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Libya Achieves 15-Year High Oil Output In 2025
...25, a 19.4% increase year-on-year and the highest annual figure since the country’s 2011 revolution (see chart). “This clearly indicates the impressive success of NOC’s strategy to increase crude production,” the state firm said in a statement on 1 January. RECORD HIGHS The ou...
Volume: 69Issue: 01Published at Fri, 02 Jan 2026 -
Libya Ends 2024 With 1.4mn b/d Crude Milestone As Bid Round Remains Stalled
...INSTABILITY The instability that has plagued Libya’s vital oil and gas sector since the 2011 revolution that ousted longtime ruler Muammar Gaddafi has made IOCs wary of committing to serious investments in the country (MEES, 19 January 2024). Ambitious plans to boost crude ou...
Volume: 68Issue: 01Published at Fri, 03 Jan 2025 -
Kuwait Appoints New Pm
...reign affairs minister in 2011 due to his concerns with government corruption. That corruption scandal prompted the infamous ‘storming’ of parliament by protestors and the resignation of prime minister Nasser Mohammed Al Sabah (MEES, 5 December 2011). The new PM is the first of Al Salem branch of th...
Volume: 67Issue: 01Published at Fri, 05 Jan 2024 -
Apache Looks To Egypt Growth Following Contract Modernization
...5,000 b/d for 2022 and average growth of 8-10%/year out to 2025, hitting 190,000 b/d by the latter date. This would still be below output every year for 2011-2019, however, whilst for gas the news is less good with output merely “expected to remain relatively stable at 550-600mn cfd.” Stable that is with th...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Libya’s Harouge Hits 44,000 B/D In 2021, Eyes More
...start of the Naga field. Harouge, which is a 49:51 JV between Canada’s Suncor and Libya’s NOC, had an output capacity of almost 100,000 b/d before the 2011 revolution. But gross output levels have languished well below a third of this for much of the past decade due to a lack of maintenance, damage to fa...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Exxon’s Star Shines Brightest Among Egypt’s Slew Of Mediterranean Awards
...tch major Shell’s former giant North East Mediterranean Deepwater (Nemed) block. Shell acquired Nemed in 1999 before relinquishing it in 2011, but not before it drilled a total of ten wells across the acreage. Though just one of these wells, 2001’s Leil-1 which discovered “non-commercial” qu...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Egypt Gas Output Rebounds As Oil Slumps To Record Low
...diterranean gas output to within 200mn cfd of the monthly record 4.57mn cfd at the 2011 height of output from Shell’s West Delta Deep Marine. WDDM is in long-term decline. The latest gains have come predominantly from Eni’s giant 21.5tcf Zohr field where capacity hit 3.2bn cfd in April, but for the bulk of 20...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Egypt LNG Exports Boosted By Bumper Winter Buying
...nter season, well up from 22 for the year-ago period and the highest comparable figure since 37 for the 2011-12 winter peak. But that peak was achieved when the country’s other LNG export terminal, the 5mn t/y Segas facility at Damietta was still operational. Damietta has remained shut since No...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Majors Write Off $69bn in Year To Forget
...s’ (MEES, 13 June 2011). Exxon was not the only firm seen (with hindsight) to have overpaid. BP’s Q2 write-offs were heavily gas focused, including US shale gas assets acquired from Australia’s BHP Billiton in a $10.5bn 2018 deal. The $70bn that Shell paid for UK gas-focused firm BG in a 2015 deal al...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Oman Fiscal Dilemma Shows No Signs Of Abating In 2021
...ntered on government spending, this requires significant investment just as debt-fueled expenditure becomes increasingly costly. Oman’s 2021 budget released last week epitomizes this dilemma. Muscat plans to spend just $28.3bn, its lowest annual spend since the pre-Arab Spring days of 2011. The cuts ar...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Norway’s Yara Quits Libya
...st year (MEES, 24 January 2020). Yara has made a loss each year since Libya’s 2011 revolution. The firm wrote down $112mn of its investment in 2015. “Yara’s book value of the investment is zero,” Yara said on 4 January. ...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Libya: Output At Seven-Year High; Can It Last?
...solved two long-running contractual disputes with industry heavyweights Total and Wintershall Dea. Both firms committed to fresh exploration and development projects (MEES, 13 December 2019), something of a rarity for Libya since 2011. Success for Libya will depend on how much of a return IOCs and co...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Egypt Bags Major Investment In Frontier Areas
...stern neighbor Libya (see p5). The other seven blocks garnered no bids. These include Block 2, the northernmost of the coastal blocks on offer and the only one to have seen significant past exploration – US firm Hess drilled a duster in 2011. All bidders were given access to 2D seismic shot across th...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
East Med Gas Developments Gather Pace In 2019
...arby prospect will be drilled back-to-back. Despite hopes surrounding ongoing drilling, Cyprus’ key existing discovery, 2011’s 4.2tcf Aphrodite, has yet to move to development. 2019 could finally be the year, however, with the field’s partners, US firm Noble Energy, Shell and Israel’s Delek, in on...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Saudi Asian Supplies Surged To Record High In November Amid Bumper Exports
...d well down on the 20.3% from ten years’ previous. Market share was 15.3% in November, however, holding out hope for Riyadh that 2019 could witness the first market share gain in China since 2011. One cloud on the horizon is the growing concern over a possible Chinese economic slowdown this ye...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Iran Exports Slump To 5-Year Low
...PACITY). **BONDED STORAGE IN DALIAN, CHINA. ^^FRANCE, AUSTRIA INCLUDED IN 'OTHER EU' FOR 2011, 2012. SOURCE: NATIONAL IMPORT STATISTICS, REUTERS, BLOOMBERG, MEES....
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Syria Eyes Post-Conflict Gas Gains, But Bottlenecks Loom Large
...asts considerable hydropower, though its current status remains unclear (see table). Along with massive territorial losses, the flight of key staff, and chronic shortages of gas and liquid fuel feedstock, this led power output to collapse by almost two-thirds between 2011 and 2016 (see chart). Bu...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Assad In From The Cold As GCC Countries Hit The Road To Damascus
...The United Arab Emirates reopened its embassy in Damascus on 27 December – the strongest signal yet that Syrian President Bashar al-Assad’s GCC rivals have resigned themselves to reestablishing relations with the long-maligned leader. The UAE closed its embassy in 2011 as it cut ties with Da...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Iraq: Record Exports, But Contract Reform Hangs In The Balance
...e firm has Iraqi experience as a partner at the Ahdab field (CNPC 37.5% operator, Zhenhua 37.5%, North Oil Company 25%) in Wasit province. Output began in 2011 and is currently around 140,000 b/d. Zhenhua also has 35% in Syria’s Gbeibe gas field on the frontline between the Islamic State and Ku...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Libya’s 2017 Energy Fortunes: Good-Ish News On Oil, Less So On Gas As Instability Continues
...CRUDE OUTPUT HAS REBOUNDED TO A 4-YEAR HIGH, AVERAGING 950,000 B/D SINCE JULY (‘000 B/D)... ...THOUGH AN END-YEAR DIP WITH AN ATTACK ON A KEY PIPELINE* IS INDICATIVE OF CONTINUED INSTABILITY GAS EXPORTS^ FELL TO THE LOWEST LEVEL SINCE THE REVOLUTIONARY YEAR OF 2011...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018