Waha resumes production - a brief history of the Waha fields

Comprises a number of concessions located in the Sirte Basin in eastern Libya Four main fields are: Waha, Gialo, Dahra and Defa Originally issued to Oasis Oil Company (consortium of Conoco, MRO and Amerada Hess) In 1986, US sanctions required all US companies to withdraw Concessions were held in escrow NOC established 100% subsidiary, the Waha Oil Company, to operate the fields until 2005 when the US companies re-entered In 2009, list of 24 fields...

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Notes on Yemen - Summary

Summary Oil production dominated by 2 blocks: Masila (Bloack 14) Licence expired in 2011 Operations taken over by newly formed government op co May impact production levels and future development Marib-Jawf (Block 18) Production peaked in 2002 at 160mbopd Absent further discoveries, reserves will be depleted over next decade A number of licences are due to expire in coming years, if not renewed, could exacerbate declining reserves problem Small...

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Yemen - Key Companies and Licensing

Key companiesTotal is largest resource holder due to interest in Yemen LNGPartners are: Hunt Oil and SK EnergyOccidental is most significant IOC not in Yemen LNGAcreage, reserves and production reduced following expiry of Masila block in 2011Its East Shabwa (Block 10) is due to expire in 2015 - extension unlikely to be grantedNexen was also a key player in Yemen until expiry of Masila block (Block 14)Low capex in 2013 reflects maturity as an oil...

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Apache divesting international assets? A hard one!

On 31 July 2014, Apache announced its Q2 2014 resultsApache said it was looking to exit its Canadian LNG positions and was considering options around its international assetsThis comes amidst Jana Partners, a hedge fund which recently picked up c.USD1bn of shares in Apache, wrote to investors arguing that Apache should focus its efforts on the North American onshoreReasoning behind this is that over the last few years, a number of North American...

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Notes on Oman

Executive summaryAfter years of declining production, crude output has increased y-o-y since 2008 due to:Oman's EOR project at the Mukhaizna field; andStabilisation of production at PDO's Block 6 (Oman's main producing area)PDO has also implemented a number of EOR initiatives to maintain its own production of c.550mbopd over the next 5 to 8 yearsThe success of these EOR projects will largely dictate the level to which Oman can maintain liquids production over the medium termIncreasing focus on gas production in response to projected shortfallsEncourage...

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Tullow exits Liberia and Sierra Leone

On 30 July, Tullow published in H1 2014 results. Within the results, Tullow stated: "After evaluating potential options in Liberia and Sierra Leone, Tullow made the decision not to renew its licence interests and will exit its position. Tullow’s interest in LB-15 in Liberia expired in June 2014 and its interest in SL-07B-11 in Sierra Leone will expire in August 2014, following which Tullow will have no licence interests in either country" Acreage...

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Afren - CEO and COO suspended re unauthorised payments

On 31 July 2014, Afren has temporarily suspended its CEO, Osman Shahenshah and the COO, Shahid Ullah During an independent review by Willkie Farr & Gallagher, evidence had been uncovered showing the CEO and COO were in receipt of unauthorised payments These payments were not made by Afren The investigation continues, no conclusive findings to date No evidence found that any other directors involved Egbert Imomoh...

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