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Libya Exploration Picks Up Steam As NOC Reiterates Ambitions
...Libya is persuading more and more of IOCs to return to exploration. The country’s rig count hit 18 for October, the highest level since the 2011 revolution (see chart). And recent weeks have seen a flurry of announcements from NOC that foreign oil and gas firms are planning on resuming dr...
Volume: 66Issue: 48Published at Fri, 01 Dec 2023 -
Chevron Hits Paydirt With 3.5tcf Egypt Gas Find
...veloped 4.5tcf 2011 Aphrodite discovery. The US major only entered Egypt in 2019 when it was awarded a frontier Red Sea exploration block. In July of 2020 it took its first offshore Mediterranean acreage, when it was awarded Narges as well as two further blocks in Egypt’s unexplored West Mediterranean re...
Volume: 65Issue: 48Published at Fri, 02 Dec 2022 -
BP’s Egypt Raven Outages Dampen Late Year LNG Export Hopes
...ll in LNG exports. With December’s exports now set to be lower still, exports for 2021 as a whole are now set to fall short of 2011’s 6.90mn tons, though at 5.97mn tons for 11M21 volumes are already well ahead of 2012’s 5.33mn tons for a 10-year high (see chart). Spluttering exports earlier th...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Egypt: Gulf Of Suez Oil Output At 40-Year Low On Back Of Lower Prices, Capex
...abilized at just over 300,000 b/d over the five years to 2011. Part of the fall since then can be attributable to economic and political instability in the aftermath of the January 2011 revolution (in particular cash-strapped Cairo’s failure to pay foreign operators – MEES, 1 December). But the biggest fa...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Payment Problems
...Egyptian state firm EGPC (which typically markets crude on behalf of smaller producers). Egypt has always had a reputation as a tardy payer. But receivables to IOCs active in the country soared in the aftermath of the January 2011 revolution. From $3bn at the start of 2011 they leapt to $8bn in...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Iraq’s Unattractive Contracts Claim Fresh Victim As Shell Eyes The Exit
...rine offshore fields where Shell assumed control in February. Output has collapsed in recent years – from almost 800mn cfd net in 2011 to just 251mn cfd last year (MEES, 18 March) – in part due to BG’s refusal to sanction new investment in protest at payment delays ($1.1bn owed as of mid-2016). Si...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Libya: Could ‘Peace Deal’ Double Oil Output To 800,000 B/D?
...national politics. The conflict in Libya’s southwest dates back to before the fall of Mu’ammar al-Qadhafi in 2011, but it has since become a proxy war for the broader confrontation between the internationally-recognized government in Baida and the unofficial National Salvation Government in Tr...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Looks Beyond Current Storms To Gas-Fueled Upland
...en extensively explored by Shell, which drilled nine either unsuccessful or sub-commercial wells on its giant Northeast Mediterranean deepwater (Nemed) block between 2006 and 2011. EGYPT: KEY RECENTLY-AWARDED DEEPWATER BLOCKS ENI: NEW MODEL Eni says its success where Shell fa...
Volume: 58Issue: 48Published at Fri, 27 Nov 2015 -
Egypt Closing In On Debt Repayment And New Bid Round, Minister Says
...er the next five years. According to the government, it had released a second tranche worth $1.5bn to producers at the beginning of the month. Debts to IOCs that had accumulated in the aftermath of the 2011 revolution were first addressed with a $1.5bn payment in December 2013. Apart from ch...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Damascus Loses Control Of Last Key Oil Field
...,600 b/d of high-value light sweet crude in the first quarter of 2011 (that is to say before the current fighting broke out, 24% of Syria’s total 387,000 b/d crude production for the period: MEES, 16 May 2011). If confirmed, the capture of this field will cut off the Syrian regime’s access to almost al...
Volume: 56Issue: 48Published at Fri, 29 Nov 2013 -
Algeria’s South West Gas Project Delayed To Late-2016
...scussions related to the finer points of the July 2011 development plan have been ongoing “for some period of time… six months ago, I would have said that it close to finishing…but is always one week more. …we still have some small differences on how to split the rent,” Total boss Christophe de Margerie sa...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
Qatari Condensate Production On The Rise
...ojects left, leaving only the downstream sector as an opportunity. Qatar Base Case Condensate Supply 2011 2012 2013 2014 2015 20...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
POGC And Sonatrach Step Up Libyan Exploration; Others Wait On Sidelines
...d Production Agreement framework, known as EPSA-IV. As part of the 2008 award POGC committed to spending $108mn drilling at least eight wells. The company shot initial seismic in 2010 and had been about to kick off a drilling campaign in February 2011 when the Revolution got into full swing. The co...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
South Sudan Oil Restart Pushed Back
...other this week after Juba was forced to delay its long-awaited oil production restart on account of some new security-related demands it says Khartoum has made. South Sudan, which broke away from Sudan in July 2011, took the unprecedented decision to shut down its near 350,000 b/d of oil pr...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
IOOC Taps NDF To Finance Upstream Projects
...ntinued operation of the Forouzan, Reshadat and Hengam fields and is expected to provide another $500mn for the development of Farzad A gas field. In November 2011 IOOC signed a heads of agreement with Petropars for the $4bn development of Farzad A. Mr Zirakchianzadeh also announced the signing of...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
Cyprus Eyes Gas Pre-Sales To Plug Finances
...ceptable. Given a 2011 GDP of €17.5bn, Nicosia would not be allowed to borrow more than €21bn, leaving it with a €7bn funding gap. Total benefit from privatization of publicly owned companies would probably not exceed €1-1.5bn, and a 30%-40% haircut by existing bondholders is by no means assured, making fo...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
MENA Active Drilling Rigs
...12* October 2012 breakdown* Oct-12 Sep-12 Oct/ Sep Aug-12 Oct-11 2012/ 2011 Oc...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012