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Egypt Oil Output Gains Pick Up Pace But Gas Woes Continue
...e rest of the year that will come online,” he says. The Western Desert’s total rig count averaged 79 for Q2 this year, the highest since Q4 2014. Egypt remains a key region for Apache, with ‘Apache Egypt’ capex (including a 1/3 stake held by China’s Sinopec) rising 8% quarter-on-quarter to $20...
Volume: 66Issue: 32Published at Fri, 11 Aug 2023 -
Libya Exploration Looking Up As Eni & BP Lift Force Majeure
...11. It again planned to kick off drilling in 2012 before instability picked up (MEES, 4 June 2012). BP declared force majeure in 2014, and in 2015 wrote off the $598mn it had spent up till then on “exploration and other costs in Libya” (MEES, 31 July 2015). Eni in 2018 agreed to take over as op...
Volume: 66Issue: 31Published at Fri, 04 Aug 2023 -
Softening Oil Sector Puts Brakes On Saudi Growth
...in Q2 according to preliminary government figures, to 5.5% from Q1’s 5.4%. It has now notched up five consecutive quarters above 5% for the first time since 2014. However, given the extent to which the economy is dominated by the oil and gas sector – which is itself undergoing an extensive ca...
Volume: 66Issue: 31Published at Fri, 04 Aug 2023