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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 -
UAE Looks To Offshore Gas To Ease Growing LNG Addiction
...M) 2007 2008 2009 2010 2011 2012 2013 20...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algeria To Step On The Gas: Max Revenue For Minimal Spend Amid Opec Constraints
...R project by Sonatrach and its then-partner BP, output from REB dropped to about 20,000 b/d in 2011, compared to a peak of about 85,000 b/d in early 2000. BP withdrew from the project in 2012 (MEES, 12 March 2012). Diversion of gas from REB would free up about 12mn m³/d (425mn cfd or 4.4bcm/y) ac...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Petronas Quits Algeria As Cepsa Expands
...lays, but is due to come on stream in February 2018 (MEES, 25 August), with production of 1.6 bcm a year (155mn cfd). In 2011 Cepsa was awarded the Rhourde Rouni II exploration block, also in the Berkine basin and to the northeast of the RKF field. Petronas competed unsuccessfully for the co...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Algeria Shuns Foreign Debt… By Printing Money?
...17, and a whopping 95% of export earnings, to $27.1bn last year from $71.4bn in 2011. The amendments, part of a “crisis plan” for which recently-appointed Prime Minister Ahmed Ouyahia will seek parliamentary approval on 17 September, were adopted at a 6 September cabinet meeting chaired by Pr...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Total Expands With Maersk Purchase
...rkine Basin: Anadarko-operated El Merk and HBNS, and Cepsa-operated Ourhoud. Gross output was 358,000 b/d in Q2; El Merk with 146,000 b/d was the largest contributor. Maersk’s net share was 36,000 b/d. Total owned 50% of Cepsa until 2011 but the firm’s current Algerian output comes from 35% of the 700mn cf...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Algeria On Track For $11bn Deficit Despite Gas Export Boost
...nuary 2013 terrorist attack) followed by the November completion of a $700mn compression project. Output hit 9bcm/year capacity in Q2 for the first time since Q1 2011. Sonatrach’s 54bcm 2017 export target, based on an expected late-year first-gas boost from the Reggane and Touat projects in the so...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Spain 2Q17 Crude Imports (‘000 B/D): Imports From Libya On The Rise, Up 79% On Year-Ago Levels
...SPAINSH CRUDE IMPORTS FROM MENA* ('000 B/D): SAUDI SQUEEZED, IRAQ STRONG, LIBYA & IRAN RESURGENT *EXCLUDES OCCASIONAL SMALL VOLUMES FROM TUNISIA AND (TO 2011) SYRIA. SOURCE: CORES, MEES....
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Dana Gas: Profits Up, Litigation Up, Zora Write-Down Looms
...arl Consortium’s (Dana 35%) Khor Mor concession fell to just 295mn cfd in Q2, the lowest level since 2011 (see charts). With “a planned shutdown for maintenance work due to take place in the second half of 2017,” output can be expected to dip further. In some good news, Dana saw its trade re...
Volume: 60Issue: 33Published at Fri, 18 Aug 2017 -
Iraq Makes Progress On Chronic Gas Shortage
...e lowest since 2011. The upshot was that sales gas volumes soared 55% to more than 1bn cfd for the first time. The gains were largely driven by the Basra Gas Company (BGC: South Gas Company 51%, Shell 44%, Mitsubishi 5%) which processes natural gas produced from three fields in Basra province – BP...
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Egypt Advances $29bn Nuclear Plant
...0 Iran-Bushehr-1 2011 1.0 1 3.5 Under Construction 6....
Volume: 60Issue: 32Published at Fri, 11 Aug 2017 -
Kuwait Eyes Long-Delayed Jurassic Gas Expansion
...ES, 27 June 2011). The EPFs are at three of Kuwait’s northern Jurassic sour gas fields, development of which has stalled since 2010 when Shell signed an Enhanced Technical Service Agreement (ETSA). The contract was subject to considerable parliamentary scrutiny: the public prosecutor only dropped it...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Qatar Looks To Expand Its Lng Options As Contract Renegotiations Loom
...erogative of trading houses – the direct source of almost all of Egypt’s LNG imports, for example (MEES, 10 February). Of course Qatar itself has had to make compromises: buyers have more choice in the current market landscape. For instance, under the initial MoU signed in 2011, Bangladesh was initially pl...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Saudi Approves Scaled-Back Nuclear Plans, Studies Reactors Large And Small
...shehr-1 2011 1.0 1 3.5 Rosatom built. Operation intermittent until 2013 Under Construction 6....
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
Libya Looks To Corral IOCs Into Activity Boost
...couraging the return to Libya of firms that prior to the 2011 Revolution were active in upstream exploration and development. Exploration successes from the four international licensing rounds held since the 2004 introduction of the EPSA-IV model have been largely disappointing. The first round yielded by...
Volume: 60Issue: 30Published at Fri, 28 Jul 2017 -
GCC States Double Down On Gas Development
...M) 2007 2008 2009 2010 2011 2012 2013 20...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Delayed Projects To Shave Cumulative 80bcm From Algeria’s Gas Output By 2020
...nouncement that a consortium of the state company with Thai and Chinese counterparts PTT (24.5%) and CNOOC (24.5%) had confirmed the potential of the Hassi Bir Rekaiz block in the southeast, on which exploration has been ongoing since 2011 (MEES, 17 February). Against the background of bid round fa...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017