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KPC Seeks IOC Investment As It Chases Down 4mn B/D Target
...wait and Saudi Arabia. The two subsidiaries are in the process of being merged as KPC seeks to streamline its operations (MEES, 26 July 2024). KOC capacity fell from 3.151mn b/d in 2017-18 to just 2.629mn b/d in 2020-21, before gradually edging up to its current levels. The firm hasn’t released ca...
Volume: 67Issue: 29Published at Fri, 18 Jul 2025 -
Cyprus Hopes For Mega Exxon Elektra Find To Jolt Its Gas Sector To Life
...permajor’s exploration position in a region where it has no current output. Exxon was awarded blocks 10 and 5 offshore Cyprus in March 2017 and November 2021 respectively, making the Glaucus find in the former on 2019 (MEES, 1 March 2019). It has since added three large Egyptian Mediterranean blocks, with Qa...
Volume: 67Issue: 50Published at Fri, 13 Dec 2024 -
BP’s Eyes Raven Rebound As Egypt Output Slump Continues
...ypt, but its biggest project, West Nile Delta (WND) which started-up in 2017, has witnessed startling decline rates. In a bid to arrest that decline BP earlier this year launched a two-well infill drilling campaign at the Raven field, where output having hit 800mn cfd following 2021 start-up has since ha...
Volume: 67Issue: 47Published at Fri, 22 Nov 2024 -
Kuwait Pushes Back Upstream Capacity Target To Next Year
...elds, with KOC closing on its target of bringing overall conventional North Kuwait capacity to 700,000 b/d, just below the 2017-18 capacity peak of 760,000 b/d (MEES, 12 May 2023). KOC is increasingly deploying water injection and expensive chemical EOR techniques, while upping its drilling and workover op...
Volume: 67Issue: 47Published at Fri, 22 Nov 2024 -
Oman Sweetens Terms In A Bid To Entice IOCs To ‘Complex Assets’
...troleum Development Oman (PDO), to pioneer unique development techniques including enhanced oil recovery (MEES, 5 July). The sultanate also possesses sizeable unconventional gas assets including the massive 1.5bn cfd Khazzan & Ghazeer tight gas development which, when it started up in 2017 helped sp...
Volume: 67Issue: 45Published at Fri, 08 Nov 2024 -
Qatar Crude Output Tops 600,000 b/d For First Time Since 2018
...d TotalEnergies (30%) since July 2017 (MEES, 28 July 2017). It is an extension of Iran’s 25,000 b/d South Pars Oil Layer (SPOL). Prices are set by QatarEnergy each month following a monthly-tender which serves as an important indicator for regional spot market sentiment. The field’s output gains we...
Volume: 67Issue: 44Published at Fri, 01 Nov 2024 -
Gulf NOCs Target Cuts To Upstream Emission Intensity
...stream output (CO2e/boe) which they aim to reduce to 17kg CO2e/boe by 2025 from a 2017 baseline of 23kg. The CO2e measure includes emissions of methane – a far more potent greenhouse gas, especially over the short term – at a conversion factor of 1kg methane = 29.8kg of CO2e. Gulf NOCs fall into two br...
Volume: 67Issue: 43Published at Fri, 25 Oct 2024 -
Cyprus’ Cronos Gas Find: Eni & Total At Odds Over Development Plan
...2017,” the government source tells MEES. “Maybe Total is unhappy that Cronos gas would go via Eni-operated facilities, potentially to an Eni-operated LNG export plant at Damietta, where it would have zero control over the gas,” the source speculates. Chevron had no such qualms when it fi...
Volume: 67Issue: 42Published at Fri, 18 Oct 2024 -
Oman’s OQEP Eyes New Gas Discovery In Upstream Reshuffle
...scovered in 2017 OQEP has expanded crude processing capacity with three processing plants commissioned in August 2019, September 2021, and November 2022. EXITING UNDERPERFORMING BLOCKS OQ and its partner Shell exited Block 42 after the exploration and production sharing agreement expired in...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Eni & BP Set To Kick Off Libya Exploration Drilling Campaign
...tput in Libya has been falling. Mellitah sales gas output of 860mn cfd for 2023 is little more than half 2017’s peak figure of 1.59bn cfd, whilst Eni’s net figures are down even more (see chart). At the same time exports to Italy via the Eni-operated Greenstream pipeline (Libya’s sole gas export ou...
Volume: 67Issue: 39Published at Fri, 27 Sep 2024 -
Oman Awards Northern Tight Gas Play In Bid Round
...2017 with cumulative output of 44,000 barrels on extended test, but which quietly abandoned the asset before last year’s bid round. The ministry says that in total four exploration wells and one appraisal well were drilled on the block between 1993 and 2017. Two formations indicated the pr...
Volume: 67Issue: 36Published at Fri, 06 Sep 2024 -
Egypt Launches Upstream Charm Offensive Alongside 12-Block Bidding
...hr’ across both this and its other nearby acreage (MEES, 24 March 2017), including 2022’s Fagr-1 dry hole on the on-offer Block 6 (South Zohr). Zohr was discovered in a carbonate build-up in the Cretaceous formation. And it is in the Cretaceous that Egas flags up 10.7tcf of risked resource on the bl...
Volume: 67Issue: 35Published at Fri, 30 Aug 2024 -
Egypt Gas Slump Continues With IOCs & Cairo In Payments Standoff
...2). Gas output fell to 5.01bn cfd for Q2, with this and the latest monthly figure of 4.923bn cfd for June the lowest respective figures since early 2017’s start-up of BP’s key West Nile Delta project which was followed by that of Eni’s giant Zohr field at the end of the year (see chart 1). The co...
Volume: 67Issue: 34Published at Fri, 23 Aug 2024 -
Oman Eyes Fourth LNG Train Taking Capacity To 15.2mn t/y By 2029
...untry has experienced a gas ‘renaissance’ since 2017 when BP brought online the massive Khazzan gas development. With the second phase Ghazeer expansion successfully added, the field now produces 1.5bn cfd, some 37% of the country’s current non-associated gas output. Added to this is new output from th...
Volume: 67Issue: 31Published at Fri, 02 Aug 2024 -
Kuwait Boosts Capacity At Key Fields
...abia. Kuwait’s oil sector is rebounding from a series of setbacks at the turn of the decade which saw KOC capacity slump from 3.15mn b/d at the end of the 2017-18 financial year in March 2018 to just 2.629mn b/d three years later. KOC capacity is supplemented by around 200,000 b/d from the PNZ – Ku...
Volume: 67Issue: 30Published at Fri, 26 Jul 2024 -
Egypt Gas Woes Continue As Output Slumps At BP’s Raven
...Egypt gas output is below 5bn cfd for the first time since early 2017. It’s not only top producer Zohr which is in decline, output at BP’s Raven, the country’s number two, has halved over the past 18 months. Egypt’s gas output figures go from bad to worse. Latest oil ministry data has pr...
Volume: 67Issue: 28Published at Fri, 12 Jul 2024 -
Egypt Drilling At 2-Year Low As Oil & Gas Output Continue Downward Spiral
...vestment (MEES, 10 May) – Egypt’s overall April output of 5.115bn cfd was the lowest since November 2017, that is to say just before Zohr start-up. *The output slump has left Egypt in acute gas deficit and the country reliant on imports from Israel (see column). As such a 10-day shutdown to 1.1bn cf...
Volume: 67Issue: 24Published at Fri, 14 Jun 2024 -
Chevron Looks To Smash Egypt’s Gas Price Ceiling
...i managed to break the price ceiling when in 2017 it secured a Brent crude-linked pricing formula for Zohr with prices rising to a ceiling price of $6.20/mn BTU when the crude benchmark is at or above $70/B. It drops to $4.30/mn BTU when Brent is at or below $40/B. The first project to secure th...
Volume: 67Issue: 23Published at Fri, 07 Jun 2024 -
Iraq’s Hoped-For Opec Quota Boost Slips Away
...ES, 10 March 2017). Even if Iraq were to succeed with this, it could backfire given that its current quota is based on state-wide production inclusive of Kurdistan, and so would be revised down in such a scenario. Last month, Oil Minister Hayan Abdulghani said that his country “was not allocated it...
Volume: 67Issue: 23Published at Fri, 07 Jun 2024 -
Iran Revives 4mn B/D Production Target
...As key Opec members meet this weekend to decide whether to extend their ‘voluntary cuts’ into the second half of the year (see p9), Iran will as always cast its support from the sidelines. The country has essentially been exempt from cuts ever since Opec+ cuts began in January 2017, while ev...
Volume: 67Issue: 22Published at Fri, 31 May 2024