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Iran Offers Big Discounts To Retain Customers
...dn’t have to cut prices to such levels even during the previous tightening of sanctions from 2011-2016 (see chart 1). Iran’s five key Asian buyers took 1.66mn b/d for 2017, 68% of Iran’s 2.46mn b/d crude and condensate sales, highlighting their critical importance to the Iranian economy. In 2011, th...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Egypt-Cyprus Pipeline Deal
...s way from Cyprus to Egypt. The 4.2tcf 2011 Aphrodite discovery, and estimated 6-8tcf Calypso field discovered in January this year, are to-date the only discoveries made offshore the small Mediterranean island; neither has reached FID. Nicosia is currently in discussions with the Aphrodite pa...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Qatar Secures New Long Term LNG Sales Deal With China
...s 7.8mn t/y capacity (see table). This is PetroChina’s second LNG import deal with Qatar, supplementing another lengthy contract to purchase 3mn t/y from 2011-2036. That agreement is for volumes from Qatargas-4 (QP 70%, Shell 30%). Fellow state firm CNOOC also has a long term deal, for 2mn t/y fr...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Egypt Arbitration Award Paves Way For LNG Restart
...t a six-and-a-half year high 6.07bn cfd in July, latest data shows, just shy of the December 2011 record 6.22bn cfd (see chart below). Egypt’s other LNG export facility, the 7.2mn t/y ELNG plant at Idku, operated by Shell has continued to export small quantities despite Egypt’s gas deficit, to av...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Japan Set To Follow South Korea and France In Halting Iran Oil Imports
...lumes from 2011 levels, with further cuts in 2014. But India and China, having made more modest cuts in 2012 and 2013, all-but reversed these in 2014 when it became clear that then US President Obama was keener to avoid conflict than enforce sanctions (see chart and MEES, 6 February 2015). This ti...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Assad Looks To Rebuild As Syria War Enters Final Act
...ntroled output fell to 7,700 b/d in early 2016, from 387,000 b/d in Q1 2011, just before the outbreak of war. Given that oil exports accounted for 30% of revenues ($4.1bn) in 2010 and bolstered foreign currency reserves, linking fields in the east with downstream infrastructure in the west has re...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Algeria’s Risky ‘Cash Creation’ Plan: From One Pocket To The Other
...ree years. Algeria’s hydrocarbon-dependent economy has been hit hard by the collapse in oil prices since the second half of 2014; its hydrocarbons revenue fell to just $27.1bn last year from $71.4bn in 2011, though recent oil price rises mean it may just avoid a third straight $10bn-plus trade de...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Raises Bumper $12.5bn International Bond
...ndraising to finance its fiscal deficit rather than deplete its foreign exchange reserves. But though the rate of decline here has slowed, Saudi reserves continue to fall, hitting $487.7bn at end-August, the lowest level since early 2011 and down a third from $732bn at end-2014. In addition to the la...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Libya’s Blackouts Continue, Power Needs Fail To Trump Instability
...e entire Gecol board. The incoming Gecol chief executive, Ali Muhammad Sassi, has blamed the ongoing blackouts across the country on a combination of an “unprecedented” rise in energy consumption and the fact that plans to build new power stations have been delayed since 2011. Although low te...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
East Med: Hope Despite Dry Cyprus Well, Lebanon Bid Round Deadline Delayed
...plans to drill two wells back-to-back in the second half of next year. Cyprus’ only success came in December 2011 when US firm Noble Energy discovered the 5 tcf Aphrodite field on Block 12. But the field is some 160km offshore in 1,700ms water depth, which makes stand-alone development un...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
War-Torn Yemen Maintains Steady Crude Exports; China, Thailand The Key Buyers
...te 2011 (MEES, 28 November 2011), whilst Block 10 was relinquished by Total in December 2015 after the Yemeni government made clear to the French firm that its production agreement would not be renewed. These blocks are situated in the relatively-secure Masila basin in Hadhramaut province, part of...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
UAE Looks To Offshore Gas To Ease Growing LNG Addiction
...M) 2007 2008 2009 2010 2011 2012 2013 20...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algeria To Step On The Gas: Max Revenue For Minimal Spend Amid Opec Constraints
...R project by Sonatrach and its then-partner BP, output from REB dropped to about 20,000 b/d in 2011, compared to a peak of about 85,000 b/d in early 2000. BP withdrew from the project in 2012 (MEES, 12 March 2012). Diversion of gas from REB would free up about 12mn m³/d (425mn cfd or 4.4bcm/y) ac...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Petronas Quits Algeria As Cepsa Expands
...lays, but is due to come on stream in February 2018 (MEES, 25 August), with production of 1.6 bcm a year (155mn cfd). In 2011 Cepsa was awarded the Rhourde Rouni II exploration block, also in the Berkine basin and to the northeast of the RKF field. Petronas competed unsuccessfully for the co...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algeria Shuns Foreign Debt… By Printing Money?
...17, and a whopping 95% of export earnings, to $27.1bn last year from $71.4bn in 2011. The amendments, part of a “crisis plan” for which recently-appointed Prime Minister Ahmed Ouyahia will seek parliamentary approval on 17 September, were adopted at a 6 September cabinet meeting chaired by Pr...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Libya Output Nears 500,000 B/D; Can The Gains Continue?
...adames basin, which has a capacity of about 10,000 b/d. Majid has production capacity potential of about 4,000 b/d, down from about 10,000 b/d prior to 2011. Crude from Nafoora shipped via the Ras Lanuf terminal prior to the declaration of force majeure on the port, while the Hamada field typically su...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Israel Struggles To Attract Interest In Offshore Acreage
...rmer oil minister Sameh Fahmy for 15 years back in 2012 for his role in the 2005 deal to send Egyptian gas to Israel, a deal that was terminated following the 2011 ouster of former president Husni Mubarak (MEES, 30 April 2012). Though Mr Fahmy was last year released on appeal, this will hardly fill an...
Published at Fri, 30 Sep 2016 -
Israel Struggles To Attract Interest In Offshore Acreage
...ars back in 2012 for his role in the 2005 deal to send Egyptian gas to Israel, a deal that was terminated following the 2011 ouster of former president Husni Mubarak (MEES, 30 April 2012). Though Mr Fahmy was last year released on appeal, this will hardly fill anyone signing a deal with Israel with an...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Abu Dhabi: Has It A Future As An LNG Exporter?
...07 2008 2009 2010 2011 2012 2013 2014 20...
Published at Fri, 30 Sep 2016 -
Abu Dhabi: Has It A Future As An LNG Exporter?
...07 2008 2009 2010 2011 2012 2013 2014 20...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016