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Gulf Offshore Market Firms, Now For Sustained Growth?
...gistical challenges. From near-records of over 50 active drilling rigs at the start of 2020, the region’s rig count collapsed to average just 25 for Q4 last year, the lowest figure since 1Q 2011 (see chart). Italy’s Saipem blamed “project rephasing” in the Middle East as a key source of its slump in...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
ExxonMobil Set To Exit Federal Iraq
...ant fields to reach full production capacity targets. Talks ultimately went nowhere. Iraq now aims to award a downsized 2.5mn b/d first phase to France’s Total (MEES, 2 April). The biggest controversy however was Exxon’s decision to sign up for six blocks in Iraqi Kurdistan in 2011, including as...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Iraq Awards Mansuriya Gas Field To Sinopec
...arded have yet been finalized (MEES, 27 April 2018). Mansuriya development was originally awarded in 2011 to a consortium led by Turkey’s TPAO (22.5%op) alongside Korea’s Kogas (15%), and Kuwait Energy (since taken over by Hong Kong-listed UEG, 22.5%) and state-owned Oil Exploration Company (OEC 25...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Israel's Leviathan Hits Q1 Output Record As Expansion Plans Move Up The Agenda
...rtner Eiten Aizenberg who first identified the Leviathan prospect. Unable to go it alone, the firm convinced Noble and Delek to farm-in in 2008, before 2010’s wildcat drilling success (MEES, 10 January 2011). Ratio was one of the first private firms to enter Israel’s upstream following its li...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Russian Warships To Escort Iranian Oil Tankers To Syria
...MAGE’ In January, Syria’s Prime Minister Hussein Arnous put production from government controlled territories at 20,000 b/d. Prior to the outbreak of the Syrian civil war in 2011, the government’s production across the country was 390,000 b/d (MEES, 22 January). Plans to grow production from fields Da...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Egypt Gas Surplus At Highest Since 2011
...bdued. Latest figures from Jodi show that domestic consumption was 5.88bn cfd for February, up only fractionally year-on-year. *The result is a gas surplus that hit 1.17bn cfd for February, the highest figure since December 2011 (see chart). This has in turn enabled LNG exports that leapt to a 10...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Eni In Libya: What Does The Future Hold?
...w much clearer. Eni’s net gas output slumped by 42% to 594mn cfd, while liquids production fell 45% to just 56,000 b/d in 2020. Both figures are lowest since the 2011 revolution. Of course, Eni’s output fell elsewhere too as capex cuts, lower gas demand in Egypt and Opec restrictions bit in 20...
Volume: 64Issue: 15Published at Fri, 16 Apr 2021 -
Egypt Gas Output Tops 7bn cfd As Oil Plummets To New Lows
...ch the Mediterranean share of overall output leapt to 73.2% for February, just fractionally below the all time high set in December 2011 (see chart 1). And even in the Mediterranean all is not plain sailing with BP’s West Nile Delta (WND) project having seen output collapse to just 250mn cfd (MEES, 26...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Iraq & Total Reach Initial Deal On $7bn Of Projects
...entually scandal as Exxon entered the KRG in 2011 (MEES, 21 November 2011). The next nine years saw it packaged under a $53bn Southern Integrated Infrastructure Project (SIIP) that was almost finalized with ExxonMobil and PetroChina but also fell apart (MEES, 10 May 2019). Both companies were expected to fi...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
India Crude Imports: Saudi Slumps To No.5 With Volumes At 10-Year Low
...Latest official Indian crude import statistics show volumes from Saudi Arabia falling to just 467,000 b/d for February, the lowest figure since January 2011. This comes as New Delhi and Riyadh continue a war of words, with India slamming Opec in general and Saudi Arabia in particular for ke...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021 -
Aramco's 2020 Capex Cuts Push Back Key Upstream Project Timelines
...ojects, which had been planned to come online last year, are slated to provide 175,000 b/d production capacity. SAUDI ARABIA SALES GAS* OUTPUT HAS BEEN CONSISTENTLY CLIMBING YEAR-ON-YEAR (BN CFD) *CONVERTED FROM BTU TO CFD UNTIL 2011. SOURCE: SAUDI ARAMCO, MEES. GAS: TANAJIB SE...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Key Russian Investor Takes Over Syria Producer Gulfsands
...,000 b/d Block 26 on the border with Iraq. *The fields are currently operated by Syrian state firm GPC after Gulfsands was required by EU sanctions to withdraw in 2011. *Kroupeev has close ties to the Kremlin. Since gaining a majority stake, Gulfsands has reversed previous attempts to di...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
First Oil For Libya’s Zallaf
...e 2011 revolution, with the first 10,000 b/d phase of the 50,000 b/d Sinawin project led by NOC subsidiary Agoco starting up late last year (MEES, 6 November 2020). Yet after years of inaction, Zallaf appears to be intent on taking full advantage of Libya’s brightening prospects for peace and po...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Egypt Power: Plentiful Gas, Falling Demand Make Shortfalls A Distant Memory
...mediate aftermath of Egypt’s 2011 revolution when the country was chronically short of gas, and thus fuel flexibility – the plant can also run on liquid fuels – was paramount (MEES, 5 July 2013). The next plant set for start up is also a conventional steam turbine plant commissioned when Egypt was st...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Adnoc Ready To Roll Out Murban Futures Contract
...mand in Fujairah. It can go from Fujairah to Asia, it can go to Africa, it can go to Europe.” With Fujairah emerging as the largest bunkering hub in the Middle East, storage capacity has expanded rapidly “from 3.2mn m³ [20.2mn barrels] in 2011 to more than 10mn m³ in 2018," according to Salem al-Ha...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Egypt LNG Exports At 9-Year High Amid Seasonal Buying Bonanza
...tween November and February. This is the highest for any comparable four-month winter peak since 37 cargoes were exported between November 2011 and February 2012 (see chart 1). While both of Egypt’s LNG export plants are now back up and running following the February restart of the Eni-operated 5m...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
East Med Geopolitical Waters Remain Far From Smooth
...e division of reserves from the 4.1tcf Aphrodite field, which though around 90% lies in Cypriot waters, straddles the countries’ maritime border. Nicosia hopes that this deal will increase the chances of the 2011 discovery by Noble Energy (now Chevron) being developed along the lines of a de...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Libya’s Crippled Refining Sector Struggles To Meet Demand
...meplate capacity (see table 1). The bulk of current output, which meets only about half of the country’s domestic consumption, comes from the 120,000 b/d Zawiya refinery west of Tripoli. Even before the 2011 revolution Libya’s refining fleet was in desperate need of upgrades due to Gaddafi-era sa...
Volume: 64Issue: 09Published at Fri, 05 Mar 2021 -
Israel & Egypt’s Blossoming Energy Relationship
...ntacts have been threadbare (save Israeli tourists in Sharm el Sheik). The first two attempts at energy tie-ups, the 2001 Midor refinery, and the 2008 East Mediterranean Gas (EMG) pipeline built to deliver Egyptian gas to Israel collapsed in acrimony (MEES, 1 August 2011). Even the latest pr...
Volume: 64Issue: 08Published at Fri, 26 Feb 2021 -
Egypt Downstream: ERC Boosts Output & Exports To 2020 Records Despite Covid Slump
...– at 649,000 b/d the latter was up 21% year-on-year including record output of gasoline (97,000 b/d) and jet-kero (68,000 b/d) with diesel output of 171,000 b/d just fractionally below the all-time high set in 2011. *But for Q2, output of all products slumped versus Q1, with the overall ou...
Volume: 64Issue: 08Published at Fri, 26 Feb 2021