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BP’s Raven: Delayed Start Hikes Egypt Gas To New Highs
...en BP approved development back in March 2015 (MEES, 13 March 2015). The three phases of the project were supposed to provide a collective output boost of 1.5bn cfd. But decline at the first two phases – Phase-1, the Libra and Taurus fields, which came online at the end of Q1 2017 (MEES, 12 May 2017...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Saudi Arabia’s Vision 2030: Five Years On
...ince in 2017. When Vision 2030 was launched five years ago it seemed highly unlikely that it would succeed in all of its highly ambitious goals. But to observers it was clear that Saudi Arabia’s economy needed to be shaken up and that setting out such ambitious targets was no bad thing, even if th...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Israel's Leviathan Hits Q1 Output Record As Expansion Plans Move Up The Agenda
...the block area, containing, according to the best assessment, over 2bn barrels of oil and more prospects are under maturation process,” the firm adds. In 2017, Ratio took a 20% stake in Block 47 off Suriname from operator, UK-based firm Tullow, which retains a 50% stake in the acreage. Here, Tu...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Saudi Liquids Burn Falls To Four-Year Lows In Early 2021
...ar at an average of 705,000 b/d (see chart 1 and p18 for full data). Not since 2017, the first full year of operation for the 2.5bn cfd Wasit gas processing plant, has oil burn opened the year at such levels (MEES, 24 March 2017). However, as Saudi Arabia has implemented its 1mn b/d voluntary ad...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
UAE Hydrocarbon Export Revenues Fell By 36% In 2020
...asure and was not that far below the recent low-point of $67.4bn in 2017. 1: THE UAE ECONOMY CONTRACTED FOR THE FIRST TIME IN 11 YEARS IN 2020 (REAL GDP GROWTH, %) ^PRELIMINARY CENTRAL BANK CALCULATION *CENTRAL BANK PROJECTION; SOURCE: UAE CENTRAL BANK, IMF, MEES. 2: UAE OIL & GA...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Eni In Libya: What Does The Future Hold?
...bya’s share of Eni’s total net output has fallen to less than 10% for the first time since 2011 and is down from 21% as recently as 2017 (see chart 2). Even with such a steep fall in Libya’s share, the firm is looking to further decrease its exposure to the oft-troubled North African country “to better ba...
Volume: 64Issue: 15Published at Fri, 16 Apr 2021 -
Sunny Hill: No More Eggs, No More Basket
...layed – it was previously slated for 2017 start-up (MEES, 21 July 2017) – it was thought that Petrofac’s EPC contract had been progressing relatively smoothly, albeit with some potential pandemic-related delays. That Sonatrach is pursuing start-up just two months after the date of the original 48-month co...
Volume: 64Issue: 15Published at Fri, 16 Apr 2021 -
QP Expands In Namibia
...creasing overseas footprint, not to mention plans to massively expand its LNG capacity and increase its operating role of its LNG facilities (MEES, 5 April), QP is well on the way to achieving plans set out by Mr Kaabi in 2017 to turn QP into “an International Oil Company” (MEES, 8 December 2017). This wo...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Iraq Oil Revenues At Highest Level Since 2019 As Crude Tops $60/B
...tside the control of the federal government. The KRG’s exports from Ceyhan fell to just 360,000 b/d for March, Kpler data indicate, down almost 40,000 b/d on February and the lowest figure in three months. For Q1 as a whole KRG exports of 412,000 b/d were second only to 2Q 2020 as the lowest since 4Q 2017...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Israel Oil Demand Falls To 9-Year Low Amid Record Imports
...porting ‘banned’ supplies, especially if this can be achieved at a hefty discount. During Libya’s geopolitical chaos of 2016 and 2017 where factions competed to sell crude by any means possible, Israel took several cargoes. And volumes from ‘Egypt’ (with which Israel of course has diplomatic relations) ha...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Cairn Finalizes Mauritania Deal
...mmercial discovery, Frégate, in 2012-13 (MEES, 13 February 2013), Dana and UK-based partner Tullow Oil quit the acreage in 2017, only for Total to snap up Block C-7 later the same year. When announcing the original farm-in in March 2020, Cairn flagged up possible drilling targeting a turbidite fan play an...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Egypt: Draft 2021/22 Budget
....8bn) and set to be the lowest spending figure since 2017-18 as Cairo’s finances finally show signs of the impact of Covid-19 (MEES, 5 March). Subsidy allocations are down around 40% to E£87.8bn ($5.6bn) while the budget forecasts a deficit of 6.6% of GDP, up marginally from the 6.3% forecast in the cu...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Iraq & Total Reach Initial Deal On $7bn Of Projects
...ogress. Still, Total should fare better than US firms with any such administration, especially as it has proven willing to work with Iran through signing up to develop Iran’s South Pars Phase 11 project in 2017 (MEES, 7 July 2017), even if ultimately it withdrew in 2018 due to US sanctions (MEES, 24 Au...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Exxon Plans 2021 East Med Drilling
...so plans to keep the purse strings tight this year (MEES, 5 February). But this has not stopped it following through on East Mediterranean expansion. The major only entered the region in early 2017 when it snagged Cyprus’ Block 10 in partnership with Qatar Petroleum (Exxon 60%op, QP 40%: MEES, 24 Ma...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
BP Write Offs: $2.3bn For Mauritania/Senegal, $950mn For Egypt
...BP’s recently-released 2020 report reveals that the major last year wrote off $2.26bn on its gas assets off Mauritania and Senegal as well as $952mn for Egypt. The Egypt figure appears to relate to the major’s share of the $12bn West Nile Delta project where output since 2017 start-up has ma...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Qatar Petroleum Moves To Take Full Ownership Of LNG Facilities
...monstrated at the height of tensions with neighboring Saudi Arabia and UAE after they imposed an economic embargo on Qatar in June 2017 which lasted until the beginning of this year (MEES, 8 January). Deep commercial ties with major US and European IOCs undoubtedly bolstered Qatar’s position with western go...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Long Delayed Barzan Gas Project Starts Up
...panese firms – Idemitsu, Cosmo, Mitsui, and Marubeni (see map, main story). The most recent cause for delays was down to problems with pipelines linking the offshore wells to the onshore processing facilities. QP CEO Saad al-Kaabi said in 2017 “It’s delayed because we have had issues with the pi...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021