SDX makes heavy oil discovery at West Gharib in Egypt

SDX has made a heavy oil discovery on the West Ghraib licence at the Rabul-5 well. The partners had implemented a waterflood programme in 2017 on the block and commenced an exploration and appraisal programme. Rabul-1 and -2 were drilled last year resulting in two discoveries and the current Rubul-5 well is a continuation of the delineation programme. Approval for develeopment locations at Meseda will be sought in 2018. SDX holds 50% interest...

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Flight ban into Kurdistan lifted

Kurdistan operators can begin to ramp up operations again following the re-opening of the airport. As reported previously, the closure had caused logistical problems for the operators. Reuters reported yesterday that Iraq has lifted the ban on international flights to the semi-autonomous Kurdistan Region's airports. Prime Minister Haider al-Abadi said that Kurdistan's regional airports will be under the command of the Federal Ministry of the Interior. The ban on international flights was part of sanctions imposed on Kurdistan after September’s...

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Eni enters the Emirates

Eni has made its first move into the Emirates with entry into various fields in Abu Dhabi. It has paid ADNOC USD875 million to acquire a 40-year licence on: 5% in Lower Zakum offshore oil field 10% in Umm, Shaif and Nasr offshore oil, condensate and gas fields The fields require further investment with combined gross production from the fields targeting 910mbopd. Once at plateau, the fields will contribute material production and generate significant cash flow. Eni press release below Eni signed today in Abu Dhabi two Concession Agreements...

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All’s well in western Kurdistan

The western part of Kurdistan appears to be holding up following the referendum last autumn. Although there is much to do to reconcile the fragile relationship between Federal Iraq and the Kurdistan region, things for now appear to have stabilised – however upcoming elections in both is limiting any meaningful progress with political candidates not willing to make any bold reconciliatory moves to avoid alienating voters. The operators in western...

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Mubadala enters Zohr - acquires 10% from Eni

Mubadala has agreed to acquire a 10% interest in Zohr from USD934 million. Mubadala will acquire an interest in the Shorouk concession which contains the Zohr field. The super giant field came onstream in December 2017, 28 months after its discovery. The field is currently producing 400mmcfpd and planned to reach plateau by the end of 2019. For Mubadala, this adds a world class asset with long term cash flows into its investment portfolio. Musabbeh...

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Tamar Petroleum to raise bonds to finance acquisition of Tamar from Noble

As reported previously, Tamar Petroleum is acquiring a 7.5% stake in the Tamar field from Noble Energy for USD800 million. The consideration will be paid USD560 million in cash with the remainder in Tamar Petroleum shares. To help finance the transaction, Tamar Petroleum is planning to raise USD 625million (ILS 2.178bn) through the sale of bonds, Ha'aretz. reported. The net proceeds are expected to be c.USD605 million, the excess would be put...

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Venture Global doubles LNG supply contract with Shell on Calcasieu Pass

On 6th March, Venture Global announced that it had agreed to double its gas sales with Shell North America LNG from 1mtpa to 2mtpa under an amendment to the earlier gas sales agreement for LNG from Calcasieu Pass. This brings the total committed capacity to 3mtpa with Edison having agreed 1mtpa in September 2017. The sale contracts are for 20 years and under FOB terms. The counterparties to date provide validation of the attractiveness of the...

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