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Shell Return To Libya?
...sets in Libya and quit its exploration acreage in 2012 citing “disappointing” results from an “extensive seismic and drilling campaign” (MEES, 4 June 2012). It was drilling its fifth exploration well out of a planned 18 when revolution hit in early 2011. Shell did however make a point of stressing that th...
Volume: 64Issue: 48Published at Fri, 03 Dec 2021 -
Can Cyprus Reboot Offshore Drilling Plans?
...i announced its own 6-8tcf Calypso discovery (MEES, 16 February 2018), raising expectations that the island would finally be able to call itself a gas producer. Initial hopes following the 2011 discovery of Cyprus’ 4.1tcf Aphrodite had subsided in the six years between, with the mid-2014 oil price co...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
Libya Dusts Off $60bn Of Projects: Could This Be Its Last Chance?
...bound in the last quarter of the year, Libya’s crude production in 2020 is still set for its lowest level since 1962 at just 341,000 b/d. That represents a 69% fall on 2019’s seven-year high of 1.11mn b/d, making this year the worst since the 2011 revolution in output terms. It is also two-thirds down on...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
Gulf Drilling Falls To New Lows
...*Latest figures from Baker Hughes show Gulf drilling activity falling further from what were already multi-year lows (MEES, 11 September). For GCC countries the overall November total of 205 was the lowest since March 2011. *Saudi Arabia had just 60 active drilling rigs the lowest figure si...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Tunisia’s Debt-Fueled Revolution Marks 10 Years
...tings agency Moody’s puts the figure closer to -10%. But even 2019’s growth of 1% was nowhere near levels needed to create enough jobs and jolt the economy. Tunisia’s biggest problem has been a series of weak governments – some 12 in total since 2011 – that have been unable to carry out structural re...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Sudan Looks To Reverse Upstream Decline With 2021 Bidding
...Sudan’s crude output is running at 64,000 b/d, down 44% on 2014 levels and some 86% below the 457,000 b/d produced before South Sudan seceded in July 2011, taking with it 75% of Sudan’s production. Acting Energy Minister Kheiri Abdelrahman says Sudan hopes to add 20,000 b/d next year. But he...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Kuwait’s New Parliament Faces Major Economic Headwinds
...rving oil minister since 2011. 1: KUWAIT HAS STRUGGLED TO ELIMINATE BUDGET DEFICITS AMID LOW OIL PRICES ($BN) B=BUDGETED DEFICIT. ^AMENDED FROM ORIGINAL BUDGET. SOURCE: KUWAIT MINISTRY OF FINANCE, MEES. 2: KUWAIT EXPORT REVENUES ARE GRADUALLY REBUILDING FROM OIL PRICE COLLAPSE ($BN...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
China’s Role In Iraq Expands With $2bn Prepayment Deal To Zhenhua
...% Y 30 2013 Was Kuwait Energy (2018 purchase) Siba (gas) UEG^ 30% Y 30mn cfd 2011 Was Kuwait En...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Jordan Gas Trade: Hello Israel, Bye-Bye LNG?
...rtainly did keep Amman from the brink: when Egyptian gas supplies dwindled in 2011, Jordan had to import and burn costly oil products (mainly diesel) in its power fleet just as oil prices exceeded $100/B – forcing the state firm Nepco to incur over $7bn in debt (MEES, 31 May 2019). But even with the st...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Lebanon Creeps Toward Economic & Political Abyss
...ttle to help the low growth climate, which in fairness was partly due to the war in neighboring Syria. A whopping 77% of government spending since 2011 has gone toward three items (see chart 2): government salaries (33%), payments on the interest of the government’s now $91bn debt (32%), and su...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Jordan Bags Key US, EU Aid
...e p6). Jordan benefited from two previous MFA programs worth €380mn which began in 2011. But for lending to really have an impact, Jordan will need to focus on capital spending rather than salaries. Nine-month 2019 figures suggest Jordan is heading in the wrong direction, with its investment sp...
Volume: 62Issue: 51-52Published at Fri, 20 Dec 2019 -
Libya’s NOC Clears House With Key End-Year Deals
...e tighter terms (MEES, 9 March 2009). Of course the pressure eased in 2011 when Libya had other problems, but Wintershall, now Wintershall Dea, finally agreed to sign up to them this week. Unlike Wintershall, the Waha concession will retain special contractual terms. But in order to secure part of...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Russia’s Tatneft Back In Libya For Seismic
...rced to exit in 2011 when Libya’s civil war kicked off. It returned in 2013 but had to pack its bags the following year due to civil strife. Flare-ups in violence have continued since, making it exceedingly difficult for NOC to encourage IOCs to restart exploration work. Tatneft’s return will be we...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Leviathan: The Giant Stirs
...hr’s 3.2bn cfd plateau (see box). Leviathan’s problem was never lack of gas but rather a lack of an outlet large enough to justify full commercial development. Development options considered, then sidelined, included a tie-back to an LNG plant in Israel or Cyprus (MEES, 17 January 2011), a pipeline to...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Israel Throws Spanner In Aphrodite Development
...Cyprus’ 2011 Aphrodite discovery had finally seemed to be moving forward with a development plan agreed with Nicosia in June (MEES, 7 June), but neighboring Israel says ‘not so fast’. A small portion of 4tcf Aphrodite is thought to extend into Israel’s Yishai license (see map below). Udu Ad...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Opec Output On Track For Eight-Year Low
...Opec output fell 140,000 b/d to 29.59mn b/d last month despite perennial quota-busters Iraq and Nigeria continuing to flout their commitments. For 2019 Opec output is on track to fall below 30mn b/d for the first time since 2011. After having promised Saudi Energy Minister Prince Ab...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Lebanon’s Ailing Economy: Will The Music Stop in 2019?
...de? Wracked by political deadlock and a refugee crisis from neighboring Syria, Lebanon’s economy has sputtered along for the better part of the last decade. GDP growth has averaged a paltry 1.7% since 2011 as the country has racked up a series of bumper budget deficits. Despite slogging onward, the co...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Kuwait: Politics Is Back
...The events of November 2011 continue to overshadow politics in Kuwait to this day. Hundreds of protestors stormed the National Assembly building on 16 November 2011 over alleged corruption among parliamentarians. These events forced the resignation of prime minister Nasser al-Muhammad al-Sa...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018 -
Libya’s NOC Forced To Shut In Key El Sharara Field
...vel given the seemingly unending instability rocking the country since the overthrow of Muammar Gaddafi in 2011. With national output at five-year high levels, El Sharara operator Repsol as of early November, was eying a Q4 rebound from the Q3 average of 280,000 b/d (MEES, 9 November), which was do...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Qatar: New 2.5GW Plant Powers Economic Growth
...w been overtaken by Australia (see p16). Qatar’s hosting of the 2012 Cop-18 climate talks was widely ridiculed given that the emirate has one of the highest per capita carbon footprints in the world (MEES, 5 December 2011). Hopes that Qatar’s hosting of the event would spur it on to making major im...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018