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Latest Saudi Discoveries Boost Unconventional Outlook
...pacity now stands at 400mn cfd. Meanwhile, at Midyan Aramco commissioned a 75mn cfd gas processing plant in 2017 which supplies local facilities. SAUDI ARABIA: RECENT FINDS & KEY UNCONVENTIONAL BASINS ...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Exxon’s Star Shines Brightest Among Egypt’s Slew Of Mediterranean Awards
...ell (MEES, 24 March 2017). A 2018 paper from Eni’s Zohr discovery team notes that Shell was “targeting the extension of the classic Tertiary clastic play of the Nile Delta, which turned out to be not commercial,” whilst the Zohr find resulted from “something profoundly different… isolated carbonate bu...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Majors Write Off $69bn in Year To Forget
...ainst a long-term horizon rather than prevailing oil prices. 4: MAJORS CAPEX PLANS ($BN): HAVING BOOSTED SPENDING AGGRESSIVELY IN 2017-19, EXXON HAS NOW REVERSED COURSE *LATEST FORECASTS FOR 2020. 2021 PLANS AS PER LATE-NOVEMBER ANNOUNCEMENTS (MID POINT FOR EXXON). SOURCE: COMPANIES, ME...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Saudi Surprises Market With 1mn B/D Production Cut
...nter months. But such leniency was not afforded to Gulf producers such as Iraq and the UAE in the summer when their domestic demand peaked. Russia’s compliance ever since the initial start of Opec+ cuts in January 2017 has been patchy at best, but it is typically afforded a free pass so long as co...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Long-Running Qatar Embargo Ends With GCC Summit Agreement
...Three and a half years after it began, the embargo of Qatar is over as Saudi Arabia and its allies agreed to restore ties. The decision appears based on pragmatic economic calculations, with Saudi Arabia keen to attract foreign investment. But the scars from 2017’s actions mean that full re...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Tethys Spuds Oman Wildcat
...at could become a major exploration push for unconventional resources in the underexplored Omani south. Tethys acquired seismic in the area in 2017 (MEES, 24 November 2017), and received a significant boost in November when US shale powerhouse EOG signed up at the block as a junior partner with a 50% in...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Libya Power Plant Progress
...r four SGT5-PAC 2000E Siemens combustion turbine generator units,” the firm said in a 6 January press release. Enka’s German partner on the projects, Siemens, costed the two plants at a combined €700mn ($826mn) at the time of the original award by state-power firm Gecol in 2017. But construction ha...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Energean: $400mn Israel Buyout
...ivate equity fund Kerogen paid then-cash-strapped Energean $50mn for a 50% stake in its then pre-FID Israel assets back in 2017 (MEES, 17 February 2017). Energean expects the buyout, plans for which were initially announced last month (MEES, 11 December 2020), to close this quarter. Energean al...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Egypt Foreign Reserves Slump $5bn In 2020 Despite 2h Rebound
...*Egypt’s foreign reserves ended 2020 at $40.1bn, the lowest end-year figure since 2017 and down $5.4bn (12%) year-on-year. But it could have been much worse. *As of end May, reserves had collapsed to just $36bn as Covid-19 saw the Arab world’s most populous economy grind to a near ha...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021