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Libya Takes ‘Pivotal Step’ With First Deepwater Well
...adames Basin (see map & MEES, 4 June 2007). The UK major pledged to spend $900mn drilling 17 wells at the assets, but the plans were disrupted by the 2011 revolution and the ensuing instability. Eni has since taken over as operator of the consortium with each firm holding 42.5%. As a deepwater wi...
Volume: 69Issue: 04Published at Fri, 23 Jan 2026 -
Cronos To Bolster Egypt’s Gas Hub Ambitions
...oducing field, with Eni seemingly overtaking the Chevron operated (35%) 3.5tcf Aphrodite field. Aphrodite was discovered in 2011, but first gas isn’t expected until 2031, twenty years later (MEES, 8 August 2025). While a finalized development plan for Cronos has yet to be agreed with Nicosia, MEES un...
Volume: 69Issue: 03Published at Fri, 16 Jan 2026 -
Cyprus Gas Ambitions: From Dreams To Reality In 2023?
...Cyprus has seen five sizable gas discoveries, the first back in 2011. But none has moved to development despite the presence of key majors in its offshore. Candidates in next month's elections know that victory could result in them being the President that finally succeeds in transforming Cy...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Mideast Drilling At 10-Year Low Despite End-Year Uptick
...nce 2011. Saudi Arabia’s 62 was the lowest since 2005, Kuwait’s 25 the lowest since 2010, Iraq’s 39 the lowest since 2011, and the UAE’s 42 a six-year low (see chart 1). *With regional heavyweights bemoaning the risk of low industry investment, there are signs that they are now backing up ta...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Apache Looks To Egypt Growth Following Contract Modernization
...5,000 b/d for 2022 and average growth of 8-10%/year out to 2025, hitting 190,000 b/d by the latter date. This would still be below output every year for 2011-2019, however, whilst for gas the news is less good with output merely “expected to remain relatively stable at 550-600mn cfd.” Stable that is with th...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Majors Write Off $69bn in Year To Forget
...s’ (MEES, 13 June 2011). Exxon was not the only firm seen (with hindsight) to have overpaid. BP’s Q2 write-offs were heavily gas focused, including US shale gas assets acquired from Australia’s BHP Billiton in a $10.5bn 2018 deal. The $70bn that Shell paid for UK gas-focused firm BG in a 2015 deal al...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Egypt Bags Major Investment In Frontier Areas
...stern neighbor Libya (see p5). The other seven blocks garnered no bids. These include Block 2, the northernmost of the coastal blocks on offer and the only one to have seen significant past exploration – US firm Hess drilled a duster in 2011. All bidders were given access to 2D seismic shot across th...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Eni Completes Middle East Tour De Force
...sin modeling and seismic sequence studies. An exploratory well will be drilled in 2011.” Clearly there is potential in Block 1, but it was insufficient for Oxy. Will Eni fare any better? BAHRAIN OIL & GAS BLOCKS SHARJAH 2018 BID ROUND OMAN ON THE RISE Oman ar...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Qatar Shelves $6.5bn Al-Karaana Project, QP Rethinking Ethane Usage
...rldwide. Shell says Al-Karaana was to be operated as a stand-alone joint venture, with QP holding 80% and Shell 20% of the equity. The partners signed a heads of agreement for the project in December 2011. QP-Shell awarded the Al-Karaana FEED project to US firm Fluor in early 2013. The plan was to produce et...
Volume: 58Issue: 03Published at Fri, 16 Jan 2015 -
Upper Zakum Extended, Terms Sweetened
...morandum of Agreement brings together the expertise of two of our investee companies currently operating across diverse geographic regions.” Cosmo has a small concession in Abu Dhabi, which was renewed in 2011. Abu Dhabi Oil Company (Cosmo 63%, Nippon 31.5%, Tepco 1.8%, Kansai 1.8%, and Chubu 1.8%) op...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
Kufpec Scales Up Ambitions With Shell LNG Buyout, RWE-Dea Bid
...bmitted the highest bid – of about $6.8bn – when proposals were due this week, the Wall Street Journal reports. RWE-DEA Oil & Gas Production (Net) 2012 2011 Oil (‘000 b/d): Germany 13...
Volume: 57Issue: 04Published at Fri, 24 Jan 2014 -
QP: What’s Next?
...s financial muscle to become a major regional political player. So what comes next for Qatar’s leadership? MEES examines the possibilities. QP – which in 2011 according to its annual report had 66 subsidiaries, joint ventures and equity stakes ranging from catering and real estate to st...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
SABIC Reports 15% Fall In Profits For 2012
...85bn) for 2011. The company attributed the 15.5% net income decline to “higher cost of sales and lower sales prices for certain products, despite higher sales and production volumes and reduction in financial charges.” Gross profit for 2012 was SR54.31bn ($14.48bn), down by 12.6% from SR62.13bn ($16...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
TAQA Shuts Down North Sea Platform
...veloping a 100mw hydroelectric plant in northern India. The joint venture partner is Jyoti Structures, an Indian power infrastructure company, which signed a Memorandum of Understanding with TAQA in July 2011 to look at investing in renewables. Carl Sheldon, TAQA’s Chief Executive Officer, said: “This in...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013