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Libya Set To Approve $20bn ‘Paper’ Budget
...ter the overthrow of long-time ruler Muammar Gaddafi in 2011. MEES estimates oil revenues rose to an eight-year high $30bn last year and may well top that this year as oil prices have pushed past $100/B (MEES, 28 January). The Bashagha camp’s latest moves are designed to radiate a sense of or...
Volume: 65Issue: 19Published at Fri, 13 May 2022 -
Majors’ Russia Exit Puts Spotlight On Mena Portfolios
...dergone four straight years of falls, with production down by almost a quarter on 2011’s 4.26mn cfd. Further decline is on the cards for this year with Exxon also losing its 10% stake in Qatargas-1, although this will be partially offset through full operations at Qatar’s 1.4bn cfd Barzan gas project wh...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Energean & Vitol Eye Israel-Cyprus FLNG Tie-Up
...esumably the choice of Cyprus, rather than Israel, as a location for the FLNG is with the aim of securing supplies from one of the three discovered gas fields off the south of the island: Chevron’s 4.1tcf Aphrodite (2011 discovery), Eni’s 6-8tcf Calypso (2018), and US major ExxonMobil’s 2019 5-8tcf Glaucus di...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Saudi Arabia Pledges To Invest Oil Export Windfall In Economic Reforms
...P in the first quarter of the year growing at the fastest pace since 2011. Unsurprisingly, the surge has been driven by resurgent oil markets, as the fallout from Russia’s 24 February invasion of Ukraine has pushed oil prices above $100/B for the first time since 2014. The kingdom launched its Vi...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
ExxonMobil Quits Iraqi Kurdistan
...The US supermajor’s bold 2011 Iraqi Kurdistan entry sent shockwaves through Iraq. A decade later ExxonMobil has quietly packed its bags and quit its last remaining asset, Pirmam, without producing a drop from any of the six blocks it picked up. Any prospective replacement may eye a gas-re...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Asian LNG Importers See Record Import Bill For Q1 Despite Slump In Volumes
...gure since 2011 (see chart 4 and p19 for full data). For global number three importer South Korea, Q1 imports were more resilient, but still at 13.47mn tons down 3% year-on-year (MEES, 15 April), whilst India, the most price-sensitive of the key Asian importers, saw an 18% year-on-year fall to 4.97mn to...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Cyprus Set To Launch Reduced Drilling Campaign
...Eni and TotalEnergies are set to kick-off a two-well Cyprus exploration drilling campaign next month, two years after abandoning a six-well program. Chevron appears to have shelved an appraisal well on its 2011 Aphrodite find. Italy’s Eni and TotalEnergies, partners on seven blocks of...
Volume: 65Issue: 16Published at Fri, 22 Apr 2022 -
North Africa Gas Exports To Europe Fall Amid Russian Uncertainty
...bitious, particularly given the fall in exports from North Africa in the first quarter of the year. LIBYA FLOWS LOWEST SINCE 2011 Libya, which is another key supplier of gas to Italy through the 8bcm/y (775mn cfd) GreenStream pipeline, saw its exports hit a decade-low 3.2bcm (313mn cfd) last ye...
Volume: 65Issue: 14Published at Fri, 08 Apr 2022 -
Record Libya Output Boosts TotalEnergies To Mena Record
...T’s underutilized processing facilities. OMAN: FUTURE SOURCE OF GROWTH? TotalEnergies’ gas portfolio took a big hit in the first half of the last decade through the ongoing conflicts in Yemen and Syria, which between them took out more than 600mn cfd of net gas output (see chart 3). In 2011, th...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022 -
Saudi Aramco Plans 50% Gas Output Boost By 2030
...IMBS AT FASTEST RATE SINCE 2017 (BN CFD) *CONVERTED FROM BTU TO CFD UNTIL 2011. SOURCE: SAUDI ARAMCO, MEES. 2: SAUDI ARABIA OIL BURN* PEAKED WELL BELOW 2020 LEVELS LAST YEAR, BUT STILL TOPPED 1MN B/D OVER SUMMER (‘000 B/D) *CRUDE PLUS FUEL OIL CONSUMPTION. PRESUMES ALL FUEL OI...
Volume: 65Issue: 12Published at Fri, 25 Mar 2022 -
Asian LNG Prices Dip As Europe Outcompetes For Spot Cargoes
...pan and India, the latest import data for January indicates that both had already sharply curbed imports rather than compete for top-of-the-market spot supplies. Japan’s January import volume of 6.79mn tons was the lowest for the month since 2011. The average price paid for January dipped from De...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Iraq Poised For 500MW Turkey Power Imports
...nce at least 2019. Ministry plans seen by MEES show two planned links. The first uses an existing 132KV line from Silopi in Turkey to Zakho in Iraqi Kurdistan which was last used in 2011 at an average 5MW. A contract for 150MW of 2021 imports did not go ahead after Turkish energy trader Aksa Aksen as...
Volume: 65Issue: 10Published at Fri, 11 Mar 2022 -
Egypt: Record 2021 Gas Output But Outlook Uncertain
...crease on December 2021’s 9,394 b/d, but still the lowest since 2011. TransGlobe says much of its “$33.1mn Egypt capital program is predominantly weighted towards 13 development wells within the Eastern Desert.” “With the finalization of the concession agreement, the primary focus of the 2022 Eg...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Opec+ Resists Pressure To Release More Oil Amid Ukraine War
...ssage to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine.” This is only the fourth such coordinated drawdown, and the first since 2011 when the Libyan revolution disrupted production there (MEES, 27 June 2011). Following its meeting, Opec+ st...
Volume: 65Issue: 09Published at Fri, 04 Mar 2022 -
Libya Starts New Field
...untry’s volatile operating environment since the 2011 revolution has stifled many projects which promised to significantly boost production from current levels of about 1.2mn b/d. Security challenges and financial constraints are among the biggest challenges. FURTHER PROSPECTS Agoco ha...
Volume: 65Issue: 08Published at Fri, 25 Feb 2022 -
Tunisia Draws Record Power From Algeria In 2021
...WER SUPPLY JUMPS TO ALL TIME HIGH ON RECORD IMPORTS FROM ALGERIA (TWH) *TUNISIA EXPORTED NEGLIGIBLE AMOUNTS TO ALGERIA IN 2011, 2014 AND 2015. IT ALSO EXPORTS POWER TO LIBYA WHICH CAME IN AT 649GWH IN 2020 AND 62GWH IN 2021. SOURCE: STEG, ENERGY MINISTRY, MEES CALCULATIONS. 2: TU...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Libya Gas Exports To Italy Restart
...ES, 2 July 2021). A forced closure of the Wafa field by an armed group in the final days of last year also reduced exports (MEES, 24 December 2021). Libya’s gas exports to Italy averaged just 313mn cfd (3.23 bcm) for 2021, the lowest annual figure since 2011 (MEES, 28 January). ...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Spain 2021 Crude Imports: Mideast Share Falls To Multi-Decade Low, Again
...d the region’s 14% market share the lowest on record for the second year in a row. Market share is down from as high as 38% in 2011 and 25% as recently as 2018, as Middle Eastern crude increasingly flows to Asia. *A key factor in this erosion has been the lack of imports from sanctions-hit Ir...
Volume: 65Issue: 07Published at Fri, 18 Feb 2022 -
Syria Says Oil Sector War Damages Hit $100bn As Assad Loyalists Scoop Contracts
...21). ‘STOLEN OIL’ Mr Tomeh’s estimate of Syrian wellhead production is a far-cry from pre-conflict 2011 levels of 353,000 b/d. And given that the Syrian government had lost control of the bulk of the country’s oil and gas fields to US-backed Kurdish forces (see map) it will be tough for Damascus to...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Libya’s Noc Eyes Algeria Border Fields Potential
...tential for tie-ins to Eni’s Wafa field. Though said to be promising, no discoveries have been made on these blocks to date. BP was on the cusp of drilling in 2011 but that year’s bloody revolution saw the UK-major pack its bags. It remains far from clear whether Eni still holds the same appetite for th...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022