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Exxon Looks To Partner Up In Egypt
...rt of Shell’s giant North East Mediterranean (Nemed) block where the Anglo-Dutch major drilled 10 wells between 1999 and 2011 including 2001’s Leil-1 on the Star acreage which hit sub-commercial quantities of gas. One key change since then is that Cairo has since hiked the amount paid for gas ou...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Libya’s Oil Revenues Plummet To $6bn In 2020
...ED BETWEEN 2011-17 DUE TO LACK OF NOC DATA. INCLUDES GAS EXPORT REVENUE, PRODUCTS SALES, ROYALTIES AND TAX. ^KPLER. SOURCE: OPEC ASB, CBL, NOC, KPLER, MEES. 2: LIBYA’S 2020 OIL & GAS INCOME ($BN): NOC STOPPED TRANSFERRING FUNDS TO CBL IN SEPT, LEAVING $2.1BN FROZEN IN THE LIBYAN FOREIGN BA...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Gas Plant Inauguration Boosts Iran’s Petchems Outlook
...t to go-ahead (MEES, 10 October 2014). As MEES wrote at the time, Iran was struggling with gas supply issues that called its ambitious petchems expansion into question (MEES, 31 January 2011). The easing of sanctions in 2015 following the JCPOA ‘nuclear deal’ gave an opportunity to bring foreign co...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Algeria’s Power Output Falls For First Time On Record In 2020
...are of renewables in the energy mix. Here, policymakers have talked a good game but grossly underdelivered. In 2011 Algeria announced plans to install 22GW of renewables by 2030. Fast forward nearly a decade and the country only has 448MW of solar PV (mostly off-grid), 10MW of wind and 228MW of hydro ac...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Libya Gas Exports Lowest Since 2011
...Libya’s gas exports to Italy fell to 430mn cfd in 2020, down 22% on the year. This is the country’s lowest gas export figure since the 2011 revolution when production shutdowns caused exports to plummet to just 215mn cfd. Libya is connected to Italy through the 775mn cfd Greenstream pi...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Tunisia Set For Crude Output Boost
...s been a key characteristic of Tunisian democracy since the 2011 revolution. Several IOCs have quit the country amid social unrest, a rapid turnover of governments and a difficult business environment (MEES, 14 December 2020). And those that remain can’t be too enthusiastic about the immediate fu...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Syria Oil & Gas: No Progress
...r in 2011). This shows little-if-any progress from a year ago (MEES, 17 January 2020) despite plans to grow production from retaken oil fields to 100,000 b/d. Gas output appears to have actually fallen, with current production at 450mn cfd against around 580mn cfd a year ago. Recent attacks on ga...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Sonatrach’s $40bn Five-Year Plan: Spending Is Not Enough
...S 2016 HIGH SOURCE: JODI, MEES. 3: ALGERIA COMPLETED CLOSE TO 1300 DEVELOPMENT WELLS BETWEEN 2011 AND 2019 SOURCE: SONATRACH, MEES. 4: ALGERIA MADE 271 OIL AND GAS 'DISCOVERIES' BETWEEN 2011 AND 2020 ENDLESS EXPLORATION Algeria’s rig co...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Korea, Taiwan 2020 Crude Imports: Volumes Down, Mideast Down Further
...nual figure since 2011, with Q3’s 284,000 b/d the lowest quarterly figure since 2010. Number three Iraq saw volumes fall 34% to a six-year low 220,000 b/d, whilst number four the UAE saw a 15% fall to 206,000 b/d. *As recently as 2017, Iran was Korea’s number three supplier (behind Kuwait). Bu...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Qatar Keeps Crown As Largest LNG Exporter For 2020
...art 3). India emerged as Qatar’s largest LNG client last year (see chart 4), taking 10.8mn t/y as it outstripped No.2 South Korea for the first time since 2011. Four of Qatar’s top five buyers last year were from Asia. The UK grabbed the fifth spot, but according to Kpler, Qatar’s most recent shipment th...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Exxon’s Star Shines Brightest Among Egypt’s Slew Of Mediterranean Awards
...tch major Shell’s former giant North East Mediterranean Deepwater (Nemed) block. Shell acquired Nemed in 1999 before relinquishing it in 2011, but not before it drilled a total of ten wells across the acreage. Though just one of these wells, 2001’s Leil-1 which discovered “non-commercial” qu...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Egypt Gas Output Rebounds As Oil Slumps To Record Low
...diterranean gas output to within 200mn cfd of the monthly record 4.57mn cfd at the 2011 height of output from Shell’s West Delta Deep Marine. WDDM is in long-term decline. The latest gains have come predominantly from Eni’s giant 21.5tcf Zohr field where capacity hit 3.2bn cfd in April, but for the bulk of 20...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Egypt LNG Exports Boosted By Bumper Winter Buying
...nter season, well up from 22 for the year-ago period and the highest comparable figure since 37 for the 2011-12 winter peak. But that peak was achieved when the country’s other LNG export terminal, the 5mn t/y Segas facility at Damietta was still operational. Damietta has remained shut since No...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
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 -
Oman Fiscal Dilemma Shows No Signs Of Abating In 2021
...ntered on government spending, this requires significant investment just as debt-fueled expenditure becomes increasingly costly. Oman’s 2021 budget released last week epitomizes this dilemma. Muscat plans to spend just $28.3bn, its lowest annual spend since the pre-Arab Spring days of 2011. The cuts ar...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Norway’s Yara Quits Libya
...st year (MEES, 24 January 2020). Yara has made a loss each year since Libya’s 2011 revolution. The firm wrote down $112mn of its investment in 2015. “Yara’s book value of the investment is zero,” Yara said on 4 January. ...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021