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Medco Announces $180mn Impairment On Libya’s Area 47
...a DeGolyer and MacNaughton report in September 2008, gross contingent reserves in Area 47 are an estimated 703mn boe. In February 2011, Medco announced that it had temporarily halted exploration activities due to political instability. The company resumed operations on the Area 47 licence area in...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Algeria’s Plans For Shale Gas Development Remain A Distant Hope
...gned a headline agreement with Italy’s Eni for shale gas development in April 2011, and other headline deals followed. The government held an international shale gas workshop in February 2012. But the government faces major local opposition to the development of shale. In 2015, efforts to start assessing ex...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Saudi ‘Demonstrates Leadership’ by Keeping Crude Exports Low
...ptember). As a result, Saudi Arabia is on course to export around 6.7mn b/d on average in Q3, its lowest quarterly figure since Q1 2011. Some of the deepest cuts have been felt by the US. US crude imports from Saudi in October fell to 666,000 b/d, the lowest in almost 30 years (MEES, 20 October). They ap...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
ExxonMobil Relinquishes Fourth KRG Block, Walking Away From Al Qosh
...US major ExxonMobil tells MEES that it has relinquished its stake in the Al Qosh block in north western Kurdistan. Following last year’s relinquishment of three blocks in Kurdistan, ExxonMobil is now left with just two of the six assets it controversially signed up to in 2011 (MEES, 21 No...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Egypt Gets Debt Relief
...ost its dwindling forex reeserves after the 2011 revolution. Having fallen to $15.1bn in 2012, they hit a post revolution high of $36.5bn in September. Mr ‘Amir added that China has also agreed to extend the maturity of a $2.7bn three-year currency swap, signed with the People’s Bank of China last ye...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Kuwait Gets Light Oil, Gas Boost Despite More Political Turbulence
...in reality. The Jurassic liquids were originally classified as condensates, but subsequently reclassified as light crude in order to help Kuwait hit its target of 4mn b/d crude production capacity by 2020 (MEES, 11 April 2011). Of this, 3.65mn b/d is slated to come from KOC, with the remainder fr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Egypt Gas Output Set To Hit 5-Year High By Year-End
...illing is planned before the end of the year (MEES, 18 August). Zohr’s discovery has been the catalyst in helping Cairo regain some of the trust from IOCs after receivables soared to $6bn-plus in 2013 amid economic meltdown after the country’s 2011 revolution. But Cairo is confident that its re...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Iran Caspian Swap Shop
...ighboring Caspian countries (MEES, 14 November 2011). Oil swaps were developed in the 1990s to mutually benefit both parties: Iran would import oil from nearby Caspian countries to supply its northern refineries, thus averting the costlier transportation of Iranian crude from southern fields; the Caspian co...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Tobruk Power Redux
...ised before an EPC contract begins, so further delay is likely. Turkey’s Enka Teknik has begun work to complete the 640MW Ubari power plant – also nominally gas-fired, but able to burn diesel – abandoned with Qadhafi’s 2011 ouster (MEES, 22 September)....
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Saudi Signs Nuclear Deal With Russia But Continues To Play The Field
...an Bushehr-1 2011 1.0 1 3.5 Rosatom built. Operation intermittent until 2013 Under Co...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
US Lifts Sudan Sanctions
...cession of South Sudan in July 2011. Oil production was about 130,000 b/d in 2016, according to the latest data from the Sudan government. This is up compared to the previous four years, when output fluctuated in the 100,000-120,000 b/d range. But it is less than a third of the 462,000 b/d produced by th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
East Med Gas Development: Hang Together Or Hang Separately
...diterranean deepwater. With the exception of Egypt’s 24 tcf Zohr, which has a hungry domestic market to sate, and Israel’s 10 tcf Tamar, which alone meets 55% of that country’s power demand, other finds – such as Cyprus’ 2011 5 tcf Aphrodite – have struggled to get anywhere near development. The jury remains ve...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Cyprus Drilling Plans: Make Or Break?
...The next 15 months could be make or break for any hopes of discovering large quantities of gas offshore Cyprus beyond 2011’s 5 tcf Aphrodite, which currently looks stranded. Eni and ExxonMobil each plan two wells on their offshore Cyprus permits by end-2018 (see table). In the absence of di...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Libya: Another ‘Historic’ Opportunity For Peace
...14, what was arguably a further split into three ushered in by the LPA in December 2015, or the collapse in 2011 of the regime of ousted dictator Mu’ammar al- Qadhafi. Combining inclusivity with consensus will be a tough trick for the UN to pull off. HISTORIC DIVISIONS For most of the past six ye...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
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