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BP Sets Sights On Expanded Libya Operations With New MoU
...ngtime ruler Muammar Gaddafi started just as BP was preparing to drill its first well in February 2011, and drilling only started in October (MEES, 1 November 2024). The start of that Eni-led drilling campaign, coupled with this week’s MoU points to Libya potentially emerging as an important co...
Volume: 68Issue: 28Published at Fri, 11 Jul 2025 -
Chevron Arrows In On East Med With $5bn Noble Takeover
...al will benefit Cyprus where Noble (35%op) partners Shell (30%) and Delek (30%) at the 4.1tcf 2011 Aphrodite discovery. The official plan is for late-2022 FID and for first gas in 2025. But this now looks ambitious (MEES, 26 June). The favored development option is tie-back to Egypt’s Idku LNG pl...
Volume: 63Issue: 30Published at Fri, 24 Jul 2020 -
Israel’s Delek Drilling Eyes $2.5bn Leviathan RBL Facility
...so has around 26% (22% directly, 3.8% indirectly – see chart) of 11.9tcf Tamar which it is obliged to sell by end-2021 under a 2016 anti-trust ruling (MEES, 19 August 2016). The firm’s only other significant assets are 30% of Cyprus’ undeveloped 4.1tcf 2011 Aphrodite discovery (MEES, 26 June), and th...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
Tethys Oil Expands In Oman With Extra Southern Block
...,000 b/d Blocks 3&4. Athens-based CCED holds 50% and Japan’s Mitsui holds the remaining 20%. Outside Blocks 3&4, Tethys’ only other producing asset is a 25% non-operating stake in a small Lithuanian field, netting it less than 100 b/d. Blocks 3&4 began pumping in 2011 and gradually ramped up to an an...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Upstream Capex Edges Up But Recovery Remains US-Focused
...ght at the end of June, significantly less than the record 50 at the end of June 2011. SERVICES FIRMS REVENUE ($BN): MIDEAST REVENUES UP BUT SHARE DOWN AS NORTH AMERICA OPERATIONS GO FROM STRENGTH TO STRENGTH PERCENTAGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL NUMBERS ARE PE...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Bahrain’s Troubled Banking Sector Set For Turbulent Times
...Once seen as the Middle East’s banking center, Bahrain’s financial sector is in terminal decline. Seeking to finance its budget deficits, Manama has increasingly turned to its banks and their credit profiles are now inescapably intertwined. Since the outbreak of the Arab Spring in 2011, Ba...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Libya: Oil Output, Revenue Losses Mount
...untry and have been shut in since the declaration of force majeure at Ras Lanuf and Hariga ports. NOC pegs lost Agoco output at 300,000 b/d, although this is likely an overstatement given chronic power problems have dogged output at the key Mesla and Sarir fields ever since Libya’s 2011 revolution. Za...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Abu Dhabi Streamlining Creates $135bn Energy Fund With Global Reach
...rgest investments is Spanish firm CEPSA, which it has wholly owned since 2011. Primarily a refining company with three refineries totaling 528,000 b/d of capacity (and actual 2015 throughputs of 434,000 b/d)it lurched to a $1.15bn loss in 2015, more than twice the $465mn loss the previous year. Of 2015 ne...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Libya Oil: A Write-Off?
...mar al-Qadhafi in October 2011. Despite the political turmoil, BP made several efforts to pursue the development of its business in Libya, which consists entirely of exploration assets. In 2012, the company dusted off its plans and held two major tenders: the first, for contractors to work on its pl...
Volume: 58Issue: 31Published at Fri, 31 Jul 2015 -
Gulfsands Struggling To Regroup More Than Two Years After Losing Syria Assets
...rce majeure at its Syria operations, Gulfsands’ only producing asset, in December 2011. Gulfsands’ working interest from its Syria operations totaled about 8,500 b/d in 2011, down from 10,300 b/d in 2010. In a corporate update issued at the end of June, Gulfsands suggests that it remains ho...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Oman LNG Posts 10% Revenue Growth For 2012
...oducer revealed in its Annual Report, obtained by MEES in advance of its expected official release later this month. Revenue grew to $4.342bn in 2012, up almost 10% on 2011’s $3.963bn. Net income after tax was also up in 2012, growing by some 9.42% to hit $1.95bn. The rise in revenue wa...
Volume: 56Issue: 28Published at Fri, 12 Jul 2013 -
Gulf Independents Upbeat On Egypt, Despite Unrest
...pear set to post record figures for the second quarter - Kuwait Energy’s focus on Egypt has not been without its problems. The company was owed $164mn by cash-strapped state firm Egyptian General Petroleum Corporation (EGPC) as of the end of 2012, up from $131mn at the end of 2011. The firm says it has st...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013