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OMV Expands in Libya With Purchase Of Oxy Zueitina Stake
...CIDENTAL BLOCKS OXY DIVESTMENT STRATEGY Oxy’s Libya sell-off was long expected. In theory it still has extensive exploration interests in Libya (see map). When civil war broke out in early 2011 it had been on the verge of kicking off a 22-well exploration campaign. As recently as July 2012 the co...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Should I Stay Or Should I Go? Majors In The KRG
...mpleted in 2015. EXXONMOBIL • The US major has recently reduced its KRG exposure. • Controversially awarded six blocks in 2011, complicating the US firm’s relationship with Baghdad (it operates the key southern West Qurna-1 field). Two of the blocks, Al-Qosh and Baeshiqa in di...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Tunisia: Output Slides, Firms Look For The Door Amid Instability
...e January 2011 ‘revolution’ that kicked off the Arab Spring. In many ways Tunisia’s experiment in democracy has been an admirable success – certainly compared to its neighbors Libya and Egypt. But not in terms of oil and gas output. The frequency and intensity of strikes has got worse this year. Ga...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Libya’s Wealth Fund In Leadership Showdown
...rsue legal cases on behalf of the LIA, but no power to transfer or dispose of LIA assets. In practice this is academic as the funds are largely frozen under UN sanctions imposed in 2011. According to a 2012 audit by Deloitte, the LIA has holdings estimated at $67bn. The establishment of the st...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Iran Oil Contracts Move One Step Nearer
...int Comprehensive Plan of Action (JCPOA). Absent the IPC, Iran has made significant strides since sanctions were lifted in January. Crude production has increased 660,000 b/d to 3.55mn b/d (see p9), putting it within 40,000 b/d of the 2011 average, the last full year before the EU imposed an em...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Abu Dhabi Streamlining Creates $135bn Energy Fund With Global Reach
...rgest investments is Spanish firm CEPSA, which it has wholly owned since 2011. Primarily a refining company with three refineries totaling 528,000 b/d of capacity (and actual 2015 throughputs of 434,000 b/d)it lurched to a $1.15bn loss in 2015, more than twice the $465mn loss the previous year. Of 2015 ne...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Iran: New NIOC Chief Tasked With Securing Foreign Investment
...sed in January, but is struggling to put in place a framework that will entice IOCs back into its upstream sector. Without international firms’ technical expertise and financing, Iran will struggle to push beyond pre-sanctions output of 3.58mn b/d in 2011. Prior to resigning, Mr Javadi was coming un...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Siemens Rolls Out First ‘Made In Ksa’ Gas Turbine
...Jazan on the Red Sea coast in the kingdom’s remote southwestern region. The turbine was built at the Siemens Dammam Energy Hub, which is the kingdom’s first gas turbine manufacturing plant and “the largest in the Middle East.” The plant was built under a 2011 agreement with Aramco and el...
Volume: 59Issue: 21Published at Fri, 27 May 2016 -
Eni: Unlikely Libya Boost Returns North Africa To Center Stage
...ospects, located in contractual area D (MEES, 14 August 2015). The firm is responsible for gas supply to Libya’s power generation infrastructure and for gas exports via the Greenstream pipeline to Italy. Shipments last year rose to 688mn cfd, the highest level since the 2011 ouster of Mu’ammar al-Qa...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Corporate Profile: OMV Looks To Iran To Re-Boot MENA Portfolio
...eitina fields it shares with US firm Occidental. At the time Libya provided almost 20% of OMV’s oil output making it the firm’s third most productive upstream province. But output collapsed to just 10,000 b/d in 2011 with the Libyan revolution. As with other producers in the country, hopes that a 2012 ou...
Volume: 59Issue: 16Published at Fri, 22 Apr 2016 -
Petroceltic: Worldview Or Bust
...bsidiary Dragon Oil tried to buy the firm for $800mn (MEES, 10 October 2014). It was downhill from there. Worldview, which has steadily built a stake since 2011, in January 2015 lambasted Petroceltic CEO Brian O’Cathain's board for “failures… including the failed offer by Dragon Oil (MEES, 16 January 20...
Volume: 59Issue: 14Published at Fri, 08 Apr 2016 -
Total: Adco Boosts Oil Output But Gas Lower On Yemen conflict
...wars. In Syria the firm produced 218mn cfd of gas in 2011 – making it Total’s third biggest MENA province: it has produced nothing there since. In Libya, Total’s oil output collapsed to 20,000 b/d in 2011 with the ‘revolution’ and again in 2014 and 2015 as instability grew: current (and 20...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Majors Have Another Year To Forget In The Middle East
...ay, allowing Qatar to open up a 0.36bn cfd lead as the company’s largest source. This is the biggest gap since 2010, when Qatari volumes were 1.27bn cfd more than US contributions. Qatari volumes rose for the first time since 2011, but were unable to prevent a fourth consecutive drop in annual global ga...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Apache Turns To Egypt For Bargain Barrels Amid Capex Cuts
...14 2013 2012 2011 2010 2009 ‘00...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Libya: Companies Have Only Bad News, Apart From Eni
...8mn cfd, the highest level since the 2011 ouster of Mu’ammar al-Qadhafi. In the second quarter of the year they averaged almost 800mn cfd – within touching distance of pre-Revolution levels. However, volumes slumped to just 450-460mn cfd in December and January before a modest rebound to 486mn cfd in Fe...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
Egypt Taps Expat Savings
...ood at $16.5bn at end-February, less than half the $34bn level before the 2011 revolution. The “Biladi” certificates will be marketed by three state-owned Egyptian banks: National Bank of Egypt (NBE), Banque du Caire and Banque Misr. Immigration Minister Nabila Makram says they will provide ov...
Volume: 59Issue: 09Published at Fri, 04 Mar 2016 -
SEC Seeks $3.3bn More Funding, Bringing Total To $73bn
...kuk Capital projects 1.9 2010: July Aramco/Total Banks/ECAs Satorp project 8.5 2011: October Aramco/Total Su...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Dana Looks To Egypt Uptick In 2016
...this output is gas: some 163mn cfd for 2015, around 50mn cfd down on record 2011 output of 213mn cfd. But countering the 2015 fall in output is the potential long term gains from the hike to the company’s Egyptian reserves following “successful Balsam-2 and 3 wells [which] added 165 billion cu...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Dana Gas Positive On UAE, Egypt, But Kurdish Receivables A Major Concern
...rect from the Khor Mor plant through local contractors.” As part of their 3Q financial statements, Dana Gas states that Pearl invoiced the KRG for 200mn cfd of “excess gas” for the period January 2011 to May 2015, totalling $1.498bn. Dana Gas’s 40% share is worth $599.2mn. However, the KRG’s cu...
Volume: 58Issue: 47Published at Fri, 20 Nov 2015 -
Libya: Little Sign Of Optimism In Operators’ Q3 Results
...pically produced 100,000 b/d prior to Libya’s 2011 revolution. But, despite a lack of fighting or incidents in the vicinity of the fields themselves, port and/or pipeline closures have meant that output has been only sporadic in recent months, and with the exception of a brief period in October, has been at...
Volume: 58Issue: 45Published at Fri, 06 Nov 2015