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Libya: Key BP/Eni And Total Deals Yet To Materialize
...,000 km2 acreage – ‘Area A’ and ‘Area B’ in the Ghadames Basin bordering Tunisia and Algeria and a huge offshore block in the Sirte Basin – in 2007 committing to spend at least $900mn and drill 17 wells (MEES, 4 June 2007). But just as BP was to commence offshore and onshore drilling in February 2011...
Volume: 62Issue: 14Published at Fri, 05 Apr 2019 -
Iraq Bid Round Flatters To Deceive
...bstantially larger with 2017 gross output of around 80,000 boe/d, of which 80-90% was gas. UEG’s production is all in Pakistan, after acquiring BP Pakistan’s assets for $775mn in 2011. Output has increased under UEG, from around 35,000 boe/d under BP (10,000 b/d oil, 200mn cfd gas). ...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Waha: Total Says Done & Dusted, Libya Thinks Otherwise
...s US partners. Whilst Conoco and Hess (and hitherto Marathon) have since 2011 habitually excluded Libya from their output guidance, Total’s Mr Pouyanné says his firm has no intention of doing likewise. Libya, at 80,000 b/d net, now represents 5% of the company’s total liquids output. “Yes, it’s ta...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Lebanon's Gas Hype: Is It All Hot Air?
...mmercial discovery is a fait accompli. But Lebanon needn’t look far for examples of the tricky realities of East Med development: after discovering the 5tcf Aphrodite field in 2011, many of the island’s “experts” and officials boasted as if Cyprus were the new Qatar (MEES, 10 April 2015). Israel’s 22tcf Le...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Sabic Seeks Big Projects As Reorganization Continues
...s second best year in output terms, a recovery in net income to $4.9bn – aided by the linking of petchems prices to crude oil – was still less than two-thirds of its record $7.8bn in 2011 (see charts). The bulk of the drop in output for 2017 was accounted for by the company’s ‘metals’ division, wi...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
The USA’s Growing Role In Global LNG Trade - MEES Crunches The Numbers
...BRUARY (1.44MN T, 21 TANKERS) AND MARCH (1.00MN T) THE TWO BIGGEST MONTHS ON RECORD... ...BUT, NORTHBOUND (AND OVERALL) LNG VOLUMES ARE WELL DOWN FROM 2011’S RECORD HIGHS AS SALES OF QATARI LNG TO ATLANTIC BASIN BUYERS HAVE SLUMPED (MN T) SOURCE: SUEZ CANAL AUTHORITY, MEES. TH...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
OMV Restarts Yemen Output
...15. Multiple firms with Shabwa basin operations say the region is safe from combat with upstream infrastructure intact. But pipeline attacks remain a perennial threat and employee safety a constant concern. Yemen produced 300,000 b/d before political stability nosedived in 2011. The 2010 co...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Eni Plans For Libya Output Drop
...2011, falling to about 260,000 b/d in 2017. Or maybe he is talking about crude only, where again the decline has already taken place: gross capacity from Eni-operated fields fell from about 305,000 b/d in 2010 to 210,000 b/d in 2017. “For 8 years, we had very good [output], but we didn’t in...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
UAE’s Nuclear Power Mirage Slips Further Away
...ys Barakah-4 construction is around two-thirds complete, with the next phase being the transition from construction to testing. SECOND IN LINE The Barakah plant will eventually become the Mena region’s second operational nuclear power plant, following the start-up of Iran’s Bushehr-1 plant in 2011...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Lebanon: Can Donor Conference Success Right The Ship?
...esent problem since. Since 2011, the war in neighboring Syria has crippled economic growth (see chart), stunting the 9.2% average annual growth from 2007-2010 to a paltry 1.7% from 2011-2017 (see chart 2). With a bloated public sector, subsidized (yet inadequate) utilities and corruption a problem ev...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Algiers Aims For The Sun; Is Its Head In The Clouds?
...ogram to develop 22GW in renewables energy capacity by 2030, comprising 13.6GW of solar PV, 2GW of concentrated solar power, 5GW of wind power and 1.4GW from other sources (see table). The plans were introduced in 2011 and updated in 2015 (MEES, 3 April 2015). According to a 9 April statement by the En...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Sabic Output At Record High In 2016, But Net Income Lower In ‘Pivotal Year’
...an halving in oil prices far better than it did in 2009, when a more modest fall in oil prices saw earnings collapse to just $2.42bn (see charts). Net income has fallen every year but one since 2011’s record $7.80bn despite steadily rising output since. Production numbers are somewhat confusing as...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Tunisia Awaits $2.5bn In Fresh Aid As Economy Undershoots, Energy Bill Soars
...her in the Arab Spring in 2011, Tunisia has been seen as the last best hope of an Arab democratic transition, prompting international donors to pledge financial support. TUNISIA- IMF FORECASTS: REPEAT DOWNGRADES TO PAST PROJECTIONS UNDERMINE FORECASTS OF FUTURE IMPROVEMENT ON GR...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Total And Sonatrach Bury Hatchet As Algiers Pushes Partnerships Agenda
...proved contractual framework” at its key Algerian development project, 180mn cfd Timimoun, in which it has 37.75%. Sonatrach has 51% and Spain’s Cepsa the remaining 11.25%. (Total owned 50% of Cepsa until 2011 when it sold to Abu Dhabi sovereign wealth fund IPIC.) Start-up at Timimoun, a key element of...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Saudi Debut International Sukuk Raises $9bn; Aramco Taps Further $3bn
...untry’s other means of covering its deficit is to draw down its foreign reserves. These had shrunk to $514bn at end-February – the lowest since 2011: they were $593bn a year earlier and peaked at $732bn at end-2014 (see chart). The sukuk helps to alleviate pressure on these foreign reserves. Moody’s as...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Oman LNG Records Rare Output Rise, But Revenue Falls Regardless
...creased supply of gas however was a more notable development demand for power generation actually fell. Gas supplied to the sector rose 1.9bcm over the five years from 2011-2015, but fell 0.33bcm last year to just under 8bcm (see table). Concerns that demand growth was outstripping supply have pr...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
What’s Next For Sonatrach Sales Deals?
...6 2011 2027 Sonatrach 2 n/a ...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Algeria’s 2016 Gas Export & Output Records – Are They Believable?
...DICATED) 2016 vs 2015 2010 2011 2012 2013 2014 20...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Return Of Iranian Crude Makes Big Splash In Europe
...mmission. Of this, $812mn (17% of the total) came in December thanks to a confluence of high export volumes and rising prices. By comparison, EU imports of Iranian crude in 2011 were valued at $23.5bn. Iran’s EU successes last year made it the 9th largest supplier of crude to the bloc, but it remains well do...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Egypt Receivables: A Glass Half Full Or Half Empty?
...the agreement” (MEES, 3 February). Dana’s latest comments take the firm back to 2014 (and similar comments as far back as 2011) when the company talked of “calibrating its capital expenditure [in Egypt] in line with collections,” with spending “re-phased” to a later period (MEES, 8 August 20...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017