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IOCs ‘Exclude’ Libya From 2019 Plans
...6mn b/d by end-2019 – a level last reached before the 2011 revolution (see chart 1) – and ultimately 2.1mn b/d by 2021. But the outlook remains bleak. The central bank and internationally-recognized government based in Tripoli have yet to agree a 2019 budget, whilst the key 315,000 b/d-capacity El Sh...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Spain: Record Opec Crude…
...lumes hit a quarterly record of 823,000 b/d in Q4. Despite zero buying for the last two months of 2018, Iranian volumes, at 97,000 b/d, were their highest since 2011. Those from Iraq were also up at 94,000 b/d, boosting overall Gulf volumes to a 7-year high of 342,000 b/d (see p24 for chart and full da...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Egypt Gas Turns The Corner, But Can It Maintain Investment?
...d IOC executives descended on Cairo this week to attend the 2nd annual Egypt Petroleum Show (EGYPS) as Egypt intensifies efforts to attract investment in its hydrocarbons industry. The country has been reeling since the 2011 Arab Spring revolutions which scared off investors. Petroleum Minister Ta...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Eni Cyprus Discovery: ‘Good-Good-Good, Or Just Good’?
...Eni’s Calypso Cyprus discovery could be bigger than Zohr. Complex geology means more drilling is needed. But CEO Claudio Descalzi says at a minimum the field will be a Zohr tie-in, with a stand-alone Cyprus LNG project a real possibility. This would also boost development prospects for the 2011...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
East Med Gas: Troubled Waters
...e incentives for Lebanon’s government. Whilst any sort of comprehensive peace agreement remains as far away as ever, the US has attempted to mediate a de facto agreement on their maritime boundary. In 2011 it sent diplomat Frederick Hoff to Lebanon in hopes of resolving the dispute. The so-ca...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Spain 2017 Crude Imports ('000 B/D): Strong Iran And Libya Recovery Raises Mideast Volumes To 6-Year High
...*CHANGE EXPRESSED IN PERCENTAGE POINT TERMS. SPAIN CRUDE IMPORTS FROM MENA COUNTRIES: LIBYA VOLUMES HIT 14-YEAR HIGH IN Q4, OVERTAKING SAUDI FOR TOP SPOT; IRAN HIGHEST SINCE 2011 ('000 B/D) SOURCE: CORES, MEES....
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Algeria Looks To Build On Modest Output Gains But Investors Remain Wary
...uthwest have been significantly delayed. A consortium of Spain’s Repsol, Sonatrach, Germany’s RWE Dea and Italy’s Edison waited more than two years before finally being given the green light to develop the Reggane North field on Blocks 351c and 352c in the Reggane Basin in November 2011. The project was or...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Tunisia: Oil & Gas Slump, Tourism Collapse – Bonds To The Rescue?
...achieving a total of $2.85bn in external financing including $550mn via a sukuk. Tunisia’s economy has struggled since the 2011 Arab Spring. More democracy has meant more instability and a rise of Islamic extremism, with the key tourism and energy sectors badly hit. Tourism is a pillar of th...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Egypt’s Economy: Looking Shaky Despite Cash Inflows
...nth earlier, the highest level since 2011 (see chart). The central bank says post-devaluation some $11.7bn of foreign currency has flowed into Egyptian banks as well as investment in the local stock market and treasury bills, boosting forex reserves to six months’ import cover. The pound has edged hi...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Algeria: 3 Bcm Gas Boost From In Salah Expansion
...s fallen to less than two-thirds of this figure – just 5.9 bcm for 2015. The fact that a project intended to maintain gas output will in fact provide a sizeable boost is indicative of the delays plaguing the Algerian upstream. In Salah output averaged 8.2 bcm in 2011, the year Southern Fi...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Adnoc Head Replaced As Abu Dhabi Eyes Output Rise
...s and oil production capacity and the renewal of a key offshore oil concession. Mr Suwaidi had headed up Adnoc since 2011, during which time he oversaw the renewal of the Abu Dhabi Company for Onshore Petroleum Operations (Adco). Of the 40% of the Adco concession open to foreign pa...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Libyan Unity Still Distant As Oil Trading Disputes Fester And IS Power Grows
...ng.” As has been the case since the ousting of former leader Mu’ammar al-Qadhafi in 2011, one of the biggest barriers to the agreement has been control over the country’s oil resources. The country’s crude oil output dropped to just 317,000 b/d in late January compared to some 1.6mn b/d prior to the fa...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Tunisia Bags EU, IMF Cash But Oil & Gas Output At Record Lows
...ansition process has been facing so many economic challenges since 2011;” recent terrorist attacks “have exacerbated an already vulnerable balance of payments and fiscal position, creating important financing needs,” he says. Tunisia, the pioneer of the 2011 Arab Spring revolts, suffered several deadly at...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Dana Looks To Egypt Uptick In 2016
...this output is gas: some 163mn cfd for 2015, around 50mn cfd down on record 2011 output of 213mn cfd. But countering the 2015 fall in output is the potential long term gains from the hike to the company’s Egyptian reserves following “successful Balsam-2 and 3 wells [which] added 165 billion cu...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
S&P Downgrades GCC Ratings On Back Of Tumbling Oil Prices
...hrain’s public finances. S&P highlights that public spending has remained elevated since the outbreak of mass civil unrest in 2011, with wages, salaries and subsidies accounting for 72% of spending. Despite Bahrain’s financial woes, however, the agency believes that economic support from neighboring Saudi Ar...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Iran Sets Out FDI Strategy As Foreign Cash Starts To Trickle In
...lay is that Mr Rohani waited for the lifting of international sanctions against Iran on 16 January to unveil the 2016-17 budget the next day (MEES, 22 January). The budget projects oil revenue at $22bn, based on an oil price assumption of $35-40/B; oil revenue hit a record $119bn in 2011 wh...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Baghdad, Erbil Face IOC Revolt As Cash-Crunch Stalls Payments
...e world had entered a new era of lower oil prices, predicting they would not recover to the $110/B level they averaged between 2011 and 2013 in the next few years. “It is very clear Iraq will not be able to deliver the quantum of production growth that is baked into people’s supply assumptions,” th...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Libya Peace Talks Begin But Economy Slides Towards Ruin
...recently as October, production was 900,000 b/d, and output before the 2011 uprising was 1.6mn b/d. Lower oil prices mean that Libya is also earning substantially less for its crude than over the course of last year. The average price of Opec’s basket of crude picked up slightly from $44/B in Ja...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Egypt: Apache Hopes Major Finds Will Stem Falling Output
...e Apollonia formation (MEES, 19 December, 2014). APACHE EGYPT* OUTPUT 2009 2010 2011 2012 2013 2014 Gross Pr...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015 -
Total Takes The Long-Term View On Global Lng Markets
...me, some years ago. The aftermath of the Fukushima nuclear disaster in 2011 witnessed a shift between the Atlantic Basin and the Pacific region, especially due to an increase in Japanese imports (with a plateau at 88mn tons/year). A new wave of LNG was contracted and is under finalization in Papua Ne...
Volume: 58Issue: 07Published at Fri, 13 Feb 2015