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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Sebuku PSC

Overview Contains 2 discoveries: Ruby gas field and the small Pangkat oil deposit Plan of development for Ruby approved in July 2008 incorporates two bridge-linked platforms and initially four development wells 312km pipeline to transport gas to new onshore receiving terminal for processing Gas sold to the local Kaltim fertiliser plants Ruby currently contracted to supply 85mmcfpd Production capacity of 115mmcfpd, so scope to provide more gas Participation Mubadala (70%*), INPEX (15%), Total (15%) Exploration 11 wells drilled to...

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