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Israel’s Delek Drilling Eyes $2.5bn Leviathan RBL Facility
...so has around 26% (22% directly, 3.8% indirectly – see chart) of 11.9tcf Tamar which it is obliged to sell by end-2021 under a 2016 anti-trust ruling (MEES, 19 August 2016). The firm’s only other significant assets are 30% of Cyprus’ undeveloped 4.1tcf 2011 Aphrodite discovery (MEES, 26 June), and th...
Volume: 63Issue: 29Published at Fri, 17 Jul 2020 -
Tethys Oil Expands In Oman With Extra Southern Block
...,000 b/d Blocks 3&4. Athens-based CCED holds 50% and Japan’s Mitsui holds the remaining 20%. Outside Blocks 3&4, Tethys’ only other producing asset is a 25% non-operating stake in a small Lithuanian field, netting it less than 100 b/d. Blocks 3&4 began pumping in 2011 and gradually ramped up to an an...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Algeria’s Sonatrach & Spain’s Naturgy Prepare For Gas Price Battle
...ttled for €1.5bn ($1.9bn), with Sonatrach taking a stake in the Spanish firm as part of the settlement (MEES, 20 June 2011). This stake stood at 4.1% in 2019. Naturgy and Sonatrach also partner each other on the Medgaz pipeline and recently upped their stakes to 49% and 51%, respectively (MEES, 5 Ju...
Volume: 63Issue: 25Published at Fri, 19 Jun 2020 -
Syria’s Block 26 Continues To Pump As UK’s Gulfsands Waits On Standby
...lfsands’ Block 26 was one of Syria’s most promising oil assets when the war erupted in 2011, forcing the UK minnow (and every other western firm) to declare force majeure and halt operations. The firm still retains 50% of the block, with Chinese state firm Sinochem holding the other half. But since 2014 wh...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Qatar Signs Record-Breaking Deal For LNG Tankers
...mn t/y, which it reached in 2011 (MEES, 8 April 2011). Nakilat lists its current LNG fleet as comprising of 69 LNG tankers including 31 Q-Flex (210-217,000m³) and 14 Q-Max (263-266,000m³) tankers. These Qatari tankers are literally in a class of their own: almost all non-Qatari LNG tankers are of a re...
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Eni Offshore Egypt: Two Steps Forward, One Step Back
...ars ago having peaked at 2.05bn cfd, almost 35% of Egypt’s gas output in 2011. But the two firms got a boost to their overall regional output with the 2017 start-up of the 1bn cfd Nooros field in the Abu Madi West concession (Eni 75%, BP 25%). But it was Zohr, which started up at the end of 2017, pr...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Cepsa’s Upstream Shift Hampered By Algeria Output Slump
...coming 100% owner in 2011 when it bought out remaining partner Total. IPIC was merged into Mubadala in 2016 (MEES, 8 July). Following an abortive attempt at a Cepsa IPO (MEES, 21 September 2018) Mubadala last year sold 37% to the Carlyle Group (MEES, 12 April 2019). In January Mubadala sold an additional 1....
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Total’s Upstream Operations Enjoy Strong 2019
...conventional concession, and Adnoc says “the first gas from unconventional [reserves] in Abu Dhabi, [will enter] into the market in mid-2020.” While initial volumes will be modest, Adnoc targets 1bn cfd by 2030 (MEES, 15 November 2011). MENA LIQUIDS OUTPUT HAD RECORD 2019 BUT OVERTAKEN BY AFRICA AS #1 TO...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Egypt Bags Major Investment In Frontier Areas
...stern neighbor Libya (see p5). The other seven blocks garnered no bids. These include Block 2, the northernmost of the coastal blocks on offer and the only one to have seen significant past exploration – US firm Hess drilled a duster in 2011. All bidders were given access to 2D seismic shot across th...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Israel Throws Spanner In Aphrodite Development
...Cyprus’ 2011 Aphrodite discovery had finally seemed to be moving forward with a development plan agreed with Nicosia in June (MEES, 7 June), but neighboring Israel says ‘not so fast’. A small portion of 4tcf Aphrodite is thought to extend into Israel’s Yishai license (see map below). Udu Ad...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
KRG Eyes Major Boost As Exxon/DNO Firm Up Baeshiqa Light Oil Find
...e south is the Banan field, where Oryx is currently producing from the 27°API Tertiary and the 22°API Cretaceous – neither exactly “light.” NORTHERN IRAQ: KEY OIL & GAS INFRASTRUCTURE CONTENTIOUS GEOGRAPHY The initial 2011 award of Baeshiqa to ExxonMobil and it...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Qatar Sending More LNG To Europe
...aller Asian economies and the return of Europe. Qatar has been increasingly dependent on Asian markets in recent years. Asia accounted for nearly 75% of the 76.8mn tons of Qatari LNG imported globally in 2018. This has come as volumes to Europe have cratered, nearly halving from 21.4mn tons in 2011 to...
Volume: 62Issue: 44Published at Fri, 01 Nov 2019 -
Dubai’s Dragon Roars In To Egypt With BP Purchase
...timated $500mn for BP’s Gupco subsidiary, which manages the firm’s 12 concessions containing 45 fields in Egypt’s mature Gulf of Suez oil province. Output was 71,000 b/d for 2017-18, 11% of Egypt overall output, down from 72,500 b/d for 2016-17 and 78,000 b/d for 2011-12. Net output to BP is around 40...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
IOCs Face Mixed Picture In The Mena Upstream
...reseeable future. On the gas side of the equation, Total’s regional bets have not fared so well. Output edged up in 2018 to 810mn cfd thanks to the start-up of Algeria’s Timimoun project (see chart 2), but is well down on 2011’s peak of 1.46mn b/d. Wars in Syria and Yemen took their toll on Total’s po...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Abu Dhabi’s Taqa: Upstream Down Despite Price Recovery, Power Steady
...83bn in 2018, having peaked at $7.57bn in 2012. Last year power and water provided 53.0% of Taqa’s income, and upstream operations contributed 31.3%. This marks a near-reversal from 2011 when upstream’s peak contribution was 44.8% and power and water accounted for 30.2%. Taqa’s results also separate ou...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
UAE’s Mubadala Sells Cepsa Stake To Investor Carlyle
...id €3.97bn for the remaining 52.95% in 2011. IPIC was then merged into Mubadala in 2017 (MEES, 24 February 2017). This left Cepsa sitting alongside a host of other energy-focussed Mubadala investments, including its subsidiary Mubadala Petroleum. Holding two wholly-owned energy entities with se...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Abu Dhabi’s Shah Field Central To Adnoc’s Gas Expansion Strategy
...our stakeholders” says Mr Nasri. This is a far cry from the project’s early days when estimated production costs were a much higher $4-6/mn BTU (MEES, 6 June 2011). SHAH SOUR GAS FIELD SALES GAS OUTPUT* HITS NEW HIGHS IN SECOND HALF OF 2018 (MN CFD) *IMPLIED FROM OXY’S REPORTED NET VO...
Volume: 62Issue: 09Published at Fri, 01 Mar 2019 -
Upstream Investment: Is ‘More For Less’ The New Normal?
...E HIGHEST SINCE 2016 3: SAUDI ARABIA RIG COUNT: JANUARY’S OFFSHORE TOTAL OF 25 IS UP 7 YEAR-ON-YEAR AND JUST ONE OFF THE ALL-TIME HIGH SET IN APRIL 2015 4: MIDDLE EAST RIG COUNT SOARED IN 2011-14 WITH $100/B-PLUS CRUDE AND HAS CONTINUED TO EDGE HIGHER SINCE SO...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Eni Completes Middle East Tour De Force
...sin modeling and seismic sequence studies. An exploratory well will be drilled in 2011.” Clearly there is potential in Block 1, but it was insufficient for Oxy. Will Eni fare any better? BAHRAIN OIL & GAS BLOCKS SHARJAH 2018 BID ROUND OMAN ON THE RISE Oman ar...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Kuwait: Politics Is Back
...The events of November 2011 continue to overshadow politics in Kuwait to this day. Hundreds of protestors stormed the National Assembly building on 16 November 2011 over alleged corruption among parliamentarians. These events forced the resignation of prime minister Nasser al-Muhammad al-Sa...
Volume: 61Issue: 51-52Published at Fri, 21 Dec 2018