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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 -
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 -
Mideast Drilling At 10-Year Low Despite End-Year Uptick
...nce 2011. Saudi Arabia’s 62 was the lowest since 2005, Kuwait’s 25 the lowest since 2010, Iraq’s 39 the lowest since 2011, and the UAE’s 42 a six-year low (see chart 1). *With regional heavyweights bemoaning the risk of low industry investment, there are signs that they are now backing up ta...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Apache Looks To Egypt Growth Following Contract Modernization
...5,000 b/d for 2022 and average growth of 8-10%/year out to 2025, hitting 190,000 b/d by the latter date. This would still be below output every year for 2011-2019, however, whilst for gas the news is less good with output merely “expected to remain relatively stable at 550-600mn cfd.” Stable that is with th...
Volume: 65Issue: 01Published at Fri, 07 Jan 2022 -
Kuwait’s Oil Sector Faces More Turbulence With Shake-Up Proposal
...me since any oil minister enjoyed such a tenure. Since 2011, Kuwait has had nine oil ministers. If the minister also ran KPC, such turnover would be highly disruptive. With the government resigning earlier this month (MEES, 12 November) and Sheikh Sabah Al-Khaled Al-Sabah tasked on 24 November wi...
Volume: 64Issue: 47Published at Fri, 26 Nov 2021 -
Russia’s Tatneft Returns To Libya
...Tatneft is drilling an appraisal well it was forced to abandon in 2011. The firm also has development plans for existing discoveries, but will the country’s current calm last? Russian oil firm Tatneft has finally restarted drilling operations in Libya, more than a decade after fleeing the co...
Volume: 64Issue: 42Published at Fri, 22 Oct 2021 -
Libya’s NOC Advances Go-It-Alone 16,000 b/d Erawin Development
...forts to boost output from 1.3mn b/d to 2.1mn b/d (MEES, 11 June). Political instability, a lack of funding and weak security continue to present huge risks (see p14). Ten years of near-continuous chaos since Libya’s 2011 revolution, have deterred NOC’s key foreign upstream partners from sa...
Volume: 64Issue: 36Published at Fri, 10 Sep 2021 -
Eni In Libya: Bumper Oil Output As Exports Head Far & Wide, But Gas At 10-Year Lows
...PORTS TO ITALY HAVE BEEN RUNNING AT THEIR LOWEST CONSISTENT LEVELS SINCE THE REVOLUTIONARY YEAR OF 2011 (MN CFD) *TO 19 AUGUST. SOURCE: SNAM, ENI, MEES. GAS HIT BY POWER OUTAGE Mellitah’s offshore Bahr Essalam gas fields have produced almost continuously through the last 10...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Oilfield Services Firms See Mideast NOCs Driving Long Term Growth
...contribution is the lowest since 2011, whilst the region’s share of Halliburton’s overall earnings has rapidly slid since peaking at 35% in Q2 2020: the Q1 2021 figure was just 25%. Halliburton says the largest contributor to its 6% fall in Mideast & Asia revenue for Q1 was “lower stimulation an...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
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 -
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 -
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 -
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 -
Shell & Petronas At Odds Over Egypt Expansion
...indled from 1.2bn cfd in 2012 to around 500mn cfd now. The WDDM slump is the result of a combination of high underlying decline rates, underperforming wells and slashed investment amid soaring receivables in the years following Egypt’s 2011 revolution (MEES, 7 February, 2014). Shell in early 2018 dr...
Volume: 64Issue: 07Published at Fri, 19 Feb 2021 -
KRG: DNO Buys Out Exxon At Baeshiqa, Eyes Development
...ce its exit from the block is finalized, it will be left with just the Pirmam block where it confirms that it still retains its 80% operating stake. The US supermajor initially signed up to six blocks, including Baeshiqa, in a controversial 2011 deal. Not only did Baghdad oppose the signing of ag...
Volume: 64Issue: 06Published at Fri, 12 Feb 2021 -
Majors Write Off $69bn in Year To Forget
...s’ (MEES, 13 June 2011). Exxon was not the only firm seen (with hindsight) to have overpaid. BP’s Q2 write-offs were heavily gas focused, including US shale gas assets acquired from Australia’s BHP Billiton in a $10.5bn 2018 deal. The $70bn that Shell paid for UK gas-focused firm BG in a 2015 deal al...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
Gulf Offshore Drilling At 10-Year Low As Saudi, Abu Dhabi Stall On Contracts
...The number of active offshore rigs in the Gulf has fallen to the lowest level since January 2011. Excluding Iran, for which accurate data is not available, just 25 drilling rigs were active in the region in October, according to Baker Hughes data. Of these, just 10 were active off Saudi Ar...
Volume: 63Issue: 47Published at Fri, 20 Nov 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 -
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