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Noble East Med Plans Gather Pace
...lks to send Aphrodite gas to Egypt were at an advanced stage. Discovered in December 2011, Noble has been unable to reach Final Investment Decision (FID) on the field due to a mixture of the field’s relatively modest size, low gas prices and its location 160km offshore and in almost 2,000ms water de...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Eni Cyprus Discovery: ‘Good-Good-Good, Or Just Good’?
...Eni’s Calypso Cyprus discovery could be bigger than Zohr. Complex geology means more drilling is needed. But CEO Claudio Descalzi says at a minimum the field will be a Zohr tie-in, with a stand-alone Cyprus LNG project a real possibility. This would also boost development prospects for the 2011...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Sabic Profits Boost From Rising Oil Prices As Horizons Expand With Clariant Buy
...ofits to the company’s “successful implementation of its transformation program.” The 28.5% increase in crude prices (to $52.68/B for 2017 for Saudi Arab Light) is a more obvious explanation (see chart). Sabic’s net profit remains well down on the 2011 peak of SR29bn, when Arab Light crude oil av...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
KRG: IOCs Nervously Eye Calendar As Payment Wait Drags On
...ntested territory that Exxon was controversially awarded in 2011 (MEES, 21 November 2011). A Turkish military base also lies at Baeshiqa, further complicating the area’s status. The KRG currently gets another 110,000 b/d from the Khurmala dome of the Kirkuk field, and about 110,000 b/d from its other pr...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
GCC Debt Smashes All Records
...pects growth will then improve in the next two years, with regional growth expected to average 1.9% in 2018, followed by 2.7% in 2019, this still falls substantially short of levels seen prior to the oil price drop in 2014 and the 4.5% average seen before 2011. The IMF in its latest Middle East re...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Saudi Rig Count Rebounds As Focus Turns Offshore
...azil’s offshore rig count remained at 10 in October, less than a quarter of peak 2011-13 levels, but it is due to rise after a slew of recent rewards. Brazil awarded six of eight deepwater ‘pre-salt’ blocks on offer last month: three to Anglo-Dutch major Shell, BP took two, and ExxonMobil one, in the cl...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Libya: Wintershall Output Down, Dispute Continues
...mething close to capacity. The combined capacity of the fields has fallen to 80,000 b/d from 100,000 b/d prior to the 2011 Revolution, but only in 2012 did they manage to produce at this level. Production resumed on 16 September 2016 after a 10-month outage, but with only the NC-96 field operational, pr...
Volume: 60Issue: 44Published at Fri, 03 Nov 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 -
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 -
Algeria Holds IOC Partners Close
...ale resources. Eni was among the companies to sign provisional deals with Sonatrach in 2011 and 2012 to explore for shale gas. However there has been vociferous local opposition, and the economics do not make sense at current oil prices. Mr Descalzi says Eni has “great ambitions to intensify its pa...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Egypt Seeks Virtuous Output Circle: Reserves Up, Dues Down, More Output
...proved its external financial position. The country’s foreign reserves hit $31.1bn at end-May (see chart 1), the highest level since 2011 when investment collapsed in the wake of the revolution overthrowing Husni Mubarak. Reserves rapidly halved from the $36bn end-2010 level and struggled to break above $20...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Neptune Goes Galactic With $5bn Engie Deal
...ey submitted a development plan in 2009 but nothing appears to have happened since, save Australia’s Woodside selling its 45% stake to the Libyan Investment Authority in 2011, with Engie taking over as operator the same year. Engie has several exploration concessions in the region, including in...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Total And Sonatrach Bury Hatchet As Algiers Pushes Partnerships Agenda
...proved contractual framework” at its key Algerian development project, 180mn cfd Timimoun, in which it has 37.75%. Sonatrach has 51% and Spain’s Cepsa the remaining 11.25%. (Total owned 50% of Cepsa until 2011 when it sold to Abu Dhabi sovereign wealth fund IPIC.) Start-up at Timimoun, a key element of...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Egypt Receivables: A Glass Half Full Or Half Empty?
...the agreement” (MEES, 3 February). Dana’s latest comments take the firm back to 2014 (and similar comments as far back as 2011) when the company talked of “calibrating its capital expenditure [in Egypt] in line with collections,” with spending “re-phased” to a later period (MEES, 8 August 20...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
BP Egypt Output: Only Good News?
...16); for Baltim the figure was 28%. This means that a major ongoing program of new exploration and tie-ins is needed to keep production steady. The collapse in output in recent years is the result of a 2011-2014 investment hiatus. Whilst new tie-ins should stem the decline, it is far from clear that th...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Hungary’s Mol - Mena Profile: No More Chasing Barrels
...scal and political stability,” Dr Gaso says. Certainly this stability is an enviable asset in comparison to Mol’s other Mena experiences. Its difficulties in Kurdistan are nothing in comparison to having had to pull out of Syria due to the civil war there and EU sanctions imposed in 2011 (MEES, 10 Oc...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Majors In The Middle East: 2016, A Year Of Consolidation
...tent of its ultimate stake in the combined asset is unclear. As for Total’s Middle Eastern gas output, conflict outages in Syria and Yemen mean this is barely half what it was in 2011. And those conflicts are set to continue for the foreseeable future. The primary source of potential additional ga...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
IOCs Continue To Play It Safe In Libya
...rms. It accounts for the bulk of Libya’s gas output and has been responsible for all of its gas exports since LNG shipments halted in early 2011 (see chart). LIBYAN GAS EXPORTS (MN CFD)* *ALL EXPORTS ARE TO ITALY VIA THE ENI-OPERATED GREENSTREAM PIPELINE. SUPPLIES COME FROM ENI’S WAFA AND BA...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
NOC Charm Offensive To Encourage Resumption Of Investment
...bruary, reach 1mn b/d in April, 1.1mn b/d in June and 1.2mn b/d by August, says Mr Sanalla. The NOC chairman’s London presentation was part of a wider charm offensive to attract renewed investment to an oil territory where some IOCs have not operated since early 2011 and others abandoned work after a br...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Glencore Extends Libya Crude Purchase Deal
...). The Tripoli government is carrying out the most wide-ranging investigation into corruption in the oil sector since 2011, said Attorney General Sadia Al Sour on 26 January. Investigations into smuggling of crude products to Malta, Cyprus and Greece are under particular scrutiny, he said. Tripoli NO...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017