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Korea Crude Imports 6-Year Low, Taiwan Lowest In Decades
...65mn b/d (see table, p8). For Taiwan, Q3 imports of just 701,000 b/d were further down on the multi-decade low of 721,000 b/d set the previous quarter (see table). At 760,000 b/d for the first nine months of 2020, volumes are on track to come in below 2011’s 774,000 b/d as the lowest annual figure this mi...
Volume: 63Issue: 42Published at Fri, 16 Oct 2020 -
Turkey’s East Med Drilling Campaign: Politics By Other Means
...illships and seismic vessels, TPAO had little experience of going it alone. All of its prior offshore exploration efforts were with international partners and none turned up commercial discoveries (MEES, 21 November 2011). You have to start somewhere, but TPAO’s lack of expertise doesn’t point to an ef...
Volume: 63Issue: 41Published at Fri, 09 Oct 2020 -
Chevron Completes Noble Deal
...mar which started up in 2013. It also assumes operatorship of Cyprus’ 4tcf 2011 Aphrodite discovery (see map, p8). Development of the two giant Israeli fields has been constrained by a lack of sales outlets. But Chevron is looking to get the ball rolling on Phase-2 Leviathan expansion which would li...
Volume: 63Issue: 41Published at Fri, 09 Oct 2020 -
Kuwait Enters New Era Following Emir’s Death
...approved by the National Assembly. Earlier in Emir Sabah’s reign Sheikh Nasser Mohammed Al Sabah and Sheikh Ahmed Fahd Al Sabah were two leading candidates but the pair have since fallen out of favor. The 79-year old Sheikh Nasser Mohammed was forced out of office as prime minister in November 2011...
Volume: 63Issue: 40Published at Fri, 02 Oct 2020 -
Libya’s One Million Barrel Question
...gitimacy to rule Libya. Several power-hungry players have held the oil industry hostage to their political ambitions since the overthrow of Muammar Gaddafi in 2011. This time is no different and there is no end in sight. ...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
EOG To Bring ‘Unconventional’ Know-How To Oman’s Upstream
...ll to be drilled was Hayah-1, but shortly after that came up dry in 2016 (see map, MEES, 27 May 2016), operator DNO chose to walk away. That left Apex, a small private firm out of Alberta, with a 100% stake at the asset which it was originally awarded in September 2011. Apex kept the faith. Ac...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Saudi Petchems Firms: Consolidation Ahead?
...merging the two companies,” while caveating that entering discussions “does not necessarily mean that the deal will take place.” Indeed, the companies entered into talks about a similar merger in 2011 without concluding a deal. The proposed merger comes at a time when Saudi petchems firms of al...
Volume: 63Issue: 39Published at Fri, 25 Sep 2020 -
Tunisia: Southern Output Dries Up
...nisia’s oil and gas sector has been in almost continuous decline since the 2011 revolution. On 2 September, Tunisia inaugurated its 12th government in nine years. New energy minister Saloua Sghaier faces the daunting task of somehow rescuing a sector on its knees. But how long will she have? THE SL...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Gulf Producers See Rig Count Slump
...ing forward. The situation is especially acute in the offshore, where the rig count slumped to 15 for July and August. This is the first time since 2011 that the offshore rig count been at or below this level for two consecutive months. It comes after Aramco suspended a number of contracts for rigs th...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Egypt: Key Shell Offshore Gas Project Faces Uncertainty
...d Shell are also partners at Cyprus’ 4.1tcf 2011 Aphrodite discovery, for which the development plan is also a tie-back to Idku. MEES learns that talks between Shell and Chevron have covered the possibility of combining Leviathan Phase II and Aphrodite development. Chevron and Noble CEO’s Mi...
Volume: 63Issue: 36Published at Fri, 04 Sep 2020 -
Libya: Symptoms Of A Failed State
...shed hundreds to the streets this week across key parts of the war-torn country. The overthrow of long-time leader Muammar Gaddafi in 2011 marked the beginning of a series of conflicts that has gradually led to a deep fragmentation of Libya. As a result, the ability of the ‘state’ to cater for the ba...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
IAEA Inspectors Return To Iran Sites Amid US Threats
...ternationally until US President Donald Trump unilaterally resumed sanctions in May 2018 – lost patience with Iran over the access issue and adopted a resolution calling for Tehran to “fully cooperate” with the IAEA (MEES, 19 June). Iran began its foray into nuclear power in 2011 with the operation of a 1GW re...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Syria Gas Pipeline Blast
...a Jordan until 2011. The route is now used (in part) to supply Israeli gas to Jordan in the opposite direction (MEES, 1 November 2019). Syria’s gas sector has played a crucial, if oft overlooked, role in President Bashar al-Assad’s successful war effort. The government has managed to keep most ga...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Qatar’s Oryx GTL Train 2 Offline Until 2Q21
...oject. However, its development cost trebled from $6bn at project go-ahead in 2006 to $18.5bn at project completion in 2011, while ramp-up to full capacity took a year longer than anticipated (MEES, 16 August 2013). Despite the problems experienced at Qatar’s two GTL plants, nearby Oman has designs to...
Volume: 63Issue: 34Published at Fri, 21 Aug 2020 -
Tunisia’s Oil Industry Faces Existential Crisis
...nce the 2011 Tunisian Revolution. If there is a potential upside it is that two smaller firms, Mazarine Energy and Panoro Energy, have both shown to be willing underdogs. Led by former Shell engineer Edward van Kersbergen, Mazarine came from nothing to produce upwards of 2,000 boe/d and ev...
Volume: 63Issue: 33Published at Fri, 14 Aug 2020 -
Washington’s Obsession With Syrian Oil: What’s It All About?
...Donald Trump is fixated on oil fields in Kurdish-controlled areas of Syria, and has finally found a US firm to ‘develop’ them. But is it anything more than a political play? Since the beginning of Syria’s civil war in 2011, supporters of President Bashar al-Assad’s government have often po...
Volume: 63Issue: 33Published at Fri, 14 Aug 2020 -
Egypt’s Debts To IOCs Again On The Rise
...rther investment as it did in the years following the 2011 revolution. Egypt has turned again to the IMF for $8bn, bagging $2.8bn via a rapid financing instrument (RFI) and the initial $2bn of a hastily-arranged $5.2bn Stand-by Arrangement (MEES, 12 June). This saw the country’s foreign reserves ri...
Volume: 63Issue: 32Published at Fri, 07 Aug 2020 -
Audit For Libya’s Central Banks
...estions related to the alleged squandering of Libya’s oil revenues since 2011. London-based Deloitte will carry out the audit which will “commence as soon as possible.” ...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
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 -
Wanted: A Stable Tunisian Government
...rked the end of Tunisia’s 11th government since the 2011 revolution. And there is little hope the next one will prove more durable, never mind effective. October parliamentary elections produced a deeply fractured 217-member assembly that took almost five months to agree on a government (MEES, 21 Fe...
Volume: 63Issue: 30Published at Fri, 24 Jul 2020