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Qatar Drilling Tender Imminent
...rm expects to take final investment decision (FID) on its US Golden Pass LNG export terminal (QP 70%, ExxonMobil 17.6%, ConocoPhillips 12.4%) in the next few months. Initially opened as an import terminal in 2011, the US Shale Revolution forced a rethink and the partners plan to re-purpose Golden Pa...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Libya Looks To BP/Eni Deal To Unlock Upstream Investment
...oduction workers have almost all been Libyans. Violence surrounding Libya’s February 2011 uprising, which led to Qadhafi’s overthrow in October that year, prompted all IOCs to quit the country. Output rapidly rebounded in 2012, briefly hitting pre-war levels of 1.5mn b/d in early 2013. But a much to...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Gulf States Fund Allies
...Saudi Arabia, Kuwait and the UAE have pledged a $10bn financial aid package to support Bahrain’s fragile finances and finalized a $2.5bn financial assistance program to Jordan to shore up its ailing economy. Bahrain’s economy has struggled following protests in 2011 and the mid-2014 co...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Egypt Gas Hub Ambitions Gather Pace
...ter peaking at 6.22bn cfd in December 2011, gas output dwindled as demand increased, falling to a nine-year low 3.89bn cfd in May 2016. The 2011 revolution played its part in scaring off investors, but it was unfavorably low gas prices paid by the state, growing dues to IOCs which ballooned to $6.4bn at...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Iraqi Government Formation Gathers Pace
...suffered a major stroke in December 2012. Mr Salih is not as formidable an operator as Mr Talabani – who passed away last year – but he is cut from the same cloth as his former mentor. He served as prime minister of the Kurdistan Region from 2009 to 2011. Mr Salih was put forward as a ca...
Volume: 61Issue: 40Published at Fri, 05 Oct 2018 -
Libya Oil Output Boosted By Sirte Basin Rebound
...reign producer in Libya prior to the 2011 Revolution, its Q3 results on 26 October failed to include a breakdown of its operations there and an earnings call later the same day added no further detail. The firm’s Q3 results statement noted only that its overall “production volumes in exploration and pr...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Medco Announces $180mn Impairment On Libya’s Area 47
...a DeGolyer and MacNaughton report in September 2008, gross contingent reserves in Area 47 are an estimated 703mn boe. In February 2011, Medco announced that it had temporarily halted exploration activities due to political instability. The company resumed operations on the Area 47 licence area in...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Algeria’s Plans For Shale Gas Development Remain A Distant Hope
...gned a headline agreement with Italy’s Eni for shale gas development in April 2011, and other headline deals followed. The government held an international shale gas workshop in February 2012. But the government faces major local opposition to the development of shale. In 2015, efforts to start assessing ex...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Saudi ‘Demonstrates Leadership’ by Keeping Crude Exports Low
...ptember). As a result, Saudi Arabia is on course to export around 6.7mn b/d on average in Q3, its lowest quarterly figure since Q1 2011. Some of the deepest cuts have been felt by the US. US crude imports from Saudi in October fell to 666,000 b/d, the lowest in almost 30 years (MEES, 20 October). They ap...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
ExxonMobil Relinquishes Fourth KRG Block, Walking Away From Al Qosh
...US major ExxonMobil tells MEES that it has relinquished its stake in the Al Qosh block in north western Kurdistan. Following last year’s relinquishment of three blocks in Kurdistan, ExxonMobil is now left with just two of the six assets it controversially signed up to in 2011 (MEES, 21 No...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Egypt Gets Debt Relief
...ost its dwindling forex reeserves after the 2011 revolution. Having fallen to $15.1bn in 2012, they hit a post revolution high of $36.5bn in September. Mr ‘Amir added that China has also agreed to extend the maturity of a $2.7bn three-year currency swap, signed with the People’s Bank of China last ye...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Kuwait Gets Light Oil, Gas Boost Despite More Political Turbulence
...in reality. The Jurassic liquids were originally classified as condensates, but subsequently reclassified as light crude in order to help Kuwait hit its target of 4mn b/d crude production capacity by 2020 (MEES, 11 April 2011). Of this, 3.65mn b/d is slated to come from KOC, with the remainder fr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Egypt Gas Output Set To Hit 5-Year High By Year-End
...illing is planned before the end of the year (MEES, 18 August). Zohr’s discovery has been the catalyst in helping Cairo regain some of the trust from IOCs after receivables soared to $6bn-plus in 2013 amid economic meltdown after the country’s 2011 revolution. But Cairo is confident that its re...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Iran Caspian Swap Shop
...ighboring Caspian countries (MEES, 14 November 2011). Oil swaps were developed in the 1990s to mutually benefit both parties: Iran would import oil from nearby Caspian countries to supply its northern refineries, thus averting the costlier transportation of Iranian crude from southern fields; the Caspian co...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Tobruk Power Redux
...ised before an EPC contract begins, so further delay is likely. Turkey’s Enka Teknik has begun work to complete the 640MW Ubari power plant – also nominally gas-fired, but able to burn diesel – abandoned with Qadhafi’s 2011 ouster (MEES, 22 September)....
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Saudi Signs Nuclear Deal With Russia But Continues To Play The Field
...an Bushehr-1 2011 1.0 1 3.5 Rosatom built. Operation intermittent until 2013 Under Co...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
US Lifts Sudan Sanctions
...cession of South Sudan in July 2011. Oil production was about 130,000 b/d in 2016, according to the latest data from the Sudan government. This is up compared to the previous four years, when output fluctuated in the 100,000-120,000 b/d range. But it is less than a third of the 462,000 b/d produced by th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
East Med Gas Development: Hang Together Or Hang Separately
...diterranean deepwater. With the exception of Egypt’s 24 tcf Zohr, which has a hungry domestic market to sate, and Israel’s 10 tcf Tamar, which alone meets 55% of that country’s power demand, other finds – such as Cyprus’ 2011 5 tcf Aphrodite – have struggled to get anywhere near development. The jury remains ve...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Cyprus Drilling Plans: Make Or Break?
...The next 15 months could be make or break for any hopes of discovering large quantities of gas offshore Cyprus beyond 2011’s 5 tcf Aphrodite, which currently looks stranded. Eni and ExxonMobil each plan two wells on their offshore Cyprus permits by end-2018 (see table). In the absence of di...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Libya: Another ‘Historic’ Opportunity For Peace
...14, what was arguably a further split into three ushered in by the LPA in December 2015, or the collapse in 2011 of the regime of ousted dictator Mu’ammar al- Qadhafi. Combining inclusivity with consensus will be a tough trick for the UN to pull off. HISTORIC DIVISIONS For most of the past six ye...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017