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Cronos: Time For Cyprus Field To Shine
...SITION Cronos looks set to become Cyprus’ first gas producing field. The Mediterranean island’s first gas discovery, the 3.5tcf Aphrodite, made in 2011 and operated by US major Chevron, has fallen behind Cronos despite an approved development plan (MEES, 21 February). Chevron is currently in the pre-FE...
Volume: 68Issue: 31Published at Fri, 01 Aug 2025 -
Syria Poised For Gas Imports, Issues Crude Export Tender
...nounced a tender last week for the sale of 500,000 barrels of heavy crude oil, which would be its first such sale in more than a decade. Sanctions and domestic requirements during the 2011-2024 civil war put paid to Syrian exports. The tender puts the crude quality between 22-24 API, and 4.2% sulfur with bi...
Volume: 68Issue: 31Published at Fri, 01 Aug 2025 -
Libya Exploration Looking Up As Eni & BP Lift Force Majeure
...menting the re-establishment of UK relations with the Gaddafi regime following a landmark visit by then PM Tony Blair to Tripoli (MEES, 4 June 2007). BP was slow to kick off exploration but was “hours away” from beginning a 17-well, $900mn commitment drilling program when the revolution began in February 2011...
Volume: 66Issue: 31Published at Fri, 04 Aug 2023 -
Opec Output: Saudi Floats Potential Deeper Voluntary Cuts
...tages, Libya, which is exempt from the cuts, has seen its output stabilize for a 12th straight month above 1.1mn b/d with drilling running at close to the highest level since the country’s 2011 revolution (see p5), IRAQ: HOsES BOOST EXPORT CAPACITY Iraqi production continues to rise as th...
Volume: 66Issue: 31Published at Fri, 04 Aug 2023 -
Saudi Arabia Posts Strong Q2 Growth
...Saudi Arabia’s economy is booming, with GDP growing at its fastest pace since 2011. Inflation remains under control and foreign reserves are being rebuilt. Saudi Arabia’s economic rebound continues apace, with growth accelerating to 11.8% last quarter. Preliminary government figures for Q2...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
Audit For Libya’s Central Banks
...estions related to the alleged squandering of Libya’s oil revenues since 2011. London-based Deloitte will carry out the audit which will “commence as soon as possible.” ...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Iraq Crude Exports Edge Up In July
...ightly. Baghdad has so far brought in $47bn this year, down just $800mn (see chart). If oil prices and exports hold steady, Iraq is looking at around $80bn in export revenues – just a hair behind last year’s $83.7bn and not far behind the 2011-14 days of $100/B oil when Iraq netted $85-95bn despite only ex...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Eni & Total Strengthen Cyprus Ties
...months. Appraisal wells are slated for Calypso on Block 6, Glaucus on Block 10 and also at the 4.2tcf Aphrodite field, Cyprus’ first gas discovery in December 2011. This would be the second appraisal well drilled at Aphrodite: the previous one was drilled six years ago. In June the pa...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Tunisia At The Crossroads
...llowing the 2011 ouster of long-time ruler Zine al Abidine Ben Ali and into a young democracy. As prime minister of the transitional government in 2011, the secularist Mr Essebsi could have caused all sorts of problems for the ‘Islamist’ Ennahda party which won the October 2011 elections. He chose not to...
Volume: 62Issue: 31Published at Fri, 02 Aug 2019 -
Iraq Takes On Mansuriya
...-year development service contract signed in 2011. Nonetheless, Oil Minister Jabbar al-Luaibi calls their efforts a “failure” and maintains “great confidence” in the national oil companies’ capabilities to do a superior job. "The ministry will not hesitate to transfer unfulfilled contracts held by fo...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Egypt Goes West And Digs Deep In Quest For Oil Output Boost
...nger term it hopes a recently-launched bid round will provide a boost (MEES, 25 May). The key blocks on offer are in the Western Desert. Since 2011 the Gulf of Suez has seen its importance wane. It has been overtaken by the Western Desert, the country’s key oil province, where May output of 36...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Libya: Companies Crave Elusive Stability
...0,000 b/d on a gross basis. Capacity was considered to be 340,000 b/d prior to Libya’s 2011 revolution (see chart). “A ramp up in production in Libya,” as well as the end-2017 start-up of the Reggane North gas project in Algeria (MEES, 22 December) were the key reasons that Repsol was able to post a 45...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Cash-Rich Gulf State Refiners Seek Overseas Capacity, Integration
...0 106 106 Overseas (OOC): Bina (2011) 50 120 60 *CLEAN FUELS PROJECT WILL CHANGE COMBINED CAPACITY TO 800,000 B/D BY END-2019. SO...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Algeria: In Amenas Gas Boost But Oil Set For Further Slide
...ndling” project that will boost rates of water treatment and thus re-injection from later this year. Cepsa, since 2011 owned by Abu Dhabi state investment fund IPIC, also operates the Bir El Msana (BMS) project, in the Berkine Basin around 100km north of Ourhoud. One of only two modest oilfield start-ups in...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Aussie LNG Boom Squeezes Qatar In Core Asian Markets Amid Lackluster Demand
...nerally fully utilized and renewables developments gather pace. In addition, more nuclear plants should come back online in coming years. However, how fast this will happen is a key uncertainty as atomic energy remains extremely controversial following the Fukushima nuclear accident in 2011. As things st...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Opec Output Hits New Record In July As Prices Tumble
...d control over Venezuela’s ports, and the opposition now claims to have gathered sufficient signatures for a referendum on his position. Venezuelan crude output fell to 2.27mn b/d in July, the lowest since April 2011. The number of active oil drilling rigs in the country fell to just 49 in July, th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Iran Oil Contracts Move One Step Nearer
...int Comprehensive Plan of Action (JCPOA). Absent the IPC, Iran has made significant strides since sanctions were lifted in January. Crude production has increased 660,000 b/d to 3.55mn b/d (see p9), putting it within 40,000 b/d of the 2011 average, the last full year before the EU imposed an em...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
CBI Opens Forex Free Market To Commercial Banks
...stem after the nuclear related sanctions unleashed turmoil in the forex market in 2011-12, when the local currency lost more than 60% of its value and controls on access of foreign currency were imposed (MEES, 20 June 2011). According to the head of the Export Guarantee Fund of Iran, Kamal Seyyed Al...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Kuwait, Saudi Spat Over Neutral Zone Heats Up
...olation of the bilateral agreement, he adds. He also says that work to cut emissions had begun in 2011 and was due to be completed in 2017. Mr ‘Umair says in the letter that the Kuwaiti side had suggested to the Saudis that production resume at Khafji at a reduced rate of 100,000 b/d, but that the Sa...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Iran Gets The Show On The Road For Contract Launch
...owth has been considerably slower than expected: Crude oil production in Iran is currently running at around 2.8mn b/d, down on 3.6mn b/d in 2011; while gas production growth has only really picked up over the past 12-15 months (MEES, 13 March). And with this roadshow, Iran is hoping to lure some of...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015