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Libya’s Oil Storage Woes
...tput. Elsewhere, any export terminal shut-in would lead storage tanks to drink up crude to ship another day. But not in Libya. Years of fighting since the 2011 revolution have left storage infrastructure crippled (MEES, 7 September). NOC chief Mustafa Sanalla said ahead of this week’s Opec meeting th...
Volume: 61Issue: 49Published at Fri, 07 Dec 2018 -
Eni Grows North African Presence
...d of this year and “restart exploration activities” next year (MEES, 12 October). Eni is Libya’s top producer, with net 1.62bn cfd of gas and 87,000 b/d of oil output in 2017. It managed to continue production in Libya throughout the 2011 revolution, albeit offshore....
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Qatar Petroleum To Replace Oxy At Key Offshore Field
...da as energy minister and QP chairman in 2011 (MEES, 21 February 2011) and has accelerated since Mr Kaabi’s appointment in September 2014 (MEES, 19 September 2014). When Total’s PSA for the 25,000 b/d Al-Khalij expired in 2014 the structure was replaced with a joint venture agreement (QP 60%, To...
Volume: 61Issue: 42Published at Fri, 19 Oct 2018 -
Qatar Drilling Tender Imminent
...rm expects to take final investment decision (FID) on its US Golden Pass LNG export terminal (QP 70%, ExxonMobil 17.6%, ConocoPhillips 12.4%) in the next few months. Initially opened as an import terminal in 2011, the US Shale Revolution forced a rethink and the partners plan to re-purpose Golden Pa...
Volume: 61Issue: 41Published at Fri, 12 Oct 2018 -
Chinese Takeover For Cash-Strapped Kuwait Energy
...ergy (KEC)—a Bahrain-headquartered privately-held firm whose financial struggles have hampered development of its promising portfolio. The deal would be UEG’s second largest to date since entering the upstream sector via the 2011 acquisition of BP’s Pakistan assets for $775mn. Pakistan accounted for al...
Volume: 61Issue: 39Published at Fri, 28 Sep 2018 -
Abu Dhabi Plots $3bn Windfall From Cepsa IPO: What’s For Sale?
...plying that Abu Dhabi can expect to raise just under $3bn for a 25% stake. Cepsa plans to triple its value by 2030. The latest valuation represents a modest premium to the implied €7.5bn valuation when Abu Dhabi state investment firm IPIC assumed full control of the company in 2011, paying €3.97bn fo...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Qatar Secures New Long Term LNG Sales Deal With China
...s 7.8mn t/y capacity (see table). This is PetroChina’s second LNG import deal with Qatar, supplementing another lengthy contract to purchase 3mn t/y from 2011-2036. That agreement is for volumes from Qatargas-4 (QP 70%, Shell 30%). Fellow state firm CNOOC also has a long term deal, for 2mn t/y fr...
Volume: 61Issue: 37Published at Fri, 14 Sep 2018 -
Libya: Companies Crave Elusive Stability
...0,000 b/d on a gross basis. Capacity was considered to be 340,000 b/d prior to Libya’s 2011 revolution (see chart). “A ramp up in production in Libya,” as well as the end-2017 start-up of the Reggane North gas project in Algeria (MEES, 22 December) were the key reasons that Repsol was able to post a 45...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018 -
Upstream Capex Edges Up But Recovery Remains US-Focused
...ght at the end of June, significantly less than the record 50 at the end of June 2011. SERVICES FIRMS REVENUE ($BN): MIDEAST REVENUES UP BUT SHARE DOWN AS NORTH AMERICA OPERATIONS GO FROM STRENGTH TO STRENGTH PERCENTAGES EXPRESSED IN PERCENTAGE POINT TERMS WHERE ORIGINAL NUMBERS ARE PE...
Volume: 61Issue: 30Published at Fri, 27 Jul 2018 -
Bahrain’s Troubled Banking Sector Set For Turbulent Times
...Once seen as the Middle East’s banking center, Bahrain’s financial sector is in terminal decline. Seeking to finance its budget deficits, Manama has increasingly turned to its banks and their credit profiles are now inescapably intertwined. Since the outbreak of the Arab Spring in 2011, Ba...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Libya: Oil Output, Revenue Losses Mount
...untry and have been shut in since the declaration of force majeure at Ras Lanuf and Hariga ports. NOC pegs lost Agoco output at 300,000 b/d, although this is likely an overstatement given chronic power problems have dogged output at the key Mesla and Sarir fields ever since Libya’s 2011 revolution. Za...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Aphrodite Deal Close
...US firm Noble Energy and its partners at Cyprus 5tcf Aphrodite gas field are locked in discussions with Nicosia over restructuring the Production Sharing Contract (PSC) signed in August 2011. The original contract model itself was drafted in 2008. MEES understands that Noble is seeking to...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Eni Ramps-Up Zohr, Mubadala Farms In
...t 6.5bn cfd in September, oil minister Tarek El Molla says, an all-time high that easily surpasses the previous record of 6.219bn cfd reached in December 2011. The new gas gains come courtesy of Italian firm Eni’s Zohr gas field. Discovered in August 2015, the field was fast-tracked by Cairo as it...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Total Poised For Further Mena Upstream Expansion
...minant source of Total’s regional gas output (75% in 2017). Mena gas production crumpled from 1.46bn cfd in 2012 to last year’s nadir of 772mn cfd, a near 50% plunge in just six years. This is essentially due to conflict outages. Syrian output averaged 218mn cfd in 2011 before the country’s descent in...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
ExxonMobil’s Rapidly-Expanding Mediterranean Presence
...bya. The firm drilled two dry wells here in 2009 and 2010. It had been considering further drilling but amid prolonged instability after the country’s 2011 revolution it quit the last of the blocks in 2012 (MEES, 9 July 2012). Exxon did go to the trouble of qualifying as an operator for Lebanon’s pl...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Tunisia Upstream: Strikes Over, Decline Continues, Hope Delayed To 2019
...donesia’s Medco is the third key player in southern Tunisia. It partners Eni and OMV at both the Borj el Khadra exploration permit and the adjoining Adam production concession, where output has slumped from 7,500 b/d in 2011 to an average of 2,800 b/d for both 2017 and Jan-April 2018. Medco also has 10...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
UK Firm Gulfsands Vies To Outlast Syria Sanctions
...Dozens of foreign firms operated in Syria before 2011 sanctions. Most aren’t planning to return any time soon. But the existence of London-HQ’d Gulfsands depends on it. On 23 April, Gulfsands Petroleum finalized its decision to delist from London’s Alternative Investment Market (AIM) co...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Total’s Libya Expansion: The Plot Thickens
...the Libyan Revolution in early 2011 three projects were under appraisal which would double capacity to 600,000 b/d: development of the North Gialo field and the NC-98 concession would add 120,000 b/d and 80,000 b/d in crude output respectively. A Conoco 2010 analysts’ presentation, meanwhile, says th...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Total Reasserts Position As Dominant IOC In Mena On Back Of Abu Dhabi Deal
...posure in recent years. Regional gas output, peaked at 1.46bn cfd in 2011, but suffered its fourth consecutive annual fall in 2017, averaging less than 800mn cfd. The biggest hit has been from regional conflicts, with no Syrian volumes since 2011 and nothing from Yemen since 2015. Combined output fr...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Total Expands In Libya With Marathon Waha Purchase
...e more prosaic press release announcing the deal. Prior to 2011, Waha had production capacity of 360,000 b/d from a portfolio of fields and exploration acreage spread across Libya’s Sirte Basin oil heartland. Actual 2010 output was somewhat lower, at 280,000 b/d, netting Marathon and fellow 16...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018