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KRG Repayment Obligations Offset Oil Revenue Gains
...ghest since the Deloitte audits began in 2017, and was more than the KRG’s net receipts. With IOCs in Kurdistan having already reported increased Q3 revenues, payments will have risen to more than $1bn last quarter. PIPELINE PAYMENTS MOUNT Following a 2017 transaction, the KRG’s 95...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
Jordan Plans Nine-Well Drilling Campaign
...50mn cfd. He says that around 20mn cfd of current output goes to the 150MW Risha power plant (MEES, 24 March 2017) and approximately 10mn cfd to local industrial users – figures that imply a doubling of production from the 2020 average. Another area with potential is the Sirhan Development bl...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Aramco’s Moonshot: Jafurah Development To Power Major Gas Drive
...oduction began in 2017 and Aramco puts current North Arabia gas processing capacity at 400mn cfd (MEES, 30 March 2020). Now, clear progress is being made on the two larger developments in Eastern Province – South Ghawar and the Jafurah Basin. At South Ghawar, Aramco reaffirmed this week that first ph...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Iran Unveils 10 Year Upstream Investment Plan
...Azerbaijan. Until 2019 Iran used to regularly import gas from Turkmenistan to supply northern areas. Volumes peaked in 2017 at around 9.3bcm, before steadily dropping as South Pars output ramped up and Iran struggled to make payments (MEES, 13 January 2017). Mr Owji now says that “debt settlement wi...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Kuwait Sets Out Plan To Reverse Capacity Losses
...cilities to handle water produced alongside crude oil. DRILLING RAMP UP KOC drilled 431 development wells last year, the highest annual figure since 651 for 2017-18. Mr Hashem says that in order to achieve its goals, drilling will increase to average 500 wells per year. There will also be “ar...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
Kuwait Oil Company Capacity Slumps To 12-Year Low
...rget to 2040, KOC confirmed to MEES earlier this year. Production capacity has now dropped by 522,000 b/d since peaking at 3.15mn b/d in 2017-18; back then KOC still appeared to be in with an outside chance of reaching its 3.65mn b/d target (MEES, 20 April 2018). Despite bringing online he...
Volume: 64Issue: 42Published at Fri, 22 Oct 2021 -
Chevron Eyes Leviathan Tie-Back To Egypt LNG; Can Cyprus’ Aphrodite Piggy Back?
...ypt lessened the relative attractiveness of developing the much more modest Aphrodite which is 160km offshore in 1,750 meters of water depth with (at the time) no existing nearby infrastructure. The startup of Zohr in late 2017 (MEES, 15 December 2017), followed by Leviathan at the end of 20...
Volume: 64Issue: 39Published at Fri, 01 Oct 2021 -
Kuwait Starts Up Key Northern Oil Facility
...thering center in the north of the emirate. GC-31 is one of three gathering centers for which contracts worth $2.3bn were awarded in 2014 (MEES, 11 July 2014). All were initially slated to come online in late 2017, but were delayed. The first two, GC-29 and GC-30 were brought online in 2018, but GC-31’s co...
Volume: 64Issue: 38Published at Fri, 24 Sep 2021 -
Baker Hughes Finalizes Iraq Gas Contract
...sociated gas in Dhi Qar, with an initial contract signed in 2017 (MEES, 21 July 2017). In January, Baker Hughes announced that the contract had been awarded to its Turbomachinery & Process Solutions (TPS) division (MEES, 29 January). The scope of work included design, manufacturing, delivery, construction an...
Volume: 64Issue: 38Published at Fri, 24 Sep 2021 -
Libya’s Oil Exports: What’s At Stake?
...LER, MEES ESTIMATES. EUROPE STILL DOMINANT To be clear Libya’s key market remains Europe which at 844,000 b/d accounted for three quarters of the country’s exports in the first eight months of the year – its highest share since 2017 according to data intelligence firm Kpler (see chart 1). Mo...
Volume: 64Issue: 37Published at Fri, 17 Sep 2021 -
Egypt Gas Grows Ever More Dependent On Zohr
...t whilst output has risen every year since its December 2017 start-up, recent problems saw Zohr output slump from the record 2.96bn cfd hit in Q1 2021 to just 2.60bn cfd for Q2 (MEES, 13 August). And even for the 2020-21 financial year, whilst Egypt’s overall gas output grew 6% to 6.55bn cf...
Volume: 64Issue: 36Published at Fri, 10 Sep 2021 -
Kurdistan Looks To Terminate Genel’s Gas Development Contracts
...ese negotiations remain ongoing.” There is however scope for a compromise. When finalizing the PSCs and Gas Lifting Agreements (GLA) for the two fields in February 2017 (MEES, 17 February 2017), Genel highlighted options following any termination. “During the three-year period following such a te...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Oman Advances Its 2021 Bid Round
...ltiple bid rounds in recent years. Block 49 was awarded to Sweden’s Tethys in 2017 (MEES, 24 November 2017) and it last year farmed out a 50% stake to US shale specialists EOG Resources (MEES, 13 November 2020). Last year’s Thameen-1 well on Block 49 was ultimately disappointing with no flows re...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
KRG: Chevron, Genel Press Ahead At Sarta Despite Water Ingress
...latively painlessly. But, given the track record of similar issues elsewhere in Iraqi Kurdistan, it is clearly worth watching. Indeed, Genel is well aware of this given that water-cut issues at its Taq Taq field contributed to massive decline rates (MEES, 31 March 2017). Taq Taq output peaked at 13...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Algeria: Key Oil Fields At 20-Year Low
...,000 b/d for 1H 2021 is up on 2020 but well down on typical 2017-18 volumes, echoing the long-term decline in the field’s gas output. In Salah, a second project grouping BP and Equinor with Sonatrach, is also in long term decline (see chart). *Algeria knows that it needs to attract more IOC in...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
KRG: DNO Blames Ministry Shake-Up For Tawke Slowdown
...minant field and as recently as 2017 was still producing in excess of 100,000 b/d. DNO says that there have been “no new wells coming on production at the Tawke field in more than a year,” and that as a result natural decline has taken its toll, with Q2 output down 19% on a year earlier. DNO says the pr...
Volume: 64Issue: 30Published at Fri, 30 Jul 2021 -
Algeria: Record Gas Output
...an 3bcm higher than the previous record for the first five months of the year set at 42.32bcm for 5M 2017 (see chart 1). This puts Algeria on track to smash annual output records of 94.8bcm and 94.5bcm set in 2016 and 2017 respectively, and possibly even break the 100bcm mark. That said, an an...
Volume: 64Issue: 29Published at Fri, 23 Jul 2021 -
Offshore Declines Prevent Qatar From Capitalizing On Opec Exit
...tar’s biggest field is the offshore Al Shaheen field off the north coast, which forms the emirate’s Al Shaheen export grade (28° API, 2.4% Sulfur). The field was previously operated by Denmark’s Maersk under a production sharing agreement (PSA) which expired in 2017. Upon expiry, France’s TotalEnergies re...
Volume: 64Issue: 28Published at Fri, 16 Jul 2021 -
QP, Exxon Ramp Up Barzan Gas Output
...e onshore processing facilities, which has forced a complete rebuild. The Barzan partners had eyed 2017 start-up until they detected a gas leak in the offshore pipeline network. QP CEO Saad Sherida al-Kaabi told MEES in late 2017 that “we have had issues with the pipeline. That is not a secret. Th...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
BP Drilling Offshore Egypt
...% TO JUST 1.1BN CFD FOR 2020 (BN CFD) SOURCE: ENI, MEES CALCULATIONS. Further to the west, BP’s largest project offshore Egypt, West Nile Delta (WND) has suffered even steeper declines. Output from its first two phases, which only started-up in 2017, has fallen precipitously to ap...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021