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Wintershall Libya Assets In Limbo
...wn” from the board and “own less than 50% of LetterOne shares,” they retain a substantial holding (MEES, 6 May 2022). THE ASSETS THAT NO-ONE WANTS The problem for Libya, which is desperate to attract more upstream investment in a bid to regain output levels seen prior to the 2011...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Cyprus: New Energy Minister
...major ExxonMobil is also eying further drilling in its Block 5 and 10 acreage this year following disappointing results from last year’s appraisal well of 2019’s Glaucus discovery on Block 10 (MEES, 10 February). The priority though will be the decision regarding Cyprus’ first gas discovery, 2011...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Egypt: Record 2021 Gas Output But Outlook Uncertain
...crease on December 2021’s 9,394 b/d, but still the lowest since 2011. TransGlobe says much of its “$33.1mn Egypt capital program is predominantly weighted towards 13 development wells within the Eastern Desert.” “With the finalization of the concession agreement, the primary focus of the 2022 Eg...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Opec+ Resists Pressure To Release More Oil Amid Ukraine War
...ssage to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine.” This is only the fourth such coordinated drawdown, and the first since 2011 when the Libyan revolution disrupted production there (MEES, 27 June 2011). Following its meeting, Opec+ st...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Libya’s Crippled Refining Sector Struggles To Meet Demand
...meplate capacity (see table 1). The bulk of current output, which meets only about half of the country’s domestic consumption, comes from the 120,000 b/d Zawiya refinery west of Tripoli. Even before the 2011 revolution Libya’s refining fleet was in desperate need of upgrades due to Gaddafi-era sa...
Volume: 64Issue: 09Published at Fri, 05 Mar 2021 -
Exxon Makes ‘World Class’ Cyprus Discovery
...US major ExxonMobil has discovered 5-8tcf of gas on Cyprus offshore Block 10, the third significant gas discovery made off the Mediterranean island since 2011. But there is still no clear route for any of those fields to be developed. The announcement this week by US major ExxonMobil (60...
Volume: 62Issue: 09Published at Fri, 01 Mar 2019 -
Abu Dhabi’s Shah Field Central To Adnoc’s Gas Expansion Strategy
...our stakeholders” says Mr Nasri. This is a far cry from the project’s early days when estimated production costs were a much higher $4-6/mn BTU (MEES, 6 June 2011). SHAH SOUR GAS FIELD SALES GAS OUTPUT* HITS NEW HIGHS IN SECOND HALF OF 2018 (MN CFD) *IMPLIED FROM OXY’S REPORTED NET VO...
Volume: 62Issue: 09Published at Fri, 01 Mar 2019 -
Algeria Gas Set For Record 2018 With Start-Up Of Key Southwest Fields
...tal (37.75%), alongside Abu Dhabi-owned Spanish firm Cepsa (11.25% – until 2011 Total owned 50% of Cepsa) and state energy company Sonatrach (51%). The start-up follows a new contractual framework agreed between the partners and Algeria’s state licensing body Alnaft on 12 December. South Korea’s Sa...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Saudi Pushes On With Nuclear Plans Despite US Concern
...Status Operating 1.0 Iran Bushehr-1 2011 1....
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Noble East Med Plans Gather Pace
...lks to send Aphrodite gas to Egypt were at an advanced stage. Discovered in December 2011, Noble has been unable to reach Final Investment Decision (FID) on the field due to a mixture of the field’s relatively modest size, low gas prices and its location 160km offshore and in almost 2,000ms water de...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Zohr On Target, Rosneft Farm-In Questioned
...ws that both Eni and its CEO Mr Descalzi have been charged by Italian prosecutors for their alleged roles in an international corruption case regarding the 2011 purchase of Nigerian acreage for some $1.3bn. Mr Descalzi will face trial with former Eni CEO Paolo Scaroni and nine other individuals in...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Aramco Pays Petronas $7bn For 50% Stake In Rapid Project
...uthwestern Yunnan province, having signed a memorandum of understanding in March 2011. CNPC has finished building the 260,000 b/d refinery, the first in the landlocked province, and aims to import crude for the plant via a spur line from the 2,400km, 440,000 b/d Myanmar-China pipeline, which will receive cr...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
IOCs Continue To Play It Safe In Libya
...rms. It accounts for the bulk of Libya’s gas output and has been responsible for all of its gas exports since LNG shipments halted in early 2011 (see chart). LIBYAN GAS EXPORTS (MN CFD)* *ALL EXPORTS ARE TO ITALY VIA THE ENI-OPERATED GREENSTREAM PIPELINE. SUPPLIES COME FROM ENI’S WAFA AND BA...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Iran Back in Business, But Concerns Remain
...art). Japan increased imports of Iranian crude in January for the third straight month, with its 194,000 b/d, the highest since March 2015. Both countries’ imports in 2015 were about half the level in 2011 before sanctions against Iran were tightened significantly, and Iran will be seeking to increase ex...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Taq Taq Reserves Downgrade Hits KRG And Genel Energy Plans
...er 100,000 b/d, close to a quarter of the region’s total output. Genel shares tumbled by around 40% after it announced on 29 February that Taq Taq’s original 2P reserves were being cut by 48%. The original 2P reserves as calculated in 2011 were 683mn barrels, but this was revised down to 356mn ba...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
South Sudan Oil Revenues Collapse
...serves and infrastructure incurred when the south seceded from Sudan in July 2011 (see tables 3 & 4). This latter agreement, known as the Transitional Financial Arrangement (TFA), covered the repayment of $3.028bn over a three and a half year period, due to expire in December 2016. There is no chance of...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Aramco Dusts Off Plans For $2bn Ras Tanura Clean Fuels Project
...at at least three rounds of bidding for the Ras Tanura upgrade have been conducted already without any EPC awards. The project is expected to cost $2bn. Aramco awarded front end and engineering design (FEED) for the Ras Tanura clean fuels upgrade to US firm Jacobs Engineering in 2011, under the Ge...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Iranian Election Prompts Optimism On Investment
...esident Ali Akbar Hashemi Rafsanjani secured the most votes overall, while Mr Rohani was also voted in; both were already members of the assembly and Mr Rafsanjani had previously served as its chairman from 2007 to 2011. Elections for the assembly are held every eight years and the body is co...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Libya: Companies Have Only Bad News, Apart From Eni
...8mn cfd, the highest level since the 2011 ouster of Mu’ammar al-Qadhafi. In the second quarter of the year they averaged almost 800mn cfd – within touching distance of pre-Revolution levels. However, volumes slumped to just 450-460mn cfd in December and January before a modest rebound to 486mn cfd in Fe...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Egypt Taps Expat Savings
...ood at $16.5bn at end-February, less than half the $34bn level before the 2011 revolution. The “Biladi” certificates will be marketed by three state-owned Egyptian banks: National Bank of Egypt (NBE), Banque du Caire and Banque Misr. Immigration Minister Nabila Makram says they will provide ov...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016