatargas in July 2017 with supplies beginning in April 2018. However, the involvement of rival Saudi Arabia in th...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Qatar Petroleum Puts Petchems Front & Center
...ants). The new cracker will boost capacity to 4.54mn t/y, or potentially more if the scope is increased. EYING FUTURE PROJECTS… When Mr Kaabi unveiled the new ethane cracker project to MEES in 2017 (MEES, 8 December 2017) it marked the emirate’s first planned petrochemicals expansion since it ax...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
‘We Are Not Aggressive Enough’: Qatar Energy Minister Speaks With MEES
...pointed minister and pushed it forward. It was really my project of looking at that. Q: What have been the advantages for you? A: No regrets. No regrets at all. ON QP’S INTERNATIONAL EXPANSION Q: When we spoke two years ago [MEES, 8 December 2017], one of your key points of fo...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Russia SWF Opens Saudi Office
...sit Russia in a landmark October 2017 visit which publicly demonstrated the warming relations (MEES, 6 October 2017). So far, the strengthening of ties has been primarily played out in the oil markets arena, with Russia and Saudi Arabia the key players in the Opec+ production agreement. The next st...
Volume: 62Issue: 41Published at Fri, 11 Oct 2019 -
Aramco Releases Dividend Details In IPO Push
...w, it also significantly caps funds available for a potential dividend windfall during periods of high oil prices. Aramco also pays the government corporation tax at a rate of 50%. This was brought down from 85% in 2017. Senior government officials have flagged up the speed with which Aramco ha...
Volume: 62Issue: 40Published at Fri, 04 Oct 2019 -
Oman: Record Condi Output
...ve to further ease crude production elsewhere to maintain Oman’s compliance with its 970,000 b/d Opec+ oil production commitment. Oman’s condensate output only averaged 86,000 b/d in 2017 but has been driven up by the sultanate’s rebirth as a major natural gas producer (MEES,28 June). Prior to Ra...
Volume: 62Issue: 38Published at Fri, 20 Sep 2019 -
Total Lauds Latest QP Tie Ups
...ighboring blocks 2913B and 2912. QP will take 30% of Block 2913B, with Total retaining a 40% operating stake alongside private firm Impact Oil (20%) and state firm Namco (10%). The block lies 150km west of (ie further offshore from) the Kudu Gas field and Impact says that 3D seismic data acquired in 2017 in...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Mauritania: Total Wildcat
...cember 2017), and Shell with two blocks last year (MEES, 27 July 2018) also see Mauritania as a key part of their international exploration portfolio. As for the Pacific Santa Ana, following the completion of Total’s C-18 well, it will plug and abandon former production wells at the Chinguetti field un...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Aramco 1H 2019 Results: More Numbers, But Opacity Remains
...lling to divulge comes as the company prepares for an initial public offering (IPO), now tentatively slated for 2021. This week’s earnings release and accompanying first-ever analysts’ call follows April’s release of comparable numbers for 2018 and 2017 in the prospectus for a $12bn debut international bo...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Total Sees Algeria Revenue Fueling Mozambique LNG Plans
...quired via last year’s Maersk takeover (MEES, 25 August 2017). So the Anadarko deal triples its output from the acreage to just shy of 100,000 b/d. Not surprisingly, Mr Pouyanné says the company “anticipate[s] some efficiency gains” in Algeria as a result of the deal. Total’s overall Algeria output also in...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Egypt: Ain Sukhna Hub Plans Gather Pace
...pacity is rising to 7.2mn barrels (see p7). This also includes expansion at Sidi Kerir, where Aramco is to lease 222,000 m³ of gasoil storage. EGPC receives roughly 500,000 barrels per month of crude oil from Saudi Aramco, under a deal which began in late 2017, while it also receives varying rates of tr...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019 -
Israel Bid Round Flops
...cal firm Israel Opportunity. It is yet another disappointing turn-out for Israel, just 12 months after a previous bid round flopped (MEES, 24 November 2017). Hopes were raised that US major ExxonMobil, which has made recent forays into Egypt and Cyprus, would take part after it purchased a $50,000 da...
Volume: 62Issue: 29Published at Fri, 19 Jul 2019