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Egypt Gas Output Slump Means Lower LNG Exports Despite Record Israeli Flows
...lumes of 1.27mn tons (0.56mn tons Idku, 0.71mn tons Damietta) are the highest for the first two months of the year since 2011 – spot LNG prices have eased considerably in recent months (see p20), reducing the LNG revenue bounty for Egypt’s stretched economy (MEES, 24 February). 1: EGYPT GAS OU...
Volume: 66Issue: 11Published at Fri, 17 Mar 2023 -
Cyprus: New Energy Minister
...major ExxonMobil is also eying further drilling in its Block 5 and 10 acreage this year following disappointing results from last year’s appraisal well of 2019’s Glaucus discovery on Block 10 (MEES, 10 February). The priority though will be the decision regarding Cyprus’ first gas discovery, 2011...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Tunisia’s Upstream: On Its Last Legs?
...cord 98,900 b/d for 2022. With chronic instability since Tunisia’s 2011 revolution having led to an investment collapse the country has gone from domestic oil output almost meeting demand in 2010 to a record shortfall for 2022 when domestic output equated to just 36% of demand (see chart 1). It...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Israel-Egypt Energy Ties Deepen As 2022 Sees Record Gas Flows
...tacks in the Sinai, though growing gas shortages in Egypt were the underlying reason, as well as changing political currents in Egypt following the 2011 ouster of President Mubarak (MEES, 30 April 2012). Sameh Fahmy, the minister who inked the deal with Israel, was thrown in jail post-Revolution, al...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Egypt Gas Output Slumps For Q4, Consumption Down More For 12-Year High LNG Exports
...s the lowest December figure since 2015. Add in the record Q4 imports of 709mn cfd from Israel and Egypt was able to export a bumper 1.62bn cfd of gas for Q4, the highest figure in Jodi data stretching back to the start of 2011. Of this, 1.56bn cfd was exported as LNG and 53mn cfd to Jordan. Fi...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Saudi Efforts To Cut Oil Burn Take Backwards Step In 2022
...e year, crude burn rose sharply in November and December. Crude burn increased by 48,000 b/d month-on-month to a December record of 477,000 b/d, smashing the previous record of 424,000 b/d from 2011 in the process. Meanwhile fuel oil burn dropped by 36,000 b/d for December. Again, this shift to...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Oman Export Revenues Leap 47% To Record $66bn For 2022
...ne 2022. But this proved a temporary blip, with volumes rebounding to 819,000 b/d for September. India took the second highest amount of Omani oil, averaging 85,000 b/d in 2022 – the highest since the record 88,000 b/d set in 2011. However, exports to India fluctuated throughout the year, with In...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
TotalEnergies Charges Ahead To 2022 Mena Oil Output Record
...ain sailing. Key projects in Syria and Yemen have been offline since 2011 and 2015 respectively amid devastating conflicts there. Net gas output last year was barely half the record 1.46bn cfd set in 2011 (see chart 4). But this hasn’t prevented Total from seeking more projects in the region, al...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
Chevron Eying Egypt Tie-In For Cyprus’ Aphrodite
...tober 2020). The US major’s input, expertise and deep pockets could prove to be invaluable if Cyprus’ dreams of developing its first ever discovery, made in 2011, are to be realized. Of course, those dreams don’t all rest on Aphrodite’s shoulders now, with Italian firm Eni and US major ExxonMobil ma...
Volume: 66Issue: 07Published at Fri, 17 Feb 2023 -
Dana Gas Snags Improved Egypt Fiscal Terms
...22, some 40% down on peak output of 42,500 boe/d hit in 2011 (see chart). With falling Egypt output, Dana’s key area of production is now Iraqi Kurdistan (see p13). Dana says the slump would have been more severe in line with what it says are typical 20% Nile Delta decline rates had it not been fo...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Libya’s Waha At 3-Year High
...cember for the highest figure since last March. LIBYA'S WAHA OIL CONCESSION PRODUCED 323,000 B/D FOR Q4, THE JOINT-HIGHEST FIGURE SINCE THE 2011 REVOLUTION SOURCE: CONOCOPHILLIPS, HESS, MEES CALCULATIONS....
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Lebanon Gas: Key Officials Fly In, Highlighting Project’s Geopolitical Significance
...pply the domestic market. At approximately 70km offshore in 1,700ms water depth, the minimum reserves size needed to justify Qana development would surely be much lower than for Cyprus, where the 4.5tcf Aphrodite find (160km offshore, 1,700 meters depth) has remained undeveloped since its 2011 di...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Saudi GDP Growth: 11-Yr High
...Saudi Arabia released its preliminary Q4 GDP figures this week, confirming that in 2022 the economy grew at its fastest annual rate since 2011. Despite growth slowing down to “just” 5.4% in Q4, full year GDP growth of 8.7% was by far the highest figure since 2011’s 10%. The gains were driven by...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Thailand Imports Record LNG For 2022 Despite Higher Prices
...U, twice 2021 levels. *Qatar has been Thailand’s top supplier every single year since imports began in 2011. But, with Qatar volumes relatively steady, its market share has fallen from over 90% in 2016 to 28.5% for 2022 (see chart). Oman, from where Thailand imported a record 640,000 tons in...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Cyprus Gas Ambitions: From Dreams To Reality In 2023?
...Cyprus has seen five sizable gas discoveries, the first back in 2011. But none has moved to development despite the presence of key majors in its offshore. Candidates in next month's elections know that victory could result in them being the President that finally succeeds in transforming Cy...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023