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Cyprus & Israel Close In On Deals To Kickstart Aphrodite Development
...ergy way back in 2011, with Chevron taking over as operator with its $5bn purchase of Noble in 2020 (MEES, 9 October 2020). The initial A1 discovery well was drilled just 3km from the maritime border with Israel, leading to speculation that the reservoir extended into Israeli waters. Subsequent pr...
Volume: 66Issue: 26Published at Fri, 30 Jun 2023 -
Eni, Cyprus Talk Recent Gas Finds, EastMed Pipeline
...y case these comments will have alerted US major Chevron which is finally progressing development of Cyprus’ first gas discovery, 2011’s 4.5tcf Aphrodite, where FID is potentially planned for 2025 (see p5). GROWING FOOTPRINT In addition to its dominant position offshore Egypt, Eni in to...
Volume: 66Issue: 26Published at Fri, 30 Jun 2023 -
Opec Revenues Set For 2022 Windfall After 2021 Turnaround
...ectrum lie the many Opec members which are struggling to keep up. One example is Algeria, where state oil firm Sonatrach says it is expecting around $50bn in hydrocarbon revenues for 2022. MEES estimates Algeria will earn around $38bn from oil exports alone, up 65% on last year. In 2011, Al...
Volume: 65Issue: 26Published at Fri, 01 Jul 2022 -
Syria Oil-For-Aid Initiative: Can It Gain Traction?
...London-based independent Gulfsands has had zero production since 2011. With the firm’s sole assets frozen in Syria, it is trying to drum up interest in an oil-for-aid program that would see itself and other foreign producers return to their fields. The Syrian state’s share of proceeds from th...
Volume: 65Issue: 26Published at Fri, 01 Jul 2022 -
Libya’s Gas Exports To Italy Collapse To Zero On Plant Outage
...en their output curtailed. *The outages, coupled with already lower supplies so far this year, mean Libya’s first half 321mn cfd exports to Italy were lowest since the 2011 revolution (see chart 2). Natural decline at Wafa and Bahr Essalam, as well as soaring domestic consumption continue to we...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021 -
BP Drilling Offshore Egypt
...REAGE Output at BP and Eni’s offshore Nile Delta fields peaked in 2011 and continues to slump: Ras El Bar output fell 20% to 107mn cfd for 2020 whilst El Temsah was down 23% at 136mn cfd (see chart and MEES, May 21). GAS OUTPUT FROM ENI & BP’s OFFSHORE NILE DELTA CONCESSIONS PEAKED IN 2011 AND FELL 29...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021 -
Saudi Arabia Gas: New Facilities, Greater Flexibility
...RIL ('000 B/D) PRESUMES ALL FUEL OIL BURNT IN POWER PLANTS (SOME IS USED AS INDUSTRIAL & BUNKER FUEL). SOURCE: JODI, MEES. 3: SAUDI ARABIA SALES GAS OUTPUT HAS BEEN CONSISTENTLY CLIMBING YEAR-ON-YEAR (BN CFD) CONVERTED FROM BTU TO CFD UNTIL 2011. SOURCE: SAUDI ARAMCO, ME...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
US Rigs Fall To New Low
...cord 76%. Of the latest fall, half (five) were in the Permian, leaving the total for the key Texas/New Mexico shale basin at 132, level with the April 2016 nadir as the low point in data since 2011. Permian drilling has actually been more resilient than elsewhere – all other key basins had already hi...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Oman Feels The Pain As Export Revenues Plummet
...onomic outlook. A succession of six sizeable annual deficits since the 2014 price crash has gradually pushed-up Oman’s debt levels, and another substantial rise this year seems inescapable (see chart 2). Current spending jumped in 2011 as Oman sought to ride out ‘Arab Spring’ protests through higher pu...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Aphrodite Deal Close
...US firm Noble Energy and its partners at Cyprus 5tcf Aphrodite gas field are locked in discussions with Nicosia over restructuring the Production Sharing Contract (PSC) signed in August 2011. The original contract model itself was drafted in 2008. MEES understands that Noble is seeking to...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Eni Ramps-Up Zohr, Mubadala Farms In
...t 6.5bn cfd in September, oil minister Tarek El Molla says, an all-time high that easily surpasses the previous record of 6.219bn cfd reached in December 2011. The new gas gains come courtesy of Italian firm Eni’s Zohr gas field. Discovered in August 2015, the field was fast-tracked by Cairo as it...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Qatar & Turkey: Brothers In Arms?
...up brought Abdel Fatah al-Sisi to power in Egypt relations with Qatar plunged to even worse depths than prior to Hosni Mubarak’s 2011 ousting. But even now the economic relationship between Qatar and Turkey is relatively menial, even in comparison to that between Ankara, UAE and Saudi Arabia – wi...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Iran Expands Crude Export Infrastructure
...dicate bumper volumes. Crude exports to Europe rose to 850,000 b/d according to the IEA. This would be the highest level since sanctions were tightened in 2011. Pirouz Mousavi, Managing Director of IOTC, tells the oil ministry’s Shana news agency that 95% of crude exports are shipped from Kharg. Sm...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Gulf Crude Shipments Fall In Q2, But From Record Levels
...rch-May, the lowest three-month-average figure in records going back 12 years. The Saudi share of the Chinese market averaged 20% as recently as 2011 and 2012. Other Opec producers have put in stronger performances. Angola’s 1.100mn b/d January-May average was over 230,000 b/d (27%) up on 2016’s re...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 2011...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
QP Ousts Maersk At Key Qatari Oil Field Amid Sectoral Revamp
...e dominance of LNG revenues in comparison, oil is set to become a more important player in Qatar’s economic mix. But not through increased oil output, which has now stabilized after falling 130,000 b/d since 2011 (see p14), rather because LNG revenues look liable to fall further. Most analysts be...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Iran Hits The Med As Market Share Battle With Saudi Intensifies
...EPS Latest Spanish import data shows arrivals of Iranian crude tripled to 102,000 b/d in April (three 1mn barrel cargoes) following March’s initial 1mn barrel post-sanctions cargo. All volumes so far have been taken by Cepsa which has been wholly-owned by Abu Dhabi state investment firm IPIC since 2011...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Opec Revenues Set To Fall Further In 2016
...gnificant damage has already been done. Libya’s chaos predates the oil price slump, with the country nowhere near to stabilizing since the ouster of former leader Mu’ammar al-Qadhafi in 2011. But oil price falls have contributed to the maelstrom. Kuwait is also having a year to forget, with revenues on...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Egypt Lays Out Further Subsidy Cuts For 2015-16 But Overall Spending Up
...ckwards in the three years following the country’s January 2011 ‘revolution,’ over the last year or so both planned and actual spending – much of it fueled by Gulf cash – has taken off. In August 2014 Egypt laid out plans to spend $4bn on expanding the Suez Canal (MEES, 8 August 2014). Local media re...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Syria’s Economy: Down, Down, But Not Quite Out
...LLAPSES, GAS UNDER STRAIN Oil output from fields under regime control has collapsed from 387,000 b/d in early 2011, on the eve of conflict, to under 10,000 b/d for both 2014 and the first three months of this year (see graph and MEES, 1 May). Islamic State (IS) controls oil fields with a capacity to...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015