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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