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Libya Takes ‘Pivotal Step’ With First Deepwater Well
...adames Basin (see map & MEES, 4 June 2007). The UK major pledged to spend $900mn drilling 17 wells at the assets, but the plans were disrupted by the 2011 revolution and the ensuing instability. Eni has since taken over as operator of the consortium with each firm holding 42.5%. As a deepwater wi...
Volume: 69Issue: 04Published at Fri, 23 Jan 2026 -
Libya Welcomes Frozen Asset Breakthrough
...The Libyan Investment Authority (LIA) – Libya’s sovereign wealth fund – this week hailed two long-awaited decisions regarding its overseas frozen assets, an estimated $68bn that the country has struggled to recover since the 2011 ouster of dictator Muammar Gaddafi (MEES, 7 August 2015). On...
Volume: 68Issue: 04Published at Fri, 24 Jan 2025 -
Cyprus Gas Ambitions: From Dreams To Reality In 2023?
...Cyprus has seen five sizable gas discoveries, the first back in 2011. But none has moved to development despite the presence of key majors in its offshore. Candidates in next month's elections know that victory could result in them being the President that finally succeeds in transforming Cy...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Libya Gas Exports To Italy Pick Up
...d (3.23 bcm) for 2021, the lowest annual figure since 2011, when that year’s revolutionary anarchy completely halted exports for several months (see chart). Supplies have now fallen each year since 2019 after the completion of the second phase of the Bahr Essalam project which bumped capacity by 40...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Exxon Looks To Partner Up In Egypt
...rt of Shell’s giant North East Mediterranean (Nemed) block where the Anglo-Dutch major drilled 10 wells between 1999 and 2011 including 2001’s Leil-1 on the Star acreage which hit sub-commercial quantities of gas. One key change since then is that Cairo has since hiked the amount paid for gas ou...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Libya’s Oil Revenues Plummet To $6bn In 2020
...ED BETWEEN 2011-17 DUE TO LACK OF NOC DATA. INCLUDES GAS EXPORT REVENUE, PRODUCTS SALES, ROYALTIES AND TAX. ^KPLER. SOURCE: OPEC ASB, CBL, NOC, KPLER, MEES. 2: LIBYA’S 2020 OIL & GAS INCOME ($BN): NOC STOPPED TRANSFERRING FUNDS TO CBL IN SEPT, LEAVING $2.1BN FROZEN IN THE LIBYAN FOREIGN BA...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Gas Plant Inauguration Boosts Iran’s Petchems Outlook
...t to go-ahead (MEES, 10 October 2014). As MEES wrote at the time, Iran was struggling with gas supply issues that called its ambitious petchems expansion into question (MEES, 31 January 2011). The easing of sanctions in 2015 following the JCPOA ‘nuclear deal’ gave an opportunity to bring foreign co...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Algeria’s Power Output Falls For First Time On Record In 2020
...are of renewables in the energy mix. Here, policymakers have talked a good game but grossly underdelivered. In 2011 Algeria announced plans to install 22GW of renewables by 2030. Fast forward nearly a decade and the country only has 448MW of solar PV (mostly off-grid), 10MW of wind and 228MW of hydro ac...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Egypt Squeezes More Out Of Its Refining Fleet
...uge for 2019 as a whole, most products’ output grew year-on-year. However, jet-kero is the only product to reach a new record high, averaging 58,000 b/d. Analysis of the latest Jodi monthly data shows diesel at 149,000 b/d in 11M19, short of the record 163,000 b/d in 2011, while gasoline’s rally to 86...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Jordan Budgets For Big 2020 Spend
...ectricity is heavily subsidized, Nepco amassed $1bn+ annual deficits from 2011-2014 when high oil prices combined with a shift to costly oil products as Egyptian gas imports dried up (MEES, 31 May 2019). The situation has since improved, but the debts remain. Lucky for Amman, the recent start up of gas im...
Volume: 63Issue: 04Published at Fri, 24 Jan 2020 -
Genel Farm-In Boosts Development Prospects At Chevron KRG Blocks
...20. The first well was drilled in 2011 but then-operator, Canada’s Niko Resources deemed the quantities of light 43-46°API crude non-commercial (MEES, 12 November 2012) and relinquished the asset the following year. Chevron pounced on the block in early 2013 (MEES, 1 February 2013) as it was sn...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Iran: Exports Edge Up But Outlook Remains Bleak
...UTERS REPORTS. GREECE NOV18 FIGURE IS ALSO AN ESTIMATE. **BONDED STORAGE IN DALIAN, CHINA (ESTIMATES BASED ON DIFFERENCE BETWEEN SHIPPING ARRIVALS IN CHINA AND OFFICIAL CHINA IMPORT STATS). ^^FRANCE, AUSTRIA INCLUDED IN 'OTHER EU' FOR 2011, 2012. SOURCE: NATIONAL IMPORT STATISTICS, REUTERS, BLOOMBERG, ME...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Libya Halves 2018 Budget Deficit But Remains Hostage To Oil And Conflict
...Libya recorded its highest revenues in five years in 2018 on the back of a leap in oil prices and six-year high oil output. But it is no closer to exiting its now eight-year ‘transition’ to normality: its destiny, as always, remains tied to oil. Libya entered its revolutionary year of 2011...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Saudi Electricity Borrows $2.6bn To Fund Capital Projects As Debts Soar
...nance is rising, more than doubling from just over $5bn in 2011 to over $11bn at the end of 2016 (see charts). As a well-capitalized state firm from a country with a high investment-grade credit rating, SEC’s debt continues to have no shortage of takers. Speaking of the latest loan, SEC chief ex...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Saudi Arabia’s Shift Up The Value Chain Offsets 7-Year Crude Export Low
...udi’s share fell from 13.4% to 12.5% (see chart, p20 and p19 for full data). It was as high as 20% in 2011 but is set to fall further this year: both the IEA and Opec expect Chinese demand growth to rise a further 400,000 b/d, whilst Saudi crude exports are more likely to fall than rise. South Korea to...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Algeria Notches Up $11bn 2017 Trade Deficit; Total Since 2015 Hits $45bn
...ve since become entrenched – the three deficits since have totaled $45.2bn. For 2017 MEES calculations indicate that it would have taken an oil price of $76/B to break even on trade. Spending on imports jumped in 2011 and rose strongly in each of the three subsequent years on the back of in...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Libya’s NOC To Lift Investment Moratorium; But Divisions Remain
...store pre-conflict output of 1.6mn by 2021, Mr Sanalla tells MEES. In the longer term, the state body is aiming to increase production to 2.1mn b/d, he adds. “We intend in the coming months to lift our self-imposed moratorium on foreign investment in new projects” that has been in place since 2011, sa...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
GCC Drilling Remains Strong Despite Upstream Capex Cuts
...TRENCHMENT 2016 vs'15 vs'14 2000 2005 2010 2011 20...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Total: Cyprus “Thrilling”
...xonMobil and Qatar’s QP. Even if drilling is a success, lack of progress at Cyprus’ only discovery-to-date, 5 tcf, 2011 Aphrodite, provides a cautionary tale. ...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Jordan Slashes Planned Deficit By 25% For 2017
...lculus. In 2016 the value of Jordan’s energy imports represented 10% of GDP, down from 18% in 2014, according to Energy Minister Ibrahim Saif. Up till 2011, Jordan mostly relied on imported gas from Egypt. But it has since moved to replace Egyptian gas supplies by LNG imports via a floating storage an...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017