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Cyprus Eyes Gas Pre-Sales To Plug Finances
...ceptable. Given a 2011 GDP of €17.5bn, Nicosia would not be allowed to borrow more than €21bn, leaving it with a €7bn funding gap. Total benefit from privatization of publicly owned companies would probably not exceed €1-1.5bn, and a 30%-40% haircut by existing bondholders is by no means assured, making fo...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
MENA Active Drilling Rigs
...12* October 2012 breakdown* Oct-12 Sep-12 Oct/ Sep Aug-12 Oct-11 2012/ 2011 Oc...
Volume: 55Issue: 48Published at Fri, 23 Nov 2012 -
Egypt Finalizes Bidding Award
...s net Egyptian production of 13,000 b/d of oil equivalent (boe/d), up from 7,000 boe/d at the start of 2011. The company plans to boost production following the approval of three pending development leases which it is hopeful will come through before the year end (MEES, 12 October). Dana’s Egypt co...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Repsol Strikes Gas In Algeria
...oduction heartland. The Tihalatine South-1 well flowed at 3.7mn cfd at a depth of 1,070ms in the Ordovician shale reservoir. Appraisal work will be carried out by the consortium to assess the size of this discovery. Exploration began in July 2011 with the acquisition of 2D and 3D seismic da...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Jordan’s Energy Price Hike Triggers Protests
...generate its electricity supply, following the interruption in the flow of cheaper Egyptian gas via the Arab Gas Pipeline. This was bombed 15 times since the overthrow of the Mubarak regime in January 2011. Last week Egypt agreed to raise its gas exports to Jordan to 60mn cfd from an average of 42...
Volume: 55Issue: 47Published at Fri, 16 Nov 2012 -
Ankara Poised To Unleash KRG Upstream Investment
...t-10 Discovery on first well drilled by OMV, but second well stopped in late 2011. Rovi, Sarta See Chevron above. Ma...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Exploration Shows Signs Of Revival In Yemen
...rn of the year, Yemen’s ministry has been hard at work trying to restore the country’s battered oil industry, and in turn hike production back up to levels seen in the early 2000s. Production in the volatile state has been in constant decline with BP estimating the country’s 2011 output at 22...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
'Democratic' Bumps Fail To Prevent Libyan Gains
...oduction forecasts set back in September 2011. Libya’s refineries and petrochemicals plants are operating at “more than 350,000 b/d” or 90% of their capacity, he added. He acknowledged that production has sometimes varied sharply in recent months but added that these “problems and hiccups” ar...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Libya Weighs Options For Gas Development
...LIBYA Libya Weighs Options For Gas Development Libya is targeting a 1bn cu ft/d hike in gas output to 3.5bn cfd by 2015. But the future of the country's only LNG plant, mothballed since February 2011, is up in the air. Nouri Berruien, chairman of Li...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Egypt Extends Gas Bidding; TransGlobe Awarded Oil Blocks
...EGYPT Egypt Extends Gas Bidding; TransGlobe Awarded Oil Blocks Canadian independent TransGlobe was the biggest winner from Egyptian state firm EGPC's 2011-12 bid round. But the deadline for more recent gas-focused bidding has been put back three months amid sc...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Egypt Agrees To Raise Gas Exports To Jordan
...2011 (MEES, 9 September). Prior to the downfall of the Mubarak regime in January 2011, Jordan’s electricity generation was 80% fuelled by Egyptian gas, sold at concessionary prices. But since then Egyptian gas exports to Jordan were severely disrupted because of the frequent acts of...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Oman Tenders Seven Exploration Blocks
...rious Potential? Of the three offshore licenses, Block 59 is the only virgin block. Blocks 18 and 41 were both awarded to India’s Reliance Industries on the basis of exploration and production sharing agreements (EPSAs) in 2005 and 2007 respectively, before the company relinquished them in 2011 af...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
November Political Changes Unlikely To Impact Energy Macro-Trends
...ian purchases as a proportion of total Gulf crude exports will rise to some 12.7mn b/d out of 15.9mn b/d, or 79.9%, up from around 73% in 2011. Saudi reliance on Asia-Pacific is slightly less marked (see table) but the same trend still holds – in 2002 Asia-Pacific took less than 50% of Saudi exports. It...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Iraqi Oil Sector Set For Major Change
...ocks last year (MEES, 21 November 2011). One source notes: “You know a Rosneft entry as ‘nominal’ operator could give Baghdad a fig leaf that it got rid of Exxon for the KRG investment, and you know they could have worked out an arrangement with Rosneft whereby they stayed in effective control.” Ho...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Libya’s AGOCO Looks To New Ghadames Production Heartland
...velopment in October 2010, although awards were overtaken by 2011’s fighting. NC-100 contains more than a dozen oilfields discovered by Bulgarian firm Geokom in the late 1980s and early 1990s. However their relatively small size and lack of nearby infrastructure coupled with tough contractual te...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Algeria’s South West Gas Project Boosted By Pipeline Award
...t the biggest share would likely come from Total’s Ahnet tight gas project, where the company plans 4 bcm/y plateau production. Total submitted a development plan in July 2011, which envisaged 2015 start-up. However discussions with the Algerian authorities remain ongoing, with Total thought to be an...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Unrest Threatens To Scupper Yemen Oil Sector Investment Hopes
...etings Yemen’s President ‘Abd Rabbu Mansur Hadi has urged foreign oil companies to increase their investments. Crude production in Yemen has been in steady decline over the past 10 years or so, with BP estimating the country’s 2011 production at 228,000 b/d, down 24% from the 2010 figure of 30...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Cyprus Awards Four Offshore Licenses
...s Corporation (Kogas) were awarded the licenses for Blocks 2 and 3. Two of the blocks adjoin Block 12, where Noble Energy discovered 7 tcf (198 bcm) of natural gas in December 2011. Blocks 2, 3 and 9 are positioned on the eastern sides of Cyprus’ exclusive economic zone (EEZ), and Blocks 3 and 9 are ad...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Israel Gas Sector Development Faces Setbacks
...0mn outlay. The fields were considered by many to be a ‘safe bet’ – the consortium had shot detailed seismic over the offshore area in June 2011, a year before the drilling begun on the Myrah block. The results indicated a high probability (between 50-90%) of as much as 6.5 trillion cu...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
Security, Politics Dominate Libyan Oil Sector Concerns
...ansitional Council in 2011. Like in other fields, the oil sector will probably have to wait for political change and a permanent government, Mr Ramadan advises. “It is not the officials’ fault. They are doing a very difficult job under the circumstances. In fact they have accomplished more than ca...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012