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Opec Production Rises To 12-Month High As Tapering Begins
...anted an exemption as it seeks to reverse the damage inflicted in the persistent conflicts since the ousting of Muammar Gaddafi in 2011. Libya plans to boost production further this year (see p4), but recent history has shown that major production outages are an ever-present risk. Meanwhile all eyes ar...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Gulfsands Bullish On Syria Return As Key Russian Investor Consolidates Position
...0 B/D) *2020 TOTAL INCLUDES 1,100 BOE/D (6.6MN CFD) OF GAS. SOURCE: GULFSANDS, SYRIA REPORT, MEES. GULFSANDS BLOCK 26 IN SYRIA MODEST OUTLAY, MASSIVE UPSIDE With no ongoing income since declaring force majeure on its Syria assets in late 2011, Gulfsands is entirely re...
Volume: 64Issue: 23Published at Fri, 11 Jun 2021 -
Libya’s Oil Revenues Surge
...byan oil exports have similarly stayed at above 1mn b/d since November 2020, according to data intelligence firm Kpler. If such levels are sustained until the end of the 2021, Opec member Libya could be looking at its best performance since the collapse of the Gaddafi regime in 2011. While pr...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Iraq Targets 22GW Peak Supply This Summer
...ant in north-east Baghdad awarded to the French company in 2011. ...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Russia’s Gazprom Seeks North Africa Expansion
...e years running up to the 2011 revolution. But production has been badly hit by years of instability (see chart). Last year, SOO output was entirely shut-in for eight months during a forced nationwide oil blockade led by an eastern-based warlord (MEES, 25 September 2020). Tumanov says that SOO pl...
Volume: 64Issue: 21Published at Fri, 28 May 2021 -
Homs Refinery Fire Sheds Light On Syria’s Murky Fuel Markets
...om government-controlled territories at 20,000 b/d, whilst plans to boost production to 100,000 b/d at fields Damascus has re-captured have gone nowhere (MEES, 17 January 2020). Prior to the outbreak of civil war in 2011, national oil output, all government controlled, was 390,000 b/d (MEES, 22 Ja...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Yemen Takes Delivery Of Saudi Products Shipments
...started in 2019 and is currently running at around 10,000 b/d (MEES, 15 January). A planned second phase 400MW expansion was awarded to India’s BHL for $436mn in 2011 with work beginning in 2014 (MEES, 9 August 2013). The project was financed by the Arab Fund for Economic and Social Development, the Sa...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Oman’s OQ Raises $750mn Bond As It Looks To Bring Delayed Downstream Projects Online
...nterpiece of a new industrial city – the Special Economic Zone (SEZAD) of Duqm, which was established in 2011 to “diversify the national economy.” To provide power and water to SEZAD, Oman is building a 326MW combined cycle power plant integrated with a 36,000m³/day reverse osmosis desalination plant close to...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Delek Readies New East Med Spin-Off
...8% of Tamar (see charts and MEES, 4 December 2020). The 22.7tcf Leviathan field produced 1.04bn cfd for Q1, whilst operator Chevron (36.66%) has advanced expansion plans since taking over Noble Energy late last year (MEES, 23 April). Cyprus’ 4.1tcf 2011 Aphrodite discovery, also now operated by Ch...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Total Eyes 1mn b/d Of Gross Libya Output
...test to fly in on 21 April. Frequently hit by forced production shutdowns – whether due to civil unrest, budgetary issues or worker grievances – Libya has been a source of major disappointment to IOCs since the fall of long-time ruler Muammar Gaddafi in 2011. But even though Total’s net output ne...
Volume: 64Issue: 17Published at Fri, 30 Apr 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 -
ExxonMobil Set To Exit Federal Iraq
...ant fields to reach full production capacity targets. Talks ultimately went nowhere. Iraq now aims to award a downsized 2.5mn b/d first phase to France’s Total (MEES, 2 April). The biggest controversy however was Exxon’s decision to sign up for six blocks in Iraqi Kurdistan in 2011, including as...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Iraq Awards Mansuriya Gas Field To Sinopec
...arded have yet been finalized (MEES, 27 April 2018). Mansuriya development was originally awarded in 2011 to a consortium led by Turkey’s TPAO (22.5%op) alongside Korea’s Kogas (15%), and Kuwait Energy (since taken over by Hong Kong-listed UEG, 22.5%) and state-owned Oil Exploration Company (OEC 25...
Volume: 64Issue: 16Published at Fri, 23 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 -
Russian Warships To Escort Iranian Oil Tankers To Syria
...MAGE’ In January, Syria’s Prime Minister Hussein Arnous put production from government controlled territories at 20,000 b/d. Prior to the outbreak of the Syrian civil war in 2011, the government’s production across the country was 390,000 b/d (MEES, 22 January). Plans to grow production from fields Da...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Egypt Gas Surplus At Highest Since 2011
...bdued. Latest figures from Jodi show that domestic consumption was 5.88bn cfd for February, up only fractionally year-on-year. *The result is a gas surplus that hit 1.17bn cfd for February, the highest figure since December 2011 (see chart). This has in turn enabled LNG exports that leapt to a 10...
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 -
Egypt Gas Output Tops 7bn cfd As Oil Plummets To New Lows
...ch the Mediterranean share of overall output leapt to 73.2% for February, just fractionally below the all time high set in December 2011 (see chart 1). And even in the Mediterranean all is not plain sailing with BP’s West Nile Delta (WND) project having seen output collapse to just 250mn cfd (MEES, 26...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Iraq & Total Reach Initial Deal On $7bn Of Projects
...entually scandal as Exxon entered the KRG in 2011 (MEES, 21 November 2011). The next nine years saw it packaged under a $53bn Southern Integrated Infrastructure Project (SIIP) that was almost finalized with ExxonMobil and PetroChina but also fell apart (MEES, 10 May 2019). Both companies were expected to fi...
Volume: 64Issue: 13Published at Fri, 02 Apr 2021